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Definition of Online Brokers

An online broker is an intermediary between the buyer and seller of investment assets like stocks, futures, forex, and cryptocurrency. All online services offer such services in return for transaction fees, commissions, or both. Before technology enabled such trades online, traders and buyers had to make such trades through brokers and exchanges. Many such exchanges have now started to offer their services for online transactions through their online brokerages. 

Benefits of Investing Through Online Brokers

Seasoned traders use online brokers to let users make balanced and objective decisions. As a matter of course, brokers and their agents promote the investment product that will give them the highest commissions. This leads to a bias when recommending investment plans to users. Therefore, most users now prefer to do their trading online as traders can book their trades without undue influence, monitor their investments, and perform transactions without geographical restrictions. 

Online trading is also better for managing investments in unstable markets and rapid price changes. Trades are usually executed faster through online trading. It is also cheaper as most online platforms charge lower fees than traditional brokerage houses.

Monfex Highlights

Trading Platform 

Monfex is a platform for forex and cryptocurrency traders. The platform offers web-based and mobile trading services.   

Fees & commission 

Three basic charges are levied on cryptocurrency transactions, these are the spread, the

financing rate, and the commission on the trade. Monfex deducts commissions directly

from user accounts. The spread conditions are not specified on its website. This usually

means that users can expect unpleasant surprises after transactions.


The leverage options on Monfex are set at 1:50. This rate applies for the 5 most liquid cryptos and all open long and short positions. 

Platforms & tools 

Monfex offers trading in forex and cryptocurrencies. 

Account opening & deposit/withdrawal experience 

Monfex allows its clients to open accounts and place their deposits, withdraw funds and make payments through a bank account that should be their country of residence and in their name. The option of using debit and credit cards is also available.

Customer service & support 

The customer support seems adequate as a user can get in touch with customer support through an email address, live chat, and helpline. 

Education & learning resources 

Many educational resources are available on the Monfex website under the resources head. There is a blog, a glossary of terms, and a tutorials section for using the platform. 

Research & analysis 

The Monfex platform has a basic tutorials section for using the platform, and the basic transactions are covered. 

Regulatory compliance & security 

There is no information about the company’s team or operations on the website, and no controlling agency holds it accountable.  

Mobile trading 

The Monfex platform is mobile-enabled and will run on all mobile phones. 

Overview of the Monfex platform

Fees and Commission 

A commission is a fixed fee applied to any trade transaction. It is specified as a fixed rate and applies to the estimated value of any trade. Commission rates on Monfex are set at 0.075% on every trade conducted. So, if someone buys 1 Bitcoin for $ 1,000 will be charged $0.75 ($1,000 x 0.075%) as commission.  

There are no fees for depositing crypto to the Monfex platform, although users will be

charged transaction fees on transactions done form their wallets. Traders using leveraged

products will pay what are called maintenance fees. The rate of this is not disclosed on the

Monfex website, which makes it appear shady.

Range of Investment Opportunities

Monfex gives its users the option to trade in forex and cryptocurrency trading. Forex trading is about trading in currency pairs like the US$ against the Euro or the Euro with the Japanese Yen. The objective is to gain income from the price fluctuation between currency pairs. Monfex.com quotes exchange rates following standard reporting formats.  

Overall Ratings

There is a lot of general and academic information about forex and cryptocurrency trading on the Monfex website. However, the website does not provide specific details about its location, background, certifications, or team members. There is no mention of the ruling regulations or controlling body anywhere on the website. 

Investing money through this platform will be risky as there is no recourse to any controlling body.  Company feedback report poor reviews about repayment means that the Monfex platform is shady and you shouldn’t risk your precious capital. It is better to pick a more authentic forum with better customer reviews and straightforward about its repayments. 

In-Depth Review of Monfex

Trading Platform 

Monfex claims to be a trading platform for forex, stocks, indices, and crypto transactions. The platform does not specify user levels anywhere on its website. The Monfex website offers a lot of trading and introductory information about the forex and cryptocurrency asset group through its resources section. In forex, users can trade in more than 200 currency pairs covering the major, minor and exotic currencies. In cryptocurrency, users can trade in multiple crypto coins.

Platforms and Tools 

One of the significant features of the Monfex platform is its trading platform. This platform is usable in both browser and mobile versions. It is a simple-to-use trading system with support in multiple languages and single-click trading. The easy interface allows both new and practiced traders to trade efficiently. The trading platform has standard customizable features, like in-built and customizable technical indicators, risk management tools, automated trading, live price monitors, charting devices, and multiple charting timeframes

Account opening & deposit/withdrawal experience 

Monfex claims to allow its clients to start trading by placing their deposits, withdrawing funds, and settling their trades through payment options like Bank wire transfers, credit and debit cards, and crypto-wallets. 

The smallest acceptable deposit in cryptocurrency is 0.001 BTC, which can be around $10 if BTC trades at $10,000. Payments are also acceptable in Ethereum and Tether. In currency, the minimum required deposit is $250. Like most shady and unregulated websites, making deposits is never a problem. When traders want to withdraw their earnings, issues emerge with the platform. 

This is a serious red flag and why it is strongly recommended not to register for a Monfex account. 

Customer service & support 

The customer support seems adequate as traders can get in touch with customer support 24/7 through different avenues. There is an email address and telephone number given. The live chat option is also active on the Monfex website, and the platform also advertises its social media links on Facebook, Instagram, Twitter, and Telegram.

Education & learning resources

There is a lot of educational material available at monfex.com. These educational options are extensive but are solely conceptual, and most are not helpful unless users have an academic interest and are not trading on the website. 

The blog for traders does have some information, but it is mainly designed to get members to invest more funds and increase their funds with Monfex.

 Research & Analysis 

The Monfex trading platform offers its users a demo account. This is useful as demo accounts are helpful for novice traders to get the chance to assess their skills and the platform before they invest funds. Demo accounts allow users to try their trading strategies and examine their investment potential before staking their funds. The platform does claim to offer educational tools for its registered users.

Regulatory Compliance & Security 

There is no information about the company’s team or operations, and no compliance or regulatory agency holds it accountable.  Monfex is an unregulated platform, and any funds invested are unsecured and at risk. There are no insights about its legal liabilities and legal accountability. 

The platform mentions that it uses two-factor authentication, powered by Google, to ensure account safety and protection from third-party access. Crypto assets are secured by multisign (multi-sig) technology and kept in cold storage. The HTTPS and SSL ensure that all traffic is encrypted.

Mobile trading 

Monfex does have a mobile trading option that allows its members to trade through their mobile interface. This app is offered for both Android and iOS devices for free downloads. 

The app is similar to the platform’s trading platform, allowing easy, smooth trading. Most features are available on the mobile app, like interactive charts and the range o trading orders, to allow for easy and rapid order management.


Summary of Key Features

The Monfex website does not show in any way that it is a legally registered and regulated investment platform or broker. All authentic registered brokers under the jurisdiction of relevant regulatory bodies display their registration and compliance with regulatory agencies. This is done by showing the regulatory badges and certificates of compliance on their websites.

In the case of Monfex, there is no information about the regulatory body under which the company is registered. There is no mention of the team managing it or who is legally bound to regulate it based on geographical location. 

All these are major red flags that indicate that Monfex is not a company worth trusting with your money. It is sure that users will find their funds stuck with this platform. Any financial dealings with such a platform should be avoided. 

The risk of trading through such unregulated platforms is high. If the company decides to close its platform, there is little legal control or liability over anyone, and it can vanish without a trace. It isn’t much you can do to recover your invested funds without resorting to third-party recovery agents.

The platform mentions some safety tools inbuilt into the platform to keep users’ funds safe from third-party attacks on the forum. The safety tools listed include Secure Socket Layer (SSL) technology that helps to keep users’ data protected from malicious attacks. The use of this technology is fantastic, but it seems that users need to be kept safe from the company, which cannot be depended on to handle its member’s money honestly 

Pros and Cons of Monfex

Membership to the Monfex platform requires a minimum deposit of $250, which is on the higher side. There is little useful information on the blogs regarding genuine trading tips. However, there is a demo tab for beginner traders to practice trading before they start actual time trading. Demo accounts are helpful for people as they can familiarize themselves with the Monfex user interface.

The Monfex platform claims to have many security measures in place. It also offers a lot of information about forex and crypto trading. However, the lack of detail about the platform and the team behind it is a big warning against the platform. The lack of regulatory and compliance certifications is another warning against investing money in the platform. 

Final Considerations

The lack of establishment and background details and bad customer reviews on feedback forums are clear indicators for intelligent investors. Investors must keep clear of this shady and unverified platform to save their capital from fraud. 


Monfex is an offshore brokerage agency with no information about its place of incorporation. The company does not offer its services in the USA but provides multiple options like forex, commodities, and futures trading.  It is running these operations with no regulatory control or oversight. The company does not share any information about its team, location, or background. It just lists phone numbers, social media links, and email addresses for users to use in case they need support using the platform and its services.

Such a lack of transparency by a platform that will use users’ funds raises questions about the reliability and safety of invested funds. There are multiple online reviews complaining about fund withdrawal and repayment. Such complaints are a specific warning against investing with the platform. 

There is little to indicate that the Monfex platform is e a legal broker. With no certification from any regulatory body, it should not be trusted with investors’ money. There is no need to use such insecure brokerage sites, especially when there are several other genuine options for those looking to start online trading. 

Risk Disclaimer

Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.