MIG Bank Review
Introduction
MIG Bank is a market maker that started its brokerage services in 2003. It has its headquarters in Lausanne, Switzerland; it is regulated by the Swiss Financial Market Supervisory Authority (FINMA), and it has subsidiary offices in Zurich, Hong Kong, and in London.
Asset Index
The asset index available for trading for the explorer and standard accounts on is given below:
| CURRENCY PAIR | Spread(Explorer) | Spread(Standard) |
| EUR/USD | 2.2 | 2 |
| USD/JPY | 2.1 | 1.9 |
| AUD/USD | 3.4 | 2.8 |
| GBP/USD | 2.7 | 2.3 |
| USD/CHF | 2.8 | 2.4 |
| USD/CAD | 4.2 | 3.2 |
| EUR/GBP | 2.3 | 2 |
| EUR/CHF | 2.7 | 2.4 |
| EUR/JPY | 3.2 | 2.7 |
| CAD/JPY | 6 | 5 |
| CHF/JPY | 6 | 5 |
| NZD/USD | 6 | 5 |
| AUD/JPY | 5 | 4 |
| GBP/CHF | 7 | 6 |
| NZD/JPY | 6 | 5 |
| EUR/CAD | 6 | 5 |
| AUD/CHF | 6 | 5 |
| NZD/CAD | 7 | 6 |
| AUD/CAD | 7 | 6 |
| GBP/CAD | 7 | 6 |
| GBP/AUD | 6 | 5 |
| GBP/JPY | 8.7 | 7.7 |
| CAD/CHF | 8 | 7 |
| NZD/CHF | 8 | 7 |
| EUR/NZD | 11 | 10 |
| AUD/NZD | 7 | 6 |
| EUR/TRY | 9 | 8 |
| GBP/TRY | 9 | 8 |
| TRY/JPY | 8 | 7 |
| USD/TRY | 8 | 7 |
| GBP/NZD | 12 | 11 |
| CAD/SGD | 12 | 11 |
| EUR/DKK | 8 | 6 |
| SGD/JPY | 802 | 800 |
| USD/SGD | 8 | 6 |
| USD/HKD | 9 | 7 |
| CHF/SGD | 10 | 8 |
| NOK/SEK | 10 | 8 |
| EUR/SGD | 10 | 8 |
| NOK/JPY | 16 | 14 |
| SEK/JPY | 2.8 | 0.8 |
| NZD/SGD | 10 | 8 |
| GBP/SGD | 10 | 8 |
| USD/DKK | 18 | 16 |
| EUR/HKD | 30 | 28 |
| EUR/NOK | 26 | 24 |
| EUR/SEK | 36 | 34 |
| USD/NOK | 27 | 25 |
| NZD/DKK | 31 | 29 |
| CHF/NOK | 35 | 33 |
| CHF/PLN | 33 | 31 |
| EUR/CZK | 4.6 | 2.6 |
| EUR/HUF | 31 | 29 |
| USD/CZK | 4.4 | 2.4 |
| USD/PLN | 44 | 42 |
| USD/HUF | 28 | 26 |
| SGD/HKD | 28 | 26 |
| EUR/PLN | 51 | 49 |
| USD/SEK | 30 | 28 |
| GBP/DKK | 27 | 25 |
| GBP/HUF | 42 | 40 |
| USD/MXN | 32 | 30 |
| HKD/JPY | 62 | 60 |
| GBP/PLN | 37 | 35 |
| GBP/NOK | 39 | 37 |
| GBP/SEK | 36 | 34 |
| CHF/HUF | 22 | 20 |
| NZD/SEK | 46 | 44 |
| EUR/ZAR | 57 | 52 |
| USD/ZAR | 75 | 70 |
| USD/RUB | 235 | 230 |
| XAG/AUD | 635.5 | 635 |
| XAG/CAD | 687.5 | 687 |
| XAG/CHF | 650.5 | 650 |
| XAG/EUR | 589.5 | 589 |
| XAG/GBP | 450.5 | 450 |
| XAG/USD | 604.5 | 604 |
| XAU/AUD | 82.5 | 82 |
| XAU/CAD | 147.5 | 147 |
| XAU/CHF | 81.5 | 81 |
| XAU/EUR | 60.5 | 60 |
| XAU/GBP | 66.5 | 66 |
| XAU/USD | 68.5 | 68 |
| XAU/TRY | 545 | 543 |
| XAG/TRY | 2500.5 | 2500 |
Trading Platforms
The platform solutions that are available for use on MIG Bank are listed below:
MIG MT4 Trading Station: MIG Bank provides its clients with the opportunity of utilizing the robust features of MetaTrader 4 through its MIG MT4 Trading Station. This platform comes with chart and indicator options, trailing stops, live news feeds, among other features.
MetaTrader 5: MIG Bank presents the MetaTrader 5 which is the latest innovation in the MetaTrader trading technology. It features 3 chart types, 21 timeframes; various order types and execution modes, built-in indicators, enhanced security and encryption, and the MQL5 development environment.
Web Platform: MIG Bank provides its customers with the opportunity of trading forex from any location with the easy to use Web platform. It gives the user access to automated executions, and instant execution of orders. It can be accessed from any computer that is connected to the internet.
Mobile Applications: MIG Bank has made it very easy for its clients to trade forex from any location, and at any time through the use of the mobile devices. Clients of MIG Bank, have access to their trading accounts through the secure terminal that is a key feature of the mobile platform.
Deposits and Withdrawals
Deposits can be made on MIG Bank through PayPal and Bank Wire, while withdrawals can be made through Bank Wire.
Minimum Deposit
The minimum deposit amount allowed on MIG Bank is 2,000 USD for the explorer account, 10,000 USD for the standard account, 50,000 USD for an advanced account, 100,000 USD for an advanced plus account and 250,000 USD for a prime account.
Maximum Deposit
The maximum deposit for allowed is 10,000 USD for an explorer account, 50,000 USD for a standard account, 100,000 USD for an advanced account, and 250,000 USD for an advanced plus account.
Minimum Trade Size/Amount
The minimum lot size is 0.1lot.
Maximum Trade Size/Amount
The maximum lot size is 100 lots.
Minimum Withdrawal Limit
There are no minimum withdrawal limits.
Maximum Withdrawal Limit
There is no maximum withdrawal limit.
Conditions for Deposit and Withdrawals
Deposits via credit or debit cards will only be accepted by MIG Bank if the name on the account matches the name on the credit card.
Customer Support
The customer support on MIG Bank can be contacted through the following means:
a) Phone: +41 58 721 90 00 (Headquarters)
+41 44 808 69 00 (Zurich)
+44 207 186 2600 (UK)
+852 3902 0000 (Hong Kong)
b) Email: info@migbank.com
c) The Live Chat facility is another means through which the customer support team can be contacted.
