Something You Need to Know About MidasFX

About MidasFX

Founded in 2020, MidasFX is a forex broker registered in Saint Vincent and the Grenadines. Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. There is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen.

MidasFX offers a diverse range of market instruments, including forex, cryptos, indices, metals, and energies.

Regulatory Status

As we know so far, MidasFX is not a regulated broker. No regulatory institution can make it accountable if something goes wrong. Investing in an unregulated broker is relatively risky as the red flag is serious.

Account Types & Minimum Deposit

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.

Spreads and Commissions

MidasFX offers two different types of accounts: they are 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.

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.

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.

Customer Support

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, those who prefer email communication can contact the support desk at “Support@midasfx.com”.

Conclusion

MidasFX is an unregulated broker. MidasFX offers a special trading experience with various financial instruments and account types tailored to suit various trader preferences. However, we suggest you not invest in this broker as it is unregulated and has been given a low score by WikiFX. Users need to do more research before making a decision.