Updated on April 25, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding MidasGlobe due to the issues we've identified.
Is MidasGlobe Scam or Legit Broker? ▲
Upon thorough examination, it is unequivocally clear that MidasGlobe operates as an outright fraudulent entity. The brokerage is incorporated in an offshore jurisdiction without possessing any form of valid authorization from a recognized and esteemed financial regulatory body. Trading with MidasGlobe is categorically unsafe, and under no circumstances do we endorse engaging with offshore brokers. The rationale behind this caution is straightforward: such brokers may tout exceptionally favorable trading conditions or environments, yet traders lack any form of assurance or oversight from official entities governing the Forex market. Consequently, trading with a firm of this nature entails placing blind trust in the broker's assurances, embodying a considerable risk.
About MidasGlobe
Registered in: Bulgaria
Type of License: No License
Is MidasGlobe safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
MidasGlobe positions itself as a broker providing traders with access to a vast array of trading assets, including Forex, Energies, Metals, and Futures. The service purports to offer instant access and comprehensive account management capabilities. Operating under the trademark of Valley Marketing Ltd, with a registered address in Bulgaria, the firm claims adherence to EU Regulation (EU) 2016/679 (GDPR). Nonetheless, engaging in investment activities with an unregulated entity carries significant risk, as such companies are not subject to oversight by any authoritative body nor are they authorized to offer their services across various jurisdictions. Therefore, we invariably recommend steering clear of such investments and opting instead for firms that hold the requisite licensing in accordance with their operational jurisdiction. Furthermore, a closer look at the MidasGlobe terms and conditions unveils a series of unequivocally unfair practices related to trading, withdrawals, and pricing, indicating a lack of effort to even feign reliability. Moreover, an overwhelming number of traders have reported difficulties in withdrawing funds, alongside allegations of unauthorized deductions or account closures. Taking all of these factors into account, it is emphatically advised to avoid any interaction with MidasGlobe's offerings, especially in light of explicit warnings issued by reputable regulatory bodies against the company.
MidasGlobe, under the umbrella of Valley Marketing Ltd, purports to be a broker facilitating access to numerous trading assets such as Forex, Energies, Metals, and Futures, proposing an environment of instant access and thorough account management. Despite its claims of compliance with EU regulations, specifically the General Data Protection Regulation (GDPR), the absence of regulation and authorization to provide its services within various jurisdictions casts a substantial shadow over its legitimacy and safety as a trading platform. Engaging in financial transactions with such an entity is fraught with high risk, given the lack of supervision by any credible regulatory body. Consequently, any investment made through such a platform is highly precarious, as the firm is not bound by any regulatory standards or oversight.
In conclusion, after an in-depth analysis and considering the numerous red flags associated with MidasGlobe, including its lack of regulatory compliance, unfair trading conditions, and numerous negative trader reviews, we strongly caution against opening a trading account with them. Traders are urged to conduct their trading activities with brokers that are subject to oversight by reputable authorities and adhere to stringent regulatory standards, ensuring a secure and transparent trading environment. Opting for brokers regulated by prestigious bodies such as the FCA in the UK or ASIC in Australia is advisable, as these entities enforce strict regulatory frameworks that protect traders' interests. Brokers like BlackBull Markets and BDSwiss have established themselves as reliable and reputable within the trading community, offering a safe and regulated platform for Forex trading.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
MidasGlobe Review 2024
