Trading by telephone MAM accounts Islamic accounts available US traders are welcome Requires sending documents via postal mailSee MIG Bank reviews
| 3.3/10 (4 qualified reviews) | |
|---|---|
| Company | MIG Bank Ltd. |
| Founded and online since | 2003 |
| Offices in | Switzerland |
| Payment options | PayPal Wire transfer |
| Demo platforms |
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| Account currencies | Show account currenciesHide |
| Currency pairs | Show currency pairsHide |
| Regulated by | FINMA, CH-645-4096536-3 |
| Website available in | Show website languagesHide |
| Support available in | Show support languagesHide |
| Support methods | Email Phone Web form |
| Trading server time zone | CET |
| Special notes | Due to the Dodd-Frank Act, MIG BANK provides online FX trading services in partnership with Penson Futures. |
| Minimum account size | $2,000 | ||||||
|---|---|---|---|---|---|---|---|
| Maximum account size | $10,000 | ||||||
| Minimum position size | 0.1 lot | ||||||
| Spread type | Fixed | ||||||
| Spread on EUR/USD, pips | 0.9 | ||||||
| Trading instruments |
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| Trading platforms | MetaTrader 4 |
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| Digits after the dot in quotes | 5 | ||||||
| Number of currency pairs | 71 | ||||||
| Special notes | CFD and Gold & Silver are not available for US clients. |
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17 reviews of MIG Bank are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
Hello everyone,
I am writing to demonstrate my experience with MIG Bank, allowing you to decide – is it scam or not?
1. On the 13th September 2012 after the USD rate news (19.00 GMT), I started to trade GBPCAD manually, using scalping strategy on volatile market. In 1 hour of trading I have made more than 100 transactions, with total profit close to $1300.00. But that is insignificant, as next morning I have found unknown record "correction" and all my profit has gone to -$1383.72!
39832064 2012.09.14 05:03 balance Correction WQ 13.09.2012 -1 383.72
After inquired MIG Bank, they explained to me: "my transactions are unjustified, MIG Bank dealable prices may differ from other providers". Later, they explain to me, that they have had wrong quote and after that, they usually remove this transaction. It does not matter if I’ve got hundreds of quotes... they are all wrong! 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?" Their answer – silence. 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". As soon as I don’t know which quote is wrong which one is not, they have the right to remove any of my profit at any time, in any of my transactions… My question to them about that has been left with no answer; does it mean it is true? 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:
2. Money withdrawal is not easy procedure. After sending my withdrawal request, money left trading account immediately but I did not receive it. After one week, they appear on my trading balance but $65.00 less. What happened, they said: this bank account does not exist! 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: but I’ve got a very bad experience of having them answer by email, it may not happen at all! Finally, the third operator promise to call me and after long conversation with MR L, I have got the following explanations:
a. My account does not exist (repeated 5 times).
b. 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).
c. They did not charge my account with $65.00.
d. 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. disappeared, instead of him I’ve got answer from another person (the same number, 5 min later) - $65.00 lost.
3. Re-quote – constant problem for trade. "Trade content is busy", "out of quote" – the rules are that you always have to remember with your trade with this broker. It is hard to believe that some brokers allow you to open positions by market price.
4. The worst problem is lost connection. I’ve got a live account since Feb 2011, nothing changed. 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.
I’m sure you may find that the company is not responsible for lost connection in their Terms and Conditions. Then what they are responsible for?
Worst experience ever! But you will find in their description: SWISS MADE, highest quality financial services.
Demo freezes for no reason after 1 day, doesn't come back, doesn't let you create new accounts. Live chat- "Hi How may I help? You can email your problems to info@mig-blah blah.com we will revert to you shortly" Looks like I'm going to switch broker for my live account! Disappointing for a BANK
Where should I start!!! MIG Investment is by far the worst broker I have ever signed up with!!! Please be very very careful while choosing a broker. MIG Investment is know to move the markets to your disadvantage. I registered with them though an introducing broker. I will mention her name. Her name is "Melody". She represents them here in Californian and some other states as well. She is an introducing broker for MIG who get 50% commission on every trade that you make. She will scam you showing that she has been making a lot of money trading with them, but don't trust her. All this MIG Investment did was freeze during news reports. Every time I wanted to place an order if it was to my advantage it would freeze up or give me the trade when it was too late. If the market was not to my advantage it would let the negative position go through so fast it's unbelievable. There scams are shown clearly like day light. Please be very careful. Please be aware that every positive review you see here are by someone representing the broker. Not everyone want's to spend there time to promote other brokers for free.
But for the negative review you see here, I would believe are to be true. People have been burnt and they are the ones who truly want to warn you of there scams. Please be very careful while choosing a broker.
Thanks.
I have to say that I was initially very aprehensive about opening a forex account with a broker overseas. Especially having read some of these reviews, but i did and i can honestly say that MIG is better then what i expected. They are completely legit and basically good enough. Withdrawals are quick, within 2 days. Now I do have a few problems with them. I think their trading platform itself is pretty antiquated, I feel like its something from 10 years ago. Also, their english speaking customer service people, though polite and competant, have the thickest accents that i can barely understand a word they're saying sometimes. However, after 4 months with them I give them a 7/10.
Hi all, please don't be amazed by MIG's profile and promises as once you deposit - that that is gone. You will end up discovering strange behaviors on market ... your MT4 will have unexpected jumps - just enough to kill your positions. And no other brokers will have those jumps. Also, different spread you will realize after loosing big money and after complaints you can get answer that you should use EURUSD1 and not EURUSD as by default you are on new conditions (which you never agreed!?). On any complaints you will find superior and arrogant answers that you are not right. There is much more I unfortunately experienced with them but these I hope are enough. No welcome bonus ... no incentive bonuses ... no willing to keep customer and return some money even as trade-only ... Nothing. If I can vote somewhere - I would give -10 for them. Save your money and go anywhere else. Aleksandar
Hi everyone, i deposit 20000$ and wish to trade with my EA...the system lose and lose...but only on the MIG-liveaccount...on the demo-plaform and on Alpari UK works fine!? This is a totally scam-broker sorry....beware of this fakers and scamers and save your money!!
I lost more than 100'000 with this bank. i have open a prime account with 250'000 in Oct 2010 and lose with my strategy but 40% they get with slippage and requotes and also freeze the trading station for up to 30 minutes at important news-time and fills the limits on highest or lowst price with a delivation of 30 points. The transparent dealing is a fake and you pay a average spread from 2.3 in eurusd and the execution is very bad.....
MIG is the best broker I once knew. Or has been for many years. Right now they\'re changing in a direction I really don\'t like. They spike you around (which they don\'t do in Demo), their servers \"freeze\" at important moments and they \"corrent\" your trade history (aka. \"take back\" money from you) if they see fit. At one point they took back... i can barely dare to say it... almost a million from me because their system was spiking like crazy and "unfortunately" my trading system took advantage of the rapid price movement... No use to complain - you could easily loose your entire account and never get your money back if you complain about these issues. Never heard about anything like this, and this has been happening only in last two years... Avoid. I for one, looking for a true ECN broker now...
MIG FRAUDER and they theft more than 177000$ total amount from me and there are acomplaint in finma but they dont do any thing and there are electronic crimes of them the important case you must to check in financial bar of your platform but any way this is the act
my regards
akram bin khalid
they accept paypal
i use mig for 4 months and is very good.
fast withdrawals. and now is a BANK!
I've been with MIG a few months now. In my opinion, they are the most honest, credible broker I've ever been with & I've been a refugee from quite a number. As far as I can tell, they don't stop hunt or spike you out of trades. They DO support EAs, though you have to fill out a form to get access. Just as a test, I withdrew a sum of several thousand dollars the other day. The debit from my account took under 6 hours, and the wire to my texas bank account was complete in under 2 days. This efficiency & speed is better than I've encountered in any US broker. One potential problem is they do not allow "scalpers", and they never tell me what that means... is it multiple trades closed in a few minutes, is it the size of the gain you're aiming for... what?! I very much like them as a broker & am interested in staying in their good graces, but I am an auto-trader & a shorter term one at that (15 minutes to several hours trading). Aside from that silly nit, I have no complaints. They are the best broker I've ever had.
I have had a demo with mig for a few weeks now, but since the end of fridays trading it hasn`t come back on, its now the following tuesday evening, i e-mailed their support twice and got no reply.... bye bye mig. no way could you ever trust a live account with them, i certainly wont.
I have been a MIG client for over a year and they offer excellent customer service and decent spreads which they rarely widen. They phoned me from Switzerland one day (lunch time) to fix an issue I had with registration (my fault). It's true that they undergo daily routines which disconnect for a short period. Only once did they have significant network problems (2 hours) and they advised their clients about this. Also one evening when they were down for a few minutes, I didn't get my swap paid. I emailed them and they proptly refunded my account.
Contrary to what a poster wrote below, yes they do offer EAs, I traded with one for a while. However, you need to fill in a form for this to be activated.
They are in the process of opening up a "bank" branch which might be advantageous to their forex clients (I hope so anyway).
One last advantage: well, they're in Switzerland ;-)
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MIG bank handled my account in a negligent manner.This complaint has nothing to do with trading.When I submitted my writen complaint on 21st December 2012 they replied "Please be informed that we have sent an email to your registered address with us"..............Waited in vain for this promised reply.
During January 2013 another client of MIG bank was good enough to forward me an email by MIG bank which was intended for me.
What did MIG bank do wrong?
MIG bank not only handled my account in a negligent manner but had now also violated client privacy.Plus MIG bank had violated my rights as a human being by not replying to my complaint in a timely manner.
What does MIG bank have to say after the damage has been done?
Marcos Miranda of MIG bank now havers "sorry for our human mistake and inconveniencies"(sic)
In business if you make a mistake you pay for it right? All I want is a refund of all my deposits made over the years because negligence and, a court may find an illegal act on the privacy violation,in Switzerland with its strict banking privacy laws,was not part of our agreement.I want to be returned to the position I held before I entering into the agreement with MIG bank and a reasonable amount for violating my privacy and human rights.USD 5 million.The Swiss banking Ombudsman has not had a reply yet from MIG bank and can not even force the bank to reply!!!
Going nowhere with my claim so if anybody has any advice on a contingency basis.But be warned.Swiss banks are more equal then ordinary citizens and it would take a David with a slingshot in each hand to bring down Goliath.Multi National banks are not easy to tackle in court.But the facts are the facts are the facts.And that is the bottom line.