MidasFX is a forex broker whose official website domain was registered on June 19, 2011. It primarily offers investors trading services for financial derivatives such as forex, metals, energy, cryptocurrencies, and indices. The address of its headquarters is unknown. This broker does not provide services to judicial jurisdictions where doing so might violate local laws or regulations.
Corporate Registration Information and Regulatory Status:
The official website of MidasFX does not disclose its corporate registration entity information and regulatory information. The website only provides a company address located in Saint Vincent and the Grenadines.
Upon verification, the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) has a listing for a company named "Midas FX LLC" that shares the broker's name, but the relationship between the two cannot be ascertained.
Furthermore, the Financial Services Authority of Saint Vincent & Grenadines (SVGFSA) does not "regulate, monitor, supervise, or license" commercial companies (BC) engaged in forex trading or brokerage services. The regulatory scope is limited to ensuring BCs comply with the obligations under Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines, 2009 Act, the Business Companies (Amendment and Consolidation) Act.
Opening an Account:
To open an account with MidasFX: visit the broker's official website, click on "SIGN UP" in the top right corner of the webpage, enter your personal email address, select an account type, and submit. After submission, the broker will provide a login password and verification code.
Account Types:
MidasFX offers users two different types of real trading accounts: ECN and STD.
ECN:
- Trading platform: MT4/MT5
- Maximum trading leverage: 1:1000
- Account currencies: USD/EUR/GBP/JPY/CAD
- Minimum trading size: 0.01 standard lots
- Trading commission: $5 per standard lot
- Spreads: From 0 pips
- Stop out level: 40%
- Order execution type: Market execution
- Trading tools: Forex, cryptocurrencies, indices, metals
STD:
- Trading platform: MT4/MT5
- Maximum trading leverage: 1:1000
- Account currencies: USD/EUR/GBP/JPY/CAD
- Minimum trading size: 0.01 standard lots
- Trading commission: $0
- Spreads: From 0.7 pips
- Stop out level: 40%
- Order execution type: Market execution
- Trading tools: Forex, cryptocurrencies, indices, metals
Trading Platforms:
MidasFX offers users the MT4 and MT5 trading platforms.
Deposits and Withdrawals:
MidasFX supports deposits and withdrawals through cryptocurrencies, bank wire transfers, credit/debit cards, and Instacoins.
Conclusion:
Traderknows reminds investors that MidasFX is an unregulated forex broker. Traderknows advises investors to choose brokers that are transparent, well-regulated and reputable for their trading activities, in order to avoid unnecessary losses of their assets.
Currently, this broker is marked as "suspected of fraud" on Traderknows.
