Monfex is an exchange for trading cryptocurrency. It stands out from other exchanges by offering leverage of up to 50 times. The minimum trade size is just 0.01 BTC and there are 12 coins to trade on the platform. Commissions are just 0.075 percent.
Monfex advertises numerous features and characteristics that set it apart from the competition. There is a very reasonable amount of trades available, with the option to trade 12 coins and go long or short. You can also trade versus USD and have leverage of up to 50 times.
The platform also keeps your funds secure as the deposits get stored with cold storage. The cold storage also includes industry-leading security measures.
The platform is cost-effective. Monfex offers the lowest commissions within the industry on top of tight spreads.
Beginning to trade on Monfex is also simple, further encouraging adoption. The process of setting up an account and depositing funds so you can trade can easily take less than a minute.
Monfex is also very user-friendly and state-of-the-art, with support for both mobile and desktop. For those times you are confused, the support team is available 24/7 every day of the year.
What Trading Instruments Does Monfex Offer?
As mentioned, Monfex lets you trade 12 different instruments, all of which are versus USD. These include Bitcoin, Ripple, Ethereum, EOS, Dash, Bitcoin Cash, and Litecoin. Other instruments are Zcash, Ethereum Classic, OmiseGo, NEO, and Monero.
To view information on any of the instruments, just go to the Instruments tab on the main navigation menu of Monfex. For each instrument, you will see the instrument name and symbol. This page also displays the current leverage, commission, financing rates for long and short, and trading hours. You will also see the minimum trade size, position limit, contract length, and the maximum number of trades.
Monfex Comissions & Spreads
The ability to offer such low commissions and tight spreads comes from Monfex’s relationships. The platform has relationships with some of the most important cryptocurrency trading firms. Those firms deliver great liquidity and pricing to Monfex. Monfex then passes those advantages onto its clients. This way, the crypto trading firms Monfex works with get additional trade flow. At the same time, Monfex clients get a product that is institutional-grade.
How Do You Start Trading With Monfex?
To start trading with Monfex, you just open an account and fund it. Opening the account only takes about 15 seconds to complete. Funding is done with Bitcoin. When opening your account, you will need to input some basic information. This includes your full name, e-mail address, and country of residence. You will also need to make a secure password.
The process of trading with Monfex is also very straightforward. You start by selecting the coin that you plan to sell or buy. You enter a fraction of the coin’s price in order to enter the trade.
From there, you will earn or lose money in the same way you would if you actually held the coin. Thanks to leverage, you only need a fraction of the coin’s value. This increases the potential profits, but it does also come with an increase in potential risks.
Orders Types
Monfex offers pending orders and market orders. Market orders use the current market price. Specifically, they give you the best price currently available. To use this type of trade, you just specify the size of the order and select buy or sell.
Pending orders offer more options and execute at your chosen price in the future. You can opt for a buy limit, buy stop, sell limit, or sell stop. To make this type of trade, choose Limit or Stop in Order Type. Select your size and Order Price, then select buy or sell.
How Do You Close a Position on Monfex?
Monfex lets you partially or fully close a position. For either action, go to the Trading Toolbox. If you want to fully close a position, select Close all the way to the right. Or go to the position modification dialog and select Close #[position ID]. To partially close a trade, go to the position modification dialog and select Partial Close #[position ID].
You can also set up a stop-loss to close a trade for you automatically at a certain point. This is always suggested as it lets you minimize risk. Or you can set up a take profit to automatically close the position.
How Do You View Orders on Monfex?
To see your current positions and balance, look to the account summary window on the left of the page. It will show your Balance, Floating P&L, Margin, and Free Margin.
What Should You Know About Contracts?
When trading with Monfex, you should be aware of the various contract offerings. There are 12 coins, all of which offer contracts versus USD. They can all be bought or sold. Enjoy leverage as high as 50x.
The contracts can be divisible. This way, you can trade 0.1 Bitcoin or trade a full 1 Bitcoin. Contracts on Monfex will never expire. Instead, they are perpetual.
To make up for the added risks associated with trading with leverage, Monfex guarantees that you will never lose more funds than you have put in your account.
Additionally, commissions are just 0.075 percent with razor tight spreads. There is deep liquidity on Monfex. The usual top of book is about 2 BTC with 100 coins behind it.
What Fees Does Monfex Charge?
The commission for trading Bitcoin is 0.075 percent. It is 0.15 percent for Ethereum, Ripple, Litecoin, and Bitcoin Cash. The remaining instruments have a commission of 0.20 percent.
The financing rate for either long or short trades is -0.068 percent.
What Else Should You Know About Trading Conditions on Monfex?
The minimum trade size for instruments is either 0.01, 0.10, 1.0, 10.00, or 100.000 lots, depending on the asset. You can view the specific minimum for your chosen asset on the Instrument page. Regardless of instrument, the position limit is $50,000 and there is a maximum of 200 trades. Trading is available 24/7 for all instruments.
How Do You Fund Your Monfex Account?
It is straightforward to fund your Monfex account, either via the web platform or the mobile version. Monfex has a quick video tutorial outlining the process, or you can read the instructions. Keep in mind that funding must be done with Bitcoin. The minimum funding amount is 0.001 BTC. This means you will have to buy BTC if you do not already have any.
The process of funding your Monfex account involves depositing Bitcoin into a unique deposit address for your account. This is a unique address that automatically generates upon creation of your account with Monfex. As soon as you send BTC to the address, you receive an account balance credit of the appropriate amount.
To start this process, log into your account. Go to the top right corner of the page and select Deposit. This will open a window with your deposit address. It appears both as a QR code and as a string of letters and numbers, with the option to copy. You will need to enter this address into your cryptocurrency wallet. Use the send or pay function in your Bitcoin wallet to send the amount of Bitcoin you want to deposit into your Monfex account. Make sure you copy the wallet address correctly since all Bitcoin transactions are final. If you send it to the wrong address, there is no way to undo this.
You will need to wait for the Bitcoin network to process the transaction before the funds appear in your Monfex account. This typically takes less than a half hour. Monfex will not charge a deposit fee. The Bitcoin network, however, will charge a small transaction fee.
Once you deposit your funds, Monfex will automatically move the Bitcoin into cold storage. This is an additional security measure to protect client funds.
Monfex Account Withdrawals
To withdraw funds, go to the upper right corner of the page when logged into your account. Choose Withdraw. You will be asked to fill out a short form, including entering the amount and your wallet address. Once again, remember that all Bitcoin transactions are final so ensure you enter your wallet address correctly. Monfex may require up to 24 hours to process the withdrawal. There are no withdrawal fees charged by Monfex, but the Bitcoin network does charge a small transaction fee.
Is Monfex Safe?
As mentioned, Monfex stores client funds in cold storage to prevent hacking. That cold storage is supplemented with the industry-leading security measures. Monfex also offers and strongly encourages the use of Two-Factor Authentication for an additional layer of security.
Monfex also ensures that clients can enjoy transparency related to their funds for enhanced peace of mind. This includes the ability to access statements and account reports at any time. It is also possible to withdraw funds at any time. This is done simply by filling out a basic online form. There are not any withdrawal fees either.
Monfex Education
Monfex does a very good job in terms of providing education for clients of its brokerage. This is both within and outside of the Resources section. On the Instruments page, you will find some basic information under the trading conditions. There is a section there titled Definitions and Rules. It includes definitions of the most important terms for crypto trading, along with examples for each.
Below this, there are Trade Examples as well. This is a very nice touch that can be very helpful for beginning traders. There are separate examples for profitable short and long trades. There are also examples for losing. These include on a long trade that has liquidation or on a short trade that has a regular exit. For each example, Monfex outlines assumptions as well as outputs, showing the necessary calculations.
In the Tutorials section of Resources, you can find a guide on buying Bitcoin. The main section for those in search of basic knowledge is Crypto Knowledgebase, also in Resources. This section has a range of topics, such as how 2-factor authentication protects a crypto wallet. It also explains choosing between cold vs hot crypto wallets. There are also guides to stable coins, Bitcoin mining, hard forks, and ICOs.
Trading Academy
To supplement the above educational resources, Monfex also has a Trading Academy, also within Resources. This section is dedicated to teaching clients about trading crypto, including forming strategies. There are some guides, such as to trading crypto short or perpetual crypto futures. There is also information on using leverage, trading cryptocurrencies vs crypto-derivatives, and managing risk. The nice thing about this section is that it is available to everyone. No log-in is required to access the Resources section.
If you visit the Resources page and then Tutorials, you will find information on using Monfex. There are tutorials for using the mobile application as well as the web platform. You will also find a tutorial on funding your account.
Expert Analysis
If you go to the Resources section of Monfex and visit the blog, you will find expert analysis. The blog includes weekly technical and fundamental analysis. These analyses are a great resource for clients who want to do research before creating a trading strategy.
Market News
Within the blog, you will also find a range of market news. This is where Monfex posts articles explaining news that can impact crypto prices. It also includes introductions of important crypto coins. The blog is also where you will find information about important updates to Monfex.
Conclusion
Monfex is a trading platform that lets clients trade cryptocurrency for profit. There are 12 different coins for trading, at the time of writing, each tradeable versus USD. The platform is straightforward to use and also includes a range of educational resources. Those resources help make it useful for all skill levels.
The platform itself is easy to signup for and start trading within a few minutes of sending your Bitcoin deposit, there is no KYC involved to start trading. The platfor offers high leverage and low commissions and tight spreads.
Monfex is not available to clients in the USA currently.
Monfex
Pros
- Simple Trading Interface
- High Leverage
- Easy Account Setup
- Low Comissions
- Tight Spreads
Cons
- Only Bitcoin Payments
- Only 12 Coins for Trading
- No US Clients
