MIFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this MIFX Review.
MIFX offers its clients two account types, both of which offer commission-free trading with variable spreads, and leverage up to 1:100 on a customized version of MT4, called Monex Trader. Unfortunately, there are no micro tradeable lots, usually appreciated by beginner traders.
The Company. Security of Funds
P.T. Monex Investindo Futures
Commodity Futures Trading Regulatory (BAPPEBTI)
Monex Investindo Futures (MIFX) is the biggest broker in Indonesia, holding a market share of more than 30% of the forex business in the country.
The company behind the brand, P.T. Monex Investindo Futures, was established in 2000 and is one of the largest futures brokerage companies in Indonesia. Besides offering trading in forex, CFDs and futures with STP execution, MIFX delivers daily market news and education services to its clients in accordance with international standards.
The company is authorised and operates under the supervision of Indonesia’s Commodity Futures Trading Regulatory and is also a member of the Jakarta Futures Exchange (JFX), the Indonesian Derivatives Clearing House and of the Indonesia Commodity and Derivatives Exchange (ICDX).
Customers’ funds are placed in accounts separate from the company’s operating account to ensure their safety — in banks designated by the government and under the direct supervision of clearing agencies. In addition, this broker has won numerous awards and since 2008 it runs corporate social responsibility (CSR) program.
Minimum Initial Deposit
In order to open an account with MIFX, traders have to invest a minimum of $500, which typical for Indonesian brokerage houses.
Spreads & Commissions
MIFX’s variable spreads are really competitive, starting out at 0.2 pips on EUR/USD, and typical ones are below 1.0 pips for this pair. Most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. Here you may take a look at real-time spread of some leading brokerages, for further information and comparison.
The maximum leverage level offered by MIFX is 1:100, which is average, yet most brokers provide higher ratios. In comparison, another Indonesian broker, Java Global Futures offers leverage up to 1:400.
Leverage allows traders to score big profits with low deposits, however higher leverage levels involve greater risk of loss, which may exceed initial investments.
MIFX supports the most widely used forex trading platform – MetaTrader 4 (MT4). It combines ease of use and a full set of professional tools, such as advanced charting package, multiple order types, wide range of technical analysis indicators and Expert Advisers (EAs), as well as extensive back-testing options.
Besides, Autochartist is available to clients of MIFX – a useful tool that scans, analyzes, calculates and delivers live trading signals, identifies certain chart patterns, sends market updates, etc.
Methods of Payment
MIFX supports a small range of payment methods – bank wire transfers. This is typical for Indonesian brokers, as local bank transfers are the preferred payment mode for local traders, because it is easy and low-cost.
Accepted Currencies: IDR or USD.
MIFX is an award-winning Indonesian broker, which offers trading in forex, futures and precious metals on the renown MT4 with STP execution and competitive spreads.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
MIFX Review Conclusion
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