With IGM FX, you have all the more reason to wish for wealth creation through trading financial markets. Although founded just in 2016, the broker has come a long way already. It has earned plaudits, accolade, and recognition for having a streamlined, uncluttered approach to trading. With its novel perspective, a wide variety of assets, and excellent risk management practices, IGM FX is destined to be a stellar performer in 2021.
IGM FX is situated at 5, Matheou Matheou Str., Agiou Athanasiou Industrial Ae, Limassol, 4101 , Cyprus.
Table of Contents
- 1 Is IGM FX scam or legit?
- 1.1 What are the Account types of IGM FX
- 1.2 What trading platform does IGM FX use?
- 1.3 What assets can I trade at IGM FX?
- 1.4 Account opening
- 1.5 Commissions & fees
- 1.6 Customer support
- 1.7 Education
- 1.8 Research
- 1.9 Deposit & withdrawal
- 1.10 Maximum Leverage
- 2 Conclusion
IGM FX came into being in 2016. The regulator is the Cyprus Securities and Exchange Commission or CySEC. The latter has authorised the status of the broker as a CFI or Cyprus Investment Firm. Adjacently IGM FX can therefore offer various services (the legal document on the broker website). This is made possible by the relevant law – the Investment Services and Activities and the Regulated Market, which has transposed the MiFID 2 into Cypriot law.
The CIF license number is 309/16. IGM FX is registered as per Cypriot Companies Law (registration number HE346738).
Is IGM FX scam or legit?
IFM FX sure is legit. CySEC ensures this. Cyrus is currently a preferred destination for brokers from all over the globe. Its high calibre legal and financial infrastructure supports this perception, as does the vaunted EU membership. CySEC, and the CIFs, can therefore access the entire European Single Market.
What are the Account types of IGM FX
IGM FX has four different kinds of accounts. Beginners can avail of the first three, charting their progress as they ascend levels. The fourth account type is somewhat exclusive, preserve of the Pros.
The broker lists no particular requirements as regards the account types. This implies that the same conditions apply to all. The professional accounts are ae in sync with ESMA and CySEC norms. They feature a reduction in the stop-out level.
Silver, Gold, Platinum, and VIP are the account types on offer. Benefits are on each level. In fact, the trader moves up the tiers, there will be smaller swap fees, tighter spreads, and perks associated with higher levels. These will include dedicated account managers and trading signals.
1:30 leverage (Pro accounts 1:400 ratio); EUR/USD 2.5 pip spread ; crude oil spread $ 0.10.
1:30 leverage (Pro accounts 1:400 ratio); EUR/USD 2.5 pip spread ; crude oil spread $ 0.10; videos and webinars.
1:30 leverage (Pro accounts 1:400 ratio);EUR/USD 1.8 pip spread ; crude oil spread $0.08 ; dedicated account manager ; SMS tradfing signals.
VIP accounts for up to 1:400 ratio; EUR/USD 0.9 pip spread; crude oil $0.06 spread; a dedicated senior account manager.
Traders can very well ascend to the ‘Profesional’ account, enabling superior leverage. This has to be in sync with the following conditionalities – trader’s portfolio has to be in excess of Euros 500,000; demonstrable financial niche experience; requisite trading volume achieved, notching up to a minimum of 10 trades each quarter.
Beginners are advised to avail of the demo account, enabling familiarity with IM FX trading platforms and impacting trading conditions.
What trading platform does IGM FX use?
The broker utilises the MetaTrader4 platform. MT4 represents the best prevailing standard for traders worldwide. The same proffers access nine varying time frames, automated trading courtesy EAs or Expert Advisors, built-in indicators numbering more than 30. Besides the MQL marketplace, the site for thousands of EAs and indicators (custom built).
Given that MT4 is accessible through web, mobile, and desktop versions, traders can opt for optimal trading with IGM FX. Thus, We recommend you try out the demo account and experience simulated trading with the abovementioned version. Once you are trained in this manner, you will find trading with IGM FX comes real easy.
Though the MT4 platform can be turned into an advanced version, that requires third-party add-ons.
What assets can I trade at IGM FX?
The broker makes very competitive CFD offerings. IM FX products are spread across 6 classes. These include – commodities; Forex; indices; shares; cryptocurrencies; metals.
With individual assets in excess of 160, there’s no dearth of activities. Notable tradable assets include CFDs on currency pairs in excess of 45, CFDs on 75 plus global equities, CFDs on significant indices worldwide, apart from CFDs on metals and agricultural commodities.
You can trade CFDs on currency pairs – the broker offers all the trending virtual currencies for trading. In every instance of intraday trading, you are provided with a risk indicator. There is no recommended holding period for the product, which could be either short term or long term investment. A sufficient margin in your account will permit you to keep your positions open. Trading balance is endangered when you are trading on margin. The risk indicator intends to guide you as to the degree of likelihood of your losing investment.
You also have to be aware of currency risk. Market conditions imply that the CFD trade one currency pair is opened and closed at a less than optimal level.
One-off costs involve spreads. Ongoing charges apply currency conversion and daily holding cost/swap/rollover.
Spread – this is the difference between the buy price and sell price.
Currency conversion denotes that cash, realised profits and loss, fees, and investments denominated in a currency other than the base currency of the client account, shall be converted to the base currency of the account. A currency conversion fee will be charged to the client account.
Daily holding cost/swap/rollover denotes a fee charged to the client account for every night the client’s position is held, depending on the position is long or short. Swap is viewable on the trading platform.
All the trending cryptocurrencies are on offer for CFD trading at IGM FX.
There’s generally no fixed/suggested maturity date as far as CFD cryptocurrency part positions are concerned. It is your decision whether to close/open a position at a given time. However, missing the depositing of additional funds to meet margin requirements following negative price movement may cause the position to be auto-closed. The cryptocurrency pairs that are priced according to Futures Contracts have a certain expiration/maturity date. You must take note of this. Following the expiration, the broker may close your positions or roll over the forthcoming Future Contract position.
All the critical globally relevant equities may be CFD traded with IGM FX.
In the broker’s unusual event or its liquidity provider being unable to meet its financial obligations to the client, thus latter may just be eligible for compensation as per the ICF or Investors Compensation Fund. This covers suitable investments to the tune of Euros 20,000 for each person or firm.
You can open your IGM FX account for just $250. Depositing within the broker comes fee-free.
There’s a web form for new accounts to be opened. The format is as per CySEC specifications. There are five steps, and there’s a questionnaire. This involves compulsory account verification. A deposit consummates the process. It is definitely handy to have your photo ID and a residency proof document at the account opening time.
Commissions & fees
EUR/USD minimum spread starts at 2.5 pips. The lowest spreads begin at 0.9 pips. Equity CFD traders can avail of a 0.21 point minimum markup. Commodity traders have the best cost structure, here at IGM FX.
There are no financing fees charged to the trader.
Overnight swaps on leveraged positions do apply. The broker forwards on to clients’ accounts mergers, dividends, or stock splits.
Swap is denied as the interest added/deducted from your position’s value. The swap is charged only if there’s a position held open overnight. There’s a fixed swap fee for keeping positions open overnight concerning indices and commodities.
Following a month of inactivity, there’s a Euros 20 charge. There’s an additional Euros 20 charged, at each 10-day interval, as well.
While the pricing environment is transparent, the broker also requires that a sufficient number of trades be placed before the first withdrawal request.
There are no maintenance fees.
The broker provides customer support through phone, email, a web form, and online chat. The department is at your service from 8:00 GMT to 19:00 GMT, Monday through Friday. First-time callers are hailed in any one of several world languages. They are also persuaded to speak to an account manager for prompt guidance on account opening.
There’ a comprehensive collection of educational resources at your disposal should you begin trading with this broker. There is something for traders of every level of attainment. You can study the resources and fine-tune your trading strategies and trading plan. These materials will also help you understand the way the broker operates, as well. You will be able to appreciate your insight and watch it grow lesson after lesson.
The valuable educational resources are categorised under Courses, Tutorials, Ebooks, and VODs.
Along with educational material, there’s a substantial number of research tools to better your trading plan. Improve the prospects of favourable outcomes for every trade with the Economic calendar, and Report Season Calendar.
Chart analysis tools will deepen your technical analysis grasp, bringing the needed predictive capacities that the trader needs to project to the max. The devices will help you plan and execute trades much better than ever before. Thus you should you need advice mid-way, IGM FX experts will guide you. There’s much to be said for chart analysis training backed by real-world on-hands trading experience.
Deposit & withdrawal
Depositing funds incur no extra costs. Deposits are possible through a number of payment methods.
Since there’s no withdrawals and deposits dedicated to the broker website, we can refer to the General Fees page. This section gives various details. Among payment processors, it lists Inatec Payment AG Switzerland, Fibonatix, Powercash 21, Paydoo, SafeCharge, Truevo Payments, and Secure Trading Financial Services. Third-party charges do apply.
Withdrawals incur nominal fees. Bank transfers are subject to a $100 withdrawal fee, while credit/debit card transactions incur a $10 withdrawal charge. Additionaly, Card withdrawals are generally subject to a 3.5% fee. Platinum and VIP account holders do not have to pay these charges.
Withdrawals take 3-10 days to reach the client’s account. AML/KYC regulations are adhered to strictly.
Unless the client places at least two trades from a verified trading account, he is subject to internal withdrawal fees.
IGM FX has a very comprehensive leverage policy, impacting all products across all asset classes. The categorization of clients into retail and professional also affects this. Additionally, look at the requisites and features pertaining to professional accounts –
- Forex pairs all present the same characteristics. Contract size 100,000, max size of lot 50, professional leverage 1:400;
- The same applies to metals with regard to the max size of lot and professional leverage -50 and 1:100;
- The staggering variety of shares mostly feature following characteristics – contract size 100, max size of lot 10, and professional leverage 1:10;
- Looking at CFDs on cryptocurrencies, we see the common features – contract size 100, max size of lot 200, and professional leverage 1:2;
- With respect to CFDs on indices, there’s the general pattern of the following features – contract size 10, max size of lot 5, and professional leverage 1:100;
- With reference to the energy sector, uniform features are present as follows – max size of lot 50, professional leverage 1:100;
- For the commodities segment, the corresponding numbers are – max size of lot- 20, professional leverage 1:100.
Now let’s look at leverages offered for retail clients –
- Forex pairs segment has following uniform features – contract size 100,000, max size of lots 50, retail leverage 1:20 ;
- Shares segment (most of it) has uniform features – contract size 100, max lot size 10, retail leverage 1:5 ;
- Much of cryptos segment shows uniform features as hereunder – contract size 100, max lot size 200, retail leverage 1:2 ;
- For indices, the familiar figures in most instances are – max lot size 50, and retail leverage 1:10 – 1:20 ;
- Figures for Energy segment are – max lot size 50, retail leverage 1:10 ;
- For commodities, commonalities shared are figures – max lot size 20, retail leverage 1:10.
Thus to conclude IGM FX has built a name for itself in credibility. However, 2019 turbulence has provided lessons that the broker has swiftly assimilated into its practices. CFD trading on all manners of tradable assets is easily managed, plus you are afforded the best resources to enrich yourself as a trader. The leverages offered are generous and well-administered. On the whole, the several internal omissions do not detract from the fact of this broker being wholly worth your time and money.
Is IGM FX safe?
IGM FX is more than safe. It is regulated by CySEC, and is answerable to relevant Cypriot law (that’s in line with MiFID 2).
Does IGM FX charge commission?
IGM FX charges neither commission nor hidden fees.
What products can I trade with IGM FX?
There are more than 160 tradable assets spread across six asset classes. These cover all the significant assets, so that CFD trading on trending cryptocurrencies, stocks, commodities, indices (and so forth) with IGM FX makes success a foregone conclusion.
How much do I need to start trading with IGM FX?
$250 are sufficient to set you on the road to a superlative trading experience with IGM FX.