MIG Bank Review
MIG Investments (MIG Bank) is now operating under the name Swissquote. See our review of Swissquote for further details.
MIG Investments (also known as MIG Bank) is a fully regulated online Swiss broker providing you with real-time access to the Foreign Exchange and Bullion markets. Their goal is to provide the best service on the market and they believe that their MT4 based MIG Trading Station will make them the number one online broker of FOREX traders in the world.
Their platform is available in 21 languages. It is fairly easy to grasp and use, there is a solid help guide, and you can download the program and setup a Free Demo Account that presents you with an opportunity to familiarize yourself with the trading platform and experience real market conditions. The demo server runs a bit slow and your demo account will expire within 30 days so it’s important to save your trade history to your computer since all data is lost on expiration.
The platform constantly updates real-time prices with real-time charts and you have the ability to use the most popular indicators. There is a daily account statement and a real-time summary of client orders, your account equity and floating profit and losses. Headlines are pulled from the Dow Jones Newswires and plugged directly into the system. You can use the Expert Advisor to program your own trading strategies on the demo account. The Expert Advisor feature is also available for real accounts upon written request. The same applies for the Trailing Stop feature.
Some users may be bothered by the fact that the sign up process and access to certain features aren’t very Internet friendly. Opening up an account requires downloading account forms online, filling out and signing the documents, providing a notified copy of your passport for individual accounts and a copy of a utility bill for proof of residence, and then mailing the packet to Switzerland. The passport could be substituted by any official document with your photo and signature for those of you who aren’t international travelers!
Faxed or scanned/e-mailed copies are not acceptable! Your documents must be mailed to Switzerland. This is due to MIG’s Swiss regulation and strict anti-money laundering protection. MIG Investments is also not permitted to accept credit card payments or third party transfers – all funds must be wired from an account carrying your name. Measures like this are done for your security and to maintain the integrity and standing of Swiss financial institutions.
Once the application is received the set-up time varies. Standard individual accounts can typically be set-up within two days while professional and institutional accounts can take up to one week. A minimum deposit of $2,000 U.S. is needed to open up the Standard Account. A Professional Account can be opened with $100,000 U.S.
Despite the simplicity of the system, the free indicators, etc. there are still some issues that need to be mentioned. One specific problem area for MIG Investments is the number of requotes. Users have complained about having to requote the price several times. MIG blames this on clients attempting to take advantage of a wrong price quote in the Market Watch. Skeptical users believe that if the price is on your side – you get requoted. Between the requote after requote, the delays and disconnects, it becomes difficult to get an honest price when the market is moving and there is some question as to what open position price you are getting, the old or new.
Customer service are quick to respond to calls and emails with multilingual reps to help you regardless of the language barriers.
Overall, this is a state of the art MT4 based broker with many features like tight spreads, a smooth withdrawal process and friendly customer service. If you begin experiencing problems with requotes, delays or disconnects, contact the customer service team and see if it can be worked through.
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