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MidasFX

Saint Vincent and the Grenadines|1-2 years|
Suspicious Regulatory License|MT4/5 full license|Regional Brokers|High potential risk|

https://www.midasfx.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

3
Server Name
MidasFX-Demo MT4
Server Location Netherlands

Contact

Support@midasfx.com
https://www.midasfx.com/
Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines
https://www.facebook.com/profile.php?id=100088485602369

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

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Broker Information

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Company Name

MidasFX

Company Abbreviation

MidasFX

Platform registered country and region

Saint Vincent and the Grenadines

Company website
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Warning: Low score, please stay away!
Previous Detection : 2024-03-01
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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MidasFX · Company Summary

Information Category Details
Company Name MidasFX
Registered Country/Area Saint Vincent And Grenadines
Founded Year 2020
Regulation Unregulated
Minimum Deposit No Requirement
Maximum Leverage 1:1000
Spreads ECN: From 0 pips, STD: From 0.7 pips
Trading Platforms MetaTrader 4 & 5
Tradable Assets Forex, Cryptos, Indices, Metals
Account Types ECN, STD
Demo Account Available
Customer Support Email, Open to chat 24/5
Deposit & Withdrawal Cryptocurrencies

Overview of MidasFX

MidasFX is a forex broker established in 2020, with its registered location in Saint Vincent and the Grenadines, a sovereign island nation in the Caribbean. Catering to a global audience, the broker offers a range of services including forex trading on platforms such as MetaTrader 4 and 5. Clients have the flexibility to choose from different account types, including ECN and STD, with leverage up to 1:1000. One of the distinctive features of MidasFX is its cryptocurrency-centric approach to account funding, offering a variety of crypto options like Bitcoin, Tether, Ethereum, and more. The broker emphasizes direct market access and provides both live and demo account options for traders of varying experience levels.

Overview of MidasFX

Regulatory Information

MidasFX operates without a specified regulatory oversight, which is a significant point of consideration for potential investors. The absence of regulation means that the broker isn't held to the stringent standards set by recognized financial regulatory bodies. This can pose potential risks to traders, as there might be limited recourse in the event of disputes or issues with the broker.

It's crucial for investors to be aware that trading with an unregulated broker carries inherent risks, including the potential loss of capital. Before making any investment decisions, traders should conduct thorough research and possibly seek independent financial advice to understand the implications of trading with an unregulated entity.

Pros and Cons

Pros Cons
High Leverage Unregulated Status
Low Minimum Deposit Limited Tradable Assets Information
Diverse Account Options Absence of Educational Resources
Multiple Platform Choices Potential Hidden Fees
Cryptocurrency Funding No Mention of Security Measures

Pros:

  1. High Leverage: MidasFX offers a high leverage of up to 1:1000, which can amplify potential profits.

  2. Low Minimum Deposit: With an initial deposit requirement of just 1 USD, it's accessible for traders of all levels.

  3. Diverse Account Options: The broker provides multiple account types, including ECN and STD, catering to different trading preferences.

  4. Multiple Platform Choices: Traders can utilize both MetaTrader 4 and 5, available on various devices including mobile and web.

  5. Cryptocurrency Funding: MidasFX supports a range of cryptocurrency deposit methods, offering flexibility in account funding.

Cons:

  1. Unregulated Status: The broker operates without specified regulatory oversight, which can pose potential risks to traders.

  2. Limited Tradable Assets Information: While they mention offering Forex, Cryptos, and other assets, detailed specifics are not provided.

  3. Absence of Educational Resources: The broker's website doesn't seem to offer comprehensive educational materials for traders.

  4. Potential Hidden Fees: Without clear regulatory oversight, there might be hidden fees or charges not explicitly mentioned.

  5. No Mention of Security Measures: The broker's website doesn't explicitly mention the security measures in place to protect traders' funds and data.

Market Instruments

MidasFX offers a diverse range of trading products tailored to meet the needs of modern traders. They provide access to the Forex market, allowing traders to engage with major currency pairs such as EUR/USD, GBP/USD, and more. For those interested in the dynamic world of digital assets, MidasFX facilitates cryptocurrency trading. Additionally, traders can venture into the global indices market, speculate on precious metals, and explore the energies sector, which ncludes commodities like oil.

  1. Forex: This includes major currency pairs such as EUR/USD, GBP/USD, USD/CHF, and USD/JPY, among others.

  2. Cryptos: they offer a variety of cryptos trading, for instance, Bitcoin,Ethereum, Litecoin,Ripple

  3. Indices: They offer trading on various global indices, though specific indices are not detailed on the main page.

  4. Metals: This ncludes precious metals like gold and silver.

  5. Energies: This encompasses oil and other energy commodities.

 Market Instruments

Account Types

MidasFX offers two distinct account types on two different platforms to cater to the diverse needs of traders: MT5.ECN, MT5.STD, MT4.ECN, and MT4.STD. All these accounts come with a generous leverage of 1:1000, and traders can choose from multiple account currencies including USD, EUR, GBP, JPY, and CAD. The minimum trade size is set at 0.01 standard lots, and a stop out level of 40% is maintained.

All accounts provide direct market access to a range of products including Forex, Cryptos, Indices, and Metals. The ECN accounts, both on MT4 and MT5, offer spreads starting from 0 pips and charge a commission of $5 per 100k. In contrast, the STD accounts provide spreads from 0.7 pips and come with no commission.

Account Type Available Leverage Account Currency Minimum Trade Size Stop Out Order Execution Markets Spread Commission
MT5.ECN 1:1000 USD/EUR/GBP/JPY/CAD 0.01 Standard Lots 40% Market Forex, Cryptos, Indices, Metals From 0 pips $5 per 100k
MT5.STD 1:1000 USD/EUR/GBP/JPY/CAD 0.01 Standard Lots 40% Market Forex, Cryptos, Indices, Metals From 0.7 pips None
MT4.ECN 1:1000 USD/EUR/GBP/JPY/CAD 0.01 Standard Lots 40% Market Forex, Cryptos, Indices, Metals From 0 pips $5 per 100k
MT4.STD 1:1000 USD/EUR/GBP/JPY/CAD 0.01 Standard Lots 40% Market Forex, Cryptos, Indices, Metals From 0.7 pips None
Account Types

How to Open an Account?

MidasFX provides a straightforward process for opening an account. Below is a step-by-step elaboration for the opening process :

  1. Visit the Website: Navigate to the MidasFX website and locate the “Sign Up” or “Open an Account” option.

  2. Enter Email Address: On the main page, there's a prompt to enter your email address.

  3. Complete the Registration Form: After entering your email, you'll be directed to a more detailed registration form. Fill in all the required personal and financial information.

  4. Verification: While the website mentions “No verification needed to begin trading,” it's standard for brokers to require some form of identity and address verification, especially before withdrawals.

  5. Deposit Funds: Navigate to the “Funding” section and choose your preferred deposit method. Transfer the desired amount to fund your trading account.

Leverage

MidasFX offers its traders a competitive maximum leverage of 1:1000, allowing them to amplify their trading positions and potentially increase their profits. This high leverage is available across various trading products, including Forex pairs, Cryptocurrencies, Indices, Metals, and Energies.

It's essential for traders to understand that while higher leverage can magnify profits, it also increases the potential for losses. The specific leverage levels for each trading product might vary, and it's crucial for traders to check the exact leverage settings in their trading platform or consult with the broker's customer support for detailed information.

Trading Product Leverage
Forex pairs 1:1000
Stocks 1:200
Cryptocurrencies 1:100
Gold 1:1000
Indices 1:1000

Spreads and Commissions

MidasFX offers two types of accounts: raw spread (ECN) and spread-only (STD) accounts on both MT4 and MT5. The spreads and commissions at MidasFX vary depending on the account type.

For ECN accounts, the spreads start from 0 pips, and there is a commission of $5 per $100,000 traded.

On the other hand, STD accounts have spreads starting from 0.7 pips, and there are no commissions charged.

It is important to note that the spreads and commissions may vary depending on the specific product being traded.

Account Type Platform Spread Starting From Commission
ECN MT4 & MT5 0 pips $5 per $100,000 traded
STD MT4 & MT5 0.7 pips None

Trading Platform

MidasFX offers its traders the renowned MetaTrader 4 and MetaTrader 5 platforms, ensuring a comprehensive trading experience. These platforms are available across various devices and operating systems.

  1. MetaTrader for Mac OS:

    MIDASFX offers MetaTrader 4 and MetaTrader 5 installations pre-packaged into standalone Mac apps for the convenience of users. This allows traders to start trading on their iOS PC or laptop immediately.

  2. MetaTrader Mobile Apps:

    MIDASFX provides mobile apps for both Android and iOS. These apps allow users to trade over 100 instruments across a wide range of markets, anytime and anywhere. Whether trading Forex, cryptocurrency, indices, or metals, MIDASFX's mobile apps offer a comprehensive trading experience on the go.

  3. MetaTrader for Windows:

    Users can enjoy the industry's lowest spreads and fastest execution from their PC with the choice of either MetaTrader 4 or MetaTrader 5 for desktop. The platform allows users to begin trading in under 5 minutes by registering with just their email address, without the need for further verification.

  4. MT WebTrader:

    MT WebTrader offers users the ability to trade without downloading any software. Users can access their MetaTrader 4 and MetaTrader 5 accounts directly from their browser in a safe and secure manner.

These platforms are based on well-known and widely accepted analytical trading systems. Additionally, data transferred on the MT4 platform is encrypted, ensuring that private information and funds remain safe and secure from potential threats.

Trading Platform

Deposit and Withdrawal

MidasFX offers a variety of deposit methods, primarily focusing on cryptocurrencies.

Deposits typically require blockchain confirmations, and the time taken for these confirmations can vary. It's also noted that deposits are generally faster than withdrawals.

For withdrawals, all transactions up to the originally deposited amount must be made using the same method as the deposit. Any subsequent withdrawals can be made using any of the broker's withdrawal options. There's a withdrawal PIN code, which is an added security measure.

Additionally, internal transfers are possible, but the specifics regarding fees and processing times are not detailed. One significant point to note is that third-party deposits are not accepted, and any such deposits will be returned to the sender, with the sender bearing all transaction fees.

Transaction Type Methods Fees Processing Time
Deposit Cryptocurrencies (e.g., Bitcoin, Stellar) Not specified Varies (based on blockchain confirmations)
Withdrawal Same as deposit methods Not specified Varies (based on blockchain confirmations)
Deposit and Withdrawal

Customer Support

MidasFX places a strong emphasis on customer support, viewing it as a cornerstone of their success. They offer a personalized and individualized experience to cater to the unique needs of their clients. The support team is available 24 hours a day, 5 days a week, ensuring that as long as the markets are open, they are available to assist. Clients can easily reach out to the support team through the live chat feature available on their website, which can be accessed by clicking the chat button located at the bottom right of any page. Additionally, for those who prefer email communication, they can contact the support desk at “Support@midasfx.com”.

Support Type Availability Contact Method
Live Chat 24/5 (When markets are open) Chat button at the bottom right of the website
Email 24/5 (When markets are open) Support@midasfx.com

User Experience and Additional Features

MidasFX has a high withdrawal processing and handling fee, often exceeding 20%. Furthermore, if traders accept any trading bonuses, they might face stringent trading volume requirements, which could make withdrawals challenging. Another notable feature is the broker's offering of 100% trading bonuses, but these come with conditions that might hinder withdrawals.

Comparison with Similar Brokers

With the below comparison with other similar brokers, you could have a clearer, more holistic view of MidasFX:

Feature/Condition MidasFX Typical UK Regulated Broker Typical EU Regulated Broker
Trading Platforms MT4, MT5 MT4, MT5 MT4, MT5
Minimum Deposit $1 Varies (e.g., $100) Varies (e.g., $50)
Withdrawal Fee 20% None or minimal None or minimal
Trading Bonuses 100% with conditions Rarely offered Rarely offered
Payment Methods Cryptocurrencies (e.g., Bitcoin, Stellar) VISA, Mastercard, Bank Transfer VISA, Mastercard, Bank Transfer

Conclusion

MidasFX is a forex broker offering trading services on the MetaTrader 4 and MetaTrader 5 platforms. While it provides a range of features, including a focus on cryptocurrency funding options and trading bonuses, there are significant concerns. The broker has high withdrawal fees, stringent conditions attached to bonuses, and lacks a clear regulatory status. Additionally, while the broker promotes various traditional payment methods, the primary options available are cryptocurrencies. When compared to typical UK and EU regulated brokers, MidasFX's conditions and features differ considerably, emphasizing the importance for traders to exercise caution and conduct thorough research before engaging with the platform.

FAQs

1. Q: How does MidasFX address cryptocurrency volatility during deposits and withdrawals?

A: MidasFX likely uses the current market rate for cryptocurrency transactions, but fluctuations can occur due to volatility.

2. Q: What's the impact of MidasFX's unclear regulatory oversight on fund safety?

A: Without clear regulation, there's no assurance that MidasFX follows industry standards for fund safety.

3. Q: How does MidasFX ensure transparency with high withdrawal fees and bonus conditions?

A: Traders should read all terms and communicate with MidasFX for clarity on potential concerns.

4. Q: How does MidasFX manage slippage and order execution during volatile markets?

A: The execution quality at MidasFX depends on its liquidity providers and infrastructure.

5. Q: How does MidasFX handle blockchain-related issues with its cryptocurrency focus?

A: Delays due to blockchain congestion can cause discrepancies, so traders should stay informed and contact support if needed.

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FX1529104254
more than one year
MidasFX proved to be a deceptive platform, inaccessible, holding funds and ignoring concerns raised. Claimed licenses were false and numerous hidden fees were demanded. Despite "normal" functioning, withdrawals were impossible. Customer service was unhelpful and unresponsive.
2023-12-13 15:41
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