Other websites of this brokerage include swissnetbroker.com, migfx.ch
Mig Bank is an online forex broker. Mig Bank Switzerland offers the MetaTrader 4, MetaTrader5, and MT Mobile top global forex trading platforms. Migbank.com offers over 80 currency pairs, gold, and silver for your personal investment and trading options.
Two individual bank clients were allocated account number 804011 which resulted that deposits went into the wrong account.The boundary of criminal gross negligence has been pushed to the outer limits and serves as evidence that this bank has become so entangled in repeated negligent actions of its own doing so as to lose all credibility to function as a Swiss bank.
Has the aforementioned crime ever been equaled in Switzerland with its long Banking History?????? The evidence provided mandates a full investigation by the Swiss Police. Breach of Act on Banks. Art. 46.1. b and Art. 46.2
Swissquote/Mig Bank did not maintain accounts according to provisions which indicates that a money laundering dream machine has been created and needs to be investigated by the FBI to ascertain whether this is just an isolated case or not.Where there is smoke there is fire.
NOT BY ANY THEORY OR EXPLANATION CAN THE ABOVE SERIOUS ALLEGED CRIME BE JUSTIFIED.
BREACH OF ACT ON BANKS
Imprisonment of up to three years or fine will be awarded to persons who deliberately:
does not appropriately maintain business accounts or does not archive business
accounts, documentation and records according to provisions;
Swiss Criminal Code
Liability under the criminal law
1 If a felony or misdemeanor is committed in an undertaking in the exercise of commercial activities in accordance with the objects of the undertaking and if it is not possible to attribute this act to any specific natural person due to the inadequate organization of the undertaking, then the felony or misdemeanor is attributed to the undertaking. In such cases, the undertaking is liable to a fine not exceeding 5 million francs.
My reasonable claim for refund of money into wrong account and damages is USD 65 million
Worst broker I have seen since Swissquote took over MIG.
Massive nagative swaps (in both sides), even in hedging they are the bigger I have ever seen. Slippage and huge spreads (even with 40k $ account). In past one of the best broker. Now for sure the worst. Pity, it's Swissquote fault, first they destroy ACM, now MIG, waiting when they do the same with Dukascopy. Just closed my account.
I've trade for 4 years with this broker. I fully satisfy with their excellence services. I've made wd US$.30K with no problem at all. I trade with confidence
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.
I joined this broker because they offered a forex signal service and i wanted to extend my portfolio with that.
My conclusions from the first days:
1.Their introducing broker is an absolute scam in Hungary.
2. MIG had serious problems to solve a simple problem of the MT4 that avoided the customers to receive the forex signals offered.
3.MIG did not communicate anything to the customers about not sending the forex signals that was part of deal.
4. Following the demo account(to present the forex signals system) controlled by the leader analyst of the broker it is obvious that the account is traded differently than it is told to the customers.Positions are closed with discreation and sometimes scalping trades included. So the account is misleading.
5.I copied my own trades to their platform. More cases limit orders that have been filled at other brokers not filled here.
Their liquidity or the way they fill the orders are questionable.
Stay away far from this broker. This is a typical example of a broker that does not look partners for long term, and does not care to keep the customers.
I am sure that with that skill which enables me to trade profitable at my original broker(FXPRO) i could not trade profitable here. The service is dishonest and misleading.
Live from 2011. Live servers are sometimes down. Unacceptable execution time. High spreads despite what is advertised. The demo server and the live server have very different datafeeds so the demo is totally useless (i have proof). But the very bad comes with slippages: i often get 2 to 5 (FIVE!) pip slippage on 70% of orders and the client service answer was similar to "we cannot do anything. it is the market and you have to accept it".
Will close everything and never return.
MIG have offer me a special Introducing Broker agreement!!! They say i earn 0.5 pip + 10% of clients loss???????? I have mean MIG is a STP/ECN Broker and don't trade against his clients??? Sorry i cannot have confidence in this "Bank" who works with a philosophy to pay his partner with the loss of the clients!!!!
FPA Review Moderation Team Note: 1 Star rating removed.
The Review came from the same location that a Universal-Fx employee contacted the FPA from. 2 other reviews praising Universal-Fx.com were also left from this same location.
The FPA is appalled to find that a broker would abuse the FPA's reviews to attack another broker. We've seen accusations of this before. This time we have proof.
Where should I start!!! MIG Investment is by far the worst broker I have ever signed up with!!! Please be very very careful while choosing a broker. MIG Investment is know to move the markets to your disadvantage. I registered with them though an introducing broker. I will mention her name. Her name is "Melody". She represents them here in Californian and some other states as well. She is an introducing broker for MIG who get 50% commission on every trade that you make. She will scam you showing that she has been making a lot of money trading with them, but don't trust her. All this MIG Investment did was freeze during news reports. Every time I wanted to place an order if it was to my advantage it would freeze up or give me the trade when it was too late. If the market was not to my advantage it would let the negative position go through so fast it's unbelievable. There scams are shown clearly like day light. Please be very careful. Please be aware that every positive review you see here are by someone representing the broker. Not everyone want's to spend there time to promote other brokers for free.
But for the negative review you see here, I would believe are to be true. People have been burnt and they are the ones who truly want to warn you of there scams. Please be very careful while choosing a broker.
I am happy with Migbank, but I hear a nasty rumor that they may get rid of their U.S. Clients come July 12, 2011.....Can any tell me if that is true or not? I hope they would be loyal to their U.S. Clients, but I am not sure now, after all the rumors floating around.
Opening a live account is like pulling teeth. After sending 3 letters with notery publc siging them, copy of ID and long application I was finally to the point of funding. Pay pal did not charge me for sending opening funds but MIG bank turned the percentage on me. 186.76. I refused to trade at that point. Save yourself the time. Spreds are large even on demo accounts. Looking for another broker now.