MIG Bank Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this MIG Bank Review.
MIG Bank Review
MIG Bank (now operating under the Swissquote brand) is an offshore broker. Your money is not safe.
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MIG Bank (now operating under the Swissquote brand)
Headquarters: 14, Routes des Gouttes d’Or, 2008 Neuchatel
Country: Switzerland
Regulated by: FINMA
Subsidiaries: offices in Hong Kong and Zurich
Bonuses: N/A
Explorer Account
minimum deposit: less than $10,000
minimum trade size: 10k
max leverage: 1:500
Standard Account
minimum deposit: $10,001 – $49,999
minimum trade size: 10k
max leverage: 1:200
Advanced Account
minimum deposit: $50,000 – $99,999
minimum trade size: 10k
max leverage: 1:100
Advanced Plus Account
minimum deposit: $100,000 – $249,999
minimum trade size: 10k
max leverage: 1:100
Prime Account
minimum deposit: $250,000
minimum trade size: 10k
max leverage: 1:50
Spread:
Variable, from 1.2 pips
Deposit/Withdraw
Bank Wire, Credit card
Platform:
Metatrader
What we think about MIG Bank (now operating under the Swissquote brand)
There are two things that we like the most about MIG Bank: it’s a Swiss broker (e.g. super secure), and it sponsors a Formula 1 team. We are all convinced that Michael Schumacher is a terrible human being but he is one heck of a F1 driver and we admire this – so it’s kind of cool that he gets to wear the MIG Bank logo on his apparel.
Considering safety and security, the broker gets five stars out of five: back in 2009, it was the first one to obtain a Swiss banking license. Translated into human talk, this license means that creditors and investors of the company are protected by the Swiss banking security standards – and if there’s one thing that the Swiss are great at, this is definitely making chocolate; and banking. To make sure MIG Bank is compliant with all regulation such as the Swiss Banking Act, its operations are being overseen by the Financial Market Supervisory Authority (FINMA).
The broker’s quality management and information technology security systems are ISO certified so frankly – I don’t know what more could one ask for in terms of safety.
As you may know, however, credibility and spotless reputation are not enough to make a broker the biggest one in Switzerland – and MIG Bank sure claims that it is the biggest forex and CFD provider in this tiny, rich country. Let’s take a look at the company’s trading conditions.
The spreads of MIG Bank are on the upper end of average, however institutional and retail clients take advantage of commission-free trading. The pricing model of the broker is transparent, NDD execution is very fast, and the liquidity providers pool – deep. Price improvements (i.e. positive slippage) are available.
While most brokers offer a couple to three account levels, MIG Bank’s customers can sign up for one of six available account types. This leads to better client segmentation and allows the broker to better cater to the needs, portfolio size and skills of the different traders. The maximum allowed leverage with MIG is 1:50 or 1:100 depending on the account type – and we admire this as we believe that the lower the maximum leverage, the better risk management traders can practice.
When trading with MIG Bank, you will be offered the Metatrader 4 (MT4) trading platform and you will be able to trade with Expert Advisors (EA’s).
MIG Bank Review Conclusion
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