Company information
MidasFX is a legally registered forex broker located in the Saint Vincent and the Grenadines, but not regulated by any government agency.
Availability
MidasFX accepts clients from all over the world, excluding some countries where restrictions apply.
Distinctive features
- Simple registration and verification process.
- Tight spreads on major currency pairs.
- Cryptocurrency funding accepted.
Trading instruments
Forex broker offers the following underlying assets for trading.
| 40+ Currency Pairs | Based on major and minor world currencies. |
| 20 Crypto Pairs | Based on Cardano, Avalanche, Bitcoin, Bitcoin Cash, Dogecoin, Polkadot, Dash, EOS, Ethereum, Ethereum Classic, Chainlink, Litecoin, Matic, Solana, Uniswap, Stellar, Monero, Ripple, Tezos, Zcash. |
| 12 Indice CFDs | Based on baskets of different blue-chip stocks. |
| 2 Metal CFDs | Based on Gold and Silver. |
| 2 Energy CFDs | Based on Crude Oil (WTI, Brent). |
Comprehensive review
MidasFX is a forex & CFD broker registered in Saint Vincent and the Grenadines, a commonly used offshore jurisdiction in the Caribbean. While the company is legally registered, it is crucial to note that it operates without regulation from any government agency. This brings both advantages and potential risks, and traders should carefully consider the implications of these before depositing money with MidasFX.
One of the benefits of trading with offshore and unregulated forex brokers is the very high trading leverage they often give access to. This is also the case with MidasFX, which offers leverage of up to 1:1,000 on the most liquid trading instruments. Additionally, ID verification procedures are often less cumbersome, which obviously saves time and frustration during the sign-up process.
When it comes to trading instruments, MidasFX has most people covered with its choices. This ranges from more than 40 forex pairs, to 20 cryptocurrency pairs, multiple major stock indices, and commodities. What's missing, however, are single stocks and bonds, while we would also have liked to see a larger selection of commodities.
As with nearly all forex brokers, the assets offered by MidasFX are offered as contracts-for-difference, or CFDs for short. These are derivatives of the underlying asset that makes it super simple to take positions on the assets, both long (to profit from higher prices) and short (to profit from lower prices). The CFDs also have built-in leverage, which means that it is possible to make significant profits without having a large trading account.
All of these underlying assets can be traded on either the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms, which are both offered by MidasFX. Released by the Russian software company MetaQuotes in 2005 and 2010, respectively, MT4 and MT5 are among the best-known trading platforms in the forex trading community.
MT4, specifically, essentially laid the foundation for online forex trading among retail traders. Notably, the platform remains popular even today because of its powerful features and familiar trading interface.
When signing up with MidasFX as a new user, the choice in terms of account types is to use either an Electronic Communications Network (ECN) account or a Standard (STD, or Straight-Through Processing - STP) account on MT4 or MT5. As such, the account types available are called MT4.ECN, MT4.STD, MT5.ECN, and MT5.STD.
Among these, the ECN account offers spreads from 0 pips and commissions of $5 per 100k traded, while the STD account offers spreads from 0.7 pips and no commissions.
One special thing about MidasFX is that this broker mainly relies on crypto for account funding. This means that it does not accept credit or debit cards directly, although it is possible to easily buy some crypto through a third-party service known as Instacoins, which then sends the crypto to MidasFX. It is also possible to fund trading accounts directly with either Bitcoin (BTC), Bitcoin Cash (BCH), Stellar (XLM), or the stablecoins Tether (USDT) or USD Coin (USDC).
There is no specific minimum amount that is necessary to open a trading account and start trading with MidasFX.
In conclusion, we do believe that MidasFX has carved out a nice niche for itself in the space for crypto-based forex brokers that offer trading on traditional assets like forex and commodities. It's potentially a nice opportunity for those looking for ultra-high leverage to step up their forex trading, although it should also be stressed that trading with unregulated brokers does come with certain risks that everyone should be aware of.
