migbank

Note: The broker is disabled and the website redirects to swissquote.

The broker is regulated by Swiss Financial Market Supervisory Authority (FINMA) and follows the highest level of integrity and transparency to traders. Located in Lausanne, Switzerland, MigBank has representative offices in Zurich, London and Hong Kong.

Trading Platform

MetaTrader4

MIG Bank’s MT4 platform (MIG Trading Station) is powerful, user-friendly and outstanding award-winning interface translated into 23 languages. With this platform you have access to charting and indicator templates, automated possibilities, trailing stop features and news headlines.

Web Platform

Online platform provides high performance and security needed in this field. Nearly all orders are executed automatically without the intervention of dealers. The optimal design provides quality performance and speed.

Mobile Platform

MIG Bank mobile interface brings trading to you anytime, anywhere. With secure mobile trading solution, traders can easily follow the market and execute orders on the go. The features include live charts and customizable indicators with live streaming market analysis.

Account Types

Demo account is available for free to familiarize yourself with the platform and test the real marker conditions. Unfortunately the practice account is only available for 30 days and the trading data is lost once the account is expired.

Explorer account – minimum deposit requirement $2,000 with access to daily and weekly market outlook.

Standard Account – minimum deposit of $10,000 with personalized services in your own language and daily, weekly market analysis.

Advanced Account, Advanced Plus and Prime Account are designed for high volume traders with minimum deposit requirement of $50,000 and up. The accounts provide advanced features and services such as free VPS, EA programming, access to webinars, exclusive analytical reports and other vip features.

Trading Conditions

The sign up process is somewhat time consuming and less internet friendly compared to other brokers today. In order to open a trading account, you have to download online forms, fill them out, sign the documents and provide notified copy of your password, along with proof of address (with utility bill or similar document).

The worst part of the registration process is the fact that faxed or scanned and emailed copies are not acceptable. You have to mail all of the documents to Switzerland. During our Migbank review, we personally found this whole sign up process extremely uncomfortable, not user-friendly, outdated and uncomfortable.

You want to be able to sign up and start trading within minutes. Instead, you have to spend weeks filling and sending documents to even see your account opened. Imagine if you sent the wrong documents or something is still missing. Weeks will pass before you see any real trading.

There are complaints from the traders about numerous requotes of the price and disconnections. MIG blames this on traders trying to take advantage of a wrong price quote in the Market Watch. Some of the traders, however, claim that when the price is on your site, the broker makes a requote or disconnects.

Some of the spreads are listed below of your consideration:

Pairs

Max Lots

Swaps
short / long
(subject to changes without notice)

Mark up (pip) / Initial margin* (% of base currency)

Explorer

Standard

Advanced

Advanced +

Prime

 

EURUSD

100

0.27

-0.44

2

1 %

1.8

1 %

1.4

1 %

1.1

1 %

0.8

2 %

USDJPY

100

-0.77

0.27

2

1 %

1.8

1 %

1.4

1 %

1.1

1 %

0.8

2 %

AUDUSD

100

-6.93

5.4

3.2

1 %

2.6

1 %

2.2

1 %

1.9

1 %

1.6

2 %

GBPUSD

100

-1.54

0.99

2.6

1 %

2.2

1 %

1.8

1 %

1.5

1 %

1.2

2 %

USDCHF

100

-0.77

0.45

2.6

1 %

2.2

1 %

1.8

1 %

1.5

1 %

1.2

2 %

USDCAD

100

2.16

-2.97

3.8

1 %

2.8

1 %

2.4

1 %

2.1

1 %

1.8

2 %

EURGBP

100

0.72

-1.1

2

1 %

1.7

1 %

1.4

1 %

1.1

1 %

0.7

2 %

EURCHF

100

-0.66

0.27

2.8

5 %

2.5

5 %

2.2

5 %

1.9

5 %

1.5

10 %

EURJPY

100

-0.77

0.09

3

1 %

2.5

1 %

2.2

1 %

1.9

1 %

1.5

2 %

CADJPY

50

-0.33

0.21

5

1 %

4

1 %

3

1 %

3

1 %

2

2 %

 

All the trading styles are accepted including scalping and hedging.

Payment Methods

MIG Investment now offers 3 ways to conveniently make a deposit to your account – Credit Cards, Paypal and Wire Transfer. Withdrawals are procces within 3 days upon approval of the request.

The minimum deposit is very high of $2,000 USD for standard account. Professional account can be opened with $100,000 USD.

Customer Support

Support representatives provide multilingual assistance via phone and emails. All the information about location, headquarters and numerous phone numbers to different departments of the broker are listed on the site.

 

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