MIFX

MIFX Review Information

Monex Investindo Futures (MIFX), established in 2000, is a leading Indonesian broker with over 30% market share in the foreign exchange sector. It is a member of the Jakarta Futures Exchange (JFX) and the Indonesia Commodity and Derivatives Exchange (ICDX), holding a retail forex license from BAPPEBTI (license number: 178/BAPPEBTI/SI/I/2003).

MIFX offers leverage up to 1:100, spreads starting from 0.0 pips, and commissions ranging from $1 to $10 based on the account type. Traders can access the popular MetaTrader 4 (MT4) platform and a mobile app for convenient trading, with advanced features and tools for optimal market analysis and trade management.

Is MIFX legit or a scam?

Monex Investindo Futures (MIFX) is regulated by Indonesia's BAPPEBTI (license 178/BAPPEBTI/SI/I/2003), Jakarta Futures Exchange (license SPAB-044/BBJ/03/02), and Indonesia Commodity and Derivatives Exchange (license 010/SPKB/ICDX/Dir/III/2010) for retail forex trading.

Pros and Cons

Market Instruments

Spreads and Commissions

When it comes to forex pairs, the spreads offered by MIFX are generally average and may not be as competitive compared to the industry standard. It's important for traders to take note of this aspect when evaluating their trading options. Additionally, MIFX charges a commission of $10 per lot traded.

It is worth highlighting that the spreads and commissions can vary depending on the chosen trading account. MIFX offers four distinct types of trading accounts, each characterized by its unique spread and commission structure. For instance, the first account type offers spreads starting from 0.2 pips, while the second and third account types feature spreads of 1.8 pips. The fourth account type stands out with tighter spreads of 0.6 pips. In terms of commissions, they range from $1 to $10, depending on the specific trading account.

Account Types

Demo Account: MIFX provides a demo account that allows you to try out the financial markets without the risk of losing money. The virtual funds will be 10,000 USD.

MIFX offers a range of live trading accounts tailored to cater to the diverse needs of traders. Traders can choose from four different types of accounts: Ultra, Standard, Pro, and Multilateral.

How to open an account?

1. Visit the MIFX website: Go to the MIFX official website, which provides a user-friendly interface and access to all the necessary information. Click on “Open an Account”: Look for the “Open an Account” or “Sign Up” button on the website's homepage or designated account opening page.

2. Fill in the Application Form: Complete the online application form with accurate personal information, including your full name, contact details, and residential address. You may also be required to provide some identification documents for verification purposes.

3. Read and Accept the Terms and Conditions: Carefully review the terms and conditions provided by MIFX. Make sure you understand and agree to the terms before proceeding.

4. Submit the Application: Once you have filled in all the required details and agreed to the terms, submit your application electronically through the website. Take note of any confirmation or reference number provided.

5. Account Verification: MIFX may require you to complete a verification process to ensure the security of your account. This typically involves submitting identification documents such as a passport or driver's license, as well as proof of address.

6. Fund Your Account: After your account is successfully verified, you can proceed to fund your trading account. MIFX offers various deposit methods, such as bank transfers or electronic payment systems. Follow the instructions provided to deposit funds into your account.

7. Start Trading: Once your account is funded, you can access MIFX's trading platform using the provided login credentials. Take some time to familiarize yourself with the platform and explore the available trading tools and instruments.

Trading Platforms

MIFX offers traders access to the MetaTrader 5 (MT5) trading platform, renowned for its robust features and advanced capabilities. This platform, available for desktop and mobile devices, provides a comprehensive and user-friendly interface for traders to engage in the financial markets.

The MT5 platform provided by MIFX caters to both novice and experienced traders, offering a wide range of analytical tools and indicators. With interactive charts, technical analysis capabilities, and customizable features, traders can conduct thorough market analysis and make well-informed trading decisions.

Trading Tools

MIFX offers a range of educational tools, including updated charting interfaces, real-time trading signals, and sentiment analysis, to help traders make informed decisions. Additional features like “Daily Top Mover” and “Top Volume” highlight profitable opportunities and market trends.

Leverage offered by MIFX

Although some brokers offer leverage up to 1:500 or even 1:1000, the leverage of 1:100 offered by MIFX is sufficient for the average trader. This is because the more leverage you have, the more risk you take with your money. Even professional traders, let alone novices, should not be tempted to use leverage as large as 1:500.

Deposit and Withdrawal

MIFX is ambiguous about how deposits and withdrawals work. Wire transfers, MasterCard, VISA, Maestro and some e-wallet processors such as Skrill, Neteller, PayPal and others are some of the most frequent and popular payment methods handled by most Forex brokers. The speed of withdrawing funds from a forex broker is also one of the most important factors in building a broker's reputation.

Customer Support

MIFX offers multiple support channels, including phone, email, online chat, and a contact form. Additionally, traders can engage with MIFX via social media platforms like Facebook, Twitter, YouTube, and Instagram for updates and assistance.

MIFX offers a Help Center where clients can find various topics covering beginner's guides, account opening, trading education, trading tools, general trading, and special promotions. This resource provides self-assistance options, allowing clients to access informative articles and guides tailored to their needs and enhance their trading experience.