MidasFX is a forex and CFD broker that provides online trading services globally. It is an offshore forex broker located in Gros-Islet, Saint Lucia. The broker offers a wide range of trading instruments including Forex, Cryptos, Indices, Metals. Being an unregulated forex broker enables MidasFX to offer high leverage and unrestricted trading, which are often restricted in many regulated markets. However, the lack of regulation also exposes traders to potential risks. Despite this, many traders opt for MidasFX due to its competitive trading condition, high leverage, and lower minimum deposit.
In this content, we will analyze and review MidasFX, exploring its features, pros, and cons. We will also answer the most common questions people ask about MidasFX. By reading this review, you will gain a better understanding of whether MidasFX is the right broker for your trading needs and preferences.
What is MidasFX?
Founded in 2020, MidasFX is an online forex and CFD broker. It is an offshore forex broker that offers 100+ trading instruments including forex, metals, energies, stock indices, and cryptocurrencies to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of MidasFX is as high as 1:1000.
MidasFx Overview
- Founded In: 2020
- Headquarters: Saint Vincent and the Grenadines
- Minimum Deposit: $1
- Maximum Leverage: 1:1000
- Regulations: None
- Trading platform:MT4, MT5
- Account Types: Raw spread (ECN) and spread-only (STD) accounts on both MT4 and MT5.
- Payment Options: Steller, Instacoins, Ethereum, Litecoin, Bitcoin
- US Traders: Accepted
Key Features:
- Trading Instruments: Forex, Cryptos, Indices, Metals
- Trading Platforms: Mt4, MT5
- Minimum Deposit: $1
- Maximum Leverage: 1:1000
- Trading Fees: Commission $5 per 100k. Variable spreads from 0.0 pips. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket): 1000 Lots MT4 and 100 lots MT5
- Funding Currencies: USD/EUR/GBP/JPY/CAD
- Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account.
- Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 40%
- Margin Call Level: 100%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
MidasFX Pros and Cons
Pros :
- No Minimum Deposit- You may deposit as low as $1
- Allow Crypto CFD Trading
- Demo Accounts are Available
- Higher Leverage for US, and EU clients. Maximum leverage is as high as 1:1000
- Allow Scalping, EA Trading, and News Trading
- MidasFX Accepts Crypto Deposits
Cons:
- Unregulated offshore forex broker
- Limited Deposit and Withdrawal Option
- No Managed Account Options
Our Ratings for MidasFX:
Review and Reputation on Public Domains:
Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process
MidasFX Ratings and Reviews from Trustpilot:
MidasFX has earned a rating of 3.1 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.
MidasFX Ratings and Reviews from Forex Peace Army:
MidasFX has achieved an average rating of 3.1 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.
Frequently Asked Questions
Is MidasFX a Legit Broker?
MidasFX is considered a good offshore forex broker and is registered in Gros-Islet, Saint Lucia. The broker offers a variety of trading instruments, including Forex, Cryptos, Indices, Metals. However, the broker is not regulated or authorized by any regulatory authority. Due to this lack of regulation and the absence of available financial information, we do not recommend trading with MidasFX.
Is MidasFX regulated?
No, MidasFX is not a regulated broker. It is an unregulated offshore forex broker which offers restriction-free trading facilities.
Does MidasFX Offer CFD Trading?
Yes, MidasFX offers CFD trading. CFD is a form of derivative trading that allows traders to speculate on the price movements of various financial instruments such as stocks, commodities, indices, and currencies, without actually owning the underlying asset. MidasFX provides a variety of trading CFD instruments including Forex, Cryptos, Indices, Metals.
Where is MidasFX Located?
MidasFX is located in Gros-Islet, Saint Lucia. Gros-Islet, Saint Lucia is the home of many offshore forex brokers.
Does MidasFX require KYC Verification?
Yes, MidasFX requires KYC (Know Your Customer) verification. This process involves verifying the identity of its clients to comply with brokers’ requirements and ensure the security of the trading environment. Typically, this includes providing identification documents such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement
Does MidasFX payout?
Yes, MidasFX does payout to its clients. Traders can withdraw their funds from MidasFX using cryptocurrencies only. Payouts are processed within 24 hours. Once processed, it can take 1-6 hours, or as soon as there are 3-6 confirmations on the blockchain before the funds will be available in your crypto wallet
Is MidasFX an ECN broker?
Yes, MidasFX is an ECN forex broker.
What is the minimum deposit for MidasFX?
The minimum deposit for MidasFX is $1.
Conclusion:
MidasFX is an offshore forex and CFD broker that offers online trading services to traders and investors worldwide. The broker provides a wide range of trading instruments, including Forex, Cryptos, Indices, Metals. The broker’s spreads start from as low as 0.0 pips. MidasFX offers high leverage (as high as 1:1000 ) and a low minimum deposit (as low as $1). The restriction-free trading facilities, such as CFD trading, lower minimum deposit, and higher leverage, make MidasFX a good choice for many traders.
However, the broker is not regulated by any regulatory authorities. Therefore, do your research and ensure you are comfortable with this. We only recommend brokers regulated by the relevant financial authorities.
