MidasFX Forex Review

Read our full MidasFX review to get exact details about their safety, accounts, spreads, platforms, assets, support, and many more. Our unbiased MidasFX opinion allows our readers to decide whether MidasFX is a reliable broker.

MidasFX Forex Broker History

MidasFX is a Forex broker unregulated by any authority. It was launched sometime in 2020, which gives years of experience. It has a responsive website disclosing important details about its conditions and offers two account types, which offer low spreads and low commissions. Although the broker has several key advantages, we have detected at least two key issues, which we will discuss later in their review in corresponding sections.

MidasFX broker safety

MidasFX has years of experience operating in the brokerage sector, however, it lacks regulatory oversight. The broker is registered in Saint Lucia and Georgia but is not regulated in these jurisdictions, which is a major red flag. Heaving no regulatory licenses is a common characteristic of scam brokers, especially when the broker has been around for years. The issues do not stop there, MidasFX does not provide live chat support. This is a serious issue as well. No live chat means traders have to use email which is a lengthy process.

As the broker is not overseen by any authority, we can not confirm that it employs segregated bank accounts to keep trader funds separately from its operations funds, a critical flaw.

MidasFX does not offer negative balance protection, which is an important policy. As the broker is an ECN broker routes all orders directly to the market and executes them at the best available prices.

MidasFX Broker Review of Accounts

MidasFX provides traders with two account types: ECN, and STD. The ECN is a low-spread account with commissions, and STD is an STP account offering commission-les trading.

MidasFX ECN Account

The ECN trading account is a zero-spread account as it offers major FX pairs from 0.0 pips, but charges commissions of 5 dollars per lot. The leverage is high at 1:1000, while the minimum deposit starts only at 1 dollar. The minimum lot size is 0.01 lots and traders can deposit many different currencies as there are diverse account base currencies available like USD/EUR/GBP/JPY and CAD. All instruments are offered on this account.

MidasFX STD Account

The STD account is an STP account that has spread from 0.7 pips and charges no trading commissions. The minimum deposit starts here from 1 dollar and leverage is also 1:1000 similarly to ECN accounts. Account base currencies are also the same and the minimum lot size starts from 0.01 lost while traders can access Forex, Cryptos, Indices, and Metals.

MidasFX instruments

MidasFX allows traders to access FX pairs, commodities, cryptos, and popular indices. However, there are only precious metals available in commodities. With 1:1000 leverage and low spreads, traders can control serious trading power. As the broker lacks negative balance protection, this amount of leverage is very dangerous for beginners. Most of the assets are CFDs.

MidasFX Reviews of Trading Platforms

MidasFX’s main trading platforms are advanced MetaTrader 4 (MT4), and MetaTrader 5 (MT5). This software allows custom indicators and Expert Advisors (EAs), which is very flexible. Mobile trading is available via mobile app versions of these trading software, on both iOS and Android devices.

MidasFX Forex Review of Extra Features

The broker offers very limited extra features. There is only a 100% deposit bonus with bonus funding capped at 10,000 dollars. However, there are terms and conditions applied. The broker does not offer educational resources. There are no webinars, articles, or video guides available, which is a downside.

MidasFX Reviews of Customer Support

MidasFX customer support experience is terrible for two reasons, there is no live chat and no phone support options. This is another major red flash after being unregulated. The broker is registered in Saint Lucia and offers its addresses there and in Georgia, Batumi, but this isn’t enough for legitimacy. The website and email are also only available in the English language. Stay away.

MidasFX Deposit and Withdrawal

Both deposits and withdrawals are only available using cryptos. There are several cryptos accepted like BTC and ETH and traders must use the same crypto for both deposits and withdrawals, meaning, if you funded your account using BTC, you can not withdraw in other cryptos. The processing times are not disclosed which indicates that there should be 1-2 business days at least.

MidasFX Review Conclusion – can you trust MidasFX?

MidasFX offers very low spreads, high leverage, and two account types, but severely lacks safety features like regulations. It only offers crypto payments, no negative balance protection, and very limited customer support. These are serious red flags. Traders should exercise extreme caution when dealing with brokers that are not regulated and lack live chat and phone support options.

FAQs on MidasFX

Is MidasFX a scam?

The MidasFX scam is highly likely as the broker is not regulated anywhere and does not offer live chat and phone support options despite being around for years.

What is the MidasFX minimum deposit?

The minimum deposit starts from 1 dollar for all account types, which is very competitive.

Is MidasFX a cheap broker?

Yes, MidasFX offers low-cost trading conditions with tight spreads and just a 1 USD deposit, but its safety is compromised.