Miki Forex Review by Traders Union Experts: Is It a Scam?

Miki Forex is an Israel-based broker that’s been providing access to financial markets for about 20 years. While not too well-known, it certainly has managed to attract some dedicated clients. However, many of them have recently started complaining about unfavorable conditions, and there are even concerns about Miki Forex becoming a full-blown scammer. That’s why we’ve decided to investigate whether you should trust this broker with your money.

Overview

When it comes to trading conditions, Miki Forex seems to be a quite common broker, but there are not too many options to choose from: only currency pairs, CFDs, and metals are available for users. Minimum deposit is set at $20, and the leverage goes up to 1:500. There are also no ways for earning passive income. The company offers three types of accounts: Standard, Mini, and Micro — each of them is designed to suit different needs and trading styles.

Miki Forex claims to have been founded in 1998. That means the company has more than 20 years of experience, which inspires some respect. But there seems to be no way the broker can actually confirm that experience. What we know is that the company mainly operates in Israel and serves some international clients, too. Miki Forex claims to be a representative of a British company, but we couldn’t find any information about that company for this Miki Forex review.

Moreover, the broker keeps quiet about its license. It should be regulated by Israel Ministry of Finance, but we don’t actually know whether all of the company’s operations are legal. And it seems many users of Miki Forex are dissatisfied with the financial services of Miki Forex. We have been able to find numerous reports on enormous spreads, extremely long (up to 2 weeks) waits for money withdrawal, and even unjust cancelling of transactions.

Scam Concerns

However, recently almost every comment about Miki Forexonline has been negative. It seems that the company now manipulates quotes to prevent its clients from closing profitable deals and makes the withdrawal process difficult on purpose. Basically, the broker can be considered a scammer now. We don’t recommend using this company for trading: don’t trust it with your money, be sure to find a reliable, well-regulated broker with transparent conditions instead.