WikiFX Reviews IM Markets in Depth

In this article, we'll look in-depth at IM Markets (IM), examining its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX aims to provide you with the information you need to make an informed decision about using this platform.

Background:

IM Markets (IM) is an online broker based in Saint Vincent & the Grenadines. With a vast client base of over 150,000 clients, more than 100 partners, and a strong business presence in 10 countries, IM Markets offers over 700 trading instruments, encompassing currency pairs, commodities, equities, global indices, and cryptocurrencies. In comparison to its industry peers, IM appears to lag in this regard.

It's important to note that IM does not offer services to residents of various countries, including but not limited to Afghanistan, Belarus, Botswana, Burundi, Congo, Cuba, Egypt, Guinea, Guinea-Bissau, Iran, Iraq, Japan, Lebanon, Liberia, Libyan Arab Jamahiriya, Mali, Nicaragua, Nigeria, North Korea, Pakistan, Singapore, Somalia, Somali Republic, South Africa, Spain, Sudan, Syrian Arab Republic, Togo, United States of America, Venezuela, Yemen, and Zimbabwe.

Furthermore, IM provides a social trading service to assist money managers and professional traders in enhancing their efficiency and profitability through copy-trading.

Types of Accounts:

IM provides traders with a choice between STANDARD and ECN account types, each accompanied by their respective spreads and commissions. It is worth noting that limited information is available regarding the unique features or distinctions between these account types. Notably, there is no mention of a demo account for traders to practice or test their strategies. IM does offer substantial leverage options of up to 1:1000. While competitive spreads starting from as low as 0.1 pip are mentioned, specific numerical values for commissions are not explicitly detailed. These account offerings cater to various trading preferences while emphasizing competitive pricing; however, potential clients may benefit from further clarity regarding account differentiators and the availability of a demo account.

Deposit and Withdrawals:

Regarding deposits and withdrawals, IM provides a variety of methods, ensuring flexibility for its customers. It's important to note that the company does not charge fees for these transactions; any associated fees come from the payment issuer or bank. Certain options may be restricted to residents of specific countries. Withdrawals are processed in the base currency of the trading account. For example, if the trading account is denominated in USD, withdrawal transactions will also be in USD. IM offers a broad range of third-party payment channels, including PRAXIS, AWEPAY, WINTECH, NOQODI, PAYRETAILERS, STRIPE, and more. Additionally, the platform allows customers to promptly convert cryptocurrencies in their accounts into cash and transfer the funds to their personal bank cards, such as VISA/MASTER CARD and USDT. This diverse array of options provides IM's clients with flexibility and convenience for managing their finances.

Trading Platforms:

The IM Markets application offers traders a convenient and versatile way to stay connected with the market, whether they are on the go, at work, on vacation, or spending time with friends. This mobile app liberates users from the confines of a desktop computer, placing the entire trading experience at their fingertips. The app features not only reliable but visually appealing charts, allowing users to personalize their trading experience by adding their preferred indicators and accessing crucial information. With all the essential tools required by modern traders, the app enables users not only to monitor the market but also to efficiently manage their accounts and access vital information through the Trader Room feature. IM's trading app delivers a seamless and user-friendly trading experience to meet the needs of today's traders.

Research & Education:

IM offers traders an Economic Calendar, a useful tool that provides daily updates on market trends, alerts about market volatility, and notices about economic releases. This calendar helps traders stay informed about important events and economic indicators that can impact financial markets, enabling them to make more informed and well-timed trading decisions based on fundamental data and market developments.

On its official website, it is mentioned that IM also provides a series of trading courses accessible exclusively to its registered clients.

Customer Service:

IM does not provide an email address or contact number on its official website; the only available option is a live chat messenger service catering to several foreign languages, including Chinese, Arabic, Dutch, German, Spanish, Italian, and more.

Conclusion:

To summarize, here‘s WikiFX’s final verdict:

WikiFX, a global forex broker regulatory platform, has given IM a WikiScore of 5.87 out of 10.

WikiFX also verified the licenses which IM claims to possess, proving that it is a regulated online broker.