WikiFX Review: Something You Need to Know About MIFX

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of MIFX based on the facts.

What is WikiFX?

To explore whether MIFX is a scammer or not, we evaluated MIFX from different aspects, such as regulatory status, exposure, etc.

1. Evaluate the reliability of MIFX based on its general information and regulatory status

To understand MIFX better, we explore MIFX by analyzing the main perspectives:

A. General Info of MIFX

B. Regulatory Status

C. Social Media Engagement

A. General Info of MIFX

About MIFX

Established in 2000, Monex Investindo Futures (MIFX) is a broker in Indonesia, with over 30% of it sits the foreign exchange market. MIFX allows clients to access a large range of trading markets including currency pairs, indices, commodities, metals, and energy ... Both beginners and experienced traders can find what they want to trade on MIFX.

Accounts Types & Minimum Deposit

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.

Trading Platforms

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.

Deposit and Withdrawal

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.

B. Regulatory Status

The legitimate license of MIFX

MIFX is a regulated broker. MIFX is a member of the Jakarta Futures Exchange (JFX) and the Indonesia Commodity and Derivatives Exchange (ICDX) and holds a retail foreign exchange license from the Indonesian Commodity Futures Trading Regulatory Agency (license number: 178/ BAPPEBTI/SI/I/2003).

C. Social Media Engagement

This broker has official accounts on major social media platforms. These accounts publish promotional activities, including lectures by industry experts regularly. However, the broker mainly focuses on the Indonesian markets.

2. Special survey about MIFX from WikiFX

a. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

MIFX has been given by WikiFX a decent rating of 6.96/10.

As we can see this broker lacks the ability for risk management. Recently, WikiFX received fourteen exposures against this broker. some victims claimed that their accounts had been locked, and some accused it of rejecting withdrawals.

b. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers' physical addresses.
• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

WikiFX did make an on-site survey on MIFX in June 2019 and successfully found their office.

3. Conclusion

MIFX is a regulated broker. For some traders, it may be an attractive option because of its reputation in the industry. But we still want you to do more research and make yourself comfortable since we received some complaints that you may need to consider.