The rise of cryptocurrency has come to a great height, but as the industry developed, the volatility has dropped considerably. The market had traded sideways for over three months in the second half of 2018. Several traders believe that there’s little revenue in this market, but, nothing might be distant from reality. Monfex, a new cryptocurrency broker will change this understanding.
What is Monfex?
Monfex is considered as a powerful cryptocurrency trading platform that allows users to trade cryptocurrencies with up to 50x leverage. It is a trading platform that has a newbie-friendly interface aiming to make crypto trading accessible and straightforward for everyone. There are several crypto exchanges nowadays, but Monfex aspires to be a crypto broker.
Monfex has perpetual, non-expiring contracts on five coins instead of just 2. The platform has two unique features in the pipeline that will disrupt the crypto industry and will be in the second quarter of 2019.
The first feature is called “managed accounts” that means users can trade crypto for other people. Another feature is social trading, which permits others to follow a “master trader” and imitates their trades in real time.
What is Crypto Broker and how does it work?
Monfex will let users trade the top coins long or short with leverage on their super user-friendly platform. Then they will provide features that are only accessible at full-service brokerage firms such as great market research, social trading, the capacity to handle their own managed accounts, and more.
The team guarantees a productive platform by leveraging their relationship with key institutional crypto trading firms. Those firms give great pricing and liquidity, which the platform transfers to the client. Every client receives an institutional level product while the institutions take the trade flow, presenting it a win-win situation.
A most important advantage of Monfex is the safety of funds. They have a two-factor Authentications that maximizes the security of the accounts. Users can access their account statements and can withdraw any time by filling out a simple online form.
Monex has four main actions when a client works with a broker: account opening, depositing funds, trading and withdrawing funds. Their main aim is to deliver each of these processes as simple and efficient as possible.
Opening An Account
Client’s account opening with Monfex could not be any simpler. They are only required to fill out a short form, generate a password, and it is done. The entire process will only consume 30 seconds or even less.
Account funding is also not complicated. For the moment, they only allow Bitcoin deposits. Users can click the DEPOSIT button at the top right-hand corner of Monfex platform.
Their deposit box contains a user’s unique deposit address that will open up, and they can send the amount they want to deposit to this address. Also, the system will receive the Bitcoin and credit the user’s account with the amount deposited. Then they can now start trading.
Monfex trading priority is to be reliable and user-friendly. They have simplified the trading by allowing trade perpetual contracts on the top coins with up to 50x leverage. Their contracts do not expire and move dollar for dollar with the currency that is traded.
Fundamentally, it’s the same as buying or selling cryptos, but it can go long or short and only require to put up a fraction of the price of the coin to begin trading.
The platform provides a straightforward process in withdrawing funds the same as depositing. Users will just click the withdrawal option from the profile menu and choose the amount they want to take out and enter their BTC wallet address. Monfex will then send their Bitcoin. It’s that simple!
The Monfex team is excited to have their platform finally live and have users on board. Their short term plan is to develop their platform further, add more coins and increase leverage.
They also want to offer social trading, managed accounts and build their mobile app. And for their long term proposal, they want to add new instruments like crypto indexes and crypto options.