MidasFX Review – 5 things you should know about midasfx.com

Beware! MidasFX is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

MidasFX seems like a legitimate enough broker at first glance. Their website looks fine and provides sufficient information, they offer two leading trading platforms and good trading conditions. However, there were also a few very problematic things that make us very reluctant to trust this broker. This is an unregulated offshore enterprise that only accepts crypto payments – which sounds like a great set-up for a scam.

If MidasFX obtains a legitimate license at some point, they might be a good broker to trade with. Until then, however, we would recommend trading with a reliable, licensed broker instead.

MidasFX Regulation and Safety of Funds

MidasFX is registered in St. Vincent and the Grenadines – hardly the strictest jurisdiction in the world when it comes to forex brokers and regulations. For a very long time, the country did not have absolutely any laws in the sphere of forex trading and did not monitor local brokers in any way. That is the reason why St. Vincent and the Grenadines became a breeding ground for scam brokers.

Recently, a new condition was introduced. If a broker wants to register a company in the country, they have to be regulated by a financial authority – any financial authority. That is hardly the strictest of requirements and it still means that the Financial Services Authority of St. Vincent and the Grenadines itself does not regulate forex brokers.

MidasFX did not seem to be regulated in any other jurisdiction. Another thing that bothered us was that the broker did not provide sufficient contact information and could only be reached via e-mail. This definitely does not speak well of them and makes us very reluctant to trust them.

Our recommendation is to only work with brokers regulated in strict jurisdictions such as the UK, the EU, Australia, or the US. Such brokers have to meet a ton of requirements before being able to start offering services and answer to some of the sternest financial regulatory bodies in the world. That is why they are usually a much safer, more reliable choice.

MidasFX Trading Software

MidasFX offers access to two very well-known platforms – MetaTrader 4 and MetaTrader 5. Take a look at the broker’s MT4 terminal:

These are, without a doubt, the most beloved platforms in the world of trading and there is a good reason for that. Both MT4 and MT5 offer an impressive number of indicators, chart types, and other analysis tools – but that is hardly all they have to offer. The platforms allow you to use Expert Advisors to track markets and trade automatically, develop your own trading bots and indicators, use a Strategy Tester, set signals or subscribe to those set by others, etc.

We would definitely give MT4 and MT5 a try if we were you – this is actually the best thing about MidasFX’s offer. However, a solid platform is not reason enough to put your money in the hands of shady brokers. Many legitimate brokers offer one or both of these platforms – check out their offers instead.

MidasFX Trading instruments

MidasFX offers access to popular markets such as Forex, Metals, Energies, Stock Indices, and Cryptocurrencies. This is not a bad selection but plenty of brokers can offer access to many more instruments – Stocks, Futures, ETFs, Bonds, Options, etc.

MidasFX Spreads and Cost of Trading

MidasFX offers great spreads – as low as 0.1 pips on their demo MT4 ECN account. Keep in mind, however, that the broker charges an additional commission of $5 per standard lot. This is hardly an outrageous commission but keep in mind that many regulated brokers can offer similar prices.

MidasFX Maximum leverage

The maximum leverage MidasFX offers could reach 1:1000 on forex majors. On our demo account, we were only allowed to set it up to 1:400.

Offshore brokers are free to offer any leverage they want since they are not subject to any restrictions like brokers in stricter jurisdictions. That does not mean, however, that you should not be careful with your leverage settings. The higher the leverage you are trading with, the bigger the chance of you suffering bigger losses – especially as an inexperienced new trader.

MidasFX Deposit and withdrawal methods

MidasFX only accepts cryptocurrency deposits which is a huge red flag. There is a reason why so many scam brokers prefer to receive payments in crypto. Such transactions are completely anonymous and can only be traced to a wallet address but not to a particular company or individual. They are also irreversible by default – once the transaction has passed through, you would not have the chance to ask for a chargeback. Those are the reasons why so many scam brokers prefer to receive payments in crypto.

MidasFX Minimum deposit

MidasFX’s minimum deposit is just $1 which makes this broker a very affordable option. They are not alone in that, however – plenty of licensed brokers offer affordable trading accounts for the same price.

MidasFX Withdrawal requirements

MidasFX did not mention having any specific withdrawal requirements. Keep in mind, however, that many offshore brokers come up with such in order to make it harder for you to withdraw your money.

Many such brokers charge outrageous withdrawal fees – up to 20%. Others ask their clients to reach certain – usually very high – withdrawal requirements before allowing withdrawals. This is more likely with brokers that offer some kind of bonus – like MidasFX. The broker usually ties its bonus to a turnover threshold and refuses to let you withdraw anything from the account – including deposits and profits – before you have reached that turnover.

Read the Terms and Conditions carefully to avoid such shady clauses.