IGM Fx Review 2024
Website: www.igmfx.com
Min. Deposit: US$ 250
Leverage: 1:30 | 1:400
Trading Platforms: Webtrader, MT4 Desktop, Mobile App
Regulation: CySEC
Headquarters: Cyprus
Founded: 2016
Regulatory Licenses:
- IGM Forex Ltd - authorized by CySEC (Cyprus) license no 309/16
Updated on March 4, 2024
Quick Links
In our comprehensive review process, we meticulously evaluate forex brokers by comparing them against a set of stringent criteria. This involves analyzing the broker's regulatory status, trading platforms, account types, customer support, and educational resources, among other aspects. Our assessments are based on direct testing, a thorough market comparison involving over 1000 brokers, and feedback from active users. This rigorous methodology ensures our reviews are unbiased and provide valuable insights into the broker's services and offerings.
IGM FX, established in 2016 in Cyprus, is a broker that specializes in CFD and Forex trading. The brokerage offers a diverse portfolio, including over 160 CFDs on Forex, Stocks, Indices, Commodities, Metals, and Cryptocurrencies. Regulated by the Cyprus Securities and Exchange Commission (CySEC), IGM FX caters to both novice and experienced traders, offering a secure and competitive trading environment. The broker's proprietary Webtrader and Desktop platforms feature user-friendly interfaces that accommodate various trading needs and preferences.
Pros
Offers a wide selection of CFDs on major, minor, and exotic currency pairs
Competitive pricing with low spreads
Provides leverage up to 1:400 for Professional traders
Cons
Lacks 24/7 customer support
Limited educational resources on the website
Regulated by only one authority, potentially limiting account opening for some traders
IGM FX is a secure and reliable brokerage firm, adhering to the stringent regulations and guidelines set by CySEC. This regulatory compliance ensures a high level of trader protection and instills confidence in those choosing to trade with IGM FX. The broker's commitment to the safety of client's funds is evident through practices such as segregating client accounts from the firm’s operational funds and offering negative balance protection. Additionally, being a member of the Investor Compensation Fund provides an extra layer of security for retail clients.
Leverage is a double-edged sword in forex trading, offering the potential for significant profits but also posing a risk of substantial losses. Understanding the nuances of leverage is crucial before utilizing it in trading. IGM FX provides leverage options in compliance with CySEC regulations, offering up to 1:30 for major currency pairs to European traders and up to 1:400 for Professional account holders. This flexible approach allows traders to choose a leverage level that aligns with their trading strategy and risk tolerance.
Account Types
In our comprehensive review of IGM Fx, we found that the broker provides several account types tailored to meet the diverse needs of traders. These include Retail and Professional accounts with categories such as Classic, Silver, Gold, and Vip. This variety enables traders to select the conditions that best fit their trading preferences and objectives. For those opting for Professional accounts, there's the added advantage of selecting higher leverage, up to a maximum of 1:400, offering significant flexibility in trading strategies.
How to Open an IGM Fx Live Account?
Setting up an account with this broker is straightforward and can be accomplished quickly. The process involves a few simple steps:
Navigate to the “Open Account” page and click to begin.
Fill in the necessary personal information including your name, email, and phone number.
Provide proof of identity and residence by uploading the required documentation.
Complete an electronic quiz to verify your trading experience.
Following these steps and depositing funds will activate your account, ready for trading.
Trading Instruments
IGM Fx equips its clients with the ability to trade an extensive range of over 160 CFDs, spanning more than 40 Forex pairs, Stocks, Indices, Commodities, Metals, and Cryptocurrencies. Forex markets, in particular, are a highlight due to their high liquidity, global recognition, and competitive spreads. The broker's selection of trading instruments receives a commendable score of 8.3 out of 5, reflecting the wide range of options available to traders. Nevertheless, the absence of some popular asset classes suggests that exploring offerings from other brokers may be beneficial for some traders.
IGM Fx Fees
The broker's fee structure is competitive for its trading instruments. However, traders should be aware of potential charges associated with deposits and withdrawals, which vary by funding method. Additionally, trading activities may incur swap or rollover fees. When compared with over 1000 other brokers, IGM Fx's fee structure receives an average score of 7.9 out of 5, indicating a balanced approach to pricing amidst the broader brokerage landscape.
IGM Fx offers attractive low floating spreads, with the EUR/USD pair averaging at 0.7 pips—well below the industry's average of 1.2 pips. This offers a competitive edge for traders, especially considering the spreads on major currency pairs and other popular trading instruments. The broker's spread offerings are ranked favorably with a score of 8.3 out of 5, underscoring the cost-effectiveness of trading with IGM Fx across a variety of instruments.
IGM FX offers a variety of funding methods including bank wire transfer, credit/debit cards, and online payment systems such as Skrill and Neteller. Due to its European base, some payment options might not be available for all clients, so it's advisable to check the conditions beforehand. The funding methods provided by IGM FX have been rated positively with an overall score of 3.8 out of 5. The broker boasts low fees and supports various account-based currencies.
Here we have identified the pros and cons associated with IGM FX's funding methods:
Pros
Low fees for deposits and withdrawals
Supports multiple accountbased currencies
Cons
Limited payment options for some regions
IGM FX requires a minimum deposit of $250 to open a live trading account, which is competitive when compared to other brokers that often require a minimum deposit of $500. Withdrawals at IGM FX are designed to be smooth and quick, although the actual timeline can vary depending on the payment provider used.
IGM FX provides access to its proprietary web-based platform, IGM FX Webtrader, as well as the IGM FX MT4 desktop platform and a mobile app for MT4. These platforms are equipped with a wide range of features including technical indicators, trading analysis tools, intuitive interfaces, multiple execution options, and various order types. The IGM FX Platform is rated highly with a score of 4.3 out of 5, standing out for offering both the popular MT4 desktop platform and the proprietary Webtrader.
The Desktop Platform, in particular, grants access to over 30 technical indicators, aiding in the effective management of trading strategies. Its user-friendly interface ensures seamless navigation and utilization. Traders can access all 160+ available markets, complemented by interactive charts and trading analysis tools.
IGM FX's customer support is available 24/5 through email and phone. The broker employs a team of experienced trading specialists to assist clients with a range of issues, including technical problems, general inquiries, and operational concerns. Our assessment places IGM FX's customer support with a score of 3.5 out of 5, based on fast and knowledgeable responses, and ease of access during working days.
IGM FX does not have a dedicated educational section on its website, which is a notable drawback since educational resources are critical for the development of traders' skills. However, the Webtrader platform does offer access to some basic free educational materials and resources. The education offering at IGM FX is rated at 3.3 out of 5, suggesting that traders seeking comprehensive educational resources might need to look elsewhere.
Pros
Some basic educational materials provided
Cons
Lack of a comprehensive educational section
In conclusion, IGM FX stands as a reputable Forex trading company catering to both retail and business clients, offering access to a wide array of financial products. Its regulation by CySEC in Cyprus ensures a trustworthy trading environment. While the broker offers secure trading platforms and competitive trading conditions, the absence of a dedicated educational section and the lack of 24/7 customer support and live chat are areas where improvements could be made.
IGM FX is particularly suitable for:
Traders from Europe
Individuals interested in CFD and currency trading
Users who prefer the MT4 platform
Beginners and advanced traders
Those looking for STP/NDD execution
Traders seeking no commission trading and competitive spreads
Individuals interested in EA/Auto trading and quality trading tools
Each trader has unique needs and goals, making it essential to assess whether IGM FX aligns with your specific trading preferences before making a decision.
