MIG fx - MIG Investments Review
MIG fx is one of the top Swiss forex brokers, regulated by ARIF, offering one of the most highly regulated and secure environments in which to trade spot forex, silver and gold, without any restrictions based on traders' place of residence - traders from any country in the world are welcome to have real accounts.
MIG fx focuses mainly on larger account holders, so if you are looking to open a $500 account, you may be better served elsewhere. For large account holders, however, it is hard to beat the trading conditions offered by MIG fx. A "Standard" account starts with a minimum deposit of $5,000, and offers competitive spreads from 2 pips on EUR/USD, and great order execution.
"Professional" accounts start at $100,000 and offer significantly better conditions, mainly due to the $1.5 rebate per 100,000 round turn trade, in effect lowering your transaction costs. The execution is just as good, due to the large pool of liquidity provided by UBS, and orders of up to 20,000,000 units can be filled.
MIG fx also offers "Institutional" accounts for investments of $500,000+. Institutional accounts offer lower spreads, and direct access to the MIG fx research team. They will also program any automated strategies for you at no charge.
This is our subjective view on how good the package is in this broker platform. For brokers offering multiple trading platforms, we rate the best one.
From our experience trading a real account, this is how we rate this broker's order execution. Brokers with guaranteed fills get a boost in rating.
How user-friendly is the trading platform? For brokers offering multiple trading platforms, we rate best one.
How good a company's client support manage questions and problems is a very important aspect of their overall performance as a business. For this rating we consider the hours of operation, the different modes of contact (such as call back service, live chat, toll-free numbers etc.) as well as the staff's patience, eagerness to help, and most importantly, knowledge.
|Transaction costs (spreads):||
Since different brokers offer different currency pairs with different spreads, variable or fixed, commission or commission-free trading etc., the idea of judging transactions costs overall becomes somewhat subjective. This is where we try to capture the broker's overall willingness to keep your trading costs low.
|Rollover interest rates:||
Again, since each broker has their own way to calculate overnight interest rate, or swap for each currency, it is not feasible to have an objective, quantitative way to judge their swap rates. The issue is further complicated because some brokers decide to offer swap-free accounts, some with extra fees added, some not, some for Islamic traders only, and some for the general public. This rating attempts to roll all of that into one.
One of the often-overlooked aspects of a brokers business is how quickly, efficiently, and inexpensively they process your withdrawals. For this rating we take into account the time it took us to get our withdrawals processed, the fees that were charged for those withdrawals (if any), any problems we encountered during the process, as well as the number of withdrawal methods available (such as PayPal, Moneybookers, etc.)
Different platforms have very different levels of complexity. In general, more complex trading platforms give the user more flexibility in their trading, but involve a longer learning curve for new users to get accustomed to their idiosyncrasies. This rating measures the ability of the trading platform to complete complex tasks, most importantly in order management and reporting. For brokers offering multiple platforms, we rate the best one.
One of the most annoying (and costly) complaints traders have about their brokers is that the trading platform crashes at the most crucial times. This rating attempts to get a handle on how the trading platform performs in terms of stability and reliability. Is the platform always available? Does it crash or freeze? How often? For brokers offering multiple platforms, we rate the best one.
The arithmetic mean of all the above ratings, rounded to the nearest half-star.
|Broker Headquarters:||Neuchatel, Switzerland||
The geographical location of the broker's headquarters.
|Regulated By:||ARIF (Switzerland)||
Which regulating body, if any, is responsible for regulating this broker?
|Client Account Segregation:||No||
Some brokers choose on their own and others are required by regulators to keep client funds separate from the company's operating capital. This gives clients an extra layer of security in case the broker becomes insolvent and needs to go into bankruptcy. It should be noted that segregation does NOT constitute absolute safety of client funds in case of bankruptcy, but is a significant step nonetheless.
|Collect Taxes on Earnings:||No||
Does this broker report client earnings to any tax authorities? If so, which ones?
|Accept US traders?:||
Some brokers, either due to government regulation, or due to their own risk management policies, choose to prohibit clients from the United States.
|Main liquidity providers:||UBS||
Most brokers are somewhat secretive about this aspect of their business, but those who aren't certainly provide their clients with a valuable piece of information. The more liquidity that is available, the better order execution clients can expect. Knowing the institutions which provide this liquidity can also offer a glimpse into which currency pairs have sufficiently deep liquidity for your needs.
|Registered Business Name:||MIG Investments SA||
The name of the parent company of the broker, if any, or the business name under which the broker operates.
|In business since year:||2003||
When was the business established? This is a measure of trustworthiness. If a business has been around for a long time, it is less likely to scam you or disappear overnight.
What methods are available to deposit and withdraw money to and from your trading account?
* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.
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