Summary: Midtou Aryacom has garnered mixed reviews from users and experts alike, with some praising its beginner-friendly platform while others criticize high spreads and customer service issues. Notably, the broker operates under Indonesian regulations, which may vary in rigor compared to other jurisdictions.
Note: It is essential to be aware that Midtou Aryacom operates through different entities across regions, which can affect user experience and regulatory oversight. The information provided here is based on a thorough analysis of various sources to ensure fairness and accuracy.
Rating Overview
We rate brokers based on user feedback, expert reviews, and regulatory information to provide a comprehensive overview.
Broker Overview
Established in 2005, Midtou Aryacom is an Indonesian forex and futures broker that operates under the regulatory supervision of the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI) and the Indonesia Commodity and Derivatives Exchange (ICDX). The broker primarily offers trading through the popular MetaTrader 4 (MT4) platform, which is favored by many traders for its advanced charting capabilities and user-friendly interface.
Traders can access various asset classes, including forex, commodities, and indices. However, the broker's reputation is mixed, with some users expressing satisfaction with the platform's educational resources and user interface, while others have raised concerns about high trading costs and customer service.
Detailed Analysis
Regulated Regions
Midtou Aryacom is primarily regulated in Indonesia. This regional focus may present challenges for international traders, as the regulatory environment in Indonesia may not be as stringent as in other regions. Users should be aware of the potential risks associated with trading with a broker that operates under less rigorous oversight.
Deposit/Withdrawal Currencies
The broker does not provide clear information on the supported currencies for deposits and withdrawals, which could be a concern for potential clients. Users have reported that the minimum deposit required to open an account is IDR 5,000,000 (approximately $320), which may be higher than some competitors.
Minimum Deposit
As mentioned, the minimum deposit for trading with Midtou Aryacom is IDR 5,000,000. While this may be manageable for some traders, it could deter beginners looking to start with a smaller investment.
Currently, Midtou Aryacom does not appear to offer any bonuses or promotions, which could be a disadvantage compared to other brokers that provide incentives for new traders.
Tradable Asset Classes
Midtou Aryacom allows trading in a range of asset classes, including forex pairs, commodities, and indices. However, the selection is relatively limited compared to other brokers that offer a more extensive range of financial instruments, including stocks and cryptocurrencies.
Costs (Spreads, Fees, Commissions)
Users have reported that spreads on the Midtou Aryacom platform can be high, with the EUR/USD spread starting at around 5 pips, which is not competitive compared to other brokers. Additionally, there are reports of commissions amounting to $55 per lot, which can further increase trading costs.
Leverage
The broker offers a maximum leverage of 1:500, which can be appealing for experienced traders looking to maximize their trading potential. However, high leverage also comes with increased risk, and traders should exercise caution.
Midtou Aryacom primarily utilizes the MT4 platform for trading. While MT4 is widely recognized and trusted, the lack of support for other platforms like MT5 may limit options for traders looking for more advanced features.
Restricted Regions
The broker does not provide specific information regarding restricted regions, but it is advisable for potential clients to verify whether they are eligible to trade with Midtou Aryacom based on their jurisdiction.
Available Customer Service Languages
Customer service is available primarily in English, which may not cater to all traders, especially those who prefer assistance in their native languages. The reported customer service experience has been less than satisfactory, with users mentioning long wait times and unresponsive support.
Repeated Rating Overview
Detailed Breakdown
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Account Conditions (6.5): The minimum deposit requirement of IDR 5,000,000 may be a barrier for new traders, yet the availability of a demo account is a plus.
Tools and Resources (5.0): While educational resources are available, they are limited and may not be sufficient for traders looking for comprehensive training.
Customer Service and Support (4.0): Users have reported dissatisfaction with customer service, citing long response times and a lack of multilingual support.
Trading Setup (5.5): The MT4 platform is user-friendly but lacks some modern features found in newer platforms. High spreads are a significant drawback.
Trustworthiness (6.0): Midtou Aryacom is regulated in Indonesia, which offers some level of security, but the lack of more stringent oversight may be a concern for traders.
User Experience (5.5): Overall, the user experience is mixed, with some users appreciating the platform's design while others complain about high fees and inadequate support.
In conclusion, Midtou Aryacom presents a mixed bag of features and experiences for traders. While it is a regulated broker, potential clients should carefully consider the high trading costs and customer service issues before choosing to trade with this broker.
