MIG Bank Review

 

MIG Bank Limited was an online Forex broker based in Switzerland. It merged with another Swiss corporation, Swissquote Bank Limited in September of There are still active links to MIG Bank, but most, if not all of them, will redirect visitors to .

Thursday, December 10, FX Primus FX Primus is an award-winning international broker that offers more than just forex trading. MIG bank not only handled my account in a negligent manner but had now also violated client privacy.

MIG Bank trading information

MIG Bank Forex Broker — Forex broker information for MIG Bank, find the latest trader's reviews for MIG Bank, get the details and information about advantages and disadvantages of this Forex broker/

It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions. Variable spreads; Typical spreads: Had a live account for about a week, then closed it. Worst trade execution I have ever experienced. Trades just hang there for seconds sometimes before filling.

Happens in normal, non-news times. This ultra slow execution didn't happen all the time, but it was slow enough, often enough for me to make a decision quickly to leave. So, I'm not new to this or inexperienced. And like I said, worst execution I've ever experienced. The low spreads mean nothing if you don't get good execution.

And that's the one thing you cannot know before you open a live account. Feel free to try it yourself if you want of course, but you might want to consider what people who've traded live have to say. High account minimum Opening an account is a complicated process. They won't talk to you if you're poor; Limited number of tradeable instruments; Accounts not segregated; No scalping policy; Quick Facts: Well, I am a satisfy customer, tight spreads, good software and first class advice.

Swiss company to start which seems reasonable to me, I started with minilots and now with lots, I fax them, next day money is on the way, quick and efficent answer the phone. Despite the simplicity of the system, the free indicators, etc. One specific problem area for MIG Investments is the number of requotes. Users have complained about having to requote the price several times. MIG blames this on clients attempting to take advantage of a wrong price quote in the Market Watch. Skeptical users believe that if the price is on your side — you get requoted.

Between the requote after requote, the delays and disconnects, it becomes difficult to get an honest price when the market is moving and there is some question as to what open position price you are getting, the old or new. Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it.

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MIG Bank now operating under the Swissquote brand is an offshore broker. Your money is not safe. MIG Bank now operating under the Swissquote brand execution and slippage.

Explorer Account minimum deposit: Considering safety and security, the broker gets five stars out of five: Translated into human talk, this license means that creditors and investors of the company are protected by the Swiss banking security standards — and if there's one thing that the Swiss are great at, this is definitely making chocolate; and banking.

The broker's quality management and information technology security systems are ISO certified so frankly — I don't know what more could one ask for in terms of safety.

As you may know, however, credibility and spotless reputation are not enough to make a broker the biggest one in Switzerland — and MIG Bank sure claims that it is the biggest forex and CFD provider in this tiny, rich country.

Let's take a look at the company's trading conditions. The spreads of MIG Bank are on the upper end of average, however institutional and retail clients take advantage of commission-free trading.

MIG blames this on clients attempting to take advantage of a wrong price quote in the Market Watch. Skeptical users believe that if the price is on your side — you get requoted. Between the requote after requote, the delays and disconnects, it becomes difficult to get an honest price when the market is moving and there is some question as to what open position price you are getting, the old or new.

Customer service are quick to respond to calls and emails with multilingual reps to help you regardless of the language barriers. Overall, this is a state of the art MT4 based broker with many features like tight spreads, a smooth withdrawal process and friendly customer service.

If you begin experiencing problems with requotes, delays or disconnects, contact the customer service team and see if it can be worked through. Hello everyone, I am writing to demonstrate my experience with MIG Bank, allowing you to decide — is it scam or not?

On the 13th September after the USD rate news Later, they explain to me, that they have had wrong quote and after that, they usually remove this transaction. What is interesting is that I have left one position opened and they did not remove that. If I used the same wrong quotes, why didn't they remove that also?

That's the one of the strange questions that arises from the way MIG behaves. My next question was "how can I trade in future? Is there any way to recognise wrong quote from real?

Does not matter if I asked the question a few times — more silence? To get my profit back is not possible, because they said in their Terms and Conditions "MIG Bank is not responsible for wrong quote". Today I can say — this is the truth, because my broker has deducted my profit. When speaking to MIG Bank, I feel my views and questions completely insignificant; as if they are too conceited to answer or even acknowledge them. This is my next example: Money withdrawal is not easy procedure.

After sending my withdrawal request, money left trading account immediately but I did not receive it. What happened, they said: Again talking to their big people and feeling myself like insect, I have tried to use their live chat with no success. They said — send an email: Finally, the third operator promise to call me and after long conversation with MR L, I have got the following explanations: My account does not exist repeated 5 times.

MIG Bank is very professional company, they can not make this mistake my account exist 10 years and there are have been plenty of international transfers in the past. They do not know what the problem is. Then, I sent a copy of my bank statement with identical details - money was received next day but MR L.

Re-quote — constant problem for trade. It is hard to believe that some brokers allow you to open positions by market price. The worst problem is lost connection. During hot market time terminal could be easily disconnected. There are few different brokers on my desktop — nothing like MIG Bank. With this bank connection could be lost for few minutes, sometime over 1 hour. When I call and ask what happened and what shall I do, the answer is always the same — sorry for inconvenience.

This is not important for their support — what happened with your strategy or with your positions - they only ask to call to their dealing room to close position. Then what they are responsible for? But you will find in their description: Well, seems like Anonymous was just bashing without any facts about the broker. I saw positive reviews about MIG Bank, so don't be fooled by anonymous bashers. MIG bank provides hedging, the instrument much better than stop-losses.