MIFX Review 2023: Scam Rating 3/5 | Read Before You Trade

MIFX is among Indonesia’s oldest trading houses that stand out in the crowded online forex and CFD trading industry. With its cutting-edge technology, it claims to offer a unique trading experience that sets it apart from the competition. Well, our researched-backed MIFX Review 2023 will assess these claims to come up with a clear overview of the broker’s services.

At first glance, we can only say its user-friendly interface and comprehensive educational resources are probably the prominent reasons behind its quick adoption as a go-to platform for traders worldwide. But Is it worth your trust, time & deposit?

This MIFX review 2023 will dive deeper into the platform’s features and services to help you decide if it’s the right choice for your trading needs.

What Is MIFX?

PT Monex Investindo Futures, popularly known as MIFX Indonesia, is a futures trading platform offering services on Forex, commodities, Indexes and other financial instruments.

Launched in 2000, the platform and the domain – www.mifx.com is being operated under the PT Monex Investindo Futures LTD, a Jakarta-based brokerage firm.

In 20 years of its operation, the broker has won several industry awards, which primarily include

ICDX Award of The Month – #1 Best Broker (June 2016)
JFX Awards 2015 – Best Broker #3
JFX Awards 2015 – Most Bilateral Transactions

Who Can Use MIFX?

The MIFX Review 2023 revealed that the broker’s services are not intended for a specific trader; instead, it caters to the need of all sorts of traders, including:

Retail Traders: Individuals who want to buy and sell securities for their own personal investment accounts.
Professional Traders: Individuals who trade for themselves or others, such as hedge fund managers or day traders.
Beginner Traders: The platform offers educational resources and support to help users learn about trading and improve their skills.

Is MIFX Legal?

Yes, MIFX is a legal & regulated trading platform that operates under the permit and supervision of the Indonesian Commodity and Derivatives Exchange (ICDX) & Commodity Futures Trading Regulatory Agency (BAPPEBTI) with registration number 178/BAPPEBTI/SI/I/2003, making it legit in terms of regulations.

However, the broker lacks global regulations, which raises red flags among traders outside Indonesia. Meanwhile, BAPPEBTI oversight makes it a safe trading platform for Indonesian clients.

Overall, the broker scam investigation report through MIFX Review 2023 didn’t find any strong evidence indicating it to be a scam.

Security & Safety Features At MIFX

MIFX is renowned for its status as one of Indonesia’s most experienced trading platforms, having consistently provided dependable and reputable services to its clients.

Here’s an overview of the broker’s safety features:

As a member of the Jakarta Futures Exchange (JFX) and the Indonesian Derivatives Clearing House (KBI), the broker ensures robust fund safety.
Client funds are kept in segregated accounts with top-tier banks to keep them separate from the broker’s own funds.
Advanced encryption technology (SSL) is used to protect all data transmitted between the client’s device and the server.
Two-factor authentication (2FA) is implemented for all client accounts to provide an extra layer of security.
MIFX conducts regular monitoring and surveillance of the platform to detect and prevent fraudulent activity.
In-depth KYC (Know Your Customer) and AML (Anti-Money Laundering) checks are conducted to ensure compliance with regulatory requirements and prevent fraud and money laundering.

Trading Instruments Offered By MIFX

MIFX is a futures trading-specific broker that specializes in providing trading services for futures contracts. As a result, it does not support Contract for Difference (CFD) or spot trading on its platform.

Meanwhile, the Future contracts available on the platform are limited to

Forex trading
Gold
Silver
Oil
Index

Our investigation from MIFX Review 2023 revealed the broker’s available products are not up to mark. It lacks Crypto, Commodities and Share trading. Furthermore, the Forex trading option available on the platform is limited to Futures contracts exclusively.

MIFX Fees, Commission & Other Charges

The cost of trading on the platform greatly depends on the account type and financial instrument you choose to trade in.

For instance, it charges fees in the spread model, which are as follows.

Ultra Low – 0.2 Pips
Standard Account – 1.8 Pips
Pro Account – 1.8 Pips
Multilateral Account – 0.6 Pips

Meanwhile, the commission charges on each account type are as follows:

Ultra Low – $10
Standard Account – $1
Pro Account – $10
Multilateral Account – $20

Our findings from MIFX Review 2023 revealed the broker’s fees are slightly higher compared to some low-cost brokerage options like Exness & Libertex.

MIFX Leverage & Margin Requirments

According to our review, MIFX offers a High Leverage feature that provides greater flexibility for trading forex and commodity products.

However, it’s important to note that activating the High Leverage feature will result in automatic changes to the leverage ratio based on the trader’s current equity amount and at the end of each day’s trading hours.

Based on the equity amount, the leverage ratio will be changed as follows:

For equity less than $10,000, the leverage ratio will be 1:500 with Margin Call levels at 150% and Auto Cut level at 100%
For equity greater than or equal to $10,000, the leverage ratio will be 1:200 with Margin Call levels at 150% and Auto Cut level at 50%
For equity greater than or equal to $50,000, the leverage ratio will be 1:100 with Margin Call levels at 100% and Auto Cut level at 20%.

Available Trading Platforms At MIFX

The broker supports a variety of trading platforms for its clients, including MT4, MT5 & a dedicated mobile application.

The user interface of these platforms seems simple & user-friendly. The click responsiveness was also excellent. However, the availability of the MT5 platform is limited to just a Multilateral account.

Overall, our findings from MIFX Review 2023 indicate the broker’s available trading platforms to be well-suitable for both beginners & professionals.

Let’s have a quick look at their specifications:

MetaTrader4 (MT4)

Complete EA (Expert Advisor) Functionality
1 Click Trading
Technical Analysis Tools with 50 indicators and charting tools
3 Chart Types
Hedging allowed
VPS Functionality

MetaTrader5 (MT5)

Full EA Functionality
One Click Trading
All Order Types Supported
Over 80 Technical Analysis Objects
Market Depth of Latest Price Quotes
Hedging Allowed
100 chart options

MIFX App

Instant order execution and no re-quotes
Account customization options in-app
Mobile deposits and withdrawals
Up-to-the-minute charts
Over 90 trading indicators
The latest news, analysis, and market research
MT4 & MT5 compatible

Pros & Cons Of Trading With MIFX

Pros	Cons
Established reputation as one of the oldest trading platforms in Indonesia	Limited range of available products
High leverage feature for flexible trading	Limited to only futures contracts
Competitive spreads
User-friendly trading platform
Multiple account types to suit different trading needs
Regulated by BAPPEBTI for security and transparency

MIFX Account Types Reviewed

Along with a free demo account, the broker offers two retail & two professional trading accounts. However, the accounts have a high minimum deposit requirement, and its platform is geared toward more advanced traders.

Below is a detailed comparison table comprising each account type’s characteristics. The aim of including this table in this MIFX Review 2023 is to simplify your selection for the best trading account according to your preference & needs.

Feature	Ultra Low Account	Standard Account	Professional Account	Multilateral Account
Minimum Initial Deposit	IDR 500,000 / $33	IDR 500,000 / $33	250 million / $16,660	IDR 1 Million / $66
Typical Spreads	0.2 Pips	1.8 Pips	1.8 Pips	0.6 Pips
Commission	$10	$1	$10	$20
Maximum Leverage	1:100	1: 100	1:100	1:100
Free SWAPs	Yes	Available	Available	N/A
MIFX Rewards	Yes	Yes	No	No
Rebates	–	—	Up to $10 per lot settled	–

Meanwhile, the MIFX demo account offers virtual funds worth $10,000 for traders to place demo trades without the risk of losing real money.

How To Open A Live Account On MIFX?

To open a live account, follow the below-mentioned steps:

Visit the website or download the mobile application.
On the homepage, click on the “Open Live Account” button. This will take you to a registration form where you will be required to provide personal and contact information, as well as information about your trading experience and financial situation.
After submitting the form, your application will be sent for review and you may be asked to submit additional documentation.
Once your application is approved, you will be given access to a live trading account, along with MIFX login details.

MIFX Deposit & Withdrawal Conditions

The broker’s deposit & withdrawal conditions are probably the biggest drawback of using its services. The platform is limited to just Bank transfers, whether you’re depositing or withdrawing funds. There is no other payment option available.

However, the platform’s decision to waive off deposit & withdrawal fees somehow impressed us. Still, it falls short compared to other brokerage platforms.

How To Deposit Funds Into MIFX Account?

Log in to the Client Area page and click on the Deposit button.
Now, select your Live account and the Manual Transfer method.
Enter the amount, then click Send
Review the information & Click on ‘Continue’ to complete the transaction.

How To Withdraw Money From MIFX?

Log in to the Client Area page and click on the Deposit button.
Now, select your Live account and click on the ‘Withdraw Fund’ option.
Choose the Account Number and Bank. Enter the amount you want to withdraw, then enter the Client Area password.
Now, click the Send button.

MIFX Review 2023: A Look Into Its Research & Educational Tools

The broker’s education & research offering is something different at MIFX Broker. It offers a dedicated section for educational material, which comprises

Direct Access to Trading Guides
Blogs
MIFX Academy
Events
E-books

However, the exclusive trading tools availability is limited to

Pip Calculator
Trading Hours
MIFX News
Economic Calendar
Trading Signals
Market Analysis

Can You Earn On MIFX Without Trading?

The broker offers plenty of earning programs under its belt, which majorly include a referral program & reward scheme. While these features are exceptional in the industry, the broker’s offering is something that draws our attention.

MIFX Rewards

The reward system lets you earn points for every activity on the platform. These points can be redeemed for prizes.

Refer & Earn

The referral program allows clients to earn upto 12% commission on each lot traded by their referred friend.

MIFX Customer Support Services

The broker offers 24*5 customer assistance through which traders can get answers to their queries related to account opening, deposits & withdrawals.

Additionally, the availability of three dedicated phone lines & email support makes it even more user-friendly. Here’s the contact detail:

Customer Care Number: 021-50996650 / 021-50928899 / 021-27889333 (Head Office)
Email: support@mifx.com
Headoffice: Sahid Sudirman Center Lt. 17 Jl. General Sudirman Kav. 86 Central Jakarta, 10220

Final Words on MIFX Review 2023

The investigation report from MIFX Review 2023 suggests the broker is good to go for beginner traders in Indonesia. The regulatory approvals are in place, trading platforms are advanced enough for professionals and earning program is generous.

However, its biggest drawback is the platform’s limitation to just Indonesian clients. Meanwhile, it only deals in futures trading. Therefore, considering the overall scenario & assessment report, we don’t recommend this broker.

Instead, go for a global & more reliable broker – AvaTrade. The broker is well-regulated & offers services in over 100+ countries. Additionally, it allows trading over 1000+ trading instruments and can be considered best for trading forex.

FAQs

How To Delete MIFX Account?

The process of deleting the live account is simple; all you need to do is write an email with a valid reason to the support team. Then, the team will review your application & will take action on it in 3-5 working days.

How To Trade At MIFX?

To trade at MIFX, you can follow these simple steps:

Register for an account on the MIFX website.
Verify your identity and complete the required documentation.
Fund your account with the minimum required amount.
Download and install the trading platform.
Log in to the platform and start trading.

How To Recover MIFX Login Password?

Open the MIFX application on your smartphone or visit the website.
Go to the login page and click the “Forgot Password” or “Reset Password” link.
Enter the email address associated with your account.
Follow the instructions to verify your identity, such as answering security questions or receiving a verification code via email or text message
Once your identity is verified, you will be prompted to create a new password
Enter and confirm your new password, then click on the “Submit” or “Reset Password” button

How To Download the MIFX MT4 Platform?

Go to the official website and navigate to the “Downloads” or “Trading Platforms” section.
Select the MetaTrader 4 platform.
Click the “Download” button for the appropriate version for your computer or mobile device.
Once the download is complete, open the installer file and follow the instructions to install the platform on your device.

What Is The Minimum Deposit At MIFX?

The minimal deposit depends on your chosen account type. For instance,

Ultra Low – IDR 500,000 / $33
Standard Account – IDR 500,000 / $33
Pro Account – 250 million IDR / $16,660
Multilateral Account – IDR 1 Million / $66

How Long Does MIFX Withdrawal Take?

The time it takes for a withdrawal to be processed by the broker can vary depending on the method used and the verification level required. Generally, it takes between 1-5 business days for a withdrawal request to be processed, after which the funds will be transferred to the client’s account.

Is MIFX Registered With OJK?

Yes, MIFX (Monex Investindo Futures) is registered and regulated by the Indonesian Financial Services Authority (OJK) under the registration number KEP-17/PM/MI/2013.

Are MIFX Services Limited To Indonesia, Or Is It A Global Broker?

The brokerage company is headquartered in Jakarta and primarily focuses on the Indonesian financial market. Meanwhile, PT Monex Investindo Futures does not currently have a presence in any country other than Indonesia. Thus, the broker’s service limitations to Indonesia restrict it from operating in the global markets.

Overall, the platform is probably the best choice if you’re from Indonesia. However, if you intend to use it outside Indonesia, you can choose even the best global broker – AvaTrade.