Since 2018, Monfex has been offering quality online trading services to over 200,000 active traders across more than 25 countries. The broker provides traders with their proprietary trading platform and the highly advanced MetaTrader 4 trading platform for trading over 200 financial instruments across different asset classes, including forex, indices, commodities, cryptocurrencies, and stocks. Clients get access to a range of useful trading tools and educational resources. No commissions are charged for deposits and withdrawals. There is also a 24/7 client support team to assist traders.
Monfex Review Introduction
In this Monfex review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support, and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including Monfex.
Monfex Platforms & Tools
The broker provides traders with the popular and highly sophisticated MetaTrader 4 trading platform. It has an intuitive interface and rich functionality that allows you to conduct the necessary technical analysis and place your trades swiftly. You can use ready-made trading strategies or develop your own using the built-in MQL4 programming language. The MT4 platform is available as a desktop application for Windows and Mac computers and as a WebTrader that can run directly on the monfex.com website. There is also the MT4 mobile app, which is compatible with Android and iOS devices and can be downloaded from the respective app stores.
On the other hand, the Monfex Trading platform is designed to provide users with the lowest latency time and meet or exceed all industry standards. It provides a user-friendly experience whilst maintaining the standards that institutional investors expect. The platform is available in the web and mobile versions.
Monfex Research & Education
Clients also gain access to a good selection of educational materials, such as trading tutorials; the glossary; a trading blog that gives traders industry updates, platform updates, market analysis, and other relevant information that keep clients in the know about the latest happenings in the financial markets; Trading Academy, which teaches clients how to trade with the broker; and the Monfex cocktails, which is a perfect mix of trending news, top investing stories, and best trading ideas delivered to you, fresh, each week.
Monfex Trading Accounts
The broker offers clients the Monfex Live Trading Account. It is quick and easy to set up, and it requires dual authentication, also known as 2FA or two-step verification, which is an industry-standard authentication scheme that makes users provide two separate authentication factors before allowing access to accounts.
Monfex Account Funding
Monfex accepts a wide variety of account funding and withdrawal methods, including:
- Bank wire transfer
- Credit/Debit cards — including Visa and MasterCard
- Cryptocurrencies — such as Bitcoin, Ethereum, and more
The various payment methods have different processing times.
Monfex Customer Service
The broker offers a knowledgeable customer support team that is available 24/7 and can be reached via telephone, Live Chat, social media, or simply by filling the ‘Get in Touch’ on the broker’s website.
The Monfex website is owned and operated by SWISS-SVG HOLDING. But the broker lacks regulation at the moment.
Monfex Review Summary
Overall, Monfex is an online trading broker that offers over 200 financial instruments for trading online via sophisticated trading platforms. Clients get access to a range of useful trading tools and educational resources. No commissions are charged for deposits and withdrawals. However, the broker is not regulated by any known financial authority, and it has limited trading account options.
It is worth mentioning that some of the trading products and services in this Monfex review may differ or not be available to traders in some countries due to regulations. As brokers’ terms can change over time, please verify all information is up to date directly from the Monfex broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.