MidasFX Review
MidasFX is an offshore forex broker that was founded in 2023 and is registered in Saint Lucia and which also maintains a physical office in Batumi, Georgia.
Offering traders a choice of both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, MidasFX provides access to 77+ trading instruments - including 43 currency pairs, 12 indices, 2 metals, and 20 cryptocurrencies (which can be traded 24/7). Both platforms are available on Desktop terminals, mobile apps for iOS and Android and as WebTraders.
MidasFX clients have the choice of two account types which suit different trading styles and are available on either MT4 or MT5:
• Standard Account - zero commission trading, spreads from 0.7 pips and leverage up to 1:1000.
• ECN Account - raw spreads from 0.0 pips, a commission of $5 per round turn ($2.5 per side) and leverage up to 1:1000.
Account currency options include USD, EUR, GBP, JPY and CAD and deposits and withdrawals can be made using Bitcoin, Ethereum, Tether, Litecoin, Stellar, and USDC. Deposits can also be facilitated through Instacoins which enables clients to fund accounts using debit or credit cards via crypto purchases.
One advantage of using only crypto based funding methods is that MidasFX is able to accept US clients which is quite a rarity these days among offshore brokers.
There are a few drawbacks however. MidasFX currently does not offer PAMM/MAM services, VPS hosting or swap-free (Islamic) account options. Importantly they also do not provide negative balance protection - a key safeguard offered by many brokers to protect clients during volatile market conditions.
MidasFX offers a 100% deposit bonus, providing up to $10,000 extra margin per deposit, per account. This bonus is available only on MT4.STD and MT4.ECN accounts. For every standard lot traded, $0.40 of the bonus is converted into cash at the end of each trading day.
Overall, MidasFX delivers a competitive trading environment with high leverage, tight spreads on ECN accounts and support for both MT4 and MT5 platforms. However, the absence of negative balance protection and limited additional services may be a consideration for some traders.
Typical Spread on Majors - Live
| EUR/USD | 0.7 |
| GBP/USD | 1.0 |
| USD/JPY | 0.8 |
- Company Info
- Swap Comparison
- Volume Comparison
| Headquarters | Batumi, Georgia |
| Type of Broker | ECN/STP & STP |
| Founded | 2023 |
| Regulated By | Regulated By Not Regulated |
| Offices In | St Lucia, Georgia |
| Supported Languages | English |
| ESMA Regulation ? | This broker is not regulated within the E.U and is not subject to ESMA's new Forex and CFD trading restrictions. To find out more about these restrictions, please see this article |
| Currencies Swap | |||
|---|---|---|---|
| Short | Long |
Type
| |
| Swap Chart for EURUSD for different FX Brokers |
|---|
| Change Currency | ||||
|---|---|---|---|---|
| Volume | ||||
| AUDCAD | 2 | |||
| AUDCHF | 3 | |||
| AUDJPY | 3 | |||
| AUDNZD | 228 | |||
| AUDUSD | 5 | |||
| CADCHF | 5 | |||
| CADJPY | 6 | |||
| CHFJPY | 6 | |||
| EURAUD | 2 | |||
| EURCAD | 12 | |||
| EURCHF | 15 | |||
| EURGBP | 166 | |||
| EURJPY | 24 | |||
| EURNOK | 4 | |||
| EURNZD | 77 | |||
| EURPLN | 3 | |||
| EURSEK | 17 | |||
| EURUSD | 4 | |||
| GBPAUD | 52 | |||
| GBPCAD | 76 | |||
| GBPCHF | 48 | |||
| GBPJPY | 186 | |||
| GBPNZD | 276 | |||
| GBPUSD | 203 | |||
| NZDCAD | 115 | |||
| NZDCHF | 167 | |||
| NZDJPY | 180 | |||
| NZDUSD | 166 | |||
| SGDJPY | 28 | |||
| USDCAD | 10 | |||
| USDCHF | 4 | |||
| USDDKK | 1 | |||
| USDHKD | 2 | |||
| USDJPY | 3 | |||
| USDNOK | 4 | |||
| USDPLN | 2 | |||
| USDSEK | 13 | |||
| USDSGD | 31 | |||
| XAUUSD | 49 | |||
| XAGUSD | 33 | |||
| BTCUSD | 199 | |||
| BCHUSD | 42 | |||
| ETHUSD | 84 | |||
| XRPUSD | 24 | |||
| LTCUSD | 27 | |||
| DSHUSD | 21 | |||
| Volume Chart |
|---|
- Account Details
| Account Currencies | USD, EUR, GBP, JPY, CAD |
| Minimum Deposit | $1 |
| Traders from USA Allowed | Yes |
| Clients Funds Segregated | No |
| Interest on Margin | No |
| Islamic Accounts | No |
| ECN / STP Accounts Offered | Yes |
| Commission on STP or ECN | $2.50 / Lot per side (ECN MT4 Accounts and ECN MT5 Accounts) |
| VIP Accounts Offered | No |
| Mini Accounts Offered | Yes |
| PAMM / MAM Solutions | No |
| API Solutions | No |
| Mobile Trading | Yes |
| Web Based Trading | Yes |
| Funding Methods | Instacoins, Bitcoin, Tether, Ether, Litecoin, Stellar, USDC |
| Withdrawal Methods | Instacoins, Bitcoin, Tether, Ether, Litecoin, Stellar, USDC |
- Platform Details
| Platforms Offered | MetaTrader 4, MetaTrader 4 iOS, MetaTrader 4 Android, MetaTrader 5, MetaTrader 5 iOS, MetaTrader 5 Android, MT WebTrader |
| NO of Pairs | 77 |
| Cryptocurrency Trading | Yes |
| Pricing Digits | 5 |
| Trade off Charts | Yes |
| One-click Execution | Yes |
| Email Alerts | Yes |
| Mobile Alerts | Yes |
| Trading Server Time | GMT + 2 |
| Demo Account Expiry | Non-Expiring |
| VPS Offered | No |
- Trading Details
| Dealing Desk | No |
| Maximum Leverage | 1000:1 |
| Minimum Contract Size | 0.01 |
| Execution | Market Excecution |
| Hedging | Yes |
| Scalping | Yes |
| Scalping Restrictions | No |
| Option of OCO | No |
| Option of FIFO | No |
| Negative Balance Protection | No |
- Additonal Instruments
| CFD's | Yes |
| Metals | Yes |
| Oil | Yes |
| Indices | Yes |
- Currencies Swap
| Short | Long | Type  |
|
| AUDCAD | -7.94 | 1.66 | 0 |
| AUDCHF | -9.34 | 2.95 | 0 |
| AUDJPY | -16.29 | 5.04 | 0 |
| AUDNZD | -7.17 | 0.36 | 0 |
| AUDUSD | -0.64 | -1.66 | 0 |
| CADCHF | -6.53 | 1.66 | 0 |
| CADJPY | -10.52 | 2.54 | 0 |
| CHFJPY | -1.00 | -6.90 | 0 |
| EURAUD | 3.38 | -16.64 | 0 |
| EURCAD | -2.82 | -4.10 | 0 |
| EURCHF | -10.11 | 2.30 | 0 |
| EURGBP | 2.09 | -9.09 | 0 |
| EURJPY | -16.44 | 3.78 | 0 |
| EURNOK | 3.19 | -11.06 | 0 |
| EURNZD | 0.94 | -12.80 | 0 |
| EURPLN | 12.96 | -46.46 | 0 |
| EURSEK | -2.74 | -0.95 | 0 |
| EURUSD | 2.95 | -11.01 | 0 |
| GBPAUD | -5.89 | -2.18 | 0 |
| GBPCAD | -17.66 | 4.18 | 0 |
| GBPCHF | -19.71 | 6.34 | 0 |
| GBPJPY | -34.20 | 11.27 | 0 |
| GBPNZD | -15.49 | 1.73 | 0 |
| GBPUSD | -2.56 | -2.18 | 0 |
| NZDCAD | -4.61 | 0.22 | 0 |
| NZDCHF | -6.78 | 1.87 | 0 |
| NZDJPY | -11.47 | 3.02 | 0 |
| NZDUSD | 0.43 | -3.71 | 0 |
| SGDJPY | -6.81 | 1.00 | 0 |
| USDCAD | -13.06 | 3.31 | 0 |
| USDCHF | -14.85 | 4.82 | 0 |
| USDDKK | -7.37 | 2.10 | 0 |
| USDHKD | -47.49 | 7.42 | 0 |
| USDJPY | -26.21 | 8.68 | 0 |
| USDNOK | -1.43 | -1.55 | 0 |
| USDPLN | -2.05 | -11.65 | 0 |
| USDSEK | -9.95 | 2.79 | 0 |
| USDSGD | -18.43 | 4.82 | 0 |
| XAUUSD | 27.23 | -85.41 | 0 |
| XAGUSD | 3.04 | -9.47 | 0 |
| BTCUSD | -20.00 | -20.00 | 2 |
| BCHUSD | -20.00 | -20.00 | 2 |
| ETHUSD | -20.00 | -20.00 | 2 |
| XRPUSD | -20.00 | -20.00 | 2 |
| LTCUSD | -20.00 | -20.00 | 2 |
| DSHUSD | -20.00 | -20.00 | 2 | Compare Swap rates from other Brokers |
FAQ
Is MidasFX an ECN broker?
Yes, MidasFX is an ECN/STP broker - all of their orders are routed straight through to their liquidity providers.
Does MidasFX accept U.S. clients?
Yes! MidasFX does accept U.S. residents as clients, making them one of the few offshore brokers that still accept U.S. traders.
Is MidasFX regulated?
No, MidasFX is not a regulated broker.
What is the minimum deposit requirement at MidasFX?
There is a $1 minimum deposit across all of MidasFX accounts.
What funding methods does MidasFX allow?
MidasFX allows deposits and withdrawals via Instacoins and cryptocurrency (BTC, USDT, ETH, LTC, USDC and XLM).
What is the maximum leverage available at MidasFX?
MidasFX offers a maximum 1000:1 leverage - available on all account types.
Does MidasFX allow scalping?
Yes. MidasFX allows traders to use any type of trading method or strategy, including scalping, hedging and automated trading.
What trading platforms does MidasFX offer?
MidasFX offers its clients a choice MetaTrader 4 and MetaTrader 5 - they are accessible as a downloadable desktop program, through a mobile app or via WebTrader.
Does MidasFX offer PAMM?
No, MidasFX do not offer a PAMM (Percent Allocation Management Module) service.
Does MidasFX have Negative Balance Protection?
No, MidasFX does not provide Negative Balance Protection to their clients funds.
Does MidasFX have Swap-free (Islamic) Accounts?
No, MidasFX do not have swap-free accounts.
Is a VPS available at MidasFX?
No, MidasFX does not offer VPS to its clients.
MidasFX Reviews
To submit your own Forex Broker review please fill in the form below. Your review will be checked by a moderator and published on this page. Please ensure that you use a valid email address when posting your review and check your email after submitting the review - we will send you an email with a confirmation!
