MidasWMS (Midaswms.com) is a forex brokerage located in the Saint Vincent and the Grenadines and allegedly owned by Digital C Media Ltd. In the review below, we take an in-depth look at the features Uptos allegedly offers. This review aims to explore the trading platform, listing out aspects like licensing, its leverages, account types, and its withdrawal and deposit methods. It also aims to fact check claims that have been made by MidasWMS to determine whether it is safe enough to trade with or if it is just one gigantic scam.
Table of Contents
MidasWMS Trading Platform
We found the website confusing and lacking of relevant information to carry out a proper review.
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The site flaunts its support of the MT4 trading platform. But in reality they only support a web-based terminal, offering assets such as Forex (with leverages up to 1:200) CFDs, Indices, Stocks, and Precious metals.
MidasWMS Account Types
The website does not give information about the account type. They just give the minimum deposit required to trade with them.
The required minimum deposit is a staggering sum of $5000. This amount is ridiculous and suspicious for a minimum deposit.
The trading conditions are also unfavorable since the spread is way above the benchmark of 1.5 pips on EUR/USD and the leverage is unreasonably low at only 1:2.
MidasWMS Deposit and Withdrawal Methods
The brokerage support, Visa and MasterCard, American express, however, e-wallets such as we money, Skrill and Neteller are not available.
There was no mention of any withdrawal fees in the site. However, we warn against dealing, dealing with unsubstantiated brokerage as we never know if they won’t charge unexpected fees once the clients have deposited their funds.
Another risk is that might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal.
Is MidasWMS licensed
Midas lists its address as Suite 305, Griffith Corporate Centre Beachmont, P.O Box 1510, Kingstown Saint Vincent And The Grenadines.
It doesn’t bother to give any more information concerning its licensing.
Saint Vincent and the Grenadines is a well-known offshore zone, and a preferred location for shady brokerage. Although this broker doesn’t claim to be regulated by the government of SVG, the government of the SVG has stated in the past it does not regulate any form of forex trading.
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
We wouldn’t recommend using this forex brokerage, we are not impressed with the vague information they have provided.
In conclusion, we wouldn’t advise or recommend you to trade with Uptos.com as they don’t give any information concerning if they are a regulated broker.
MidasWMS.com is likely a platform run by scammers, trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.
Midas are scammers do not deal with them you would lose your money.
These people are definitely scammers, They take money from you and they play the game and make money, they will tell you, you lost the money in an event or other trade. The real thing is they are grabbing your money. I lost £1000, I even not used the money, the very next day I transferred my money I asked them to refund but they didn’t and they said the refund process will take a few weeks and different people called for different reasons. One day someone called and said I lost all my money in a trade, which I haven’t asked them to trade with my money. They invest the money in some other country so Financial Ombudsman in UK is helpless. If you lost your money you can complain to Action Fraud UK and there are different solicitors can take this to court and they are really helpful. Most of the people call from Midas are not from this country and they are such an arrogant people. You can approach police if you have any complaints. Let these people should go to prison or start doing some job. The joke is Oliver Eisen is a Doctor, don’t know what doctor is he? I would wonder if he could count from 1 to 10. Other women Emma Johnson keep on calling and she looks like a “center mid forward” by the way she talks. She is their point of business. Michael Chandler is another rough man, he is their hit man. Be careful with this people, they call from different phone numbers but you cannot call them back. All those numbers are registered under other business. Their office is near trafalgar Square, in London. They really doing scam and they make money with your investment and they become fat, you are the looser. There are very good traders like IC market, join with them, you definitely can make some money. The Midas people are writing positive review using our names and email in trust pilot, its fake. These people are absolutely rubbish and cheating the Nation. Never believe them or trust them, they are poising the nation. Anyone lost money go to police or action fraud they will take care of them. This is what written in FCA (Financial Conduct Authority) website “We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.”
This quote is from Financial authority, Kingstown “An entity an in the name of DIGITAL C-MEDIA LTD is registered in St. Vincent and the Grenadines as a Business Company (BC) on 18th September, 2019 with Registration No. 25596 BC 2019. Please note that the company has been cancelled on 6th November, 2020. DIGITAL C-MEDIA LTD is not regulated or licensed as a Forex Broker by the Financial Services Authority. No Forex/Brokers licenses are issued from this jurisdiction.”
I NEVER RECOMMEND THESE FRAUDS.