MIFX

General Information

Established in 2000, Monex Investindo Futures (MIFX) is a broker in Indonesia, with over 30% of it sits the foreign exchange market. MIFX is a member of the Jakarta Futures Exchange (JFX) and the Indonesia Commodity and Derivatives Exchange (ICDX) and holds a retail foreign exchange license from the Indonesian Commodity Futures Trading Regulatory Agency (license number: 178/ BAPPEBTI/SI/I/2003).

Traders can leverage MIFX's generous maximum leverage of up to 1:100, enabling them to amplify their trading positions and potentially enhance their returns. The broker offers spreads starting from 0.0 pips, allowing traders to benefit from favorable market conditions. Commissions at MIFX range from $1 to $10, depending on the chosen account type.

MIFX provides its clients with the popular and widely used MetaTrader 4 (MT4) trading platform, along with a convenient mobile app. The MT4 platform offers advanced trading features, a user-friendly interface, and a wide range of tools and indicators to support traders in their trading activities. With the mobile app, traders can access their trading accounts on the go, enabling them to monitor the markets, execute trades, and manage their positions on their smartphones or tablets.

Is MIFX legit or a scam?

MIFX operates under the regulation and oversight of the Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI), which is the Indonesian Commodity Futures Trading Regulatory Agency. This regulatory framework ensures that MIFX adheres to the established industry standards and safeguards the interests of traders.

Furthermore, MIFX also holds membership with two institutions: the Jakarta Futures Exchange (JFX) and the Indonesian Commodity and Derivatives Exchange (ICDX).

Operating within a regulated framework provides an additional layer of protection and peace of mind for traders, as it establishes a system of accountability and oversight.

Pros and Cons

Market instruments

Currency pairs, indices, commodities, metals, energy.....MIFX allows clients to access a large range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on MIFX. However, cryptocurrencies and stocks are currently unavailable.

Forex trading is a prominent offering by MIFX, allowing traders to participate in the dynamic global foreign exchange market. Traders can engage in currency pairs from major to exotic, enabling them to capitalize on currency fluctuations and potentially generate profits.

The availability of precious metals, such as gold and silver, provides traders with opportunities to diversify their portfolios and hedge against market volatility. These metals are considered safe-haven assets and are widely traded for their intrinsic value and as a store of wealth.

MIFX also offers trading opportunities in the oil market. Traders can speculate on the price movements of crude oil, a key commodity with significant global economic implications. Trading oil allows investors to take advantage of supply and demand dynamics and geopolitical factors affecting oil prices.

In addition to individual commodities, MIFX provides access to some indices. Traders can track the performance of stock market indices, such as the Dow Jones Industrial Average or the S&P 500, allowing them to participate in broader market trends and diversify their investments across multiple companies and sectors.

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 diverse range of educational resources designed to enhance traders' knowledge and decision-making abilities. Through their educational platform, traders have access to a variety of tools and features.

One of the notable resources is the “Chart New Look,” which provides traders with an updated and visually appealing charting interface. This feature allows traders to analyze historical price data, identify trends, and apply technical indicators to their charts. By utilizing this resource, traders can make more informed trading decisions based on their analysis of market trends.

Additionally, MIFX offers “Latest Signals,” which provides traders with real-time trading signals based on technical analysis. These signals can assist traders in identifying potential entry and exit points for their trades, helping them capitalize on market opportunities.

Furthermore, MIFX provides “Sentimental Analysis,” allowing traders to gauge market sentiment and understand how other market participants perceive certain assets. By considering market sentiment, traders can gain insights into potential market shifts and adjust their trading strategies accordingly.

Another valuable resource offered by MIFX is the “Daily Top Mover” feature. This feature highlights the assets that have experienced the most significant price movements within a given trading day. Traders can use this information to identify potentially profitable opportunities and adjust their trading strategies accordingly.

Lastly, MIFX offers the “Top Volume” feature, which provides information on the assets with the highest trading volumes. This data can be beneficial for traders as it indicates the popularity and liquidity of certain assets, enabling traders to make well-informed decisions when entering or exiting positions.

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.

Once again, the availability of such a high leverage ratio at MIFX enables traders to potentially increase their potential profits. However, it is important to note that leverage also magnifies the risks involved in trading. While leverage can enhance profits, it can equally amplify losses. Traders must exercise caution and employ effective risk management strategies to mitigate the potential downside associated with higher leverage.

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

Traders can easily reach out to MIFX through multiple channels, including phone, email, and online chat. For those who prefer traditional methods of communication, MIFX offers a phone line where traders can directly speak with a representative and receive real-time assistance. Additionally, email support is available, allowing traders to communicate their inquiries or issues in a written format and receive timely responses.

The broker maintains an online chat feature, providing a messaging platform for traders to interact with support representatives. In addition to these direct support channels, MIFX also provides a contact form that can be conveniently filled out on their website.

To further enhance their customer support efforts, MIFX maintains a presence on various social media platforms such as Facebook, Twitter, YouTube, and Instagram. These social media channels serve as additional avenues for traders to engage with MIFX, stay updated with the latest news and announcements, and potentially receive support through comments or direct messages.

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.