MIFX Review

Category: Reviews | Author: Trading Brokers | Date: September 12, 2023

MIFX is an online broker that specializes in forex, commodities, and stock indices trading. It has been operating in Indonesia since 2000 and is regulated by the Commodity Futures Trading Regulatory Agency (BAPPEBTI). It is also a member of the Jakarta Futures Exchange (JFX) and the Indonesian Derivatives Clearing House (IDCH). It offers various trading platforms, tools, education, markets, and account types for traders of different levels and preferences. However, not all brokers are compatible with every trader, and some may have hidden fees, poor customer service, or limited accessibility. Therefore, it is important to conduct a thorough and unbiased review of any broker before deciding to trade with them. In this article, we will review MIFX and provide our verdict on whether it is a reliable and trustworthy broker to trade with.

Pros & Cons

  • Regulated by the BAPPEBTI of Indonesia, which is a government agency that oversees the trading of futures, options, and derivatives in the country
  • Offers a variety of trading platforms, tools, education, markets, and account types for traders of different levels and preferences
  • Provides security and convenience for traders by being a member of the JFX and the ICDX
  • Places customers’ funds in segregated accounts, separate from the company’s operating account, to ensure their safety
  • Provides insurance coverage for customers’ funds up to Rp500 million per account in case of bankruptcy or liquidation
  • Has a high minimum deposit requirement for the Pro account (IDR2,500,000,000)
  • Does not offer swap-free options for the Multilateral account
  • Charges a high commission fee for the Multilateral account ($20 per lot)

Summary

MIFX Review

MIFX Review

MIFX is an online broker that was founded in 2000 and is regulated by the BAPPEBTI of Indonesia. The broker is a member of the JFX and the IDCH, which provide security and convenience for traders who want to trade forex, commodities, and stock indices. It offers various trading platforms, tools, education, markets, and account types for traders of different preferences and levels. The broker also provides real-time trading signals from reputable sources, as well as comprehensive educational materials and events to help traders improve their skills and knowledge. MIFX rewards its loyal customers with points that can be exchanged for various prizes, such as travel, gadgets, lifestyle, and automotive products. Our review examines MIFX’s features and performance as a broker for trading. However, as always, understanding the associated risks is important before trading with any broker.

AvaTrade Logo

Our #1 Broker 2023

AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

MIFX is a broker that operates under the regulation and supervision of the Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI), which is the Indonesian Commodity Futures Trading Regulatory Agency. The BAPPEBTI is a government agency that oversees the trading of futures, options, and derivatives in Indonesia. The BAPPEBTI ensures that MIFX complies with the established industry standards and protects the interests of traders. MIFX holds a retail foreign exchange license from the BAPPEBTI with the license number 178/BAPPEBTI/SI/I/2003.

MIFX is also a member of the Jakarta Futures Exchange (JFX) and the Indonesia Commodity and Derivatives Exchange (ICDX), which are the two main exchanges for futures and derivatives trading in Indonesia. The JFX and the ICDX provide security and convenience for traders by facilitating trade execution, clearing, and settlement. MIFX also participates in the Indonesian Derivatives Clearing House (IDCH), which acts as a central counterparty for all transactions on the JFX and the ICDX. The IDCH guarantees the performance of contracts and manages the risk exposure of market participants.

MIFX places its customers’ funds in segregated accounts, separate from the company’s operating account, to ensure their safety. The funds are deposited in banks designated by the government and under the direct supervision of clearing agencies. MIFX also provides insurance coverage for its customers’ funds up to Rp500 million per account in case of bankruptcy or liquidation.

The broker’s regulation by the BAPPEBTI, membership of the JFX and the ICDX, participation in the IDCH, segregation of funds, and insurance coverage are some of the features that are intended to demonstrate its reliability and trustworthiness. However, as always, understanding the associated risks is important before trading with any broker.

Platforms & Tools

MIFX offers its clients a selection of three trading platforms, each with its own features and advantages. The platforms are MIFX Mobile, MIFX MetaTrader 4, and MIFX MetaTrader 5. All platforms support trading in forex, commodities, and stock indices with STP execution and variable spreads.

MIFX Mobile is a proprietary platform that can be accessed via smartphone or tablet. It allows traders to register, manage their accounts, and trade anytime and anywhere. It also provides real-time trading signals from various reputable sources, such as Trading Central, Autochartist, and MIFX Analysts. MIFX Mobile also features a user-friendly interface, a comprehensive charting package, and a notification system for price movements and market news.

MIFX MetaTrader 4 is a customized version of the popular MT4 platform, developed by MetaQuotes Software Corp. It is suitable for traders of all levels and preferences, as it offers a wide range of professional tools, such as advanced charting, multiple order types, technical indicators, and expert advisors (EAs) for automated trading. MIFX MetaTrader 4 can be downloaded on desktop, web browser, or mobile devices.

MT4 Platform

MT4 Platform

MIFX MetaTrader 5 is an upgraded version of MT4, which offers more features and functionalities for trading. It supports trading in forex, commodities, stock indices, and futures CFDs. It also offers more order types, timeframes, indicators, and graphical objects than MT4. Additionally, it has a built-in economic calendar, market depth insights, and a strategy tester. MIFX MetaTrader 5 is available for download on desktop, web browser, or mobile devices.

MT5 Trading Platform

MT5 Trading Platform

In addition to these platforms, MIFX also equips its clients with a range of valuable tools and resources to enhance their trading experience. These include:

  • Market Analysis Tools: MIFX offers various tools for market analysis and trading strategies on its platforms and website. These include Trading Central Technical Analysis, which provides technical indicators and forecasts for various instruments; Autochartist Pattern Recognition, which scans the market for chart patterns and trading opportunities; MIFX Analysts Recommendations, which provide daily market insights and tips from experienced analysts; MIFX Economic Calendar, which displays upcoming economic events and indicators that might impact trading; and MIFX Market News, which provides the latest market updates and analyses from reliable sources.
  • Trading Signals: MIFX provides real-time trading signals from reliable sources on its platforms. These signals help traders identify trading opportunities and follow market trends. The signals are based on various factors, such as price action, technical analysis, fundamental analysis, market sentiment, and risk management.
  • Calculator: MIFX offers a calculator tool on its website that helps traders calculate various aspects of their trading, such as margin requirement, pip value, swap rate, profit or loss potential, and currency conversion. The calculator is easy to use and can help traders plan their trades more effectively.
  • Rewards: MIFX rewards its loyal customers with points that can be exchanged for various prizes on its website. The prizes include travel vouchers, gadgets, lifestyle products, and automotive products. The points can be earned by trading on the platforms or participating in educational events.

Education

MIFX is a broker that values education as a key factor for successful trading. The broker provides comprehensive educational materials and events for its clients to improve their skills and knowledge. The education segment covers a wide range of topics related to forex, commodities, and stock indices trading, such as:

  • Basic Concepts: This section explains the basic concepts and terms of trading, such as currency pairs, bid-ask prices, spreads, pips, lots, leverage, margin, rollover, and more.
  • Market Analysis: This section explores the various methods and tools for analyzing the market and identifying trading opportunities, such as fundamental analysis, technical analysis, trading signals, economic calendar, and market news.
  • Trading Strategies: This section provides useful tips and guidelines for developing and implementing effective trading strategies, such as trend following, breakout trading, scalping, swing trading, and more.
  • Trading Psychology: This section discusses the importance of trading psychology and how to manage emotions, discipline, and risk in trading.
  • Trading Glossary: This section defines common trading terms and acronyms, such as arbitrage, candlestick chart, divergence, Fibonacci retracement, and more.
  • Trading Tutorial: This section offers practical tutorials on how to use the MIFX platforms and tools, such as MIFX Mobile, MIFX MetaTrader 4, MIFX MetaTrader 5, Trading Central Technical Analysis, Autochartist Pattern Recognition, MIFX Analysts Recommendations, and more.

MIFX’s educational thrust doesn’t end here. In addition to web-based learning, the broker also offers opportunities for enhanced learning through webinars and seminars, facilitated by experts and professionals. Among the topics covered are:

  • Introduction to Forex Trading
  • Introduction to Commodities Trading
  • Introduction to Stock Indices Trading
  • Advanced Technical Analysis
  • Advanced Fundamental Analysis
  • Advanced Trading Psychology

MIFX’s education segment and supplementary learning opportunities aim to help traders not only understand the complexities of trading but also equip themselves with the skills, knowledge, and psychological resilience required for navigating the dynamic landscape of forex, commodities, and stock indices trading.

Markets

MIFX offers a wide selection of trading instruments across various financial markets, including forex, commodities, and stock indices. These instruments are available in the form of contracts for difference (CFDs), allowing traders to speculate on the price movements of underlying assets without the need for direct ownership. In the forex market, MIFX provides access to over 40 currency pairs, covering major, minor, and exotic options.

With competitive spreads and commissions, traders can engage in pairs like EUR/USD, GBP/USD, USD/JPY, USD/IDR, and EUR/IDR, capitalizing on the world’s largest and most liquid trading arena. The commodities market offers more than 10 commodities CFDs, spanning precious metals like gold and silver, energy products such as oil and natural gas, and agricultural commodities like coffee and sugar.

MIFX also provides access to futures contracts for some of these commodities, such as gold futures and oil futures. The stock indices market widens the horizon with over 10 indices CFDs, enabling traders to track the performance of stock groups representing specific sectors or countries. From global indices like US30, SPX500, and GER30 to regional offerings such as UK100, AUS200, and JPN225, MIFX caters to diverse trading preferences.

By providing CFDs across these markets, MIFX empowers traders with flexibility and diversity, enabling them to seize trading prospects while navigating asset price fluctuations without direct ownership. This comprehensive selection aligns with MIFX’s commitment to delivering a versatile and encompassing trading platform.

Accounts

MIFX offers a range of live trading accounts tailored to cater to the diverse needs of traders. Traders can choose from four different types of accounts: Ultra, Standard, Pro, and Multilateral. Each account type has its own features and conditions, allowing traders to align their trading strategy with their individual needs. Here’s a concise overview of each account type:

  • Ultra Account: This account type is suitable for traders who want to start trading with a low initial deposit and enjoy competitive spreads. The minimum deposit requirement is IDR500,000 and the spreads start from 0.2 pips. Traders using this account are subject to a commission fee of $10 per lot. An additional advantage of the Ultra account is the option to apply for the free-swap feature, which allows traders to hold positions overnight without incurring swap charges.
  • Standard Account: This account type is similar to the Ultra account, with the same minimum deposit requirement of IDR500,000 and the option to apply for the free-swap feature. However, the spreads are slightly wider, starting from 1.8 pips, and the commission fee is lower, at $1 per lot. This account type is ideal for traders who prefer lower commission fees and don’t mind wider spreads.
  • Pro Account: This account type is designed for traders who seek more advanced features and have higher deposit requirements. The minimum deposit requirement is IDR2,500,000,000 and the spreads start from 1.8 pips. Traders using this account are subject to a commission fee of $1 per lot. Like the Ultra and Standard accounts, the Pro account offers the option to apply for the free-swap feature.
  • Multilateral Account: This account type is different from the others in terms of commission fees and swap charges. The minimum deposit requirement is IDR1,000,000 and the spreads start from 0.6 pips. However, traders using this account are subject to a higher commission fee of $20 per lot and cannot apply for the free-swap feature. This account type is suitable for traders who want to trade with narrow spreads and don’t mind higher commission fees and swap charges.

Funding

MIFX does not provide much information about how deposits and withdrawals work on its website. However, MIFX supports the following payment methods for funding trading accounts and withdrawing profits:

  • Bank Transfer: This is the most common and reliable payment method for MIFX clients. The minimum deposit amount is IDR500,000, which is also the minimum initial deposit requirement for most account types. The minimum withdrawal amount is not specified, but may depend on your bank or account type. Deposits and withdrawals via bank transfer are free of charges, but may take up to 3 business days to process.
  • Credit/Debit Cards: Visa and Mastercard are accepted by MIFX for deposits and withdrawals. The minimum deposit and withdrawal amounts are IDR500,000 and IDR100,000,000, respectively. Deposits and withdrawals via credit/debit cards are subject to a 2% fee, and may take up to 24 hours to process.
  • E-Wallets: Skrill, Neteller, PayPal, and FasaPay are some of the e-wallet processors that MIFX supports for deposits and withdrawals. The minimum deposit amount is IDR500,000, and the minimum withdrawal amount varies depending on the e-wallet provider. Deposits and withdrawals via e-wallets are subject to a 1% fee, and may take up to 24 hours to process.

To initiate transactions, log in to your MIFX account and visit the “Deposit/Withdrawal” section. Here, select your preferred payment method and follow the on-screen instructions. Processing times may vary depending on the method and bank involved.

Conclusion

In conclusion, MIFX is a broker that offers a wide selection of trading instruments, platforms, tools, education, and account types for traders of different levels and preferences. The broker is regulated by the BAPPEBTI and is a member of the JFX and the IDCH, which provide security and convenience for traders. The broker also rewards its loyal customers with points that can be exchanged for various prizes. However, it’s worth noting that while MIFX offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews.

MIFX Logo

IDR500,000

MIFX is a broker that offers trading services for forex, commodities, and stock indices in Indonesia. It is regulated by the BAPPEBTI and is a member of the JFX and the IDCH. It also offers various trading platforms, tools, education, markets, and account types for traders of different levels and preferences.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


About the Author

trading brokers logo

Trading Brokers
Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey. We have over 20 years of experience when it comes to trading online so we know what to look for.


Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.