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MIG Bank Reviews

2012/13 MIG Bank Reviews

May 1, 2012 - Apr 30, 2013

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Current Ratings

good broker.
- Reviewed by Krzysztof from Poland, December 23, 2012. Rating = 8/10
Hello everyone,
I am writing to demonstrate my experience with MIG Bank, allowing you to decide - is it scam or not?

1. On the 13th September 2012 after the USD rate news (19.00 GMT), I started to trade GBPCAD manually, using scalping strategy on volatile market. In 1 hour of trading I have made more than 100 transactions, with total profit close to $1300.00. But that is insignificant, as next morning I have found unknown record "correction" and all my profit has gone to -$1383.72!

39832064 2012.09.14 05:03 balance Correction WQ 13.09.2012 -1 383.72

After inquired MIG Bank, they explained to me: "my transactions are unjustified, MIG Bank dealable prices may differ from other providers". Later, they explain to me, that they have had wrong quote and after that, they usually remove this transaction. It does not matter if I've got hundreds of quotes... they are all wrong! What is interesting is that I have left one position opened and they did not remove that. If I used the same wrong quotes, why didn't they remove that also? That's the one of the strange questions that arises from the way MIG behaves.

My next question was "how can I trade in future? Is there any way to recognise wrong quote from real?" Their answer - silence. Does not matter if I asked the question a few times - more silence? To get my profit back is not possible, because they said in their Terms and Conditions "MIG Bank is not responsible for wrong quote". As soon as I don't know which quote is wrong which one is not, they have the right to remove any of my profit at any time, in any of my transactions... My question to them about that has been left with no answer; does it mean it is true? Today I can say - this is the truth, because my broker has deducted my profit. When speaking to MIG Bank, I feel my views and questions completely insignificant; as if they are too conceited to answer or even acknowledge them. This is my next example:

2. Money withdrawal is not easy procedure. After sending my withdrawal request, money left trading account immediately but I did not receive it. After one week, they appear on my trading balance but $65.00 less. What happened, they said: this bank account does not exist! Again talking to their big people and feeling myself like insect, I have tried to use their live chat with no success. They said - send an email: but I've got a very bad experience of having them answer by email, it may not happen at all! Finally, the third operator promise to call me and after long conversation with MR L, I have got the following explanations:

a. My account does not exist (repeated 5 times).
b. MIG Bank is very professional company, they can not make this mistake (my account exist 10 years and there are have been plenty of international transfers in the past).
c. They did not charge my account with $65.00.
d. They do not know what the problem is.

Then, I sent a copy of my bank statement (with identical details) - money was received next day but MR L. disappeared, instead of him I've got answer from another person (the same number, 5 min later) - $65.00 lost.

3. Re-quote - constant problem for trade. "Trade content is busy", "out of quote" - the rules are that you always have to remember with your trade with this broker. It is hard to believe that some brokers allow you to open positions by market price.

4. The worst problem is lost connection. I've got a live account since Feb 2011, nothing changed. During hot market time terminal could be easily disconnected. There are few different brokers on my desktop - nothing like MIG Bank. With this bank connection could be lost for few minutes, sometime over 1 hour. When I call and ask what happened and what shall I do, the answer is always the same - sorry for inconvenience. This is not important for their support - what happened with your strategy or with your positions - they only ask to call to their dealing room to close position.

I'm sure you may find that the company is not responsible for lost connection in their Terms and Conditions. Then what they are responsible for?

Worst experience ever! But you will find in their description: SWISS MADE, highest quality financial services.

- Reviewed by alex21, September 30, 2012. Rating = 1/10

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2011/12 MIG Bank Reviews

May 1, 2011 - Apr 30, 2012

Wouldn't recomend because they are not reliable. They will cheat you by different ways. I funded my account which is in U.S.$. However, they deposited it as swiss franc. By doing this they ripped about $250 out of my deposit. I investigated with my bank and they gave me proff that they sent money as USD but MIG never showed me any proof that money reached there as SF. One of their guy promised to get back to me but never did. Be careful guys.
- Reviewed by Gama, March 21, 2012. Rating = 1/10
Hi all, please don't be amazed by MIG's profile and promises as once you deposit - that that is gone. You will end up discovering strange behaviors on market ... your MT4 will have unexpected jumps - just enough to kill your positions. And no other brokers will have those jumps. Also, different spread you will realize after loosing big money and after complaints you can get answer that you should use EURUSD1 and not EURUSD as by default you are on new conditions (which you never agreed!?). On any complaints you will find superior and arrogant answers that you are not right. There is much more I unfortunately experienced with them but these I hope are enough. No welcome bonus ... no incentive bonuses ... no willing to keep customer and return some money even as trade-only ... Nothing. If I can vote somewhere - I would give -10 for them. Save your money and go anywhere else. Aleksandar
- Reviewed by ljubas, July 16, 2011. Rating = 1/10

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2010/11 MIG Bank Reviews

May 1, 2010 - Apr 30, 2011

SCAM!!!
- Reviewed by matka, April 28, 2011. Rating = 1/10
Mig investment is probably the worst broker I have ever been with. The only thing they are good at is scamming you and target all your stops. When the stop are not placed and mentally placed I am fine, but when I place them they are always desperately always trying to target it. These thieves! They also almost always go off line when the market is needed the most, I am unable to execute when I am placing a wining bid. I mean I would  seriously not waste my time writing this, but I would like help others and wished someone would have warned me before. I really do wish I knew before.  I mean I am so happy with several brokers that I am currently with but with mig investment; its a nightmare. Please be warned, I am honestly urging you not to waste your time and money with this broker. And to look for other reputable brokers who are in the same business. Good Luck.
- Reviewed by Anonymous, October 19, 2010. Rating = 1/10

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2009/10 MIG Bank Reviews

May 1, 2009 - Apr 30, 2010

This company is now MIG Bank and very seriously damaged by irresponsible behavior after technical issues they have. This is the second time in their history to show this poor performance.
- Reviewed by CJOLars, January 25, 2010. Rating = 1/10
I a bit disagree with the speed of its server. Since, many brokers, had increase its decimal to five, why MIG is still holding at 4? (X.XXXX) pls update. Even it practise a fixed spread, i notice that the spread do increase most of the time, pls, cek yourself for pair EURGBP, i am not sure of others pairs, for 24 hrs, see, when this pair will increase the spread, it will in Penang time during the midnigh and morning session. eg 2 to 5 pips! I like your AUDUSD spread at 2, but compare the live speed of price change is a low. I am giving 3 points vote is mainly due to the speed and your system, as this is count the most important.
- Reviewed by danieltkb, November 6, 2009. Rating = 3/10

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2008/09 MIG Investments Reviews

May 1, 2008 - Apr 30, 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.
- Reviewed by Peter, December 16, 2008. Rating = 10/10
This company does not trade, they play against you, and I am sure of what I am saying! dont ask me how I know, it is a secret :) but I am sure of what I say, they do not place trades in the market (usually)! They just let you trade, make money when you lose, do you want to trade with such a company?
- Reviewed by ForeXPP, December 3, 2008. Rating = 1/10

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2007/08 MIG Investments Reviews

May 1, 2007 - Apr 30, 2008

I agree with the other poster about the expiring demos as well as demos "dying" (becoming invalid) before expiry (due to server maintenance?) Anyway, it can be quite frustrating to serious testers/analysers. On the positive side, however, it was very easy for me to open an account, they even phoned me at home at a very convenient time to answer one of my questions (I'm in Canada and they're in Switzerland). They support Metatrader, have decent spreads and overall I'm happy with their services. One last note: they don't pay ANY interest on balances (go read their FAQ, they say they're NOT a bank...)
- Reviewed by reg, April 6, 2008. Rating = 7/10
Good reliable Swiss Forex Broker. $2000 min to start. Spreads are among the lowest anywhere. Demo accts. only good for 30 days and they won't renew. They really don't under-stand need to test and retest new strategies with an MT4 EA. Also don't answer emails even though I have a live acct., or their answer shows they didn't read my email at all. I think they are overworked and under-staffed. But people are nice when you get them on the telephone.
- Reviewed by cfw123, August 12, 2007. Rating = 5/10

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