Monfex Review [2019] Things to Know Before Getting Started

The crypto trading industry is developing rapidly nowadays. Several trading platforms have evolved in the crypto industry. Though there are various trading platforms with various features but not all the trading platforms are secure and do not ensure safe trading.

So, users face difficulty in choosing a safe and secure exchange platform for trading. They cannot decide which platform they should use for their trading. For this purpose, they need to know everything about the trading platforms.

Today, I am going to introduce the users with a safe and secure trading platform that is the Monfex margin trading platform.

Our  detailed review of the Monfex trading platform will cover these things:

  • Monfex trading platform overview
  • Monfex main features
  • How to start trading
  • How it works
  • How to Purchase Cryptocurrency on Monfex using Credit Card?
  • Monfex Security
  • Exchange trading fees
  • Supported currencies
  • Supported countries
  • Customers Support and Reviews
  • Conclusion

Let’s review and explore the Monfex trading platform step by step.

Monfex Trading Platform Overview

Monfex Trading Platform is a cryptocurrency exchange which allow margin trading with the power of 50x leverage. This cryptocurrency exchange was launched in Dec 2018 and was created by a team of finance and tech experts.

There are 12 different digital coins including bitcoin which are available for trading on this platform. All these coins can be traded with USD pairs.

The main objective of the exchange is to ensure simple and accessible crypto trading. The company describes its mission in these words:

Our mission is to REVOLUTIONIZE crypto trading.


Also read Localbitcoins Review 2020 | Things to Know Before Getting Started


Monfex Main features

Monfex crypto trading platform involves various features that distinguish it from other exchanges. These features show its worth in the crypto industry.

Some of the features of this crypto exchange are:

Margin Trading

Monfex offers margin trading on its platform. Margin trading is basically a process of borrowing money from a broker in order to trade which is referred to as leverage.

Leverage multiplies the profits of users or it can also result in losses because, in margin trading, users trade with more money than they own.

50X Leverage

Monfex exchange provides the facility of margin trading with the power of 50x leverage. Users of this crypto exchange can trade their crypto assets with up to 50X leverage.

The leverage offered by Monfex is lower and safer as compared to other trading platforms. Some other crypto exchanges offer 100X leverage but that does not ensure safety.

Trading Academy

One of the interesting features of the Monfex crypto trading platform which distinguishes it from other crypto exchanges is its Trading academy.

Monfex trading academy involves guide articles for the users and customers about crypto trading and about strategies that help users to improve their crypto trading with leverage. There are also some guides about managing risk when trading cryptos.


How to Start Trading on Monfex?

To begin trading on the Monfex trading platform is very easy and simple. In order to get started on this exchange, you have to follow three easy steps:

1: Open your Account

The first step that you have to take in order to get started on this platform is to open your account on the platform and register yourself. It would only take 15 seconds to open your account on Monfex.

When you open your account, you also give your basic information such as your name, email address and country of residence.

 

2: Fund your Account

The second step involves funding.  In this step, you have to fund with Bitcoin, Ethereum, and Tether.

3: Start Trading

The final step involves trading. You start trading cryptos with up to 50x leverage.


How it works

The process of trading on the Monfex trading platform is very simple and straightforward. The process of trading with Monfex involves three steps:

  • Firstly, you start trading by selecting the coin that you want to sell or purchase.
  • Secondly, you have to enter the fraction of the token’s price which will enter you in the trade.
  • In the third step you start trading and then you will earn or lose money in the way as you were holding the actual coin.
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How to Purchase Cryptocurrency on Monfex using Credit Card?

In order to make it easy for the users to purchase cryptocurrencies on the Monfex platform, it has partnered with Simplex.

Simplex is a payment processor that ensures the easy purchase of the crypto assets by using credit cards. Following are the steps that you have to follow while purchasing cryptocurrencies with Simplex.

Firstly, select the Deposit BTC button

Then click on the copy address to copy your unique deposit address and then select Buy Bitcoin.

After that enter your order details and input the amount of BTC that you want to buy and then click on the Proceed to Checkout button.

Then enter your credit card details

In the end, give your billing address and personal details that include your email, phone number, and date of birth.

After following these steps, your transaction will complete and you will get your crypto asset within the duration of 10 to 30 minutes.


Monfex Security

Monfex uses different security measures to ensure the safety of customers’ assets. The trading platform tests and audits these security measures on a daily basis in order to maintain its high standard.

The cyber-security measures available on the platform to protect the digital assets and funds of customers. Following are these security measures:

  • Monfex uses Two Factor Authentication or two-steps verification on its platform. This is used for the security of the account and is much more secure than simple password protection.
  • The digital assets of customers are stored in cold storage rather than hot storage with the use of multi-sig technology.
  • It involves hashed and encrypted passwords with encryption on all sensitive data.
  • It also involves DDoS which is Distributed Denial of Service for attack protection.
  • There are specific ongoing and consistent security checks and updates.

Why you should Choose Monfex?

There are several trading platforms but Monfex is one of the best among them. It provides users with a very simple and easy trading process.

Following are its main characteristics which make it best and different from other crypto trading platforms:

Secure: It is very secure and safe to use. On this trading platform, deposits are stored in cold storage with the help of the industry’s leading security measures.

Simple: The platform consists of very simple and easy processes. You can create your account and deposit your funds within the duration of one minute.

Cost-effective: It is cost-effective. You can trade crypto assets with the lowest commissions in the crypto industry.

Powerful: It is regarded as a powerful trading platform because it offers the trading of 12 digital coins using USD pair with the power up to 50X.

User-friendly: One of the important qualities of this trading platform is that it is user-friendly. While using this platform, you remain comfortable and relaxed.

Helpful: The trading platform has a helpful and cooperative support team. Their friendly support service is available 24/7.

So these are the qualities of the Monfex exchange which makes it a better option for the users.


Monfex Fee Structure

Following is the fee structure of the Monfex trading platform:

Deposit fees: There are no deposit fees.

Commissions: commissions are 0.11%

Financing fees: These are the fees that people have to pay when holding a leveraged position overnight. Financing fees are -0.069%.

Fee schedule for Simplex: There are certain fees associated with using Simplex to buy crypto assets. Simplex charges a fee of 3.5% on each transaction or on each $10.  Apart from this, Simplex limits transactions to $20k per user per day and $50k per user per month.


Supported Currencies

Monfex exchange supports 12 different digital currencies on its platform. These cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), EOS, Dash (DSH), Bitcoin Cash (BCH), Monero (XMR), Zcash (ZEC), OmiseGO (OMG), NEO, and Ethereum Classic (ETC).

The available pair for the trading of these coins is USD.


Supported Countries

This cryptocurrency exchange accepts users from more than 100 different countries. While the users or residents of the United States are not allowed on this platform.

Full list of restricted countires


Customer Support

The 24/7 service is available for the customer support on the Monfex trading platform. The customer support team of this crypto exchange is user-friendly.

For the help of customers, the trading platform has given some FAQs with answers which will provide much help to understand this trading platform.

Apart from this, there is also a separate section for customers where they can contact the Monfex customer support team for any queries and suggestions.

If you have a further inquiry or you want to ask anything about this exchange then you can contact with Monfex team through this email: support@monfex.com


Customer Reviews

This cryptocurrency trading platform has succeeded to gain a positive response from the customers. Customers and users have shown their liking for this crypto exchange.

The positive response from the users is because of its high-quality facilities for the customers. Its peculiar characteristics catch the attention of users and its qualities have impressed the customers to a large extent.

According to Trustpilot website, the users’ response toward this crypto trading platform is excellent.

Source: trustpilot.com

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Conclusion

Monfex is a crypto margin trading platform where you can earn profits easily. Its features and qualities have made it a special and unique platform. Apart from this, it is also providing the facility of 50X leverage which can help users to earn massive gains.

Users usually have the problems related to the security, but here on this platform, they would not face any problems related to the security as Monfex ensures the security of assets with the use of cyber-security measures and Two-factor authentication. Users’ assets are stored in cold wallets.

 

 

 

Josh Welson

A writer & digital marketing expert working in this industry from past 12 years.

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