Trading

Monfex Review: Is This Bitcoin Trading Platform Legit?

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Hello, again welcome you all lovely people to my Monfex review. So, in our review, today we are going to see another bitcoin exchange or a trading platform claiming to provide you a leverage of up to 50x than other exchanges. It sounds incredible, right? Are these for real? Well, that is what we are going to found out in this Monfex review.

Monfex Review: Truth Revealed!

Monfex bitcoin exchange is just a scam designed to get you excited about the opportunity for making money at small commissions, which is just 0.075 percent. Monfex claims numerous features and characteristics that won’t they really deliver.

The Monfex official website contains 100% false reviews and testimonials taken from other websites and it’s one among the thousand scam trading platforms. Our Monfex review will help you by providing all the information you need to make a wise decision to join in Monfex or not. 

MONFEX REVIEW

Software Name Monfex
Type Online Bitcoin Trading Platform
Payment Methods All major credit and debit cards accepted
Owner TENB
Official Website Click Here

About Monfex

Monfex is yet another scam cryptocurrency trading exchange that claims to have the leverage of up to 50 times. Having a lot of experience in reviewing websites like these, I have got a feeling that something is not right in the Monfex website. To make a conclusion, I took a closer look at what they offer and how they enable people to conduct tradings.

Based on my homework on the Monfex Bitcoin exchange, here is the complete Monfex review for you. People behind Monfex claims that it is owned by TENB.ltd which is registered offshore on Saint Vincent and the Grenadines. The retail forex market will not be regulated on islands and so these claiming are wrong, which means Monfex is not licensed.

Monfex Main Features

Monfex claims many features and characteristics that make it distinct from other trading platforms. They are:  

Margin Tradings

Margin tradings are referred to as borrowing money from a broker for trading. Monfex offers the chance to conduct margin tradings on its platform. 

50x leverage than other exchanges

Monfex bitcoin exchange claims that it offers up to 50x leverage that other exchanges. The leverage offered by Monfex is lower and safer as compared to other trading sites.

Monfex guide

Monfex bitcoin exchange provides a Monfex guide, which is one of the interesting features of Monfex. It involves guide articles for the users and customers about crypto trading and strategies that help users to improve their trading and leverage.

Even though Monfex claims for these features, they won’t deliver them.

How does Monfex work?

On the home page of the Monfex official website, you have to open your account. There are a bunch of testimonials of people who have allegedly used the platform for trading and made huge profits are shared on the home page. But, in order to continue, you have to provide your name and email address.

MONFEX REVIEW

This rang the first bell sounding it to be a complete scam. In the next stage, you just need to fund your deposits with Bitcoin, Ethereum, or Tether. Now, you will get access to conduct trade. Trading involves just three steps.

  • Select the coin that you want to sell or purchase
  • Enter the fraction of the token’s price which will enter you in the trade
  • Now start trading and you will earn or lose money in the way as you were holding the actual coin. Monfex doesn’t guarantee a profit trading.

How to start trading on Monfex?

In order to start trading, you have to follow the below given three steps.

  • Create an account: The first step for start trading in Monfex is to open an account by providing all your basic information.
  • Deposit your funds: In this step, you have to deposit your funds as Bitcoin, Ethereum, or Tether.
  • Start trading: Now you can start trading with up to 50x leverage as claimed by Monfex, but they won’t deliver that.

Pros and Cons of Monfex

The possible advantages and the main disadvantages of the Monfex bitcoin exchange are noted below. Check it out before choosing a trading platform.

Pros

  • All major crypto coins are paired against US dollars
  • Monfex offers 50x leverage for crypto tradings. But according to the latest updates, European securities and market authority allows maximum leverage of only up to 30x for forex tradings.
  • The minimum deposit requirement for trading in Monfex is 0.01 BTC which is just over 100 USD. Many well-established companies are offering tradings with just 5 USD.

Cons 

  • As mentioned previously in this Monfex review, the Monfex bitcoin exchange doesn’t have a license.
  • Trading with such an unregulated broker is extremely risky and the way they handle your money involves scam.
  • Monfex offers a web-based trading platform, which doesn’t have many features and security on your money.

What trading instruments does Monfex offer? 

Monfex offers you 12 trading instruments including Bitcoin, Ripple, Ethereum, EOS, Dash, Bitcoin Cash, and Litecoin. You will get information about any of these instruments from the instrument tab in the main navigation menu of Monfex.

This tab also displays the commission, financing rates for long and short, and trading hours. But these facilities are available through the trading bonus. The trading bonus facility is linked to some minimum deposit requirements. 

Is Monfex a scam or legit broker?

The Monfex bitcoin exchange gives you a lot of proof that it is not a platform that you can lay your complete belief or you can’t blindly deposit funds in the site. As I mentioned in this Monfex review earlier, the Monfex bitcoin exchange doesn’t have a license and they won’t deliver their claims.

This itself reveals that Monfex is a scam. Apart from that, the way they handle your money involves scam. There is no SSL security or two-factor authentication for clients’ funds.

Conclusion 

Monfex is a crypto trading platform that offers a high profit for cryptocurrency tradings. But it is an offshore broker which even doesn’t have a license. So we strongly recommend you to avoid such a scam trading platform.

Even though you can make some money with cryptocurrency trading and thousands of people are making a living out of it, this Monfex scam just utilizes the concept online trading platform to tend people into the system. But you won’t get any offers claimed by them. After reading this Monfex review, I hope that you have got all the information needed to make an informed decision about whether trade or deposit your funds on this platform or not.   

FAQ

Is it a registered trading platform?

People behind Monfex claims that it is owned by TENB.ltd which is registered offshore on Saint Vincent and the Grenadines. The retail forex market will not be regulated on islands and so these claiming are wrong, which means Monfex is not licensed.

Does the Monfex process legal tradings?

Monfex does not have the right to provide financial services on regulated markets like the European Union, the US, Australia, Canada, or Japan, so all Monfex operation on the markets of these countries are illegal.

Is there any minimum deposit requirement?

The minimum deposit requirement for trading in Monfex is 0.01 BTC which is just over 100 USD. But many well-established companies are offering tradings with just 5 USD.

How much leverage do they offer?

Monfex offers 50x leverage for crypto tradings.

Do they really provide 50x leverage?

According to the latest updates, European securities and market authority allows maximum leverage of only up to 30x for forex tradings. So Monfex can’t provide 50x leverage.

Gerald Rene is a journalist based in the US and the former managing editor of a cryptocurrency news outlet. He has been involved in the cryptocurrency industry for over three years. He has written for many outlets and contributed to cybersecurity and technology publications. And his passion currently lies within scalable securities and stability protocols to help grow cryptocurrency investment and bring mass adoption.

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