US Traders always wish to trade with a suitable forex broker. The country has strict regulations in forex trading. As a result, the majority of online forex brokers do not accept US clients because they can not meet the regulatory requirements of the US authorities. High leverage and CFD trading are restricted in the USA. However, many forex traders still opt for trading CFDs with high leverage. That is why many traders settle for offshore forex brokers.
MidasFX is an online offshore forex broker that is not authorized or regulated by any authority anywhere; so it is not under any obligation to abide by the rules guiding US-regulated brokers. In this blog post, we will explore whether MidasFX accepts US clients, its Pros and cons, and why US traders choose brokers like MidasFX and more.
Does MidasFX Accept Clients?
Yes, MidasFX accepts US Clients. Being an unregulated online forex broker, the broker has the flexibility to onboard clients from various locations worldwide, including the USA. Therefore, US traders are able to register for an account and trade forex and CFD trading with MidasFX.
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
Why Do US Citizens Use Offshore Brokers Like MidasFX?
Below are some of the reasons why a US trader will choose to trade with MidasFX
CFD trading:
Contracts for differences (CFDs) are financial contracts between a broker and a trader which allows the trader to take positions on the broker’s platform and speculate on the price direction of underlying financial assets without ownership. For example, with CFDs, a trader can make money by predicting the price direction of a company’s stock market shares without owning the company shares. Unfortunately, the regulators officially prohibited US traders from trading CFDs. However, MidasFX gives US traders opportunities to trade CFDs from stocks, indices, and commodities.
High leverage:
Leverage is a tool that multiplies a trader’s market exposure in relation to his deposit. US traders are mandated to restrict forex leverage to 1:50 but MidasFX offers up to 1: 1000. This means that with a deposit of $500; you can open positions worth $500000. With higher leverage, there is a higher chance of making more profits provided that the market moves in favor of your position.
Low trading capital:
With MidasFX, US traders can start trading with $1 but US-regulated brokers demand a higher minimum deposit. Also, the trading fees and commissions are much lower with MidasFX than with the US-regulated brokers. Perhaps, because obtaining and maintaining a US forex broker license is very expensive.
Tax:
The United States has stringent tax laws which are almost impossible to evade. Forex traders are required to pay taxes on their profits. Trading with unregulated brokers like MidasFX makes it easier to pay reduced taxes especially if BTC is used to fund and withdraw from the trading account.
Pros and Cons of MidasFX for US Trader
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
Which countries are restricted on MidasFX
As MidasFX is an unregulated offshore forex broker. It can onboard clients from anywhere in the world. Currently, the broker does not have any restricted county list on its website. so it accepts clients from all over the world.
Frequently Asked Questions (FAQs)
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.
Is MidasFX Regulated in the USA?
No. MidasFX is not regulated in the USA. It is an unauthorized offshore forex broker.
Does MidasFX have any office in the USA?
No, MidasFX does not have an office in the USA. As per their website, the broker is located in Saint Lucia
Where is MidasFX Located?
MidasFX is located at the Ground Floor of the Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia
Can Americans use MidasFX?
Yes, American traders can use MidasFX. However, traders should take care while trading with unregulated forex broker
Final Thoughts :
MidasFX is a forex broker that offers online forex and CFD trading services. The broker gives access to trade with a wide range of trading instruments including Forex, Forex, Cryptos, EU Stocks, US Stocks, and Commodities. However, like other forex and CFD brokers, MidasFX offers only derivatives The broker allows almost all trading styles including scalping, hedging, copy trading, and news trading.
MidasFX allows US clients to enjoy forex trading services on their own terms. If you like high leverage, MidasFX offers leverage up to 1:1000. Traders are allowed to use any strategies including scalping, hedging, news trading, and so on. Unlike US-regulated brokers, MidasFX offers CFD trading. The broker uses the MT4 and MT5 as its trading platform.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
