Forex Trading Conditions
Forex and bullions
We at MIG BANK strive to be the world’s best Forex broker and strive to offer you the very best Forex and CFDs trading conditions. One of our most important objectives is to ensure that your orders are executed at the best market price and that you get the tightest spreads available. You can chose the account type most suitable for you, and the higher the size of your deposit, the greater your trading conditions are. No matter what type of an account you have, your orders are always executed at best market price in milliseconds as you enjoy access to the highest liquidity from our pool of liquidity providers. All of our clients benefit from our revolutionary new transparent dealing model, which means that all of your orders are executed at the best market price available at the moment of your order execution. Best market price means the highest bid and the lowest offer price identified by our price aggregator, and these bid and offer prices are not necessarily obtained from the same liquidity provider. We do not manipulate the prices and we do not widen the spreads. We do not offer any fixed or targeted spreads because we provide you with the tightest spreads and the best market prices we obtain to fill your orders. We only apply our mark-up on top of the best market price when we execute your order and this is why it is defined as a mark-up per leg. Our mark-up depends on the currency pair and your account type. All mark-ups are transparent and published in the table below. Please see below the details of our trading conditions and contact us if you have any questions or would like to open an account at MIG BANK.
While using higher leverage can significantly increase your profits, it equally can work against you as it involves greater risks to your capital. If the currency underlying one of your trades moves in the opposite direction of what you believed would happen, leverage will greatly amplify your potential losses. To reduce the risk of these losses, we advise you to restrict the use of leverage and adopt a strict trading style that includes the use of stop and limit orders. We offer a default leverage of 1:100 for MINI, CLASSIC and ADVANCED accounts and 1:50 for PRIME accounts. However, clients may ask to reduce or increase their leverage by sending us a
Market and instant execution
We at MIG BANK offer two types of automated order execution methods – market execution and instant execution. All currency pairs are available under market execution and some mostly traded currency pairs are available under both market and instant execution on the same trading platform. Currency pairs which are available under instant execution are shown with the exclamation mark, e.g. EURUSD!. (IMPORTANT: If you use Expert Advisors, please make the necessary adjustments to your EAs).
Hours of operation
Spot Currencies: From Sunday 23:00 CET through Friday 23:00 CET.
Bullions: From Sunday 23:59 CET through Friday 22:59 CET.
Please note market spreads widen during reconciliation and roll-over time for all liquidity providers at 23:00 CET. In our effort to provide clients with the best services possible and protect them from the negative impact of widening spreads, trading will be stopped for 5 minutes at 23:00 and resumed at 23:05 every day.
Trading by phone
Direct line: + 41 32 722 81 53
Minimum trade size by phone: 10 Lots (i.e. 1,000,000 of the base currency).
For security purposes, clients need to supply their password to the dealing room officer prior to placing a phone order.
In the rare case of a system failure or downtime, clients can trade via phone with no minimum conditions.
Fair Dealing & Best Price Execution
We always aim to provide fair dealing for all of our clients. Based on that, we will execute all of your orders at the best prices available in the market.
When the client requests the execution of an order, it is possible that the market price could have changed between order placement and execution time, and as such, we cannot guarantee that the price the client has requested will be the same as the price where client’s order is executed and confirmed.
Applying the best price execution policy means that MIG BANK will confirm the order to the client at a better price if the market has shifted in client’s favor, at a worse price if the market moved against the client, or at the requested price if the market is at the requested price level.
This also applies for limit, take profit, stop loss & stop orders whereby when these orders are triggered, they all become market orders and are executed the same way.
In order to benefit from our Best Price Execution method, we advise you to always apply at least 1 pip deviation. Please note, that we will not fill your order if the best available is beyond deviation limits set by you. In such case your order will be rejected. Please note, that rejections may take place during the first hours of the market opening due to the lack of liquidity.
Execution Speed and Methodology
We at MIG BANK aim to provide our clients with the best trading experience possible, and we are constantly updating our technology to achieve this.
Nearly all of our clients’ orders are executed automatically and without dealer intervention. Exceptions to this can be for some bigger ticket trades, for a limited number of symbols which are impossible to automate, and finally in certain cases when we need to shift to manual execution mode as in the case of system failure.
This means that most of the time, execution speed is near instantaneous, although delays in execution can occur. Clients are advised to make sure that their internet connection speed is sufficient. There may in rare cases be delays on our side. These delays can occur for several reasons, such as due to an unusually large amount of orders flowing to MIG BANK’s servers from clients as a result of market volatility. In this case, orders are queued for execution resulting in some delay. Other cases could arise whenever there is a system failure or whenever there is no or limited liquidity in the market.
These delays are part of the risk of using an online platform to pass orders and as much as MIG BANK endeavors to limit their occurrence, they still can occur and result in execution slippages either in favor of or against the client.
Market gaps can occur from time to time during significant news announcements or between closing prices on Friday and opening prices on Sunday. Clients should be aware of the possibility of these market gaps and the adverse effect they can have on their open positions and balances.
Furthermore, clients should be comfortable when holding positions over the weekend or prior to market closing and be aware that such gaps may occur.
Finally, clients should also be aware that their pending orders will be executed at the best prices available after the gap has occurred.
Dealable Prices vs. Chart & Other prices
Clients are kindly informed that chart prices are indicative and may differ from dealable prices even if they are both displayed on the same online trading platform and this is because they both use different sources to display information.
Furthermore, clients are kindly informed that as much as MIG BANK endeavors to provide the most competitive conditions, MIG BANK’s dealable prices may differ from other providers’ prices and this is because MIG BANK acts as a principal in trading vis-à-vis the clients.
Mobile Trading and Web-based Platforms
As one of the leaders in use of mobile trading technology, we offer our clients the possibility to trade from their mobile device or web browser.
Clients are kindly informed that trading from their mobile device or through the web carries the same degree of risk as using an online trading platform even if it can be more convenient for some. Delays, network problems, transmission issues can still occur and MIG BANK is not to be held liable for problems that arise thereof.
Please note that some features are not available for clients on these platforms and some features may differ. MIG BANK therefore recommends that you familiarize yourself by using free demo versions of these platforms.
MIG BANK offers a mechanical trade system (MTS, also called “Expert Advisor”) linked up to a chart. This system not only informs about possible entry and exit points but can also generate orders automatically on behalf of clients and direct them to the trade server. This system is enabled by default. The use of this system is at the client’s risk. MIG BANK does not therefore guarantee the result of the use of this system and we shall not be liable for any damages or costs arising thereof. We at MIG BANK may at our sole discretion de-activate this feature if the client is deemed to be using the feature for abusive purposes.
We at MIG BANK offer our clients the possibility of using a trailing stop. Trailing stops enable the client to place a stop order which changes according to the market movement. Trailing stops are enabled by default. Our clients are advised to try this feature on a free demo account offered by MIG BANK before trying it on their real account. By using this feature, the client acknowledges to be fully aware of how the feature works and the use of this feature is at the client’s risk. MIG BANK does thus not guarantee the result of the use of this feature and shall not be liable for any damage or costs arising thereof.