Review 2021 – Scam or Not?

Monfex offers zero fee commission-based trading experience for everyone who would like to start trading with crypto. You can trade up to 50x leverage at Monfex with 12 different cryptos. Fund your account with Bitcoin, Ethereum or Tether and you can start trading in a matter of seconds. Let’s see what are the features of Monfex trading platform.

About Monfex

Monfex promise to deliver a great product by leveraging their relationships with key institutional crypto trading firms. This results in favorable pricing and liquidity that they claim to pass it on to the users.

Monfex Open

Although Monfex does a great job in education its users, there is a lack of information about the background and owners of the company. Beyond a UK hotline, there is no indication about who runs the trading platform.

Their announcement thread on BitcoinTalk just went live in January 2019, so the exchange seems to be a relatively new service provider on the market.

The trading platform has 4k followers on Facebook who are actively following their posts on social media. They share trading tips and interesting pieces of information from the sector on their wall. Monfex also offers live webinar sessions for those who would like to learn more about cryptos and trading.

Around one thousand people are subscribed to their Youtube channel, where they have recorded all the guides for how to use their trading platform.

Monfex runs a blog, where new share interesting news pieces, fun facts from the cryptocurrency and blockchain industry and you can also read here tutorials about how to use the platform. Beyond the blog, they maintain a quite extensive knowledge library about both cryptocurrency and trading as well.

Monfex Create Account


Getting started on Monfex


In order to sign up at Monfex, you need to provide the country where you reside (beyond the usual stuff, like name, email and phone number). Please note, users from the United States are not able to deposit or trade with Monfex even if you manage to pass the registration (there is no geofencing in place, but they do not allow to verify your account.)


To verify the account you have to provide a photo of a government issued ID, like passport, driver’s license or ID card and you also have to upload a proof of address which is a utility bill, not older than 3 months.


Once you sign up you need to deposit cryptocurrency to start trading. Your unique address is generated automatically, you can send here Bitcoins using your own wallet. Monfex also offers the option to buy Bitcoin with a credit card using a third-party provider, Simplex.


Monfex Deposit Bitcoin

You can only deposit cryptocurrency on the platform at the moment. Use Bitcoin, Ethereum or Tether to fund your account before you start trading. There is a promise from Monfex to add fiat deposits in the future to the platform.

Monfex Crypto Deposits

Trading on Monfex

When trading on Monfex, you are not actually buying and selling cryptos on the site. You are speculating on the price of the crypto relative to USD without actually taking delivery of the coins. According to Monfex, this mitigates the risks of hacking, allows you to go long and short and gives you access to leverage. As long as you are of this, that you do not actually own the coins, it is fine to engage in such trading activity.

These are the cryptocurrency contracts that you can start trading with.

Monfex USD Crosses

Monfex Place an orderOn the trading dashboard, you can see the various trading pairs against the US dollar. In order to engage into a deal, click on sell or buy on the left side on the dashboard.

To place an order, you need to select your trade side and the amount of crypto you would like to trade with. You can also set the amount of leverage you would like to trade within this window.


You can adjust the interactive chart to show whatever information you need for your trading activity. Your open trades and orders, historical trading activity are all visible at the bottom of the screen.

If you sign up now to a new account, you receive 1 BTC on your demo account to practice paper trading with live prices.



Monfex Interactive chart

Fees on Monfex

There is no deposit fee applicable on the platform.

If you decide to purchase Bitcoins through Monfex they use an intermediary service provider, Simplex to execute the cryptocurrency purchase. Simplex charges a 3.5% fee on each transaction, or on each $10, whichever is higher. Bear in mind that Simplex limits transactions to $20,000 per user per day, and $50,000 per user per month and the minimum purchase made via Simplex is set to $50.

The trading fees are a bit hidden on Monfex, but once found they are listed clearly. While trading with Monfex, you will be paying a fixed commission rate of 7.5 bps (0.075%) per trade. Compared to competitors in the crypto trading industry, Monfex offers one of the lowest commissions for trades.

Monfex does their best to provide ultra-low spreads, which means that clients can enjoy trading in a very liquid crypto market.

If you are using leverage, you have to pay the financing rate. A financing rate is a fee charged for using leverage. It is also called a SWAP rate or a rollover rate. The financing rate is only charged when you’re holding a market position open overnight. You are incurring borrowing costs at an interest rate required to borrow the quote currency.  Simultaneously, you are receiving interest income on the purchased base currency. The interest rate differential between these two currencies constitutes the financing rate (the SWAP rate). At Monfex, the financing rate is charged/paid once a day at 5 pm NYC time. If you do not have an open position at this time, you will not pay/receive the financing rate. The rate is dynamic and can change at all times depending on the financing rates quoted by Monfex’s liquidity providers.

Monfex Why People Choose

User experience and support on Monfex

Monfex offers various educational materials on trading. Their tutorials are easy to follow and make the on-boarding on the platform a very convenient experience. New to crypto? Or haven’t traded a penny in the past? It doesn’t matter as Monfex provides you all the materials you need to learn about both how cryptocurrencies work and what are the most important aspects of trading.

The site is translated to six different languages, including English, German, French, Spanish, Portuguese and Chinese.

If you have any questions or issues, you can call Monfex at there UK hotline phone number. However, if you prefer written communication, you can reach them through a ticket on the contact page or drop them a note on Telegram. The support team is available 24/7, during all 365 days of the year.

Since this is a relatively new service on the market, there are not too much user experience or feedback is available about Monfex on the internet. So far no one really complained about their services online.

Monfex Support

Security on Monfex

Safety on exchanges and trading sites is one of the top priority for users. As hard cash is being handled by the site, it should definitely make every efforts to keep the funds safe. Monfex indeed does their best in this area. In order to maximize the safety of the user’s funds, all of the bitcoin deposits are help in cold storage with extra security measures in place. Only a small amount of funds are stored hot – that is, only operational funds are stored online.

In addition to this, the highly suggested two-factor authentication should protect you from unwanted access to your account by third parties. As another layer of protection, withdrawals from the accounts are only executed once an online form is filled out. This helps to ensure that the funds are only withdrawn to those individuals where the account belongs to.

The site is using SSL encryption for the traffic flowing through it. A DDoS attack is prevented by the usage of Cloudflare. Monfex consistently monitors the system and the platform for malicious activity and consistently provides updates to the infrastructure to keep 100% uptime. They have a system in place to run regular security assessments to stead ahead of potential vulnerabilities.


Monfex has an intuitive trading platform where you can trade with various cryptocurrencies against the USD. The platform only follows the movements of the cryptocurrencies but does not actually buy and sell bitcoins on the platform, cryptos are only used for deposit and withdrawals. They provide a great variety of online resources for trading and getting to know cryptos and the trading fee is reasonably low as well. However, the lack of information about the company raises some red flag about the trustworthiness of the business.


  • low commissions
  • good resources on trading and cryptocurrency
  • UK phone hotline
  • No KYC needed for crypto only deposits / withdrawals


  • no information on the company background
  • only cryptocurrency deposits are accepted
  • US users are restricted
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