Monfex

3.5
Despite a sometimes-pushy sales team, Monfex manages to offer competitive services. Wide selection of trading instruments and super user-friendly platform makes Monfex one of the best trading platforms nowadays.
Trading Platform:
MT4
Max Leverage:
400:1
Markets:
FX, CFDs on Stocks, Cryptocurrencies, Indices & ETFs
Regulations:
Non-regulated
Min Deposit:
$250
Open an account Read full review

Summary

Forex and CFDs on Stocks, Cryptocurrencies, Indices & ETFs are the core of Monfex’s business. 

Monfex Limited is also registered in Saint Vincent.

⚠ Risk Warning: CFDs are complex instruments and are usually traded with leverage, which significantly increases the chances of losing money. At the time of the review 56% of retail investor accounts were losing money when trading CFDs with this provider. It’s your responsibility to understand the inner workings of CFD instruments and understand the underlying risks. 

Overall

Pros
  • Prompt Account Opening & D/W
  • Wide Range of CFD markets
  • Stock, Index, Crypto, Commodities trading
Cons
  • Pending Regulaion

Fees

Pros
  • Low non-trading fees
  • No withdrawal fee
Cons
  • None

Trading Instruments

Pros
  • Forex & Crypto
  • Stocks
  • Indices
  • Commodities
Cons
  • None

Account Opening

Pros
  • Fast On-boarding (fully digital)
  • Customer-friendly
Cons
  • None

Deposit & Withdrawal

Pros
  • Quick D/W
  • Credit/Debit Card Supported
  • BTC deposit
Cons
  • None

Trading Platform

Pros
  • Stable platform
Cons
  • Limited Order Types
  • No Web Trader

Customer Service

Pros
  • Phone Support
  • Live Chart
  • Professional & Relevant
  • Weekend support
Cons
  • None

Research & Education

Pros
  • Demo Trading
Cons
  • Not enough Fundamental Data
  • Basic Market Research

Regulation & Safety

Pros
  • None
Cons
  • Non-regulated

Full Review

👍 We recommend Monfex for manual and EA Forex trading, as well as speculating (short term trading) on Stocks, ETFs and Cryptocurrencies via Contracts for Future Difference (CFD).

Fees

Ok trading fees and no non-trading fees on Forex, within which fees on CFDs are more expensive.

AssetsFee LevelFee Terms
US StockHighOnly available via CFD
EU StocksHighOnly available via CFD
EURUSDLow≈ €4.5 per lot + spread
Inactivity FEELowNo inactivity Fee

Let’s first go through the fees terminology:

  • Trading Fees occur when you trade (spreads, commissions, financing rates, and conversions)
  • Financing or overnight rates are charged when you hold your leveraged positions for more than 24 hours. Leveraged position means that you borrow money from the broker to trade.
  • Non-trading fees are withdrawal fee or inactivity fee, hidden fees. 

To put things in a proper context we compare Monfex with the competing services, based on product offering, fee structure and customer profile.

Non-trading fees

MonfexAxiXM
Account feeNoNoNo
Inactivity feeNoNoNo
Withdrawal fee$0* above $300$0$0

Except for a slight difference depending on your country, non-trading fees are low to non-existent. You won’t be charged for inactivity, as well as a deposit of over €100.

Trading Fees

Raw account holders would have to pay both commissions and spreads, whereas Fixed & Classic traders are limited to just spreads.

Comparing trading fees among CFD brokers may get convoluted pretty quickly, for the purpose of making things more straightforward, we’ve decided to showcase all fees for trading the most common set of products using a Raw account. The leverage we used is:

  • 5:1 for stock CFDs
  • 30:1 for forex
  • 20:1 for stock index CFDs

We define a typical trade as a $10,000 and $100,000 buy position for stock/indices and forex respectively, held and sold after 7 days.  

The benchmark fee takes into account commissions, spreads and financing costs. Below is the result for Monfex.

Forex Fees

Forex Fees are low in comparison to XM & AxiTrader. 

 MonfexXMAxiTrader
EUR/USD benchmark fee65$ 17.1 13.8
GBP/USD  benchmark fee81$ 13.8 –
AUD/USD benchmark fee90$13.99.5
EUR/GBP benchmark fee80$12.211.0

Stock & Index CFD fees

Stock & Index CFD are similar to XM & AxiTrader. 

MonfexXMAxiTrader
Apple CFD benchmark fee35$ 3.4 –
Vodafone CFD benchmark fee95$ 5.6 –
S&P 500 CFD Benchmark16$2.41.7
Europe 50 CFD Benchmark20$2.41.2

Financing Rates

These fees occur when you decide to hold your position. The longer you stay in CFD or FOREX trade, the more fees will accumulate, making the final amount rather hefty.

Yearly financing rates on $2,000

MonfexAxiXM
Apple financing rate5.7%-$3.4
Vodafone financing rateNA-$5.6

Trading Instruments

Focused on CFDs & Forex Monfex will only let you trade CFDs on Stocks & ETFs, Commodities, Crypto and Indices.

Markets & Products General

MonfexAxiXM
Stock---
ETF---
Forex483448
Fund---
Bond---
Options---
Futures---
Cfd12251122
Crypto535

Monfex offers a ok amount of CFDs, most of the traders will find the most popular instruments around here.

⚠ Keep in mind, CFDs are complex instruments and are usually traded with leverage, which significantly increases the chances of losing money. At the time of the review 56% of retail investor accounts were losing money when trading CFDs with this provider. It’s your responsibility to understand the inner workings of CFD instruments and understand the underlying risks. 

At the time of the review Monfex hasn’t offered any stock and ETFs directly.

Account Opening

Despite sales people trying too hard sometimes, the account should be ready within the same day – without complicated procedures involved.

Account Eligibility

You are fine as long as you don’t currently reside in the following countries: 

  • USA 
  • Canada
  • Russia 
  • Ukraine
  • South-Korea 
  • North-Korea
  • Iran
  • Iraq
  • Syria
  • CRG

Monfex Min Deposit

Depending on your country, a minimum deposit may or may not apply. Contact your local sales team for more info. 

How to open an account at Monfex

Despite at times pushy sales processes (prepare yourself to accept frequent emails and call attempts), the account opening is very straightforward and mild when it comes to identity verification and money operations. 

You’d need to: 

  •   Fill in your personal data
  •   Select your country

Deposit & Withdrawal

Available via several options, the deposit & withdrawal (d/w) process is quick and inexpensive (except for digital wallets).

With an exception of electronic wallets (≈ 2% of the amount) the fees are free. Among the popular transfer options are: 

  • Bank transfer
  • Credit/Debit card
  • Skrill
  • Neteller
  • Webmoney
  • BTC

Deposit options

MonfexAxiXM
Bank transferYesYesYes
Credit/Debit cardYesYesYes
Electronic walletsYesYesYes

You can only d/w from entities on your name. The debit/credit card and digital wallets deposits arrive instantly, whereas wire transfer might take up to 3 business days.

Withdrawal fees and options

MonfexAxiXM
Bank TransferYesYesYes
Credit/Debit cardYesYesYes
Electronic walletsYesYesYes
Withdrawal fee$0* above $300$0$0

Platform & Trading Experience

Basically traders can download MetaTrader 4, but also personal manager can help with setup of MetaTrader 5.

MetaTrader is the most popular forex and CFD platform, available in multiple languages and supported by the largest FX community. Unfortunately, the platform is also quite dated and unlike with competitors, lacks any added features. 

User Experience & Functionality

The website and back office offer a comfortable browsing experience at the first glance. Most of the information is easy to find and comprehend. 

Trader is free to request MT5 account, and Monfex`s managers will walk you through the account setting at MT5.

Alerts and Notifications

MetaTrader 5  allows you to configure the following notification:

  • Margin Call
  • Deposits & Withdrawals
  • Orders

Customer Service

Although Monfex is less impressive over the email, you will always find help via phone or their live chat. Make sure to time your queries during the traditional 24/7 hours.

Available in many languages, the Monfex support is available to you 24/7, over the phone, live chat and email.

Research & Education

Monfex offers several tutorials and knowledge base for traders. Despite the lack in video education, Monfex offers extensive education library on: 

  • Forex
  • Cryptocurrency
  • Stock & Indices 

At the first glance the information is prepared to appeal to novice traders who are actively looking for trading methods and general guidance. 

For more in depth learning, make sure to check Monfex sponsorships to get discounted/free access to an award winning automated trading solutions, wealth management (PAMM/MAM) and education.

Charting

Charting tools are quite robust, packing over 20 indicators. Surprisingly, you won’t be able to save the chart settings for later.

Regulation & Safety

At the time of the review (11.20), monfex replied to have been in the process of obtaining several licenses. 

Monfex legal entities & background

Established in Saint Vincent and Grenadines in 2018, currently Monfex operates under SWISS-SVG HOLDING LTD legal entity. 

 

In a nutshell

Despite a sometimes-pushy sales team, Monfex manages to offer competitive services. Wide selection of trading instruments and super user-friendly platform makes Monfex one of the best trading platforms nowadays.

Brief Overview

💸 Trading fees classAverage
💸 Inactivity fee chargedNo
💸 Withdrawal fee amountNo
💸 Minimum deposit$250
⏰ Time to open an account10 min
💳 Deposit with credit cardAvailable
👛 Depositing with electronic walletAvailable
💱 Number of base currencies supported4
🎮 Demo account providedYes
📊 Products offeredForex, CFDs on Crypto, Stock and ETF and Commodities

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