What is IGM Forex？
IGM Forex is a CFD trading platform registered in Limassol, Cyprus, and authorized by the Cyprus Securities and Exchange Commission (CySEC) with license number 309/16. Founded in 2016, the company offers over 160 tradable assets, including FX, stocks, indices, and commodities. It provides regulated services to traders interested in exploring the world of CFD trading.
IGM Forex operates within the European Economic Area, offering various account types such as Standard, Gold, Platinum, and VIP accounts. Traders can access the WebTrader trading platform for desktop and mobile devices with a minimum deposit requirement of 250 EUR/USD/GBP.
Pros & Cons
Pros
Regulated by CySEC: IGM Forex is regulated by the Cyprus Securities and Exchange Commission (CySEC), providing a level of security and oversight for traders.
Multiple Account Types: The platform offers various account types including Standard, Gold, Platinum, and VIP accounts, catering to different trading preferences and needs.
Flexible Leverage: Traders have access to flexible leverage options. The maximum leverage is up to 1:30 for retail traders, while 1:400 for professional traders.
Educational Resources: IGM Forex provides educational resources to help traders improve their skills and knowledge, enhancing their trading experience.
Various Trading Options: The platform offers a wide range of tradable assets, including FX, stocks, indices, and commodities, providing traders with diverse investment opportunities.
WebTrader Platform: Traders can access the WebTrader trading platform, known for its advanced features and user-friendly interface, for desktop and mobile devices
Cons
High Minimum Deposit Requirement: While the minimum deposit requirement is stated as 250 EUR/USD/GBP, this amount may be relatively high for some traders, especially those with limited capital.
Regional Restrictions: IGM Forex only caters to clients within the European Economic Area, and it does not extend its services to clients in the United Kingdom.
Is IGM Forex Safe or Scam？
IGM Forex is regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 309/16. CySEC is the regulatory authority responsible for overseeing financial services firms in Cyprus, ensuring compliance with regulations, and protecting investors' interests. Being regulated by CySEC signifies that IGM Forex operates under strict guidelines, including capital adequacy requirements, client fund segregation, and transparency in operations.
Market Instruments
IGM Forex provides a diverse range of trading instruments, catering to the needs of various traders. Traders can access over 160 tradable assets, including forex pairs, stocks, indices, commodities, cryptocurrencies, and more.
In the forex market, clients can trade major, minor, and exotic currency pairs, allowing for flexibility and opportunity in the currency markets. Additionally, IGM Forex offers CFDs (Contracts for Difference) on a wide array of stocks, enabling traders to speculate on the price movements of individual companies without owning the underlying asset.
IGM Forex offers CFDs on popular indices such as the S&P 500, NASDAQ, FTSE 100, and more, providing exposure to the performance of global stock markets. Commodity traders can access CFDs on commodities like gold, silver, oil, natural gas, and agricultural products, allowing for diversification and risk management in commodity markets. Moreover, IGM Forex supports cryptocurrency trading, with CFDs available on leading digital assets like Bitcoin, Ethereum, Ripple, and Litecoin.
Account Types
IGM presents four distinct account types catering to the needs of both retail and professional traders. The Classic Account stands as a compelling choice for beginners, while the Silver Account is crafted to serve the needs of intermediate traders. Advanced traders will find a suitable match in the Gold Account, while the VIP Account represents a premium choice for elite traders in the retail category.
Retail traders with a Gold or VIP account benefit from regular assemblage of account activities, with a monthly and weekly full account overview, respectively. However, this overview feature is absent for Classic and Silver account holders. Across the board, all retail account types permit a maximum leverage of 1:30. Equipped with access to a broad range of trading instruments, traders can kick-start trades with a minimum volume of just 0.01 lots and have the capacity to manage up to 50 lots per trade. To aid in risk management, especially for beginners, the accounts come equipped with 100% margin call and 50% stop-out levels.
For the discerning professional traders, these four account structures remain available, with the same terms largely applicable, barring a few exceptions. The available leverage broadens, stretching up to 1:400, and the safety of stop-out limits adjusts down to 20%. This provides professional traders with the advantages of amplified trading scale and flexibility.
How to Open an Account？
To open an account with the IGM Forex platform, follow these steps:
Visit the official website of IGM FX.
Click on the “OPEN ACCOUNT” button.
Choose the type of account you wish to open, such as Professional or Trading Account.
Enter your personal information as required, including name, email, phone number, etc.
Verify your account, which may involve providing additional documentation or completing a verification process
Leverage
The leverage offered by IGM Forex varies depending on the account type and user classification:
For retail customers, the maximum trading leverage is up to 1:30.
Professional accounts can select leverage with a maximum limit of up to 1:400.
Spreads & Commissions
Spreads and commissions vary depending on the trading accounts offered by IGM Forex. For example,
Trading Platforms
IGM boasts of two main trading platforms, namely WebTrader and their Mobile App.
WebTrader offers a blend of simplicity and sophistication, catering to both novice and experienced traders, with streamlined navigation and an intuitive interface. Its robust functionality permits the execution of trades in real time, in conjunction with a host of analytical tools.
On the other hand, the Mobile App is built to empower traders on-the-go. It harmonizes the features of the WebTrader, and adds the convenience of mobility. Its easy-to-use design ensures that users can keep track of market trends, execute trades, and manage their portfolios, all at their fingertips.
Deposits & Withdrawals
IGM Forex accepts payment methods as follows:
Credit/Debit Cards
Bank Transfers
Skrill
Neteller
The minimum deposit is $250 or a currency equivalent.
Fees
Withdrawal Fee: IGM FX charges a withdrawal fee. After 30 days of inactivity, a €20 charge applies, followed by an additional €10 every ten days.
Inactivity Fee: If your account is inactive for 24 consecutive months, there will be a rolling monthly charge of £12.
Overnight Interest Fees (Swap Fees): Information regarding overnight interest fees (also known as swap fees) is not provided in the available data. Overnight interest fees are charges or credits for positions held overnight and vary based on currency pairs and trading conditions.
Customer Service
IGM Forex offers comprehensive customer support accessible through various channels during Monday-Friday: 08:00 - 18:00 GMT:
You can also contact them directly via online contact form.
Education
IGM Forex provides a range of educational resources to assist traders in enhancing their knowledge and skills in the financial markets. These resources are easily accessible through the navigation bar on their platform.
Educational Videos: The broker offers brief yet informative educational videos covering various aspects of trading. These videos span topics such as market analysis, technical indicators, risk management strategies, and more. Traders can conveniently access these videos to gain valuable insights into the dynamics of the forex market.
Webinars: IGM Forex hosts webinars aimed at both novice and experienced traders. These webinars delve deeper into specific trading concepts, providing in-depth explanations and practical examples. Participants can interact with expert traders, ask questions, and expand their understanding of trading strategies and techniques.
Educational Articles: Traders can access a repository of educational articles covering a wide range of topics related to forex trading. These articles offer comprehensive explanations, tips, and insights into various aspects of the financial markets, catering to traders of all skill levels.
Conclusion
IGM Forex offers a user-friendly trading experience with intuitive platforms and a wide range of over 160 tradable assets, including forex pairs, cryptocurrencies, indices, and commodities. Furthermore, the trading platform is regulated, which ensures that traders are provided with an extra layer of security and trust.
Traders benefit from competitive trading conditions, such as competitive spreads and flexible leverage options, while the broker emphasizes trader education through various resources like videos, webinars, and articles.
However, the minimum deposit requirement stands at 250 EUR/USD/GBP, which could present as a hurdle for beginners exploring the trading platform. If you prioritize low minimum deposits, you can explore other brokers. And note that IGM Forex only caters to clients within the European Economic Area. It does not extend its services to clients in the United Kingdom.
Frequently Asked Questions (FAQs)
Q: Is IGM Forex a regulated broker？
A: Yes, it is regulated by CySEC.
Q: How much do I need to deposit to start trading with IGM Forex？
A: 250 EUR/USD/GBP.
Q: What financial instruments can I trade with IGM Forex？
A: You can trade currency pairs, cryptocurrencies, commodities, indices, and more.
Q: What are the available methods to get in touch with IGM Forex's support team？
A: Email: support@igmfx.com, phone: +357 25252371. Additionally, you may find online chat support and a web form available on their website.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-03-28 10:14
2023-02-24 14:35
