Midasama – Is it a Safe Broker?

| Publish date: 01/09/2020 (Last updated: March 24, 2020 02:23 PM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Midasama - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Deposit
X

updated 2020

Midasama claims to be a broker that is based out of Malaysia, but there is no information on its website to confirm or deny this claim. The broker claims to have 5 different account types, with the basic account requiring a minimum deposit of $1,000. The next set of accounts require you to deposit a minimum of $5,000, $10,000, $50,000 and $100,000 respectively.

There is no information about its trading conditions, so traders would need to create a live account to actually find out what the leverage, spread and trading fees would be.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://www.midasama.com/

Founded: 2012

Regulations: Unregulated

Languages: English, Chinese

Deposit Methods: Wire Transfer

Minimum Deposit: $1000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, CFDs on Precious Metals, Stocks, Commodities 

Trading Accounts and Conditions

Midasama claims to be a broker that is based out of Malaysia, but there is no information on its website to confirm or deny this claim. The broker claims to have 5 different account types, with the basic account requiring a minimum deposit of $1,000. The next set of accounts require you to deposit a minimum of $5,000, $10,000, $50,000 and $100,000 respectively.

There is no information about its trading conditions, so traders would need to create a live account to actually find out what the leverage, spread and trading fees would be.

Midasama – Advantages

This broker’s website looks very dramatic, but has little substance in it. There is only one single advantage that we were able to identify for Midasama: the broker offers its clients a downloadable version of the MT4 (MetaTrader 4) trading platform.

The challenge we faced was that we were unable to register for this broker’s trading platform, so we cannot confirm that Midasama actually supports the MT4 platform.

Midasama – Disadvantages

The list of negatives for this broker is big, and most of them are serious red flags that clearly point to the fact that Midasama is a scammer. Read on to find out why we have reached this conclusion.

  • Anonymity and Lack of Regulation

There is no information on Midasama’s website about which company owns and operates the brokerage. The only way the company is referred to in the About Us page is Our Team.

When you try to register an account with Midasama, you get to see the Terms and Conditions page. However, on closer inspection, it turns out that it is actually the broker’s Privacy Policy. There doesn’t seem to be any legal document to which we can refer on this broker’s website.

Furthermore, there is no licensing or registration information on the website. Such a complete lack of information clearly indicates that this broker is an unregulated scammer.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • Date of Establishment

Midasama claims that it started its operations in 2012. However, when we researched its domain name, it revealed that the broker was first registered in 2016, and that registration was updated in 2019.

Because of the fact that the domain registration is private information, we were unable to find out what the company name was.

  • Partnership with Dawada

Midasama, an Asian broker, claims to be partnered with a company called Dawada in Europe. Dawada claims to be a Forex broker based out of Cyprus. The address listed on Midasama’s partner broker is listed with the CySEC, but when we traced that address, it was an apartment located in a locality called Limassol.

The reason we are flagging this point is because there seems to be no traffic on Dawada’s website, so it looks more like a shell company.

  • Trading Assets

When you go through Midasama’s website, it mentions that it offers trading in Forex, commodities, precious metals, stocks and indices. However, we cannot confirm if these products actually exist because we were unable to log into this broker’s platform.

  • No Demo Account

Midasama has no demo account, and when we tried to register a live account, we were unable to do so. This made us question whether the broker actually has a trading platform at all.

  • Extremely High Minimum Deposit Requirement

This broker requires you to put in a massive $1,000 dollars before you can trade on its platform. That amount is 4 times higher than the industry average.

And considering the fact that there doesn’t really seem to be an actual trading platform, it just strengthens our belief that Midasama is a scammer.

  • No Information on Trading Conditions

While we had to trawl through the entire website to get information on the account types, we were unable to find any details with regard to trading conditions.

There are no leverages mentioned, no spreads or even transactions fees mentioned anywhere on Midasama’s website.

  • Signs of a Pyramid Scheme – The Midasama Compensation Plan

Everything we have investigated about Midasama points to the fact that this website isn’t even a forex broker. It actually seems to be a Ponzi Scheme. Rather than talking about trading instruments, this website focuses on its Compensation Plan and how people can make money from using Midasama.

To get started with Midasama, you need to make that minimum deposit of $1,000. The website promises a return of as much as 20% per month.

Those account types we were talking about? Well, they’re actually packages where you need to invest money in this website, and you will get correspondingly higher returns on your investment.

Each investor is given a rank, based on which you can earn more money.

This entire set-up reeks of Midasama actually being a Pyramid scheme focused on divesting you of your money.

  • Single Payment Method

The website doesn’t mention any payment methods. The only way were able to deduce that Midasama takes money from its customers is during the registration process, where you are required to input your bank account details.

Conclusion

Midasama is out to scam you and take your money. That is our conclusion. The broker’s website has no real trading platform or even trading products. It is anonymous and unregulated and the entire structure it follows indicates that it is, in reality, a Pyramid and Ponzi scheme.

We would strongly urge all traders to keep away from Midasama because it is a dangerous scammer.

Midasama

2.4

User Experience

2.8/10

Payment Options

2.7/10

Security

2.3/10

Support

2.2/10

Reputation

1.9/10

Pros

  • None

Cons

  • Fake Date of Establishment
  • Partner Broker in Europe Seems to be Shell
  • Trading Assets – None Exist
  • Extremely High Minimum Deposit Requirement
  • Indications that this is a Pyramid Scheme

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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