With a valid proof-of-address, most customers will be up and running in rather quick succession. Once their account is created, users can begin depositing Bitcoin and gain exposure to the different assets supported by the platform.
The least transaction on Simplex is set at fifty dollars. Most people assume trading of cryptocurrencies on every platform to mean the actual buying and selling of these digital currencies but it is actually not that. Like forex, you are only predicting the price of the cryptocurrencies against the United States’ Dollars.
Minimum Deposit Requirements Acceptable
The volatile nature of cryptocurrencies and digital assets is often underestimated. Thankfully, there are some countermeasures in place on this platform to ensure users do not lose an arm and a leg if their position is liquidated. Monfex is a crypto margin broker on which you generally trade CFDs with leverage (Contracts for Difference).
Monfex allows a trader to only deposit cryptos and not fiat money at the platform. Monfex is a cryptocurrency trading platform that offers exchange services. It permits the trade of up to twelve coins which is more than what most other platforms offer. A sizeable volume of trade has been and is recorded by Monfex. Monfex allows the trade of cryptocurrencies against the United States’ Dollars.
More specifically, if a margin trader gets liquidated, they usually owe the exchange more money than they initially deposited. What makes this platform different is how the company ensures users can never lose more money than what they originally deposited.
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Obtaining Bitcoin can be done through most of the trading platforms in existence today, or by visiting a local Bitcoin ATM, among other means. Users who deposit Bitcoin will not pay a fee other than the regular transaction costs associated with the Bitcoin network itself. Most cryptocurrency users know by now how risky margin trading can be. This particular structure allows users to borrow funds from other Monfex users to trade assets in an aggressive manner. While this added “leverage’ can yield users a lot more profit along the way, it can also incur significant losses if the market heads south.
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- It permits the trade of up to twelve coins which is more than what most other platforms offer.
- Monfex allows a trader to only deposit cryptos and not fiat money at the platform.
- Monfex is a cryptocurrency trading platform that offers exchange services.
Most other platforms charge a fee which they often refer to as deposit fee. An extra charge is procured when you transact with Simplex, they charge three and half percent or ten dollars on every transaction. You cannot purchase more than twenty thousand dollars daily when you are buying from Simplex. In a month you can transact with Simplex on a maximum tune of fifty thousand dollars.
This is despite them offering up to 50x leverage, which would allow users to trade with 50 times their own deposit. Putting such safety measures in place is an absolute must, as novice cryptocurrency users are often unaware of the risky trading behavior they engage in. Margin trading is common practice within traditional markets, but has only recently become popular in the cryptocurrency market. Margin trading essentially involves borrowing money from a broker, referred to as leverage, in order to trade. Leverage allows traders to access far higher capital than they would otherwise, but is a double-edged sword — leverage offers dramatically multiplied profits, but can also multiple losses.
Monfex’s 50X maximum leverage is less risky than higher leverage offers and, importantly, Monfex traders can never lose more capital than they deposit on the platform itself. Monfex is relatively straightforward — operating as a margin trading platform, Monfex allows users to trade cryptocurrencies with up to 50x leverage.
The logic behind this according to Monfex is that the delivery of these coins maybe at the risk of hacking. The compensation is perhaps the huge leverage that they offer their traders. Fees are extremely straightforward, and are competitive when compared to other cryptocurrency margin trading platforms.
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.
Monfex allows traders to trade 12 different cryptocurrencies with up to 50X leverage. Albeit users are not able to own the actual assets on Monfex, they will need to get their hands on some cryptocurrency prior to accessing the platform. At this time, the platform only supports Bitcoin deposits, although fiat currency deposits will be introduced at a later date.
The primary draw of Monfex is the extremely straightforward UI it offers traders, paired with a no-nonsense approach to contracts, commissions, and leverage. There are already a number of margin trading platforms active within the cryptocurrency market, but Monfex stands out as one of the most popular margin trading exchanges online today. Whereas some people may claim cryptocurrency trading platforms are unregulated, the opposite is true. Monfex is a good example, as it requires all users to go through a Know-your-Customer and Anti-Money Laundering screening procedure. This is on par with most other major platforms providing exposure to financial services.
Of course if you have experienced or used a lot of platforms you would appreciate this sizeable leverage. Traders and customers do not have to worry about the security of their funds as monfex provides them with a cold wallet with the foremost security measures to keep their funds. Some cryptocurrency trading platforms offer high leverage — in some cases up to 100X leverage. This high leverage can often wipe out newer traders in the event of margin calls, which makes it a risky move for less experienced traders.
So on Monfex.com you therefore trade cryptocurrencies based on rising or falling US dollar exchange rates in so-called long and short trades. This means that Monfex is not a currency exchange where you can directly buy or sell cryptocurrencies, like exchanging USD into BTC with the aim to withdraw BTC. Simply put, you use the broker to multiply BTC or one of the altcoins that you already own – classic professional CFD trading. Monfex offers zero fee commission-based trading experience for everyone who would like to start trading with crypto.
It stands out from other exchanges by offering leverage of up to 50 times. The minimum trade size is just 0.01 BTC and there are 12 coins to trade on the platform. Monfex.com offers bitcoins, ethereum, litecoin and other cryptocurrencies for your personal investment and trading options. Monfex as a trading platform does not charge traders or customers when they make deposits into their accounts.