Rating Index
Pros
Offers a wide range of tradeable instruments, including forex pairs, commodities, indices, precious metals, and cryptocurrencies.
Utilizes popular trading platforms like MT4 and MT5, which are well-regarded in the trading community.
Claims to provide direct market access through a liquidity provider, potentially allowing for better pricing on trades.
Cons
Not regulated by any financial authority, raising concerns about the safety and security of client funds.
Lacks transparency regarding trading conditions, such as spreads and commissions, which are not disclosed on their website.
Requires a high minimum deposit of $1,000, which may deter potential clients, especially given the broker's lack of credibility.
MSFX broker Accounts
MidasFX Account Types
MidasFX offers two major types of trading accounts: ECN Account and STD Account. Each account type is designed to cater to different trading needs and levels of experience.
ECN Account
- Best for: Beginners
- Minimum Deposit: $1
- Maximum Leverage: 1:1000
- Trading Fees: Commission of $5 per 100k traded; variable spreads starting from 0.0 pips.
- Trading Instruments: Forex, Cryptos, Indices, Metals
- Trading Platforms: MT4, MT5
- Minimum Trade Size: 0.01 lot
- Maximum Trade Size: 1000 lots for MT4, 100 lots for MT5
- KYC Verification: Required
- Negative Balance Protection: Yes
- Maximum Number of Positions: 200 for live accounts, 100 for demo accounts
STD Account
- Minimum Deposit: $1
- Maximum Leverage: 1:1000
- Trading Fees: Only spread is charged (no commission); variable spreads starting from 0.7 pips.
- Trading Instruments: Forex, Cryptos, Indices, Metals
- Trading Platforms: MT4, MT5
- Minimum Trade Size: 0.01 lot
- Maximum Trade Size: 1000 lots for MT4, 100 lots for MT5
- KYC Verification: Required
- Negative Balance Protection: Yes
- Maximum Number of Positions: 200 for live accounts, 100 for demo accounts
MidasFX Broker Account Opening Process
Opening an account with MidasFX is a straightforward process that can be completed online in just a few minutes. Here are the steps involved:
- Choose Account Type: Decide whether you want to open an ECN or STD account based on your trading needs.
- Fill Out Application Form: Provide personal details including your full name, email address, phone number, and desired account type.
- KYC Verification: Complete the Know Your Customer (KYC) verification by submitting the required identification documents.
- Initial Deposit: Make a minimum deposit of $1 to fund your account.
- Access Trading Platforms: Once your account is approved, you can access the trading platforms (MT4 or MT5) to start trading.
Note: It may take only 5 to 7 minutes to complete the entire account opening process, and demo accounts are available with a validity of 30 days.
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