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account opening

Account Opening

What do I need to open my account?
Opening your account with Monfex is super quick and easy. Simply fill out our short online application.
Can I open an account if I am resident of the United States?
No. United States residents are prohibited from opening an account.
Whom do I contact for issues with account?
If you encounter any issues, please contact [email protected].
What countries are restricted from opening an account with Monfex?
All OFAC countries, United States and US territories.
account opening

Funding

How do I fund my account?
You fund your account by clicking the deposit button at the top right hand corner when logged into your platform.
Do you take fiat deposits?
Not at this time, but we plan to do this soon.
Do you take crypto deposits?
Yes, we take deposits in Bitcoin.
Is there a deposit fee?
No. There are no deposit fees.
Whom do I contact for account funding problems?
If you encounter any issues, please contact [email protected].
How do I fund with cryptos?
When you click the deposit button in your platform you will see your unique deposit address. Simply send Bitcoin to this address from your wallet. Funds will be credited to your account approximately 1 hour after you send BTC.
I don’t have any bitcoin but still want to trade on Monfex. What do I do?
You can easily buy bitcoin at Coinbase or Blockchain.com and use them to fund your Monfex account.
What is the minimum deposit amount?
The minimum deposit amount is 0.01 BTC.
account opening

Instruments

Am I actually buying cryptos on your site?
No, you are speculating on the price of the crypto relative to USD without actually taking delivery of the coins. This mitigates the risks of hacking, allows you to go long and short and gives you access to leverage.
What cryptos can I trade on your site?
Currently you can trade the following coins: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Zcash (ZEC), Monero (XMR), OmiseGO (OMG), NEO, Ethereum Classic (ETC), EOS, Dash (DSH). We will be adding more cryptocurrency pairs soon.
Against what crosses can I trade the coins you offer?
You can trade all coins versus the USD.
Do your contracts expire and when?
No. Our contracts do not expire. They are perpetual.
What is the difference between your Leveraged Crypto Contracts and Futures?
Our leveraged crypto contracts have no expiration date.
What are the financing charges on your contracts?
The financing charges on Monfex Leveraged Crypto contracts change dynamically based on the charges by our liquidity providers. They are displayed on our instruments page.
account opening

Platform

What platform do I use for trading?
Our user friendly web and mobile platform.
Is there a mobile app?
Our platform is mobile responsive. Meaning it will work on your phone. Simply visit Monfex.com on your phone.
Is there a web platform?
Yes, we have an easy to use web platform.
What is the Monfex maintenance downtime period?
The downtime period is everyday from 4:55 to 5:05 pm EST time zone. During this period you can not exit your positions or enter any new ones. Also financing fees will be charged/paid during this time.
account opening

Trading

What are typical spreads on BTC/USD, ETH/USD, XRP/USD?
Please click here to look at our live pricing widget so that you can see actual spreads on our most popular coins.
What are the commissions on the trades I make?
You will be paying a commission of 7.5 bps (0.075%) per trade. For example if the price of 1 Bitcoin is $3000 then you will be paying $2.25 ($3000 * 0.075%) to trade 1 BTC/USD contract.
Can I lose more than I put in?
No, you cannot lose more funds than you put into your account when you trade with us.
Can I go short?
Yes. You can go short by placing a sell order.
What are your liquidation levels?
The liquidation level is 90%. This means that if your margin requirement is $600 to trade 1 BTC/USD contract your position will be fully liquidated at the best available price once your account value drops below $540 (calculated as $600 X 90%).
Where do I call for trade support?
For trade support, you may email [email protected].
How does your product compare to a futures contract?
Like a futures contract our product lets you speculate on the price of cryptocurrencies on leverage but our product does not have an expiry date. It is perpetual.
What are the financing fees on the Monfex crypto contracts?
Financing fees are fees that people have to pay when holding a leveraged position overnight. They are displayed on our instruments page.
What is the maximum amount of trades I can make per day?
The maximum position size you can trade depends on the contract you are trading. Please take a look at our instruments page for specific. If you want to increase the maximum amount of trades, please email [email protected] with your request.
What is the minimum position size I can trade?
The minimum position size you can trade depends on the contract you are trading. Please take a look at our instruments page for specific minimums.
What is the maximum position size I can trade?
The maximum position size you can trade depends on the contract you are trading. Please take a look at our instruments page for more details.
How can I contact trade support?
For trade support please email [email protected].
account opening

Withdrawals

How do I withdraw?
Simply select the withdrawal option in your platform menu. Enter the amount you want to withdraw and your bitcoin wallet address. Withdrawals will be processed within 48 hours.
Can I lose more than I put in and actually owe Monfex money?
No. You cannot lose more money than you have deposited into your account with Monfex.
If I have a problem with my withdrawal who do I contact?
If you encounter any issues, please contact [email protected].