Does MIG accept wire transfers?
Yes. M I G accepts wire transfers from minimum AA rated banks using our Wire Transfer payment method. For wiring instructions, please send an email request to info(at)migbank.com or call Customer Service at + 41 32 722 81 00 for assistance.
You can also wire funds via Credit Card using a PayPal account.
Does MIG charge a fee for wire transfers?
No. However, the depository bank usually charges a transaction fee. Call your depository bank for information on fees and deduction options.
What currencies are accepted for wire transfers?
MIG accepts the following currencies: USD, EUR, CHF, GBP, CAD, JPY and AUD.
How much time is required before my transferred funds are deposited?
MIG handles all transactions the day they are received, however, transaction time also depends on the processing time required by the depository bank.
Does MIG accept transfer funds from third parties?
No. MIG only accepts transfer funds from accounts that carry the same name as the client’s.
Does MIG accept Wire Transfers via Credit Card?
Yes. You can wire funds via Credit Card using PayPal. We accept the following Credit Cards: Visa, Mastercard and American Express.
Does MIG accept PayPal for transferring funds?
Yes, via the Credit Card Payment form found at www.migbank.com/en/trading/fund-your-account/credit-card-payment/
Can I trade mini-lots with MIG BANK?
Mini, Classic and Advanced Account Holders are authorized to trade mini-lots. The minimum amount is point 0.1 lot (10,000 of the base currency).
Can I trade Mini-Step Lots with MIG BANK?
Mini, Classic and Advanced Account Holders are authorized to trade mini-step lots. Step Lot trading begins at 0.1 lot and permits increments of 0.1, 0.11, 0.12 etc.
Can my account be denominated in other currencies than US dollars?
Yes, you can choose to have your account denominated in USD, EUR, GBP, CHF, JPY, AUD, CAD, PLN, SGD or TRY.
Does MIG BANK allow scalping?
We do allow any trading strategy, including scalping.
Do you have guaranteed fills?
All orders are executed at requested price under normal market conditions. In situations of market gaps it is impossible to cover the positions with our liquidity providers, your stop orders may be filled at a different price than initially requested.
What is the maximum you increase your spreads in volatile markets?
It is impossible to give a fixed maximum as it entirely depends on the market. Spreads are usually higher during important news announcements or in volatile markets.
What do you mean by a ‘No maintenance margin’ policy?
Our no maintenance margin policy means that our clients can go below the margin requirements during the week without MIG closing their positions. Throughout the week your positions can fluctuate without MIG taking action. We only require you to respect the margin requirements before 23:00 CET every evening. This no maintenance margin policy means that we do not give margin calls and we do not automatically close your positions if you go below the margin requirements of your positions. However, if you approach the level where the loss of your open positions approaches the balance of your account, you will be stopped out and your positions will be closed. The stop out will be executed when there is only around 2% equity of the required margin left in the account.
We believe that our no maintenance margin policy gives more flexibility to the clients, as they can decide for themselves when they want a position to be closed. Occasionally, if the market price is going against you, many of our competitors would close the position if it goes below the required margin – even if the price bounces back the next moment. We give the client complete control over his positions.
Why is it not possible to trade or to modify orders during the weekend?
Our Dealing Room is closed during weekend and trading access is therefore blocked.
What is the maximum I can trade online?
There is no maximum amount you can trade online, however there is a maximum number of lots you can trade online at streaming prices. It is possible to trade larger amounts, but you will need to request a quote and depending on the market conditions, the spread may increase. Clients can also trade larger amounts by phone.
Does MIG offer Rollover free accounts?
Yes. However, these accounts are monitored for negative Rollover position abuse. Any account solely placing negative Rollover positions will have this facility terminated.
Note: Rollover free accounts do not exist for TRY pairings.
Why are Rollover rates tripled on Wednesdays?
When placing a trade in the spot Forex market, the actual value date is two days forward. A deal done on Thursday is for value Monday. A deal done on Friday is for value Tuesday, and so on. On Wednesday the amount of Rollover is tripled in order to compensate for the following weekend (during which time Rollover is not charged because trading is stopped for the weekend).