If we are just beginning our adventure with cryptocurrencies and we are thirsty for high profits, we can be tempted to use a brand new platform called Monfex. This is a new crypto exchange, which is used to play with leverage. Leverage is a kind of bet where we determine exactly what price a particular instrument will reach in a given period of time.
Although this may not sound very clear, this platform gives us a lot of high quality educational content that is made available to users.
Monfex review
After logging in you can see the main panel immediately. On the left side we see our profit, balance and loss for open positions and the capital we hold. Below you will also find the instruments currently available, on which we can just assume levers. Apart from that, you inform us about the current margin, which is taken by the stock exchange.
In the middle, in turn, we see a chart of the selected cryptocurrency pair. Tracking market movements is practically the same as on other platforms.
On the user’s homepage there is a chart of a particular instrument, which can be freely modified. We can easily change the way the chart is presented, add indicators, oscillators as well as change the time frame.
Below the chart you will find selling and buying options as well as the order book, open positions and trade history.
The creators of the platform care about gaining skills in the game with the skill lever. Each of the options is described in detail in the tutorials that are provided by Monfex, as well as in the game signals and strategies under the tab called “Resources”.
Crypto trading on the Monfex exchange
Monfex offers twelve cryptocurrencies with the American dollar. This choice may not be very impressive at first sight. However, comparing it to competitors who only offer six pairs to play with leverage, it is really impressive.
Users praise the leveraged game on the following instruments: ZEC/USD, XRP/USD, XMR/USD, OMG/USD, NEO/USD, LTC/USD, ETH/USD, EOS/USD, DASH/USD, BTC/USD and BCH/USD.
The ideal pair – Monfex and Bitcoin
The main goal of Monfex was to create a platform that would enable ordinary users to use the instrument of futures contracts. Contracts never end. This means that we can close our position at virtually any time, cutting losses or making a profit.
Bitcoin is an undeniable leader when it comes to the cryptic world itself, so playing with leverage, for example, in a BTC/USD pair, we will have a great opportunity to liquidate our position without any problems.
Of course, nothing stands in the way of playing the other pairs, especially when we have a feeling that the trend is changing. However, it is the bitcoin that has the greatest fluidity and therefore the biggest levers and small spreads.
How to trade on Bitcoin with leverage?
At the very beginning we have to choose a BTC/USD pair on the left side of the main user panel. Below the chart, you will also be prompted with a tab called “trade”, where the purchase amount is set, and then click the green “Buy” button.
The appearance of the chart itself can be freely edited.
We must remember that each transaction has a default lever x 10. A higher lever is unavailable to new users to minimize the risk of losing.
Leverages with higher conversion rates will be activated as the user gradually gains experience. If you want to close your position, click on the tab called “positions”. On the right side of our position we see the “close:” button, which we click and also confirm our decision.
Just investing in crypto entities with the help of a leveraged position carries a really big risk. We can lose all our funds in a short time.
What kind of opinions about Monfex can we have?
This platform rather meets with great approval of the crypto community. Opinions about it are rather easy to find on any social media. We can find them for example on Youtube or in discussion threads on Twitter or Facebook under the #monfex hashtag.
General opinions about trading cryptocurrencies on Monfex are positive. Most users certainly praise the simple interface as well as the reaction of the system to the operations performed. Many people like the option of buying a cryptocurrencies with MasterCard or Visa.
Users who are not fully convinced by this platform should read all opinions. Positive opinions certainly prevail here. Negative opinions are not to be found in vain. Of course, each of us has different requirements. However, the vast majority of people will find their allies in this platform. This is a really interesting option and very different from other crypto exchanges, which we have already dealt with. Let’s find out about it on our own. We won’t regret it.
