MidasFX Forex broker review — Everything you need to know

MidasFX is the company’s trade name, registered in Saint Lucia, and it also has an office in Batumi, Georgia. The broker is relatively young, having been established in 2020, but it has still managed to create a user-friendly and professional-looking website. However, their regulatory status is still questionable. The broker is not regulated by any authorities, which makes it a risky broker. We can’t confirm it really employs segregated bank accounts and there is no negative balance protection offered at the moment either, which are serious drawbacks.

In this review, we will assess the broker’s safety, accounts, spreads, assets, platforms, and other crucial conditions to define whether you can trust MidasFX with your hard-earned money.

MidasFX Overview of the website

The website of MidasFX broker is well-ordered and responsive. It offers all critical information about the broker’s services like accounts, platforms, spreads, payment options, and more. Traders can just navigate between menu buttons to find the info they are searching for with ease. The website is simple and not overcrowded with many different colors and information. The broker offers many details on the initial page making it easy to see the main conditions with just one glance, which is flexible and useful. There is no live chat plugin available either to support quick contact.

Overall, the website is satisfactory and offers everything the broker’s website should do.

MidasFX Accounts Reviewed

The broker offers several account options like ENC and STP. The ECN is a scalping account with low spreads and commissions while the STP offers commission-free trading but has spreads. Let’s briefly review each of them to define how competitive the broker truly is.

MidasFX ECN Account

The ECN account offers a low-spread trading experience for scalpers and intra-day traders seeking low-cost trading solutions. It offers the following:

• Minimum deposit – 1 USD
• Maximum leverage – 1:1000
• Spreads from – 0.0 pips
• Commissions – 5 USD per 100k traded
• Account base currency – USD/EUR/GBP/JPY/CAD
• Minimum lot size – 0.01 lots
• Markets – Forex, Cryptos, Indices, Metals

MidasFX STP Account

The STP account is for general FX trading -purposes and provides commission-free trading conditions with very competitive spreads:

• Minimum deposit – 1 USD
• Maximum leverage – 1:1000
• Spreads from – 0.7 pips
• Commissions – 0 USD
• Account base currency – USD/EUR/GBP/JPY/CAD
• Minimum lot size – 0.01 lots
• Markets – Forex, Cryptos, Indices, Metals

Overall, the broker has a very professional yet simplistic approach as it offers both low spreads and commission-free accounts targeting traders with different trading styles. The minimum deposit of just 1 dollar is competitive and makes the broker beginner-friendly.

Deposit and withdrawal options at MidasFX

At the moment, the broker only supports crypto payments, which is a serious drawback. The available cryptos include USDT, BTC, ETH, and many more. Traders have to use the same crypto coin for both deposits and withdrawals. If they use BTC for deposit and try to withdraw using USDT they might get rejected. Something to keep in mind. No fees are charged from the broker’s side but the Blockchain network will have gas fees.

MidasFX Assets — What can you trade?

MidasFX is a multi-asset trading broker that offers access to FX pairs, commodities, indices, and crypto pairs. Most of these assets are offered in the form of CFDs, enabling fast buy and sell orders. The leverage of 1:1000 is more than enough to control a serious trading power, but it is also risky for beginners.

Trading platforms of MidasFX

The broker provides access to advanced trading platforms, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). Both platforms allow traders to use custom indicators and Expert Advisors (EAs). Mobile trading is available via the MT5 mobile trading app, accessible on iOS and Android devices.

Education at MidasFX

The broker does not provide educational resources which is a drawback. There are no webinars, trading courses, articles, or video content. No tools are provided either to assist traders increase their trading accuracy. The broker might offer beginner-friendly conditions but lack of education is a considerable downside for beginners.

MidasFX Customer Support

MidasFX offers limited support options, email only. The lack of a live chat is a serious red flag, together with unregulated status, making the broker very risky and unreliable. There is no phone support provided, which is a red flag. While the broker is available on social media, the lack of a phone number is a safety issue. Reputable barkers offer their phone numbers. When it comes to multilingual capabilities, MidasFX only offers English language support, which is also a minor drawback.

MidasFX bonuses and promotions

MidasFX has a 100% deposit bonus program currently running. Traders can select their deposit bonus level between 10 and 100% and the maximum available funds are 10,000 USD, which is a serious amount. The bonus has terms and conditions and traders should carefully read all the requirements before applying for any bonus programs.

Is MidasFX your broker? Final verdict

MidasFX offers attractive trading conditions such as low minimum deposit requirements, high leverage levels, and dual account types for different trading strategy styles. However, the lack of regulations, crypto-exclusive payment methods, limited support (no hotline), and lack of educational resources are serious downsides. Traders are advised to exercise extra caution when dealing with unregulated brokers that only support crypto payments.

FAQs on MidasFX broker

Where is MidasFX based?

MidasFX is registered in Saint Lucia and also has offices in Batumi, Georgia offering trading services to global audiences.

Can you withdraw from MidasFX?

Yes, but only via cryptos. There are no other payments supported at the moment and you must use the same crypto for both deposits and withdrawals.