MIG Bank MIG Bank Review

MIG Bank real time & average spread

Real time spread
N/A
Average spread
For the last hour
Min spread
N/A
Max spread
N/A
Swap long: n/a
Swap short: n/a
Stop/Limit level: n/a
1.26 pips

MIG Bank execution and slippage

 

Slippage is the difference between the price at which the order has been placed and the price at which it has been executed by the broker. The less slippage you get, the better your trading results will be.

 

Our slippage data about MIG Bank is sampled by 10 of the most popular forex trading strategies in Zulutrade.com.

2.53 pips

MIG Bank slippage with Kama-spot trading strategy

Kama-spot is a forex trading strategy, based on technical analysis. It trades mainly EUR/USD, GBP/USD and USD/CHF

Average profit:                14.0 pips
Average trade lifespan:  19 hours
Most traded pairs:               EUR/USD, GBP/USD and USD/CHF

 

0.54 pips

MIG Bank slippage with Saved FX trading strategy

Average profit:                  16.0 pips

Average trade lifespan:    1 day

Most traded pairs:                 EUR/USD, GBP/USD, USD/CHF
1.37 pips

MIG Bank slippage with Qurenix trading strategy

Average profit:                  9.0 pips

Average trade lifespan:  5 hours

Most traded pairs:             EUR/USD
1.84 pips

MIG Bank slippage with Forex Cruise Control trading strategy

Average pips/trade:           5.0

Average trade lifespan:   18 hours

Most traded pairs:              GBP/USD
1.31 pips

MIG Bank slippage with For333 trading strategy

Average pips/trade:           12.0

Average trade lifespan:   15 hours

Most traded pairs:              GBP/USD, EUR/USD, AUD/USD
0.38 pips

MIG Bank slippage with Azar Consulting trading strategy

Average profit:                   28.0 pips

Average trade lifespan:   3 days

Most traded pairs:               EUR/USD
1.63 pips

MIG Bank slippage with The Best Player trading strategy

Average profit:                  22.0 pips

Average trade lifespan:   13 hours

Most traded pairs:               EUR/USD
0.16 pips

MIG Bank slippage with Xiaolidao trading strategy

Average pips/trade:           9.0 pips

Average trade lifespan:   1 day

Most traded pairs:               EUR/USD
1.16 pips

MIG Bank slippage with Youron trading strategy

Average profit:                  9.0 pips

Average trade lifespan:   11 hours

Most traded pairs:               EUR/USD, GBP/USD
1.67 pips

MIG Bank slippage with Duanxian(GBP\USD) trading strategy

Average profit:                      10.0 pips

Average trade lifespan:      1 days
 
Most traded pairs:                   EUR/USD, NZD/USD, GBP/USD
MIG Forex Broker | MIG Bank | migfx.ch forex

Headquarters:  14, Routes des Gouttes d'Or, 2008 Neuchatel 

Country: Switzerland

Regulated by: FINMA

Subsidiaries: offices in Hong Kong and Zurich

Bonuses: N/A
 

Trader's rate 3.1
Editor's rate 4.0
6 reviews

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

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). 
Latest news about MIG Bank See more...

Spread

Variable spreads;
Typical spreads: EUR/USD - 2 | GBP/USD - 3 | USD/CHF - 3 | USD/JPY - 2

Pros

Cons

Low spreads

No commissions

 

Spreads widen during volatile market

Spreads widen durin Asian session

Spreads widen up to 20 pips during news 

Slippage

Pros

Cons

No slippage during normal market conditions

 

Slippage during news releases

 

 

Requotes

Pros

Cons

MAX Deviation feature - trader is able to set max market order slippage

 

Requotes during volatile markets

 

Price feed

Pros

Cons

No spikes

No price manipulation 

N/A

 

Platform

Pros

Cons

Metatrader 4.0

Very intuitive and easy to handle

Decent charts

Autotrading

Custom indicators

Mobile ready 

Some freezes during news releases

Trailing stop is server based

No Web Platform

 

 

 

Deposit/Withdraw

Deposit

Withdraw

Bank Wire

Bank Wire 

 

Customer service

Pros

Cons

Customer Service reps are alwayws ready to help

Phone

Request a Call

Live Chat

E-mail 

N/A

 

 

  

 

Summary

Pros

Cons

Reasonable spreads

Metatrader 4.0

 

Requotes

Not regulated in US 

No scalping

Traders` reviews for MIG Bank Add review

MIG Bank offers a good trading experience

Setting up an account with MIG is a pain in the a**, but once you managed to do this, you’re in for quite a decent experience – good execution, competitive spreads, high liquidity, lack of slippage and re-quote. MIG has a firm non-scalping policy so if you’re a scalper, this is probably not your broker.

Kaitleen 06/25/2012

MIG Bank execution is awful, trades just hang there for 10 secs

Had a live account for about a week, then closed it. Worst trade execution I have ever experienced. Trades just hang there for 10-20 seconds sometimes before filling. Happens in normal, non-news times. This ultra slow execution didn't happen all the time, but it was slow enough, often enough for me to make a decision quickly to leave.

For perspective, I've also had/have accounts with FxPro, IBFX, Alpari, IKON Royal, FXDD, PFG, MB Trading, FXCM, ATC Brokers. So, I'm not new to this or inexperienced. And like I said, worst execution I've ever experienced.

The low spreads mean nothing if you don't get good execution. And that's the one thing you cannot know before you open a live account. Feel free to try it yourself if you want of course, but you might want to consider what people who've traded live have to say

TC East, forexfactory.com 11/07/2009

Advantages:

MetaTrader Forex broker
Competitive spreads
Shares its profit with UNICEF


Disadvantages:

High account minimum
Opening an account is a complicated process

earnforex.com 10/29/2009

PROS:
Allow American account holders - combined with Swiss secrecy and high standards;
Decent spreads;
Deep liquidity and good execution;
MT4 platform;
Gold and Silver trading;
Swiss regulation (ARIF);
$1.5 rebate per 100,000 RT on Pro accounts;

CONS:
They won't talk to you if you're poor;
Limited number of tradeable instruments;
Accounts not segregated;
No scalping policy;

Quick Facts:
Headquarters in Neuchatel, Switzerland;
Metatrader 4 (MT4) platform;
2 pip variable spreads on EUR/USD (Standard & Pro accounts);
1 pip variable spreads on EUR/USD (Institutional accounts);
Liquidity provided by UBS;
Established in 2003;

BlogCatalog.com 10/29/2009

Well, I am a satisfy customer, tight spreads, good software and first class advice. Swiss company 2000 to start which seems reasonable to me, I started with minilots and now with lots, I fax them, next day money is on the way, quick and efficent answer the phone. Thank you.

Peter, Goforex.net 10/29/2009

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.

dailyforex.com 10/29/2009