MIFX Review

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Company Information MIFX is one of the most famous Indonesian online forex brokers created in the year of 2000. The owner of the MIFX brand is the company PT Monex… more

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Website URLhttp://www.mifx.com/en
HeadquartersJakarta, Indonesia
Support Number0800-11-66639
Support Emailsales.ho@mifx.com
Support TypesPhone, E-mail, Live Chat
LanguagesEnglish, Indonesian
Minimum 1st Deposit$500
Minimum Trade Amount0.1 lots
Maximum Trade Amount50 lots
PayoutUp to 100:1
Free Demo AccountYes
Regulated Yes
RegulationIndonesia Commodity and Derivative Exchanges
Account TypesLive, Demo
Deposit MethodsBank Transfer
Withdrawal MethodsBank Transfer
Types of AssetsForex, Commodities
Account CurrencyUSD, IDR
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

MIFX is one of the most famous Indonesian online forex brokers created in the year of 2000. The owner of the MIFX brand is the company PT Monex Investindo Futures. The company’s headquarters are located in Jakarta, Indonesia, and they are regulated by BAPPEBTI. It’s also a member of the BBJ and ICDX exchanges. As the name of the company suggests its main trading instrument is futures. It also provides Forex, precious metals, commodities, and indices trading. Throughout the years MIFX has won many awards for the “Best financial performance” in 2012, “Biggest gold transaction broker” in 2011 and “Best clearing member in financial obligations fulfillment” in 2012. They also have several another award for “Most active broker since 2007” and “Biggest bilateral transaction volume” in 2011. With over 16 years in the brokerage industry, you can easily see why this online broker is a preferred choice for many people from Asia and throughout the world.


Trading Information

MIFX offers just two types of accounts: The Monex Live account and Monex Demo Account. Despite the fact that there is not much choice in their selection the trading conditions they have are excellent. The minimum deposit for the Live account is 50 000 000 Indonesian rupees (which is about $4,090). It’s quite’ substantial and if you are not familiar with Forex or Futures trading may seem like a very high amount. The smallest lot you can trade with is 0.1 lots. The pips variable and relatively tight and they go from 0.2 pips for majors like EUR/USD. Gold can go from $0.20 and oil from $0.03. The leverage set is 1:100. Trading at MIFX is done over the counter which means you can have a great trading experience 24 hours a day. Mobile trading is available along with, automated trading and lot more features that will suit the needs of even the most demanding traders. The trading speed and conditions set by MIFX are some of the best in the industry. They’ve put a lot of effort behind their online platform and the long experience in financial trading shows.


Trading Platforms

The trading platform section is where MIFX shines. They offer Tradeworks as one of their premium options for an account. It’s a very nicely build platform and offers automated trading from the start. You can prepare a custom trading strategy that can be executed automatically and you don’t even have to be online. The downside of this platform is that you’ll have to deposit additional 10 000 000 Indonesian rupees (or around $760) to use it. It’s mainly suited for experienced traders and is not recommended for someone that doesn’t know how strategies work. The other platform that MIFX provides its version of the trustworthy and stable MT4. It has been around for quite a while now and has been proven throughout the years as the best choice for novice and expert traders. It’s translated in over 20 languages which make it ideal for international clients. Charts, news, and analysis, will help you understand the market easier and setup your trading space. Last but not least the Monex Multi Terminal is an enhanced version of the MT4 where clients can manage multiple accounts simultaneously.


Security and Customer Services

Customer support at MIFX is at its best. There is an SSL encrypted client page where all personal data is safe from hacking attempts. Customer support is also top notch with plenty of ways to contact the customer care team. There is an international phone number available and several domestic ones as well. Contact forms can be filled with questions regarding the platform. Emails and faxes are available for their many offices in Indonesia, as well as physical addresses. Sadly there isn’t an online chat platform, but usually the response times are quick, and it’s not needed. The customers support team is 24/5 to ensure you have a flawless trading experience throughout the business week. The website is translated in two languages: Indonesian and English, but I did have some troubles with the settings constantly reverting the pages to Indonesian. This made things quite difficult at times, but it’s not a deal breaker. Otherwise, there are not many flaws, and the experience is to of the industry.


Deposits and Withdraws

In this day and age, you could think that all Forex traders offer at least several types of deposit and withdrawal options. Sadly, this is not the case with MIFX. The only payment method available is bank wire and everyone that has used it knows that this is one of the slowest money transfer methods. Also, you can only fund your account through a bank account that has your name and details on it. It is quite bothersome, especially for international customers. On the brighter side, there haven’t been any reports at all for scamming practices from MIFX. It’s 100% legitimate, and most of the reviewers give 9 of 10 experience with this broker. Now, withdrawing money can also be done only using bank wire, and you’ll have to fax them a withdrawal form.

Deposit Bonus and Loyalty Programs

There are no deposit bonuses available at MIFX at this moment. The company already has quite the experience in the industry, and the owners have decided that they don’t need this marketing trick. However, there is an excellent referral program where you can win lower spreads, same day deposit and withdrawal, and super trading tools. You’ll receive commission benefits and income from every transaction your referee makes. There are silver and a gold referral program depending on how much clients have registered through your invitations.


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