Place/Date: - April 17th, 2019 at 12:22 pm UTC · 5 min read
Contact: Monfex, Source: Monfex
Trading cryptocurrencies is all set to become profitable and safe like never before with the launch of Monfex – a fully automated crypto trading platform. This innovative trading platform, only funded with Bitcoin, is different from other exchanges: it uses diverse cryptocurrencies that are traded against the US dollar. Thanks to the diversity of crypto coins, high leverage, low commissions, user-friendliness, security, and other noteworthy features, the platform promises to revolutionize cryptocurrency trading.
12 Different Cryptocurrencies: Twelve different cryptocurrencies are traded on the Monfex platform, and all of them are traded against the US dollar. The cryptocurrencies are Bitcoin, Bitcoin Cash, Litecoin, Ripple, Ethereum, Ethereum Classic, Dash, EOS, Zcash, NEO, OmiseGo, and Monero.
Easy and Fast Account Set-Up: Setting up your account on Monfex is super easy. You only need to provide your full name, country of residence, and e-mail address. Once you open your account, you will receive a unique address that you will use to send your Bitcoins when funding the account. You also need a secure password for your e-mail. The entire process is fast as it takes about 15 seconds to complete.
Straightforward Account Funding: Funding your Monfex account entails depositing Bitcoin into your unique address. Once the Bitcoin is collected in your address, you immediately receive an account balance credit. However, you will wait for less than an hour for the Bitcoin network to finalize on the transaction before you receive the assets in your Monfex account. Note that you will not be charged a deposit fee.
Easy Trading Procedure: Trading on the Monfex platform is almost effortless. You simply select the coin you want to trade and, because of the 50x leverage offered, enter a fraction of the coin’s price. After that, you can either earn a profit or lose with minimal risk.
Withdrawing funds from the platform entails filling a short form, entering the amount and your wallet address. After that, you only wait for 24 hours for the transaction to be processed. Monfex doesn’t charge anything for a withdrawal; only the Bitcoin network will charge you a small transaction fee.
Low Cost of Trading: Trading on the Monfex platform comes with the advantage of low costs of trading. The platform charges very low commissions and the spreads are very tight. Traders will be charged a commission of 0.075 percent to trade Bitcoin and 0.15 percent to trade Ethereum, Litecoin, Ripple, and Bitcoin Cash. For the other cryptos, the commission charge will be 0.20 percent. The financing rate for either short or long trades is -0.068 percent.
Safe Custody of Deposits: Monfex provides safe custody for its customers’ crypto deposits. The digital coins are safely stored in a cold wallet, which is complemented with the industry-leading security measures. Users can also use two-factor authentication as an additional security layer.
Trading crypto can be a risky venture, not just to newbies but also to experienced traders. For traders using leverage, risks can even be much higher. Monfex guarantees its clients that, no matter the amount of leverage they use, they cannot lose more funds than deposited.
Transparent Account Activity: Customers can access their account reports and statements at any time. Monfex ensures that clients have peace of mind when using the platform by being transparent with any account transactions.
To view your balance and current positions, check the account summary window on the left side of the platform. You will see your Balance, Margin, Floating P&L, and Free Margin.
Favorable Trading Conditions: You are only required a 0.01 BTC trade size to start trading on the platform. Generally, depending on the asset, the minimum trade size is 0.01, 0.10, 1.0, 10.00, or 100.000 lots. Also, regardless of your asset, you can access up to 200 trades on the platform, and the trading is available 24/7 for all instruments.
The Monfex platform provides market orders and pending orders. While market orders use the existing price, pending orders have several options and execute at your chosen price. You can choose to use a buy stop, sell limit, buy limit, or sell stop. Additionally, Monfex has features that allow you to fully or partially close a position. You can also use a stop-loss to automatically close a trade at a certain point.
Available Market Information: Monfex provides relevant market news to traders to help them make informed decisions when trading. A blog on the website provides any relevant news and its implications on the financial markets. Also, traders can access expert breakdown in the form of technical and fundamental analysis, which they can use in formulating their trading strategy.
Offers Training to Traders: For newbies, trading on the Monfex can be a great learning experience. The platform has a section that defines the common jargon used in the industry, with corresponding examples. In addition, the platform offers trade examples that let beginners understand losing trades, long trades, and short trades.
The platform also provides a tutorial section that clearly illustrates how to buy Bitcoin. Moreover, you will learn about securing your coins, especially regarding the types of wallets or 2-factor authentication. Not left behind are guides on issues such as ICOs, Bitcoin mining, and hard forks.
To complement the educational resources provided on the platform, Monfex has a trading academy on its website. The section teaches clients about crypto trading, using leverage, and managing risk. Besides, you will access a tutorial on how to use the web platform and the mobile application for trading. The best part of all this information is that it is completely free and you don’t have to log in to access the information.
For more information about Monfex, you can visit their website at https://www.monfex.com/