Midas foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://user.mdsforex.com/index/login/#/signup/client/, about the company's legal and temporary regulatory information, the company's address .
Midas Forex Broker
Basic Information
Vanuatu
5-10 years Suspicious Regulatory License Suspicious Scope of Business Vanuatu Retail Forex License Revoked High potential riskCompany profile
Rating Index
Midas Forex Broker - Complete Information Guide
1. Overview of the Broker
Midas FX, established in 2020, is a forex broker headquartered in Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines. The company operates as a private entity and primarily serves retail traders globally, providing access to various financial markets.
Since its inception, Midas has focused on offering a user-friendly trading platform that caters to both novice and experienced traders. The broker has rapidly gained recognition in the forex trading community, particularly for its low minimum deposit requirement and high leverage options. Midas FX operates under a business model that emphasizes retail forex trading, allowing clients to trade a wide array of financial instruments, including forex pairs, commodities, and cryptocurrencies.
Midas FX aims to provide a comprehensive trading experience, incorporating advanced trading technologies and multiple account types to accommodate diverse trading strategies. The broker's commitment to customer service and innovative trading solutions marks a significant milestone in its development journey.
2. Regulatory and Compliance Information
Midas FX is registered in Saint Vincent and the Grenadines, a jurisdiction known for its lenient regulatory framework. However, it is crucial to note that Midas FX does not hold a license from any major financial regulatory authority, raising concerns regarding its operational legitimacy. The absence of regulation means that the broker is not subject to the stringent oversight typically provided by regulatory bodies.
The broker has not publicly disclosed any specific regulatory numbers or licenses, nor does it participate in an investor compensation fund. Midas FX has implemented basic Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, although the effectiveness of these measures may vary due to the lack of regulatory supervision.
Customer funds are not guaranteed to be segregated from the broker's operational funds, which presents an additional risk for traders. Without the protection of a regulatory body, clients may have limited recourse in the event of disputes or issues related to fund withdrawals.
3. Trading Products and Services
Midas FX offers a diverse range of trading products, primarily focusing on forex. The broker provides access to over 65 currency pairs, including major, minor, and exotic pairs. Additionally, Midas FX allows trading in commodities such as gold, silver, and oil, as well as various indices and cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
The broker's product offerings are regularly updated to include new instruments based on market demand. Midas FX caters to retail clients by providing competitive trading conditions, including reasonable spreads and leverage options. However, the broker does not offer institutional services or white-label solutions at this time.
Midas FX does not currently provide asset management services, which may limit options for clients seeking professional management of their trading accounts.
4. Trading Platforms and Technology
Midas FX supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most widely used trading platforms in the forex industry. These platforms offer advanced charting tools, automated trading capabilities, and a user-friendly interface, making them suitable for traders of all experience levels.
The broker provides a web-based trading platform, enabling clients to trade directly from their browsers without the need for software installation. Midas FX also offers mobile trading applications compatible with both iOS and Android devices, allowing traders to manage their accounts and execute trades on the go.
The execution model utilized by Midas FX includes both STP (Straight Through Processing) and ECN (Electronic Communication Network), providing clients with direct market access and competitive pricing. The broker's servers are strategically located to ensure optimal performance and minimal latency during trading sessions.
API access for algorithmic trading is available, allowing more advanced traders to implement automated trading strategies seamlessly.
5. Account Types and Trading Conditions
Midas FX offers various account types to accommodate different trading styles and preferences. The standard account requires a minimum deposit of just $1, making it accessible for beginners. Spreads on standard accounts start from 0.7 pips, while the ECN account offers raw spreads from 0 pips, with a commission of $5 per lot.
For advanced traders, Midas FX provides a professional account type with higher leverage options and reduced trading costs. The broker also offers an Islamic account for traders who require compliance with Sharia law, although specific details about this account type are not extensively documented.
Midas FX provides a demo account option, allowing potential clients to practice trading strategies without risking real capital. Leverage ratios can reach up to 1:1000, depending on the account type and traded instruments, while the minimum trade size is set at 0.01 lots.
Overnight fees, or swaps, apply to positions held overnight, and these fees vary based on the specific instrument being traded.
6. Fund Management
Midas FX supports a variety of deposit methods, including cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as traditional payment methods like bank transfers and credit cards. The minimum deposit requirement varies by account type, with standard accounts requiring only $1.
Deposits are typically processed quickly, allowing clients to start trading almost immediately after funding their accounts. However, the broker may charge fees for certain deposit methods, so clients are encouraged to review the fee structure on the Midas FX website.
Withdrawals can be made through the same methods used for deposits, and there are no specified minimum or maximum withdrawal limits. The processing time for withdrawals generally ranges from 24 to 48 hours, but this can vary depending on the payment method and network conditions.
Midas FX has been reported to impose withdrawal fees that may exceed 20%, which can significantly impact traders' profits. Clients should be aware of these fees when planning their withdrawal strategies.
7. Customer Support and Educational Resources
Midas FX provides customer support through various channels, including email and live chat. However, there is no direct phone support available, which may limit the accessibility of assistance for some clients. The support team operates during forex market hours, ensuring that traders can receive help when needed.
The broker offers multi-language support, catering to a diverse client base. While Midas FX does not emphasize educational resources, it provides a FAQ section on its website to assist novice traders in understanding basic trading concepts and platform functionalities.
Market analysis services, including daily updates and research reports, are not prominently featured, which may be a disadvantage for traders seeking comprehensive market insights. However, Midas FX does allow the use of various trading tools, such as economic calendars and calculators, to aid in the trading process.
8. Regional Coverage and Restrictions
Midas FX serves clients from various regions worldwide, including the USA, Canada, and several European countries. However, the broker does not accept clients from certain jurisdictions, which may include regions with strict regulatory requirements or those where the broker lacks a legal presence.
The brokers operational footprint is primarily focused on regions where forex trading is popular, but it is essential for potential clients to verify their eligibility based on their country of residence.
Midas FX's regional offices are not extensively documented, and the broker's reliance on online operations may limit local support for clients in specific areas.
In conclusion, while Midas FX offers a range of trading options and features that may appeal to many traders, the lack of regulatory oversight and transparency raises concerns. Traders should conduct thorough research and consider their risk tolerance before engaging with the Midas broker.
Midas Similar Brokers
Latest Reviews
果宝特攻
Hong Kong
My fund would be on due on March 7th, while which was unavailable. The platform claimed to refund within 16 terms, which has no difference to absconding.
Exposure
2020-05-12
苦瓜
Hong Kong
On November 24, 2018, Zhu Yiming, the account manager of Midas, called me and said that the company's financial situation was in a state, which made it difficult to withdraw money. Therefore, he used the reason for helping with the withdrawal (after verification by multiple parties and verification by myself, what he said was purely a lie), from November 25 to December 28, 2018, he defrauded RMB 41000 in the name of the platform. I called the company many times, but their customer service shirked responsibility. Later, I sent an email complaint to the platform. The platform said that Zhu Yiming had been dismissed for violating the company's regulations. So it was not related to the company. They said it was a personal act and did not solve my problem. But in fact, so far, Yi Yiming is still managing my account, which is inconsistent with the fact of leaving. And during the fraudulent period, he was in a working state. Now I am complaining and exposing the fraud of Zhu Yiming, the account manager of Midas Forex Trading Platform. Please stay away from this blackhearted customer service. (Zhu Yiming, bank card number: 4367 4212 1456 4459 078,). If they can't solve it, I will take legal measures in the next step. Midas website: http://www.mdsforex.com/ Address: Office Address: Room 326, 2nd Floor, Building 3, No. 135, Guowei Road, Yangpu District, Shanghai. Tel:
Exposure
2019-01-30
FX1189735978
New Zealand
In the second place, in spite of all the burdens here, various extracurricular activities such sports meets, speech contests and social gatherings will still provide you with ample opportunities to make friends. So, enjoy your life in this esteemed institute!
Positive
2022-12-20