Midas review: is it a safe exchange or scam? (09.2019)

What do we know about Midas? According to the data we possess, it appears to be a not the most admired, still well established, fairly promising dealer aka exchanger. It's a broker operating for about 6 years and 2 months. Midas supports some of the popular crypto. Midas operator is an unknown entity or a group of individuals, but we must add that it appears as the usual way to do crypto-related business in their jurisdiction.

Clients from all the 255 countries & territories are welcome here, together with your home country: United States! Broker serves the US and allows registrations from all the 56 states. Unfortunately we couldn't yet collect enough data about the order processing speed from the actual customers, maybe you know how fast Midas processes the orders? If you do, please share the knowledge! Thanks a lot! Specific types of orders may require identity verification to exchange crypto on this broker.

Starting from 2018, midas.exchange received few great reviews from the clientele; our platform alone counted 3 customers testimonials, 100% positive reviews. We aren't sure what exactly the users appreciate most of their experience with this site, yet we should affirm that there's nothing the consumers really dislike. Despite the fact hadn't yet collected enough data to list these guys among the rest of the approved exchange services (more information below) and therefore can't yet assign the rating to this broker, we can propose a preliminary evaluation: 62/100. Not bad! Nevertheless, 40% of the competitors can show off a higher score; For instance, Quickex (64 out of 100) got a greater score from the real users.

So, what's our opinion so far? Based on the information we currently hold, Midas should be a not that bad site to swap Bitcoins; an exchange that should provide the service of acceptable quality. Let's appraise everything in details...

Overview: is Midas safe?

Midas operates as the Broker. A project had started up in August 2018. Despite the fact that we couldn't find any information about the company that manages midas.exchange site (and are not even sure if there's a legal entity at all), we must say that it's rather a usual practice for the "exchangers" from Russia and the neighboring countries. The main reason for this is the uncertain local regulation; such exchange providers have no way to open a corporate bank account, etc.

Research: best alternative to Midas

By reason of we can't (yet?) endorse the midas.exchange, you may feel safer choosing the website we've already appraised and checked in full. Therefore we took the liberty to research the market and suggest a viable, well-known, 100% trusted alternative exchange platform. How we did it? Let's explain! Makes sense to start from figuring out what exactly we are looking for:

A glance at the service specifics confirms that Midas employs the business model of a Broker; exchange started the business August 2018 and up-to-date operates for 6 years and 2 months. It received some reviews and seems to be known on the local market. There is no information available about the company doing business as Midas, etc. Please note that it's just a super-small snapshot of what we've discovered, details about the business model are available in the "what we already know about midas" section. Considering all the abovementioned, we were looking for another broker allowing registrations from United States with a flawless reputation and the best rating and found a perfect match: TransCoin! Let's figure out what makes it the safest choice:

TRANSCOIN is also a Broker; exchange started to provide the services in May 2018. It is a really trusted, surely a respectable, well established, interesting exchange platform (broker) that supports 1 cryptocurrency: you can This is what we value the most about this great exchange service:

• It is a respectable financial company; the firm holds required license(s) and is fully compliant with the regulation
• The business model of an exchange broker doesn't require to store the customers' money, there are no accounts, etc. The crypto (or fiat) payment will be instantly delivered to a wallet (bank or fiat payment system) of your choice
• The exchange runs the business for a long time; project was started 6 years and 4 months ago
• TransCoin accepts the registrations from 255 countries; customers from United States can use the services
• Customers' testimonials are top notch, 100% (5 out of 5) wrote about the positive experience doing business with TransCoin.

According to our research and the community vote, TransCoin is the best Broker worldwide. That's a really outstanding result, considering that we compare 333 exchange platforms! Long story short, this means that transcoin.me truly stands out in terms of reliability, reputation, etc. - you name it... We are sure, you won't regret your choice!

Midas fees, limits, verification, etc.

Even though we still consider if we should add MIDAS to the list of approved exchange platforms and the individual dealers-exchangers and are in process of gathering and evaluating the information, we've already collected some data worth sharing. The business appears like a well-established broker running from Aug 2018. We could not find any information about the company administering the website; no signs if there's any legal entity at all. That's not a good indication, but sadly it's rather a usual practice for "exchangers" operating on/from the Russian and ex-USSR market.

midas.exchange is a broker, sort of "crypto exchange bureau" online. Buying and selling aside, there's usually not much to do on such a website; but isn't it exactly what we are looking for? On a positive note, the brokers don't hold the clients' funds and typically require less trust, etc.

Dealing with a reputable service of the sort is virtually risk-free, especially if you don't send a lump sum at once. Just please remember that trading with an anonymous or almost anonymous dealer requires extra caution! Our visitors who've already tried the services of broker left nice recommendations. That's clearly a good sign, although as they say, "trust, but verify"!

Fees & Limits at Midas

We normally analyze the fees and limits even for the exchanges that are not yet listed but are in the "watch list", while we are considering if we should add these sites or not. Unfortunately, due to some technical issues the integration with Midas is not yet set, and therefore we can't state anything about the fees and purchase limits at this broker. Please accept our apologies!

Midas account verification

The broker may ask the customers to complete the user identification process (account verification) when certain conditions are met. Exchangers like Midas operate in a gray area due to the fact that their target markets have no cryptocurrency regulation in place. Therefore such providers either have no KYC programs at all or maintain a very simple one. You'll get acquainted with the details during an order submission.

As for the estimation how long does it takes to verify an account at Midas on average: we must apologize, our platform still haven't collected enough feedback from the real users of a broker. By any chance, if you know how fast midas.exchange is with an account verification, kindly let us know too. We really appreciate your commitment!

Supported countries

The website allows the user registrations from 255 countries. Actually it appears that absolutely all the countries and territories are supported by midas.exchange, it has no blacklisted geographies and no geo-restrictions!

Does Midas allow the users from United States (US)?

That's right, it does! midas.exchange permits the registrations from the United States! Broker grants access to the customers from all the existing 56 states, territories, and commonwealths of the U.S.A..

American residents and the U.S. citizens are welcome to convert various crypto currencies offered by the broker.

Ops, sorry! Can't get an access to the data regarding the US operations of Midas. While we are fixing that, please explore the exchange's website; there's a list of payment systems supported, etc.

Customers' testimonials

Until Oct 2024 our users who already tried the broker left 3 testimonials: 3 positive reviews. The testimonials we are receiving from our dear visitors are the most vital for our assessment should we add Midas to the approved exchanges list or not. Do you have any experience dealing with the broker? If you do, please spend a few seconds and share your expertise. We'd love to know what's your personal opinion about MIDAS!

No more testimonials to show. The rest are either outdated or written in other languages. If you have any experience dealing with Midas, can you please leave your testimonial? Thanks!

What can we say? So far, the reviews are great, 100% positive feedback is a good sign that Midas could be added to our listing soon! Do you have something to add? Can't wait to hear from you!

FAQ about Midas

Midas vs other exchanges

We understand that you likely are interested to choose a most trusted broker that has flawless reputation and great reviews so we took the liberty to compile a list of alternative sites you may use instead of Midas. There are similar exchanges providing more or less the same services; let's see what else is available right away and compare it to the reviewed business! Besides, we found platforms having similar rating that are popular in United States particularly and North America in general. And by the way, if you are eager to pick an exchange basing on a rate and fees mostly, our price comparison platform always finds the most reasonable exchange rates in United States!

Midas vs WMexpress

A comparison of the key features and the principal facts about WMEXPRESS versus Midas; just take a glance to decide if WMexpress will be the optimal choice for you or at least if it's worth checking our full study:

review of WMexpress, users' testimonials

• WMexpress is a broker The way midas.exchange website functions fits the broker format, both following the same approach to the business.
• WMexpress had launched the service August 2015 Midas started the project August 2018 (WMexpress is operating for 2 years and 11 months longer).
• WMexpress operates without any registration or no information is available about the legal entity Midas carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
• WMexpress allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the Midas being a resident of any of 255 countries; United States is granted with an access among all others (Midas & WMexpress authorize sign-ups from the same number of countries worldwide).
• When the client needs to pass through the KYC process at WMexpress, they usually ask to provide some (it depends on various factors) documents and / or specific procedures In most of the cases, it takes about a day or two, as per the actual clientele survey results The process of Customer Identification at Midas typically involves a few (varies case-by-case) individual procedures. (Midas & WMexpress alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• Our visitors shared 7 reviews about WMexpress, 100% of those are positive As of today, Midas gained 3 clients testimonials, 100% of these are positive (Midas & WMexpress managed to get the same percentage of positive feedback from their users).

So, is WMexpress a better alternative to Midas? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. In view of the lesser rating score Midas achieved: 62 vs WMexpress rated 71, we honestly believe that WMEXPRESS should do the job better than the reviewed broker; certainly worth testing!

Like reading? In fact, there are more exchanges worth comparing to Midas, such as:

• Midas vs WMexpress
• Midas vs chby
• Midas vs 1-online
• Midas vs 100monet
• Midas vs Quickex

Midas vs chby

A comparison of the key features and the principal facts about CHBY versus Midas; just take a glance to decide if chby will be the optimal choice for you or at least if it's worth checking our full study:

review of chby, users' testimonials

• chby is a broker The way midas.exchange website functions fits the broker format, both following the same approach to the business.
• chby had launched the service July 2018 Midas started the project August 2018.
• chby operates without any registration or no information is available about the legal entity Midas carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
• chby allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the Midas being a resident of any of 255 countries; United States is granted with an access among all others (Midas & chby authorize sign-ups from the same number of countries worldwide).
• When the client needs to pass through the KYC process at chby, they usually ask to provide some (it depends on various factors) documents and / or specific procedures In most of the cases, it takes about a day or two, as per the actual clientele survey results The process of Customer Identification at Midas typically involves a few (varies case-by-case) individual procedures. (Midas & chby alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• Our visitors shared 6 reviews about chby, 100% of those are positive As of today, Midas gained 3 clients testimonials, 100% of these are positive (Midas & chby managed to get the same percentage of positive feedback from their users).

So, is chby a better alternative to Midas? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. In view of the lesser rating score Midas achieved: 62 vs chby rated 70, we honestly believe that CHBY should do the job better than the reviewed broker; certainly worth testing!

Like reading? In fact, there are more exchanges worth comparing to Midas, such as:

• Midas vs WMexpress
• Midas vs chby
• Midas vs 1-online
• Midas vs 100monet
• Midas vs Quickex

Midas vs 1-online

A comparison of the key features and the principal facts about 1-ONLINE versus Midas; just take a glance to decide if 1-online will be the optimal choice for you or at least if it's worth checking our full study:

review of 1-online, users' testimonials

• 1-online is a broker The way midas.exchange website functions fits the broker format, both following the same approach to the business.
• 1-online had launched the service February 2017 Midas started the project August 2018 (1-online is operating for 1 years and 5 months longer).
• 1-online operates without any registration or no information is available about the legal entity Midas carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
• 1-online allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the Midas being a resident of any of 255 countries; United States is granted with an access among all others (Midas & 1-online authorize sign-ups from the same number of countries worldwide).
• When the client needs to pass through the KYC process at 1-online, they usually ask to provide some (it depends on various factors) documents and / or specific procedures In most of the cases, it takes about a day or two, as per the actual clientele survey results The process of Customer Identification at Midas typically involves a few (varies case-by-case) individual procedures. (Midas & 1-online alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• Our visitors shared 5 reviews about 1-online, 100% of those are positive As of today, Midas gained 3 clients testimonials, 100% of these are positive (Midas & 1-online managed to get the same percentage of positive feedback from their users).

So, is 1-online a better alternative to Midas? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. In view of the lesser rating score Midas achieved: 62 vs 1-online rated 67, we honestly believe that 1-ONLINE should do the job better than the reviewed broker; certainly worth testing!

Like reading? In fact, there are more exchanges worth comparing to Midas, such as:

• Midas vs WMexpress
• Midas vs chby
• Midas vs 1-online
• Midas vs 100monet
• Midas vs Quickex

Midas vs 100monet

A comparison of the key features and the principal facts about 100MONET versus Midas; just take a glance to decide if 100monet will be the optimal choice for you or at least if it's worth checking our full study:

review of 100monet, users' testimonials

• 100monet is a broker The way midas.exchange website functions fits the broker format, both following the same approach to the business.
• 100monet had launched the service December 2014 Midas started the project August 2018 (100monet is operating for 3 years and 8 months longer).
• 100monet operates without any registration or no information is available about the legal entity Midas carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
• 100monet allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the Midas being a resident of any of 255 countries; United States is granted with an access among all others (Midas & 100monet authorize sign-ups from the same number of countries worldwide).
• When the client needs to pass through the KYC process at 100monet, they usually ask to provide some (it depends on various factors) documents and / or specific procedures The process of Customer Identification at Midas typically involves a few (varies case-by-case) individual procedures. (Midas & 100monet alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• Our visitors shared 6 reviews about 100monet, 83% of those are positive As of today, Midas gained 3 clients testimonials, 100% of these are positive (Midas is finer reviewed by the clients).

So, is 100monet a better alternative to Midas? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. In view of the lesser rating score Midas achieved: 62 vs 100monet rated 67, we honestly believe that 100MONET should do the job better than the reviewed broker; certainly worth testing!

Like reading? In fact, there are more exchanges worth comparing to Midas, such as:

• Midas vs WMexpress
• Midas vs chby
• Midas vs 1-online
• Midas vs 100monet
• Midas vs Quickex

Midas vs Quickex

A comparison of the key features and the principal facts about QUICKEX versus Midas; just take a glance to decide if Quickex will be the optimal choice for you or at least if it's worth checking our full study:

review of Quickex, users' testimonials

• Quickex is a broker The way midas.exchange website functions fits the broker format, both following the same approach to the business.
• Quickex had launched the service February 2018 Midas started the project August 2018 (Quickex is operating for 5 months longer).
• Quickex is an ordinary business without financial licenses, etc. Midas carries on the operations without registering a legal entity or there's no information publicly available about the firm (Quickex's business model makes it a better, safer choice for the customers).
• Quickex allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the Midas being a resident of any of 255 countries; United States is granted with an access among all others (Midas & Quickex authorize sign-ups from the same number of countries worldwide).
• When the client needs to pass through the KYC process at Quickex, they usually ask to provide some (it depends on various factors) documents and / or specific procedures The process of Customer Identification at Midas typically involves a few (varies case-by-case) individual procedures. (Midas & Quickex alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• Our visitors shared 3 reviews about Quickex, 100% of those are positive As of today, Midas gained 3 clients testimonials, 100% of these are positive (Midas & Quickex managed to get the same percentage of positive feedback from their users).

So, is Quickex a better alternative to Midas? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. In view of the lesser rating score Midas achieved: 62 vs Quickex rated 64, we honestly believe that QUICKEX should do the job better than the reviewed broker; certainly worth testing!

Like reading? In fact, there are more exchanges worth comparing to Midas, such as:

• Midas vs WMexpress
• Midas vs chby
• Midas vs 1-online
• Midas vs 100monet
• Midas vs Quickex

Conclusion: is Midas legit or scam?

Seems it's time to finalize the report, to make a judgment call. Is Midas a scam or is it a legitimate exchange? How secure the midas.exchange website is? Can you trust Midas with your money? And (in our case) the most frequently asked question: Why the broker is not yet ranked at ExchangeRates.Pro? Let's start by answering the last question and, you'll see, the replies to the rest will follow. Can't wait? Help yourself jumping to the final verdict!

Why we hadn't yet ranked and fully listed MIDAS and what does it mean?

The routine for adding a new exchange, especially if it's a Broker, to ExchangeRates.Pro listing is rather a long process and it depends on few factors we don't control directly. Our approach to the process is «better be safe than sorry»; we already have 37 well-tested platforms providing similar to Midas functionality. 22 different exchange websites of broker type are among those and additionally, there are 4 peer-to-peer marketplaces. 10,613 exchange offers are available right away; these cover almost all the payment systems and local banks available in United States and North America for buying and selling BTC, cryptos, and tokens with US Dollar, EURos, whatever. Hence, we never hurry to add more websites until we are 100% sure we did everything we could to verify the data and test every service well ourselves. It takes time. Moreover, there are two circumstances that are out of our direct control:

1. All the exchange services, most notably the broker type ones are staying in the "pending approval" state until we collect at least a few reviews from the genuine customers, the ones we can actually verify. In addition, we monitor the clients' testimonials at the trusted review platforms, social networks, etc., and postpone the approval until we find enough evidence that the broker has no unresolved complaints and there are enough convincing users recommendations.
2. We receive the new applications daily and like over 90% are from the other Brokers. It consumes a lot of time to check each and every one; there's a large queue and we have to be selective when choosing which applications to process first. Considering there's 278 pending applications from other "exchangers", websites that are very similar to Midas, we can't promise that we'll process this one very fast, our apologies.

Exceptions from these two rules may happen only in very rare extraordinary cases. As you can see, we move forward with listing new exchanges slowly and the queue for Brokers is the largest one, but as a consequence, only the best brokers are getting approved. Although we can't endorse Midas and hadn't rated it (in full) yet, we believe that it could likely receive approval after some time considering there won't be any complaints and we'll encounter more trusted reviews.

So is Midas a legit exchange or a fraud?

According to the data we currently have, Midas is not a scam. However, the rating score the broker got is not very impressive. At this time Midas is not looking like a service we'd add to the approved list anytime soon; even though we also can't state it's a bad exchange or something like that. Should you use midas.exchange to exchange crypto? We are not endorsing it nor we are strongly advising to keep away from it. The decision is up to you, just don't forget about the alternatives! There are some perfectly safe exchange platforms we can suggest: reliable brokers and much more!

Alternative solution: how to find the best rate to exchange BTC & crypto in United States and North America

There is another way of finding the most worthy alternative to Midas that will work best for you. What if instead of opposing the features of various exchanges we'll compare the terms of the specific offerings that all the marketplaces, brokers, dealers, and even individual exchangers provide? That's exactly what our platform does! We assist you in choosing the most appropriate deal considering:

• The fees and rates provided at the moment by 21 exchange websites of a "Broker" type and 10,613 other offers.
• BTC/USD exchange rate at those ; the availability of service for the residents of United States.
• Which local banks & payment systems out of 154 serving US are the fastest, most convenient and cost-efficient personally for you.
• Amount you need to swap: say, the conditions for exchanging USD 1 will be significantly different from the terms of $58,802.0 conversion.
• And of course, you see the rating, users reviews (up-to-date 542 real clients testimonials), etc. for all the offers available!

Our platform could find 49 offers to buy, sell, exchange BTC available to users from United States, and 42 of these are for the US Dollar currency. There are totally 27 exchange services supporting US. Some of those are providing the access to USD|BTC market, including such types as e-wallet, P2P Marketplace, Trading Platform, etc. 5 exchanges has active offers for these currencies right now; you can buy/sell using 20 local and international payment systems & banks! The local dealers and exchanges are mentioning the support of 17 local banking institutions and the payment systems. According to the latest data we have, the lowest fee to purchase BTC with USD locally is available for Etana, that's a local payment system. The most popular domestic options for purchasing BTC @ US:

• Barter from Flutterwave | 50 ads
• GoBank Card | 34 ads
• MyVanilla Reloadable | 22 ads
• JCPenney | 13 ads
• Cash in Person | 5 ads
• Paypal | 5 ads
• Nike | 4 ads
• Cash App (Square) | 4 ads
• Other Gift Cards | 4 ads
• Visa & Mastercard | 3 ads

Our software couldn't get an access to the data what's available at midas.exchange for the clients from United States, however we are sure that you'll find a worthy alternative on one of 36 exchange websites we compare the rates at! Check out what the local dealers and platforms are offering: currently there are 17 domestic banks supported. Besides, you may find something interesting browsing 10,613 offers available with 20 ways to pay internationally, either to neighboring countries in North America or to any other part of the world.