Monfex Review – What This Offshore Broker Has To Offer

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By Theo Madsen

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Monfex Review

  • Ease of use
  • Asset variety
  • Features
  • Fees
  • Analysis & Research


Monfex is an offshore online broker that was founded in 2018 and is registered in Saint Vincent and the Grenadines. Monfex is an unregulated broker that provides access to various markets, including forex, cryptocurrency, stocks, indices, and commodities. This broker includes more than 200 trading instruments, either long or short, and up to 200x leverage. Learn more about this online broker by reading our complete Monfex review.


  • Intuitive trading platform with a cool platform interface
  • More than 200 trading instruments in various markets
  • Cryptocurrency trading is allowed
  • No commission and no withdrawal fee
  • Excellent support service 24/7
  • Available in multiple countries
  • Available on any device


  • No spread conditions, financing rates, or pricing policy
  • Only derivatives available (which are complex instruments)
  • Outdated market analysis section
  • Only deposits in cryptocurrency (transaction costs lower profits)
  • High minimum deposit

Many online brokers promising low costs and advantageous trading conditions have mushroomed recently, but this also means that the marketplace is now peppered with untrustworthy service providers, too.

Is Monfex a reputable online broker? Does it deliver on its promises? In this Monfex review, we will introduce you to Monfex, its perks and disadvantages, who it is best for, and how it compares to other forex and multi-asset online brokers.


About Monfex

Monfex was founded in 2018 and is registered in Saint Vincent and the Grenadines. This offshore online broker promises more than 200 trading instruments, either long or short, and up to 200x leverage. Consequently, it is an unregulated broker that provides access to various markets, including forex, cryptocurrency, stocks, indices, and commodities.

Monfex Commodities

It’s important to note that you do not invest your hard-earned money in real assets, but in derivatives, which are complex instruments (contracts based on the price of the underlying asset). If you want to buy and sell real assets, you may want to have a look at FP Markets, eToro, or Robinhood instead. Check out the rest of our Monfex review to find out more about this broker.

Monfex Crypto Knowledge Base

Monfex Features

Monfex is a relatively new online broker. Its unregulated status should make beginners and inexperienced traders analyze it cautiously before trading money online. Below, we’ll discuss some of the main features and the perks you get access to if you sign up with this broker.  

Trading Platform

Monfex offers only one trading platform, a piece of proprietary software that you get access to once you sign up. Unlike many other forex brokers (such as Fortrade or PaxForex), you don’t gain access to MetaTrader, which is the industry standard. Perhaps one of the main drawbacks of the proprietary platform is that you will have to go through the learning curve again if you decide to switch brokers in the future.

Trading Platform Cryptocurrency

Monfex takes pride in its state-of-the-art platform that provides access to more than 200 instruments and up to 200x leverage. The platform is relatively intuitive – you can pick one of the assets that interests you, add your trade details (such as the amount you want to spend), and place your trade.

The platform allows you to view charts, customize timeframes, and has basic categories, such as trading history, activity logs, and your orders. Also, you can add stop-loss orders and take-profit prices.

Monfex Charts

Trading Instruments

The main trading instruments available on the Monfex trading platform are:

  • Forex (trading foreign exchange assets) with leverages up to x200
  • Stocks (CFDs), such as Apple, Microsoft, Facebook, or Alibaba, with a maximum 200x leverage
  • Cryptocurrency trading, including Bitcoin, Ethereum, and Ripple (up to 10x leverage)
  • Indices (CFDs), such as Dow Jones, DAX, and FTSE (up to 100x leverage)
  • Commodities (CFDs), such as gold, oil, gas, and silver (up to 100x leverage)
Monfex Forex

Overall, this broker is a multi-asset service provider since you can not only engage in trading foreign exchange assets but also CFDs on other asset types.

Mobile App

Monfex mobile phone app offers a smooth trading experience and a clean application design, so you can start trading right away. The interface is simple, with several sections where you can check asset prices, place orders, and manage your open positions. Also, just like the trading platform for PC, the mobile app allows you to open a demo account with $10,000 in virtual funds.

Mobile Phone App Placing Trades

Research & Education

The Monfex trading platform does not provide any educational or research section. However, there are multiple resources on the website, such as:

  • A blog that contains market analysis and industry updates
  • A financial dictionary with terms and their definitions
  • Multiple tutorials, such as how to buy cryptocurrency, place trades, and withdraw funds, among others

It’s important to note that, as of this writing, the blog section has not been updated since 2019, hence the market analysis and industry update section is not relevant.

However, if you are looking for a broker that provides plenty of resources, you may want to check out TIOMarkets instead – apart from a video library, it also offers Trading Central (a popular tool for market analysis and trading ideas), traders’ sentiment section, trading articles, and even live webinars.

Mobile Phone App Markets

Monfex Pricing

There is only one account type when registering with Monfex. Unlike many other websites, the company is not transparent regarding its fee structure and how much you need to pay.

There are no commissions and no withdrawal fees, but there is no indication of the spreads charging policy, other than the statement that it charges “low spreads” on its instruments.

Prospective traders may want to treat this aspect with caution and do their due diligence before placing trades on this platform to avoid high costs. One way to do this would be to open a demo account first and trade with virtual currency. This would help you understand if it’s the right broker for your investment objectives and whether you are satisfied with the user-friendly interface.

Regarding withdrawals and deposits, these may be conducted via credit/debit cards or wire transfer. The base currencies available are US dollars, euro, and JPY. As you can only deposit cryptocurrency, you will be charged the exchange fee, however, the rate is at the company’s discretion.

Crypto Available

If you use your debit/credit card (Visa or Mastercard) to buy cryptocurrency (and add it to your trading account), you will have to cover a 3.5% handling fee or $10 (whichever is higher). When you withdraw, there is no fee charged by Monfex, but you still need to cover the fee charged by the Bitcoin Network.

Monfex Customer Service

The customer support service team is available 24/7. Perhaps one of the main advantages of this broker is the non-stop availability to handle customer queries. Overall, the user experience is positive regarding Monfex as many users claimed that the support service helped with any type of issue.

You can contact the team via phone or mail. Unfortunately, there is no live chat function available. The website is also available in Polish and Spanish, apart from English.

Who Is Monfex Best For?

Monfex lacks transparency in terms of pricing and is an offshore broker, hence it is not recommended for beginners or inexperienced traders. If you have lots of experience and you are willing to open a demo account to test all of the features first, Monfex may turn out to be a good online broker for your needs. With a demo account, you can opt-out at any time without risking real cash.

Mobile Phone App Demo Account

Also, it may be a good opportunity for advanced traders looking for high leverage (but keep in mind this also entails high risk). In general, unregulated companies are riskier than regulated brokers, so you should be fully aware of these extra investment risks before depositing your funds.

In addition to this, the costs will be high when depositing and withdrawing money because you can only conduct your transactions in cryptocurrency. Hence, starting with a small investment may be counterintuitive as multiple transactions will cost you more. This would make Monfex unsuitable for active traders who want to make multiple withdrawals or trade for a living.

Withdrawing Crypto

In other words, you need to transfer cryptocurrency, which will be converted into fiat currency in your account, then you need to convert the fiat currency back to cryptocurrency if you want to withdraw your finances. All of these extra transactions will come with high fees compared to brokers that allow you to use only fiat currency (as the base currency and as deposit/withdrawal currency).

How Does Monfex Compare?

While the Montex platform is intuitive, the lack of advanced features may deter some experienced traders. MetaTrader brokers, or online brokers with more powerful proprietary trading platforms (such as FP Markets or Bux Zero for mobile trading), may offer a better experience in this case.

There are many other platforms where users have access to various instruments and trading tools while being fully informed of costs. One such example of a well-known brand is Plus500 – which is also regulated, along with Interactive Brokers, WeBull, and others, which stand out from the crowd thanks to features like an excellent platform, fast deposit, and access to both stock CFDs and real assets.

Overall, Monfex is not a highly competitive broker compared to other service providers. The main deterrents include the lack of cost transparency and trading tools, and the outdated news and analysis section. Perhaps one of the main advantages of Monfex compared to other brokers is the proprietary trading platform, which is unique to this broker and may be attractive to individuals looking for a no-nonsense, smooth interface.

FAQ: Monfex Review

Does Monfex provide any technical support?

Yes, Monfex customer service is available via phone or mail on a non-stop basis.

Is Monfex a reliable company and a legit broker?

Monfex is a legit broker, but it is not regulated by any entity and it is founded in Saint Vincent and the Grenadines, a very popular location among offshore brokers. Hence, it is important to do your due diligence before signing up with this broker to make sure you understand all the investment risks.

How much is the initial deposit?

Monfex allows you to only deposit cryptocurrency in your account (which will be converted to one of the base currencies). The minimum deposit is $250.

Is there any quick training or guidance on how to get started with Monfex?

Yes, the Monfex site offers a thorough FAQ section and tutorials that will guide you on creating an account and how to use the Monfex trading platform.

Final Verdict: Monfex

In this Monfex review, we have discussed the main features of this broker and uncovered some of its main advantages and disadvantages. Overall, Monfex is for individuals who want to get into the markets using high leverage and without being charged a commission for their trades.

The trading platform is simple and easy to use, with intuitive sections, but there is no choice in terms of account types or trading platforms. Overall, Monfex may be suitable for experienced traders, but trading tools and security seem somewhat lacking.

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Theo Madsen

Theo has been actively trading the forex markets since 2013. Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo's trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders.

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