Review by Nathan Andrews, Editor – MiddleEastForex.com 

We give Mig FX a rating of 1 out 5. There are far superior and better regulated retail FX providers in the market, offering better spreads, 24 hour support and access to quality research, all areas which Mig FX fails significantly. We raise question marks on MIG FX’s regulatory position which is vague and on the surface weak.

Mig FX is the trading name of MIG Investments SA, a FX brokerage based in Switzerland.

Mig FX claim to bring “..the markets most competitive spreads, powerful trading technology, access to premium research…and highest standard of personalized service”. Noble words, however the reality is very different, based upon our review we found these statements to be inaccurate in relation to Mig FX.

Not only are the spreads not the most competitive, the trading technology is slow with a memory and CPU heavy client application based on Meta Trader 4. Additionally the research is of a delayed and primitive nature. The customer support, based on our dealings was slow with support only being offered during Switzerland business hours. Little attention to detail is paid to the minor details which further saps confidence in Mig FX. Examples include support and registration emails which display streams of junk characters, and a non-functioning demo account creation function.

Mig FX Company Information

Website: www.migfx.com

M I G Invesments SA
14, Routes des Gouttes d'Or
2008 Neuchatel – Switzerland

On their website Mig FX state “Capital gains are not taxed at the source in Switzerland”, this is rather misleading statement as the same is true for most brokers offering international services to non-domicile residents. Switzerland has tax exchange information agreements with the European Union, and recently with the United States.

Mig FX provides no information about their capital base and reserves and as such one is unable to gauge their stability as contrasted to brokers such as FXCM and Oanda who publically provide these numbers.

The regulatory environment of Mig FX is unclear . Mig FX is not a member of NFA (National Futures Association) or CFTC (U.S. Commodity Futures Trading Commission) or it seems any other relevant European based body.

Mig FX are however members of the Swiss based ARIF (ASSOCIATION ROMANDE DES INTERMEDIAIRES FINANCIERS), however ARIF themselves state “ARIF is a private non-profit association of public utility, whose purpose is to assist in the prevention of and the fight against money laundering in relation with the Federal Act on the Prevention of Money Laundering in the Financial Sector (MLA).” Anti Money laundering bodies are no substitute for regulatory bodies who on a regular basis assess the institutions stability.

Mig FX Trading Environment

The spreads offered on the majors are:

EURUSD 2 Pips
GBPUSD 3 Pips
USDCHF 3 Pips

The platform is Meta Trader 4 which downloads as a 5.4MB file. Installation is offered in many languages but not in Arabic.

During set-up you are able to configure leverage:

Very strangely you have to agree to subscribe to newsletters before the installation completes:

Account registration occurs during application initialisation but was very slow:

 

Mig FX Trading Platform

The platform provides all the standard charting and pricing features and information. We did notice the slow updating of prices, though this may have been because we were connected to a demo server during our testing.

 

Trade execution was during our testing slightly delayed and not as fast as desired especially during news event. 

 

Mig FX Research

Mig offer an in-house research service at: http://www.migresearch.com/index.php?id=61 

Some useful technical and fundamental trading is offered. The research offering though is very much of a post event nature and no live trading strategies are offered.

 

Summary

We give Mig FX a rating of 1 out 5. There are far superior retail FX providers in the market, offering better spreads, 24 hour support and access to quality research, all areas which Mig FX fails significantly. We also raise serious question marks on MIG FX’s regulatory position which is vague and on the surface weak.

Rating - 1 out of 5.