IGM FX is a prominent broker in the Forex and CFD trading arena. It was established in 2016 in the Mediterranean center of financial trade in Cyprus. It is a Cyprus-based forex broker that offers traders its proprietary WebTrader for manual trading and MT4 trading platform for clients who prefer automated trading.
It’s ideal for millennial traders and its educational section is full of short videos of less than sixty seconds that are ideal for a younger audience. We will try to share everything about IGM FX through this article. So let’s get started.
A Details Table on IGM FX
Category | Details |
Company Name | IGM FX |
Founded Year | 2016 |
Online Trading Platforms | Web Trader |
Minimum Deposits | €250 |
CFD Trading Option | Available |
Available Trading Instruments | Forex, Cryptocurrencies, Stocks, Commodities, Commodities Futures, Stocks, Indices |
Maximum Leverage | 1:30 for retail clients and 1:500 for professionals |
What Trading Platforms are Available at IGM FX
IGMFX offers the popular MetaTrader 4 (MT4) platform. This platform is available as a desktop platform for Windows PCs, a web-based version, and mobile apps for Android and iOS devices.
On the MT4 platforms, you’ll find integrated charts with over 50 indicators and analytic tools to help you make the best trading decisions. You can also automate your trading strategy with Expert Advisors (EAs) and let the platform do the work for you.
For spreads, IGMFX offers tight spreads as low as 0.0 pips for major currency pairs like EUR/USD. Spreads will vary depending on market conditions, but you can expect competitive spreads across all assets offered by IGM FX, including cryptocurrencies, stocks, indices, and commodities.
While IGM FX does require an official ID for larger deposits and withdrawals, you are not required to submit any documents to open an account and start trading. You can deposit and withdraw funds with a basic account using cryptocurrencies or e-wallets.
What are the Spreads Offered by IGM FX
When trading with IGMFX, you’ll find competitive spreads across a range of markets. For major currency pairs like EUR/USD or GBP/USD, spreads start at just 0.4 pips. For minor pairs, you’re looking at around 0.8-1.2 pips.
Commodities
Want to trade gold or oil? Spreads here are super tight too. For gold, expect to pay $0.40 per ounce, and just $0.05 per barrel for crude oil.
Indices
Indices are another area where IGMFX delivers. Trade the S&P 500, Nasdaq, DAX, or Nikkei with spreads from 0.4 points.
Whether you’re a scalper looking to make quick profits or a long-term trader, IGMFX has you covered with some of the tightest spreads in the industry. And because they’re a No Dealing Desk broker, you’ll get fast, seamless execution with no restrictions on stops or limits.
For the ultimate in low-cost trading across forex, commodities, and indices, check out IGMFX. Their razor-sharp spreads and premium trading conditions are tough to beat.
Does IGM FX Require KYC
To trade on IGM FX, you will need to complete their KYC verification process. This helps ensure your account is legitimate and secure. The KYC process is fairly straightforward, requiring you to provide personal information such as your full name, address, date of birth, and a government-issued photo ID.
Once you’ve submitted this info, the IGM FX team will review it to confirm your identity. The review process usually only takes a couple of business days. Some users may be asked to provide additional documentation to fully verify their account. While the KYC process can seem tedious, it helps prevent fraud and keeps your funds and information safe.
Fees, Spreads, Leverage, and Account Types of IGM FX
IGMFX offers competitive spreads and fees compared to other brokers. Their account options provide flexibility for traders of all experience levels.
Fees
IGMFX charges no commissions on trades. They make money from the spread, which is the difference between the buy and sell price. Spreads are tight, starting at 0.6 pips for EUR/USD. There are no charges for deposits or withdrawals. Inactivity fees only apply after 6 months of no trading activity.
Leverage
Leverage allows you to open larger positions with a smaller deposit. IGMFX offers leverage up to 1:400 for professional clients and 1:30 for retail traders. Higher leverage means higher risk, so use it carefully.
Account Types
IGM FX has three account types:
- Basic: For beginners. Tight spreads, no commissions, and leverage up to 1:30.
- Standard: For experienced traders. Same benefits as Basic plus higher leverage up to 1:400.
- VIP: For high-volume traders. Tighter spreads, a dedicated account manager, and premium trading tools. A higher minimum deposit is required.
IGM FX aims to provide an affordable, low-barrier way for traders of all levels to access the forex market. Their competitive fees, choice of account types, and high leverage allow traders to pay less and potentially earn more.
IGM FX Customer Support
When you have questions or issues with your IGM FX account, their customer support team is there to help. You can reach them 24 hours a day, 7 days a week via live chat on their website, email, or phone. The customer support team at IGM FX distinguishes itself through its quick response time and in-depth knowledge of the financial markets. Whether a new trader looking for guidance or an experienced investor with specific inquiries, clients can rely on IGM FX’s customer support for personalized assistance.
Is IGM FX a Legit and Scam Broker?
All signs point to IGM FX being a legitimate broker. They are regulated by top-tier financial authorities like the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK.
Being regulated by these reputable agencies means IGM FX must follow strict rules around security, transparency, and ethical practices. Your funds and personal information will be kept safe.
IGM FX utilizes industry-standard security protocols like data encryption and two-factor authentication to protect client accounts and data. They also segregate client funds from their operational accounts.
It shows no signs of being a scam broker. They are a reputable, regulated broker offering competitive fees, a wide range of assets, and a secure trading environment for clients.
IGM FX VS IFX Brokers
Choosing the right forex broker is crucial for traders seeking a reliable and efficient trading experience. Here, we will compare two prominent brokers, IGM FX, and IFX, across various parameters to help you make your proper decision.
Features | IGM FX | IGX Brokers |
Regulation | Regulated by the Vanuatu Financial Services Commission (VFSC) | Regulated by the Financial Sector Conduct Authority |
Trading Platforms | MetaTrader 4, MetaTrader 5 | MetaTrader 4, cTrader |
Spreads | Competitive spreads | Variable spreads |
Asset Coverage | Wide range of currency pairs, indices, commodities | Focus on major currency pairs, commodities |
Deposit and Withdrawal | Various options, including bank transfers, credit/debit cards, e-wallets | Multiple options, including bank transfer, credit/debit cards, e-wallets |
Additional Features | Copy trading, social trading | VPS hosting, Islamic accounts |
Final Thought
IGM FX offers a solid range of trading instruments, competitive fees, and a secure trading environment. While they have only been around since 2015, their track record so far shows they aim to provide a transparent and trusted service for traders. If you’re looking for an easy-to-use broker to dip your toes into forex and CFD trading, IGM FX seems a good place to start.
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