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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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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.
Well, seems like Anonymous was just bashing without any facts about the broker. I saw positive reviews about MIG Bank, so don't be fooled by anonymous bashers.
MIG bank provides hedging, the instrument much better than stop-losses. Those using stop-losses almost always come to zero on their accounts. Because virtually all Forex brokers are targeting to your stop-losses. They see them all! So, just do not use physical stop-losses! I mean it! Use hedging instead.
Where should i start mig investment IS A SCAMMMMMM. Please be warned they are only out there for you money, and nothing less. There customer service is trained to dodge your questions. They seem to be there to wash even pro. traders out. They also move just enough to hit your stop losses. I have done many test while leaving my stop losses out and just mentally I have always succeeded and when I put my stop losses, I seem to always get JUST enough pip to hit my stop losses all the time. PLEASE BE WARNED YOU ARE DEALING WITH PROFESSIONAL SCAMERS who are killing them self to make it look like they are reputable and worthy, but they never will be, with what they do. Forex companies out there who care, not this one. I have written this just to let you all know of how bad they are, and don't what you to wish that someone had told you this before.
Review info: MIG Bank
Review Date: 2016-10-12
Rating : 4
Reviewed By : Sara Patterson (Google+)