MIG changed to MIG BANK (Problems)

[CJOLars]

Just wanted to direct your attention to late development at MIG BANK (FX broker in Switzerland). I have traded with this company despite early problems initially 5 years ago.

Now they seem to have new issues with their system which border to Scam or irresponsible behavior on the part of MIG BANK (I cannot believe they are a bank).

Their night time trading room people will not even give you their name.

They had a big move on GBPUSD last Sunday(W.Q. in history). I capitalized quickly and then saw the profit for at least 20 minutes in my account. I later reopened my computer 2 hrs later and noticed that the profit was gone and a position was running without a stop. They later admitted that they had "reopened a position" . But they only justified it and have never compensated me for anything.

I know it is hard to believe, but I have the proof. The CEO was supposed to call me, but has not done so until today.

Quite unbelievable I know. But this is what we retail traders have to put up with. I will leave this broker(not too many like this around I think)

Christoph

 

[CJOLars]

This article by FT /Alphaville may provide some explanation for those of you who are interested in the Swiss Banking story FT Alphaville » Swiss regulator dishes out first forex license

 

[Stony]

One of the my "10 Commandments of Forex" is:

Thou shalt not deal with Swiss brokers !!!

 

[qwertymyfx]

One of the my "10 Commandments of Forex" is:

Thou shalt not deal with Swiss brokers !!!

what nonsense!

So please tell me, those natives of Switzerland who trade forex, do they all also classify all swiss brokers as scam, as you're implying?

 

[CJOLars]

additional information surfacing...

Just wanted to direct your attention to late development at MIG BANK (FX broker in Switzerland). I have traded with this company despite early problems initially 5 years ago.

Now they seem to have new issues with their system which border to Scam or irresponsible behavior on the part of MIG BANK (I cannot believe they are a bank).

Their night time trading room people will not even give you their name.

They had a big move on GBPUSD last Sunday(W.Q. in history). I capitalized quickly and then saw the profit for at least 20 minutes in my account. I later reopened my computer 2 hrs later and noticed that the profit was gone and a position was running without a stop. They later admitted that they had "reopened a position" . But they only justified it and have never compensated me for anything.

I know it is hard to believe, but I have the proof. The CEO was supposed to call me, but has not done so until today.

Quite unbelievable I know. But this is what we retail traders have to put up with. I will leave this broker(not too many like this around I think)

Christoph

___________________________________________

I had this e-mail excerpt sent to me by a friend of a friend who is quite knowledgeable about brokers:
(He was referring toan e-mail from me)

...I think he is maybe referring to tech connection difficulty that lasted over 2 hrs and affected apparently all Swiss brokers I know of....FXDD and Dukacsopy....both having excellent reputations, and both worked with any client that it caused a loss.

It seems to me MIG wanted to negate any gains as well, which understandably should be reported. I would also report it to FPA....Forex Peace Army(also he can check out MB Trading there), as the Swiss authorities rarely take any action except in fraud cases. ..........

___________________________________________-

 

[Pharaoh]

If the broker loses connectivity, then it shouldn't have been all that easy for you to close the trade.

I'd think that reopening a closed trade without notifying the trader would be sufficient to complain to the Swiss Authorities.

It used to be that "Swiss" was synonymous with forex scam (with a couple exceptions), since any broker could open a virtual office in Switzerland and claim to be Swiss. The Swiss finally got sick of having their reputation tarnished and started requiring some real regulation for forex brokers. Check and see how many brokerages with the word Swiss in their names still claim to be in Switzerland on their websites now.

 

[VG5157]

Just wanted to direct your attention to late development at MIG BANK (FX broker in Switzerland). I have traded with this company despite early problems initially 5 years ago.

Now they seem to have new issues with their system which border to Scam or irresponsible behavior on the part of MIG BANK (I cannot believe they are a bank).

Their night time trading room people will not even give you their name.

They had a big move on GBPUSD last Sunday(W.Q. in history). I capitalized quickly and then saw the profit for at least 20 minutes in my account. I later reopened my computer 2 hrs later and noticed that the profit was gone and a position was running without a stop. They later admitted that they had "reopened a position" . But they only justified it and have never compensated me for anything.

I know it is hard to believe, but I have the proof. The CEO was supposed to call me, but has not done so until today.

Quite unbelievable I know. But this is what we retail traders have to put up with. I will leave this broker(not too many like this around I think)

Christoph

hate to be disagree with you,i think Mig Bank is one of the most trustable broker around,the live chat overnight is great,sorry but you acting based in one experience ,i don't think is fair .

 

[VG5157]

what nonsense!

So please tell me, those natives of Switzerland who trade forex, do they all also classify all swiss brokers as scam, as you're implying?

Stony what an irresponsable statement ,now i realize there is good people and bad people in all this forums.acting based in one experience,horrible !!

 

[Stony]

Stony what an irresponsable statement ,now i realize there is good people and bad people in all this forums.acting based in one experience,horrible !!

It´s two personal experiences: Neuimex and Crown Forex, both convicted of fraudulent bankruptcy.
Look at FPA´s broker reviews. For me enough to be done with Switzerland.

 

[gugafx]

help!!!

:unhappy::unhappy:Hi, Mine was super wrong with them, I closed orders without justification after they opened, spreads widen to 40 pips or more in the Mayors, limit orders do not take them where it is but before that I've had cases and caught a limit and lost out the operation, and limit to more than 30pips, in order are the worst, are very friendly customer service but when to be responsible for their mistakes is washing their hands, I took many years working on fx and truth these are the worst, I recommend sax Alpari bmf, these are serious, there is another problem I have is that the platform is disconnected on the fundamentals and the charts are frozen, terrible.


Hola, a mi me fue súper mal con MIG, me cerraron ordenes sin justificación que después volvieron a abrir, amplían los spreads hasta 40 pips o mas en los mayors, las ordenes limit no las toma donde es sino antes, he tenido casos que me a cogido e limit y a salido perdiendo la operación, y con limit a mas de 30pips, en fin son lo peor, son muy amables en servicio al cliente pero cuando de ser responsable por sus errores se trata se lavan las manos, yo llevo muchos años trabajando en fx y la verdad estos son de lo peor, recomiendo saxo, alpari, bmf, estos son serios, a y otro problema que tienen es que la plataforma se desconecta en los fundamentales o las graficas se congelan, terrible.