MONSTRADE

Monstrade is an international brokerage firm holding ASIC and FinCEN (MSB) licenses, offering trading access to a wide range of products including forex, stocks, CFDs, energies, and metals. The company is a member of the Financial Commission (FİNCOM), providing additional investor protection through the VMT compensation program, which covers funds up to $20,000 in case of disputes. Monstrade offers leverage of up to 1:500, the MT5 trading platform, and 24-hour customer support, aiming to deliver a fast, transparent, and efficient trading experience.

Pros and Cons

Is Monstrade Legit

Monstrade states that it operates under ASIC and FinCEN (MSB) authorization and is also a member of the Financial Commission (FİNCOM), which provides additional protection through the VMT compensation fund.

What Can I Trade on Monstrade?

MonsTrade offers a variety of product types, including forex, commodities, cryptocurrencies, indices, stocks, ETFs, and bonds.

Account Type

Monstrade offers 6 account types to suit different trading needs, including a Demo Account and an Islamic Account.

Demo Account: The Demo account does not require a minimum deposit. It allows users to learn the trading process, explore the platform, and test strategies in a risk-free environment without using real funds.

Cent Account: With a minimum deposit requirement of $100, Cent Account is tailored for those who have a basic grasp of the platform and want to try actual operations.

Classic Account: With a minimum deposit requirement of $1000, this account is a standard trading account catering to a broad range of traders. It is designed for those who have enough trading experience.

Prime Account: Prime Account is geared towards traders seeking enhanced features and benefits, such as lower spreads and priority support. The minimum deposit requirement for this account is $2500.

ECN Account: With a minimum deposit requirement of $10000, this account is designed for market professionals in exclusive conditions.

Islamic Account: With a minimum deposit requirement of $15000, this account is charged a fixed forex commission. It is designed to accommodate traders who adhere to Islamic principles, which prohibit the payment or receipt of interest.

Leverage

Monstrade Fees

Monstrades fees are comparatively lower than the industry standard. Monstrade's fee structure revolves around variable spreads without additional commissions across all account types.

Spreads start from 1.0 pips for demo accounts and 0.6 pips for the ECN account, but they can potentially widen as market volatility increases.

Trading Platform

Monstrade uses MetaTrader 5 as the trading platform. MetaTrader 5 (MT5) is an advanced and versatile trading platform suitable for both novice and experienced traders.

Deposit and Withdrawal

Monstrade supports multiple deposit methods including MasterCard, VISA, cryptocurrencies, Perfect Money, Neteller, SWIFT, and various local payment options. The minimum deposit is $100. Withdrawal requests are processed quickly and smoothly, typically completed within 15–30 minutes.