Score
Indonesia
|
5-10 years
| http://www.mifx.com/
Website
Rating Index
MT4/5
Full License
Monex-Server3
Influence
B
Influence index NO.1
Indonesia 7.10
MT4/5 Identification
Full License
IndonesiaInfluence
B
Influence index NO.1
Indonesia 7.10
Licenses
Single Core
1G
40G
1M*ADSL
Indonesia
Formal full license MT4/5 traders will have sound system services and follow-up technical support. Generally, their business and technology are relatively mature and their risk control capabilities are strong
WikiResearch Indonesia
mifx.com Singapore Indonesia
VIP is not activated.
| Registered in | Indonesia |
| Regulated by | BAPPEBTI, ICDX, JFX |
| Year(s) of establishment | 2-5 years |
| Trading instruments | Currency pairs, indices, commodities, metals, energy |
| Minimum Initial Deposit | 5,000,000 IDR |
| Maximum Leverage | 1:100 |
| Minimum spread | 0.2 pips on the EUR/USD |
| Trading platform | MT4 |
| Deposit and withdrawal method | Information not available |
| Customer Service | Email/ phone number/ address |
| Fraud Complaints Exposure | Yes |
Monex Investindo Futures (MIFX), established in 2000, is a leading Indonesian broker with over 30% market share in the foreign exchange sector. It is a member of the Jakarta Futures Exchange (JFX) and the Indonesia Commodity and Derivatives Exchange (ICDX), holding a retail forex license from BAPPEBTI (license number: 178/BAPPEBTI/SI/I/2003).
MIFX offers leverage up to 1:100, spreads starting from 0.0 pips, and commissions ranging from $1 to $10 based on the account type. Traders can access the popular MetaTrader 4 (MT4) platform and a mobile app for convenient trading, with advanced features and tools for optimal market analysis and trade management.
Monex Investindo Futures (MIFX) is regulated by Indonesia's BAPPEBTI (license 178/BAPPEBTI/SI/I/2003), Jakarta Futures Exchange (license SPAB-044/BBJ/03/02), and Indonesia Commodity and Derivatives Exchange (license 010/SPKB/ICDX/Dir/III/2010) for retail forex trading.
| Regulatory Agency | Current Status | License Type | Regulated By | License No. |
| Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan (BAPPEBTI) | Regulated | Retail Forex License | Indonesia | 178/BAPPEBTI/SI/I/2003 |
| Jakarta Futures Exchange (JFX) | Regulated | Retail Forex License | Indonesia | SPAB-044/BBJ/03/02 |
| Indonesia Commodity and Derivatives Exchange (ICDX) | Regulated | Retail Forex License | Indonesia | 010/SPKB/ICDX/Dir/III/2010 |
| Pros | Cons |
| Regulated by BAPPEBTI, JFX and ICDX | Average spreads on forex pairs |
| MT4 trading platform supported | High minimum deposit requirement for accounts |
| Range of trading accounts | High trading fees |
| Diverse educational resources | No 7/24 customer support |
| Demo accounts available | Swap-free options available for three types of accounts |
| leverage up to 1:100 | |
| Swap-free options available for three types of accounts |
| Instrument | Available |
| FOREX | ✅ |
| GOLD | ✅ |
| SILVER | ✅ |
| OIL | ✅ |
| INDEX | ✅ |
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.
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.
| Account Type | ULTRA LOW | STANDARD | PRO | PRO REBATE | MULTILATERAL |
| Transaction Size | Starting from 0.01 Lot | Starting from 0.01 Lot | Starting from 0.01 Lot | Starting from 0.01 Lot | Starting from 0.01 Lot** |
| Minimum Initial Deposit | IDR 500 thousand | IDR 500 thousand | IDR 100 million | IDR 100 million | IDR 1 million |
| Spread | Starting from 0.3 | Starting from 1.8 | Starting from 0.3 | Starting from 1.8 | Starting from 0.6 |
| Commission/Lot | $10 | $1 | $5 | $1 | Starting at $20 |
| Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Platform | MT4/MT5 | MT4/MT5 | MT4/MT5 | MT4/MT5 | MT5 |
| MIFX Application | Trading, Deposit, Withdraw Funds, Overbook | Trading, Deposit, Withdraw Funds, Overbook | Trading, Deposit, Withdraw Funds, Overbook | Trading, Deposit, Withdraw Funds, Overbook | Deposit, Withdraw, Overbook |
| Free Swap | Can apply for Free Swap* | Can apply for Free Swap* | Can apply for Free Swap* | Can apply for Free Swap* | - |
| Trading Tools | Trading Signal & Other Tools | Trading Signal & Other Tools | Trading Signal & Other Tools | Trading Signal & Other Tools | - |
| Education and News | Full access to Education and News | Full access to Education and News | Full access to Education and News | Full access to Education and News | Full access to Education and News |
| MIFX Rewards | Rewards Points with prizes | Rewards Points with prizes | - | - | - |
| Rebate | - | - | - | Up to $10 per lot settled | - |
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.
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.
MIFX offers a range of educational tools, including updated charting interfaces, real-time trading signals, and sentiment analysis, to help traders make informed decisions. Additional features like “Daily Top Mover” and “Top Volume” highlight profitable opportunities and market trends.
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.
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.
MIFX offers multiple support channels, including phone, email, online chat, and a contact form. Additionally, traders can engage with MIFX via social media platforms like Facebook, Twitter, YouTube, and Instagram for updates and assistance.
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.
WikiFX created a comprehensive review to help you better understand this broker named MIFX. We will analyze its reliability based on specific information, regulations, etc. Let’s get into it.
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The minimum deposit for MIFX is IDR 500,000. The minimum deposit also varies depending on the account type. The minimum deposit is IDR 500,000 for the Ultra Low and Standard accounts, IDR 100 million for both Pro and Pro Rebate accounts, and IDR 1 million for the Multilateral multi-leg account.
Traders can choose from four different types of accounts: Ultra, Standard, Pro, and Multilateral.MIFX offers a range of live trading accounts tailored to cater to the diverse needs of traders.
MIFX offers a demo account with $10,000 of demo funds, allowing you to try out the financial markets without risking losing your money.
MIFX is regulated by BAPPEBTI, JFX, and ICDX under license numbers 178/BAPPEBTI/SI/I/2003, SPAB-044/BBJ/03/02, and 010/SPKB/ICDX/Dir/III/2010, respectively.
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Arfan 7321
Indonesia
Broker scam, already deposited but failed and will be refunded. They said it has been refunded but it didn't go through, instead they asked to send multiple transaction records and the chat keeps repeating like talking to a robot
Exposure
annie8750
Indonesia
I've locked my account... but it's still subject to auto deduction
Exposure
rino624
Indonesia
My order disappeared without touching stop loss and take profit when a price reversal occurred
Exposure
FX4082339083
Japan
With minimum deposit below 1 million rupiah, has a quick and secure deposit and withdrawal option using Virtual Account.
Positive
Cherrie
Malaysia
MIFX is awesome because they don't make you break the bank to start trading. Plus, their customer service team is super friendly and helpful. If you have any questions or issues, they're there to lend a hand. Overall, I'm really happy with MIFX and would definitely recommend them to others.
Positive
abu8551
Indonesia
I was cheated out of 500k by a giveaway account of 500k, please help me, I need it.
Exposure
shawn7522
Indonesia
The price has been hit, but the pending order was not filled (the pending order was placed at 1:57 local time, and the price was hit at 2:01 local time)
Exposure
JeepLee
United Kingdom
Just charted the trading course with MIFX. Power-packed with a variety of trading instruments, trading surely didn't feel monotonous. The MT4 platform held down the fort with its familiar setup. The icing on the cake? The 0.2 minimum pips on EUR/USD, indeed made the ride smoother. But there was a bit of turbulence too, the minimum initial deposit of 5,000,000 IDR does come across as a steep start. Also, the reports of the fraud exposure did brew up a storm. So, ensure to sense the wind direction and sail wisely!
Neutral
sicong
South Africa
Hi there, mates! Recently took a detour and explored the trading alleyways with MIFX. I've got to say, they've got intriguing avenues to trade in - currency pairs, commodities, metals - promised quite the adventure! Their MT4 platform proved to be a reliable map throughout the journey. The startup 5,000,000 IDR made the entry gate a bit lofty, but that's all part of the game, right? However, stay on your toes, folks - the confirmed presence of fraud complaints does call for enhanced caution.
Positive
Sugi8722
Indonesia
At important hours the application lags, especially London and NY hours, really badly, even though the features are perfect
Neutral
Hend
Indonesia
So far no problems... great broker
Positive
Joe889
Indonesia
Be careful, MiFx brokers can withdraw funds unilaterally!! My account was withdrawn funds unilaterally by MiFX up to $63 for the reason of trading reference fees!!!?? !!
Exposure
Rizky296
Indonesia
This broker looks like he's looking for profit and cheating. At the beginning of the analysis it was indeed selling, then the market went up first then went down again, then when it went up suddenly there was a WA notification, it said auto cut from the system. eh, when I looked at the balance, there was only 15$ left. Because of the auto deduct, the market just dropped drastically, what a bastard this broker is. I pray for all the employees.
Exposure
Emod
Indonesia
In my opinion, MIFX is quite good in terms of the features provided, the CS is also fast in response. Maybe there are those who comment that TP, SL and close orders are not appropriate, this seems to be due to the fairly large spread and commission at MIFX because the commission per lot is 10$ so if 0.1 lot means 1$ commission, 0.2 lots means 2$ commission and so on, Moreover, on a standard account the spread is really wide, so it's better to just use an ultra low account, so don't follow the signals on MIFX too much, it's better to just analyze it yourself. Hopefully MIFX will be better, especially in terms of servers because it often "lags" at certain times, hopefully MIFX will be honest and trustworthy and will not disappoint its customers.
Positive
saudagar9848
Indonesia
it's bad to play close even though I deliberately wanted to go full, instead it was cut close at 1923.76 and it had gone up to 1925-26
Exposure
Rizky4233
Indonesia
There are differences in net candlesticks and price differences, the candlesticks are different from the broker next door, this makes me at a loss, and the real running prices are above and below. This is a scam clearly.
Exposure
FX1259473304
Indonesia
Many times the price touches TP but order is not automatically closed, even when it is closed manually, profit does not match market price. Until TP point is changed, even though order is not closed and profit does not match market. This is very detrimental really - really unprofessional.
Exposure
FX2417984329
Indonesia
I use a stop loss at 2042.50. The new candle reaches 2042.20 so I can have a stop loss. Fraudulent broker.
Exposure
自明诚
Malaysia
My Indonesian friends strong recommended MIFX to me said this broker is very legit and transparent, but the major drawback is that trading fees are higher than some brokers. Well, it does not matter, actually.
Neutral
Ronald5632
Indonesia
The Best Forex Broker !!!
Positive