Is there anybody here who is familiar with MIG FX? Is it a good choice? Does it make sense to invest in Switzerland? Is it safe?
Thanks in advance
Thanks in advance
- #1
- First Post: Apr 27, 2006 2:45pm Apr 27, 2006 2:45pm
- | Joined Mar 2006 | Status: Trader | 1,120 Posts
- #5
- May 29, 2008 10:24am May 29, 2008 10:24am
- Joined Apr 2006 | Status: UK Veteran Trader | 566 Posts
depends what you're doing with it - best advice is to keep as little as you can with any broker and just make sure you can transfer fast if you need to. ramp up the leverage.
I know one person who adds daily if she needs to but keeps the balance low. problem is of course the wire transfer fees can add up.
I'm with MIG and they are good, just call and ask for Olivier if you need anything and tell him i sent ya
I have many client accounts with Mig and my experience is good.
Hope this helps
I know one person who adds daily if she needs to but keeps the balance low. problem is of course the wire transfer fees can add up.
I'm with MIG and they are good, just call and ask for Olivier if you need anything and tell him i sent ya
I have many client accounts with Mig and my experience is good.
Hope this helps
https://linktr.ee/Soultrader
depends what you're doing with it - best advice is to keep as little as you can with any broker and just make sure you can transfer fast if you need to. ramp up the leverage.
I know one person who adds daily if she needs to but keeps the balance low. problem is of course the wire transfer fees can add up.
I'm with MIG and they are good, just call and ask for Olivier if you need anything and tell him i sent ya
I have many client accounts with Mig and my experience is good.
Hope this helps
I have traded on and off with MIG for the past two years. On the positive side, I had no problem withdrawing my funds (much greater than I started with) so that is okay, though they requote all the time, unless the market moves against you, then it tends to fill much better! >
I switched to using only limit orders, but sometimes they even refuse to fill those("wrong quotes"). As for MT4 brokers, they are still probably the best, or close to it, but ECNs are much better in my opinion, and probably Oanda too, especially if you trade mostly the EURUSD.
All in all, they are pretty good comparatively, but I still have some bitter feelings about a lot of lies, from their live chat, to try and make me "feel good" while they didn't fill my orders several times.
And yes, they do have a dealing desk. I have spoken dierctly to people working in the dealing room, namely Joel. Not very helpful, except to their own business(not the client).
I hope that helps.
PS I am now with Hotspot, and it is going much better so far, when compared to what I was just getting at MIG the past few months.
I switched to using only limit orders, but sometimes they even refuse to fill those("wrong quotes"). As for MT4 brokers, they are still probably the best, or close to it, but ECNs are much better in my opinion, and probably Oanda too, especially if you trade mostly the EURUSD.All in all, they are pretty good comparatively, but I still have some bitter feelings about a lot of lies, from their live chat, to try and make me "feel good" while they didn't fill my orders several times.
And yes, they do have a dealing desk. I have spoken dierctly to people working in the dealing room, namely Joel. Not very helpful, except to their own business(not the client).
I hope that helps.
PS I am now with Hotspot, and it is going much better so far, when compared to what I was just getting at MIG the past few months.
I'm not with MIG, but negative swaps are common now in this market environment. One day I was long EU and got a positve swap, then the very next day I was still long but had a negative swap. When I asked about it (from Hotpsot, an ECN), they explained it was due to the banks responding to the market upheavals going on (this was the week of Lehman's bankruptcy).
So, you will probably find this to some degree at any broker until things begin to settle down a bit in the markets...you could ask them about it and they may have something else to say, but just telling you I experienced this with another broker, and have heard others saying the same thing too.
Of course what you say is true but MIG’s stated policy is to set swap rate using changes in the interbank rate. They went to negative swap on Longs EUR/CHF around the 30th Sept when the interbank rate spiked up but since then there has been a big drop in the interbank rate.
MIG now are just ignoring that drop back so they can keep charging their clients the negative swap which is not good at all.
- #13
- Oct 23, 2008 5:48am Oct 23, 2008 5:48am
Hi TC East-
Of course what you say is true but MIG’s stated policy is to set swap rate using changes in the interbank rate. They went to negative swap on Longs EUR/CHF around the 30th Sept when the interbank rate spiked up but since then there has been a big drop in the interbank rate.
MIG now are just ignoring that drop back so they can keep charging their clients the negative swap which is not good at all.
Hi Richard...sure, I understand, but I'm just saying it's the case with probably all brokers right now, not just MIG. I heard that Hotspot, FXDD, IBFX, and FXCM are all doing the same thing as well, so it's more of a general issue than broker specific I'd say...
Hotspot I don't know about.
