MIG Bank

Admin July 14, 2024

Summary

MIG Bank is a forex broker company in Switzerland. In regards to what exactly is a Forex broker, it is a firm that gives traders admittance to platforms that let them buy and sell foreign currencies. Finding a reputable MIG Bank review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Regulated

Payment Methods Used

Credit cards, Debit cardsBank , Wire Transfers

Meta Trading Softwares Used

MetaTrader 4, MetaTrader 5 and Advanced Trader

Overall Rating

2/5

Reviews

Piotr Warsaw
1/5

Worst broker I have seen since Swissquote took over MIG. Massive nagative swaps (in both sides), even in hedging they are the bigger I have ever seen. Slippage and huge spreads (even with 40k $ account). In past one of the best broker. Now for sure the worst. Pity, it's Swissquote fault, first they destroy ACM, now MIG, waiting when they do the same with Dukascopy. Just closed my account.

Janto Jakarta
4/5

I've trade for 4 years with this broker. I fully satisfy with their excellence services. I've made wd US$.30K with no problem at all. I trade with confidence

Alex
1/5

Hello everyone, I am writing to demonstrate my experience with MIG Bank, allowing you to decide – is it scam or not? 1. On the 13th September 2012 after the USD rate news (19.00 GMT), I started to trade GBPCAD manually, using scalping strategy on volatile market. In 1 hour of trading I have made more than 100 transactions, with total profit close to $1300.00. But that is insignificant, as next morning I have found unknown record "correction" and all my profit has gone to -$1383.72! 39832064 2012.09.14 05:03 balance Correction WQ 13.09.2012 -1 383.72 After inquired MIG Bank, they explained to me: "my transactions are unjustified, MIG Bank dealable prices may differ from other providers". Later, they explain to me, that they have had wrong quote and after that, they usually remove this transaction. It does not matter if I’ve got hundreds of quotes... they are all wrong! What is interesting is that I have left one position opened and they did not remove that. If I used the same wrong quotes, why didn't they remove that also? That's the one of the strange questions that arises from the way MIG behaves. My next question was "how can I trade in future? Is there any way to recognise wrong quote from real?" Their answer – silence. Does not matter if I asked the question a few times – more silence? To get my profit back is not possible, because they said in their Terms and Conditions "MIG Bank is not responsible for wrong quote". As soon as I don’t know which quote is wrong which one is not, they have the right to remove any of my profit at any time, in any of my transactions… My question to them about that has been left with no answer; does it mean it is true? Today I can say – this is the truth, because my broker has deducted my profit. When speaking to MIG Bank, I feel my views and questions completely insignificant; as if they are too conceited to answer or even acknowledge them. This is my next example: 2. Money withdrawal is not easy procedure. After sending my withdrawal request, money left trading account immediately but I did not receive it. After one week, they appear on my trading balance but $65.00 less. What happened, they said: this bank account does not exist! Again talking to their big people and feeling myself like insect, I have tried to use their live chat with no success. They said – send an email: but I’ve got a very bad experience of having them answer by email, it may not happen at all! Finally, the third operator promise to call me and after long conversation with MR L, I have got the following explanations: a. My account does not exist (repeated 5 times). b. MIG Bank is very professional company, they can not make this mistake (my account exist 10 years and there are have been plenty of international transfers in the past). c. They did not charge my account with $65.00. d. They do not know what the problem is. Then, I sent a copy of my bank statement (with identical details) - money was received next day but MR L. disappeared, instead of him I’ve got answer from another person (the same number, 5 min later) - $65.00 lost. 3. Re-quote – constant problem for trade. "Trade content is busy", "out of quote" – the rules are that you always have to remember with your trade with this broker. It is hard to believe that some brokers allow you to open positions by market price. 4. The worst problem is lost connection. I’ve got a live account since Feb 2011, nothing changed. During hot market time terminal could be easily disconnected. There are few different brokers on my desktop – nothing like MIG Bank. With this bank connection could be lost for few minutes, sometime over 1 hour. When I call and ask what happened and what shall I do, the answer is always the same – sorry for inconvenience. This is not important for their support – what happened with your strategy or with your positions - they only ask to call to their dealing room to close position. I’m sure you may find that the company is not responsible for lost connection in their Terms and Conditions. Then what they are responsible for? Worst experience ever! But you will find in their description: SWISS MADE, highest quality financial services.

Zoltan
1.1/5

I joined this broker because they offered a forex signal service and i wanted to extend my portfolio with that. My conclusions from the first days: 1.Their introducing broker is an absolute scam in Hungary. 2. MIG had serious problems to solve a simple problem of the MT4 that avoided the customers to receive the forex signals offered. 3.MIG did not communicate anything to the customers about not sending the forex signals that was part of deal. 4. Following the demo account(to present the forex signals system) controlled by the leader analyst of the broker it is obvious that the account is traded differently than it is told to the customers.Positions are closed with discreation and sometimes scalping trades included. So the account is misleading. 5.I copied my own trades to their platform. More cases limit orders that have been filled at other brokers not filled here. Their liquidity or the way they fill the orders are questionable. Stay away far from this broker. This is a typical example of a broker that does not look partners for long term, and does not care to keep the customers. I am sure that with that skill which enables me to trade profitable at my original broker(FXPRO) i could not trade profitable here. The service is dishonest and misleading.

D.J. Italy
2/5

Live from 2011. Live servers are sometimes down. Unacceptable execution time. High spreads despite what is advertised. The demo server and the live server have very different datafeeds so the demo is totally useless (i have proof). But the very bad comes with slippages: i often get 2 to 5 (FIVE!) pip slippage on 70% of orders and the client service answer was similar to "we cannot do anything. it is the market and you have to accept it". Will close everything and never return.

Joshua California
1/5

Where should I start!!! MIG Investment is by far the worst broker I have ever signed up with!!! Please be very very careful while choosing a broker. MIG Investment is know to move the markets to your disadvantage. I registered with them though an introducing broker. I will mention her name. Her name is "Melody". She represents them here in Californian and some other states as well. She is an introducing broker for MIG who get 50% commission on every trade that you make. She will scam you showing that she has been making a lot of money trading with them, but don't trust her. All this MIG Investment did was freeze during news reports. Every time I wanted to place an order if it was to my advantage it would freeze up or give me the trade when it was too late. If the market was not to my advantage it would let the negative position go through so fast it's unbelievable. There scams are shown clearly like day light. Please be very careful. Please be aware that every positive review you see here are by someone representing the broker. Not everyone want's to spend there time to promote other brokers for free. But for the negative review you see here, I would believe are to be true. People have been burnt and they are the ones who truly want to warn you of there scams. Please be very careful while choosing a broker.

Tom
4/5

I am happy with Migbank, but I hear a nasty rumor that they may get rid of their U.S. Clients come July 12, 2011.....Can any tell me if that is true or not? I hope they would be loyal to their U.S. Clients, but I am not sure now, after all the rumors floating around.

Chris
1/5

Opening a live account is like pulling teeth. After sending 3 letters with notery publc siging them, copy of ID and long application I was finally to the point of funding. Pay pal did not charge me for sending opening funds but MIG bank turned the percentage on me. 186.76. I refused to trade at that point. Save yourself the time. Spreds are large even on demo accounts. Looking for another broker now.

Pawel Poland
1.3/5

Lots off slippages even in non news time. They have some "new" execution system wchich is better in they opinion. Off course its better for them because we lose more money on slippages. Few months ago there was no slippage and now they find way to take our money. So Beware of this broker. From 2 to 10 pips slippage on non news time and always on S/L never on T/P its weird don't you think ?

John Barnes
4/5

Gave them a try and so far so good, had a live account for 4 months now and the support and trading has been very good. Will keep you updated.

Daniel
1/5

I closed my account on May 14th 2010 because in just one day and due to a server shut-off I lost all the gains I hardly won in more than 4 months. I lost around USD3.000 in just a few hours. I am still awating the return of my funds, around USD30.000. It is really strage what is going on. Nobody seems to help you, the client support is quite poor and the excuses are incredible. They claim they have to wait until Credit Swiss, their Bank answers them to find where the money is, the fact is that 45 days have passed since I close the account and the balance has not been returned. Beware of this Broker. Please....

Gony
1.4/5

Big Scammer

Jocko Zmed
4/5

Got slipped of a Fed announcement once. [I was a dumbass trading news] Other then that good execution & service...money goes in easy & out. Severs go down once a while.

Charles
2/5

I have used MIG for nearly one year. Their servers are constantly down and they have cost me nearly $800 by not being able to exit orders on time. This will be the second time that I withdraw my funds and I will not return.

Chris
1/5

This company is still listed here unde the wrong and old name. Teir current name is MIG BANK and formerly MIG. They were forced by Swiss authorities to raied funds and become a "Bank" .This was smartly used by the company advertising to brag about being a Bank. This is the second time in the companies hidtory that technical issued with their system ate carried out on the back of their clients. I highly recommend to not touch this broker with a 10 foot pole. The word Swiss should not fool anybody anymore as well as the word "BANK". I reported my earlier difficultiew which were never resolved and/or compensated.

Christoph lahrs San Francisco
1.3/5

MIG BANK (they turned Bank recently) Has been my broker for 5 years. I am now leaving after a serious problem with taking profit on a short trade with GBPUSD and then finding out later that they had taken all the profit back saying it was a wrong quote. They even reopened the position without a stop and without notifying me. All the efforts to resolve the issue have been left without my satisfaction. When I contacted them about the issue initially at night , the dealing room was not willing to give me a complete identification by name. Customer Relations was nice but without power to resolve the issue to my satisfcation. I have no choice to leave a broker who thinks it is OK to open a position in my account without my knowledge.

John
2/5

I too am a professional trader, have traded with MIG for several years, and am finally getting too frustrated with their live servers going down. I consider it unethical behavior to market yourself as a broker if you don't have redundancy and reliability to ensure that your customers can execute trades! I love Dukascopy and will look for another broker to replace MIG!!!

Mr. Krebs
2.3/5

I'm still trading with this broker and it just needs one more server fail-out (which will come in some hours!), and I'm out from them too!! I'm a professional trader since more than a year and I can say this broker is not usable anymore. I've been very patient and hoping they will correct their server errors, but it does not happen! Or do they switch off their servers? I had a great customer support, but those good people from the customer support are living the company - they know why. For those scepctical people, I'm not a competitor of them, nor I am a broker. You can write me and come watch me trading. To MIG: If you think these comments are not true, you can write me too and we can have a meeting, I'm only two hours away from you. My email is mutaharbinuthman@yahoo.com. And then I can show you what kind of a b******t you're doing! Furthermore it's time to have that banking licence you're promoting since over three years or is it just for markting purpose only. Furthermore you should invest in your infrastructure and not in F1 support! Sorry guys, but I've enough of this broker. They were good, but are really not anymore!

Aaron US - Indiana
4/5

I only had a short stint with MIG Investments(about 8 months). I had to withdraw my money due to personal reasons, otherwise I would've stayed with them. After submitting my withdrawal form, the money was transferred to my bank account within two days. Not bad if you ask me. During my time trading with them, I never had a problem executing orders. Every once in awhile I'd get a requote for a market order, but for limit orders, it hit exactly as I wanted each time. The requotes were not a big deal, by the way, as I am not a scalper. On top of everything else I can say, their customer service is top-notch. They were always friendly and willing to help. Plus these guys are about to possibly become a swiss bank. How much more legit can you get? Once I get back into it, I plan to use MIG again.

Gurmal sacramento
1/5

Today is my last day with them. I am new to forex and earned 10,000 Euro within 22 days. They stoped me out today. I did not play by my rules and was waiting it out i could have closed a few open trades. I have a chat that says they dont do margin call only on fridays if it is a negative. I also also had issues with them not closing accounts right away. I lost alot of money today because they were not straight up. the great thing it was market money but this company can not be trusted. I only was with them becouse i like meta trader 4 and i like the denomination to be in euros.