Monex Investindo Futures (MIFX)

The company behind this platform is known as P.T. Monex Investindo Futures, which is the biggest broker in Indonesia and holds a market share of more than 30% in the whole country. Apart from trading in CFDs, forex and futures, MIFX provides daily news from the market as well as educational and informative services to its clients, which is in accordance with the highest international standards.

Regulation

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

This company is authorized by and is operated under the regulation of Indonesia’s Commodity Futures Trading Regulatory. It is also a member of the Indonesian Derivatives Clearing House, Jakarta Futures Exchange (JFX) and ICDX, which is the Indonesia Commodity and Derivatives Exchange.

Trading Conditions

Minimum Initial Deposit

For a user to open an account with MIFX, traders would need to invest at least a minimum of $500, which is quite common for Indonesian brokerage houses.

Commission and Spreads

Its variable spreads are quite competitive and start at 0.2 pips on USD/EUR, while the average spread for this pair is 1.0 pips.

Leverage

MIFX offers a maximum leverage of about 1:100, which is quite average, though most brokers provide higher ratios. As compared to this, Java Global Futures offers a leverage up to 1:400. Leverage gives the flexibility to traders to get high profits with low deposits. However, higher leverage can be risky as the higher the leverage, the greater the risk of loss, which might be even more than the user’s initial investment.

Trading Platform

It offers one of the most widely used trading platforms known as MetaTrader 4 (MT4). It provides a complete range of professional tools such as multiple order types, advanced charting package and expert advisers.

Autochartist is also available at MIFX, which is a great tool to analyze, scan and deliver trading signals, send market updates and more.

It offers clients two different types of accounts which offer commission-free trading, Mini and Standard. For the Mini account, you will have to deposit a minimum of $500, while the Standard account can be opened with $4000.

There are, however, no micro-tradeable lots, which are generally desired by novice traders.

Methods of Payment

MIFX supports only a few modes of payment. Bank wire is the most commonly used method for local Indonesians as most people prefer to have local bank transfer since it is easy and low-cost.

Pros

  • It is simple and easy to use

  • It accepts both USD and IDR currencies

  • It has a great reputation in the market

  • It is well-regulated, making it a safe platform to use

Cons

  • It only accepts a single mode of payment, so it is not very flexible

  • It doesn’t offer micro-tradeable lots

Conclusion

It is a great platform for the traders and is quite reliable, being an award-winning broker from Indonesia. It provides various options for trading such as precious metals, forex, and futures on the renowned MT4 platform along with STP execution and competitive spreads.

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