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MikiForex Review – is it scam or safe?

MikiForex Review  – is mikiforex.com scam or safe forex broker?

RATING: 2 / 0 REVIEWS MikiForex
MikiForex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Micro $20 0.01 lot 1:500 From 1 pip
Mini $200 0.1 lot 1:200 From 0.8 pips
Standard $1500 1 lot 1:200 From 0.5 pips

 

MikiForex has three types of live trading accounts: Micro, Mini and Standard, plus a free demo account. There is also a type of money management account.


The broker has a tradable portfolio consisting of forex pairs, CFDs, metals and options. The company allows scalping and offers 2% annual interest on the free margin in a clients' account.



The Company. Security of Funds


Company Country Regulation
MikiForex Israel None

 

MikiForex is based in Israel, but is not regulated. As per the local legislative requirements it is not allowed to offer its services to local residents, but apparently this is not the case. Judging by the default language of the site, its main target are the Russian-speaking traders. The current Israeli legislation does not explicitly forbid forex brokers offering their services to clients abroad, but there are certain restrictions for the binary options brokers.


Either way, we always advise against dealing with unregulated brokers. Often they do not abide by any requirements and offer little to none client protection. There are brokers regulated by UK's FCA and the Australian Securities and Investment Commission (ASIC), for example, which are much less risky and are required to be members of client protection schemes, in addition to covering capital adequacy requirements and employee qualifications.



Trading platform


MikiForex does not stray from the standard and offers the most popular trading platform, MetaTrader 4 (MT4).


For the more than 10 years of its existence MT4 has become the preferred trading platform by brokers and traders alike. It has numerous features and is user friendly. Furthermore it supports third-party add-ons, multiple types of orders and automated trading and provides many analysis and charting tools.



Promotions


MikiForex has several types of bonuses. Among them are a deposit bonus of up to 60% and a tradable bonus of up to 135%. Terms and conditions apply.


There are also various trading competitions.



Payment methods


MikiForex accepts payments through bank transfers and debit and credit cards, plus the onlne payment systems Skrill, OKPay, Yandex Money and WebMoney.



Conclusion


MikiForex is an unregulated broker and this poses certain risks. Its trading conditions, however, are fairly good for the industry average and this is worth mentioning. On the other hand, though, there are hundreds of properly regulated brokers with similar conditions. One must also not forget that Israel could change its legislation and ban unregulated forex brokers from working with international clients.


Pros Cons
MT4 Unregulated 
Interest on deposits  
Tight spreads  

 

 

Latest news about MikiForex
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Traders` reviews for MikiForex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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