Global Broker Regulation Inquiry App
WikiFX
Sergey5 
1-2 years
What are the disadvantages of MidasFX?
Broker Issues
Regulation
08-03
United States
WikiFX
Reply
The major disadvantage of MidasFX is its unregulated status, which leaves traders without the protections and recourse offered by recognized financial authorities. Without oversight, there's a greater chance of facing disputes or financial losses without any clear path for resolution. Furthermore, the high withdrawal fees (often exceeding 20%) are a huge deterrent for anyone planning to withdraw large amounts from their MidasFX account. While the broker offers low spreads and high leverage, I would hesitate to fully commit to using MidasFX trading due to these risks and fees.
Similar Questions
What are the primary advantages and disadvantages of trading through CLC?
qirhost
08-20
Is Orfinex safe and legit to trade with?
maseko
08-20
Is Yasir Mahmood a legitimate broker?
J Forex Trader
06-24
What are the main drawbacks of TA Enterprise?
Imranali Khatri
08-19
What are the pros of Vatee’s regulation?
Hhduy
08-18