MidasWMS – Are They Legit?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
MidasWMS - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
Here is the list of trading accounts offered by MidasWMS:
- Green Account: To open a Green Account, you first need to make a minimum deposit of $5,000. The spreads offered for this account range from 2.5 pips to 3 pips.
- Premium Account: To use the Premium Account, you need to make an initial minimum deposit of $10,000. The spreads range from 2 pips to 2.5 pips.
- Platinum Account: To use this broker’s Platinum Account, you first need to put in at least $50,000. You will get spreads that range between 1.5 pips.
- Executive Account: The minimum deposit you need to make to use this account is $100,000. You get spreads that range from 1 pip to 1.5 pips.
- Presidential Account: The minimum deposit requirement is $250,000. The spreads range between 0.5 pips and 1 pip, and the leverage ratios are tailored.
The broker claims not to charge any commissions. The leverage ratio offered is about 1:200.
Try these regulated brokers if you want to start trading cryptocurrencies
82% 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
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: www.midaswms.com
Founded: 2019
Regulations: Unregulated
Languages: English
Deposit Methods: MasterCard, Maestro Card, Visa Card
Minimum Deposit: $5,000
Free Demo Account: Yes
Number of Assets: Not Specified
Types of Assets: Indices, Commodities (Crude Oil, Precious Metals), Stocks
Trading Accounts and Conditions
Here is the list of trading accounts offered by MidasWMS:
- Green Account: To open a Green Account, you first need to make a minimum deposit of $5,000. The spreads offered for this account range from 2.5 pips to 3 pips.
- Premium Account: To use the Premium Account, you need to make an initial minimum deposit of $10,000. The spreads range from 2 pips to 2.5 pips.
- Platinum Account: To use this broker’s Platinum Account, you first need to put in at least $50,000. You will get spreads that range between 1.5 pips.
- Executive Account: The minimum deposit you need to make to use this account is $100,000. You get spreads that range from 1 pip to 1.5 pips.
- Presidential Account: The minimum deposit requirement is $250,000. The spreads range between 0.5 pips and 1 pip, and the leverage ratios are tailored.
The broker claims not to charge any commissions. The leverage ratio offered is about 1:200.
MidasWMS – Advantages
Here are the advantages of using MidasWMS as your forex broker:
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Solid Leverage Ratio
The maximum leverage that MidasWMS offers is 1:200, which is quite solid and can appeal to traders with a diverse range of trading strategies. However, it is also our duty to warn our readers that taking on high leverages can be very risky and you could lose your funds. In fact, because so many traders were losing huge amounts of money while accepting high leverages, most financial authorities around the world have put a cap on how much leverage a broker can offer. One of the only countries where you can still legally get high leverage ratios is Australia.
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Demo Account Available
MidasWMS offers you a demo account with which you can test the trading conditions as well as its trading platform. However, we must warn our readers that we were not able to access the demo account for ourselves, so we cannot verify that it actually works.
MidasWMS – Disadvantages
Here are the disadvantages we found in MidasWMS:
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Unregulated Broker
MidasWMS claims that its parent company is Digital C Media Ltd. This company is based in St. Vincent and the Grenadines, which makes it an offshore entity. SVG is a popular location for shady operations because of the rather lax regulations, low registration fees and ease with which you can get a license to operate from their government. Furthermore, the government of SVG has publicly announced that they do not provide regulation for forex and CFD brokers.
Therefore, if a company is registered with the financial regulator in SVG, to be able to operate legally, they also need licenses from the countries in which they offer their financial services. MidasWMS does not have any licenses to operate whatsoever. This means that this broker is unregulated and operating outside the law.
The first thing we advise our readers to check is the regulatory status of their broker because dealing with an unregulated one is extremely risky. Regulated brokers have to operate under strict rules such as client/broker fund segregation, ensuring an operational capital enough to cover all client fund repayments, and participating in financial systems that offer compensations to clients in case of broker insolvency or fraud. When you deal with an unregulated broker, you get none of this protection.
82% 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
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
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.
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No MetaTrader 4 Platform
MidasWMS does not offer its clients the use of the MetaTrader 4 trading software. This is literally the best software in the world, and more than 80% of all traders as well as brokers use this platform. This is because you get an interface that is simple, as well as tools for charting, technical analysis and automatic trading.
What MidasWMS offers you is an unproved web-based trading software that doesn’t have any features for advanced trading.
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Unable to Access Demo Account
Yes, we did put the availability of a demo account in the Advantages section of our review. But like we said, we cannot verify whether it works or not since we were not able to access it for ourselves. So, if you are not able to access a promised demo account, then it is a warning to you that things are not right with a broker.
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Extremely High Spreads
MidasWMS offers spreads that are too high. For their basic account, the spreads range from 2.5 pips to 3 pips. This means that the cost of trading on this broker’s platform would be extremely high for you. You should also know that regulated brokers offer an average of 0.5 pips to 1.5 pips for trading on their platforms.
The only account that offers spreads that are advantageous for traders is the Presidential Account, but to use that account, you need to first invest $250,000 with them, which is just ridiculous.
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Extremely High Minimum Deposit Requirement
To open just a basic account with MidasWMS, you need to make an initial minimum deposit of $5,000, which is exponentially higher than the market average. The majority of brokers ask you to make a minimum deposit of between $100 and $250. And there are also many excellent, regulated brokers who require even less, sometimes as little as $5!
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Confusion About Account Types
MidasWMS shows a huge table listing all the benefits of the various types of accounts they have. However, at the top of the Accounts page, there is some text that states that they offer 4 different types of trading accounts, none of which match the accounts listed below that text.
Conclusion
MidasWMS is an unregulated offshore broker that is extremely expensive and has extremely high initial deposit requirements. Furthermore, despite the fact that they state that they offer the MT4 platform, they do not. This is not a broker that you should deal with at all.
MidasWMS
Pros
- Solid Leverage Ratio
- Demo Account Available
Cons
- Unregulated Broker
- No MetaTrader 4 Platform
- Extremely High Spreads
- Extremely High Minimum Deposit Requirement
- Confusion About Account Types
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% 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
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
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 is a multi-asset platform which offers CFD and non CFD products. 74% 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.