Home » IGMFX Review – Igmfx.com Alert!

IGMFX Review – Igmfx.com Alert!

IGMFX Review - Igmfx.com Alert!

IGMFX is a comparatively young broker in the sector, and to keep up with the top firms in the business, it definitely needs to go an additional mile. It’s a legal entity, but the traders are certainly not gaining from their market model. In the final IGMFX analysis, find out what you need to do about this Brokerage firm.

IGMFX Review - Igmfx.com Alert!
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IGMFX REGULATION AND Legality

IGMFX is a Forex broker controlled by CySEC (Cyprus) with a 309/16 licence number that was acquired back in 2016. It is a legal business which complies with the standards and procedures applicable within the EU. This includes minimum capital thresholds of EUR 730 000, segregation of customer accounts, criteria for workers credentials to be followed, regular trading reports to be submitted and so on.

Negative balance insurance of consumer accounts must also be offered by the controlled brokers, implying that if the amount in the account falls below zero, the broker must put it back free of charge to positive. The usable balance and other consumer security initiatives that we will cover later in this analysis often include a predefined stop-out standard of 50 percent.

If you deposit with IGMFX, your funds can be deemed secure since it is a registered, approved and controlled Forex broker that can ensure the protection of the funds of traders.

IGMFX is part of the Investor Protection Fund, which functions under the oversight of CySEC, which covers investments of up to EUR 20 000 per individual made by clients. In the event of a Forex broker experiencing difficulty in meeting its financial obligations, each EU Member State is compelled to run equivalent insurance funds, which are considered to be the last option for traders. The United Kingdom has also introduced the Financial Services Reimbursement Program, which safeguards consumer funds of up to GBP 85,000 per individual.

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But we do not suggest IGMFX investing, and we’re going to show you why in the coming chapters. Take a peek at the licence here for them.

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SOFTWARE IGMFX TRADING

IGMFX gives its customers MetaTrader4 accounts; MetaTrader5 is not available to investors. For brokers, it’s the right option since MT is the world’s most successful Forex network, which is widely acclaimed by traders for its stability. Sophisticated trading devices such as Specialist Advisors, Algo Trading, Dynamic Metrics and even its own marketplace are often included.

All accessible Metatrader deployments are supported by IGMFX-Desktop, Server, and Tablet. We accessed the web-based portal and a prototype account was opened. The EUR/USD spread we observed was not less than 2 pips, increasing to 3 pips sometimes. Compared to market expectations, it’s a major difference-1 pip and below and that makes IGMFX a broker that’s expensive to deal with. The lower spreads increase the benefit prospects, so for the vast spread alone, we do not suggest IGMFX.

The overall potential leverage is 1:30, which is the highest amount that their clients are permitted to sell to regulated brokers. Leverage is a financial device that helps traders to multiply the size of their bets, but since the costs rise proportionally, it comes at an expense. It was exactly the dangers involved that the EU, the United Kingdom and Australia (as of spring 2021) introduced a commodity interference on the markets enforcing a 1:30 leverage ceiling as a mechanism for consumer security. 1:50 was decided between Canada and the US.

DEPOSIT/WITHDRAW Approaches IGMFX

The minimum initial IGMFX deposit is $250 or the same, which is $100 on average two times more than industry averages. So it’s in accordance with the specifications of offshore brokers.

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Credit/Debit Cards, Wire Transfers and e-wallets are the finance options open. The idea that you may make a deposit without an Identification Verification, which is certainly a cause for alarm and another reason to stop IGMFX, is troubling though!

The minimum withdrawal rates, $10 for credit cards and $100 for wire transfers, are as follows. But the charges that apply are comparable to those that are normally required by offshore brokers. Every account is subject to a 10 monthly maintenance charge, which is absolutely unjust, particularly if we take into account the fact that IGMFX is a licenced broker! 3.5 percent of the amount would be paid for credit card deposits, while a fixed commission of $30 relates on wire transactions! In contrast, in order to satisfy a withdrawal requirement, most regulated brokers would not charge a dime!

Perhaps the worst is the idle account policy. After just 2 months of inactivity, an account becomes inactive and would be entitled to a monthly inactivity penalty of $80, which is a shame! The remainder of the controlled Forex brokers would enable the passing of at least 6 months and charge no more than $5 to $10 per month. Some brokers don’t even collect penalties for inactivity!

It reveals that by plundering the accounts of the merchants, IGMFX earns profits and is a business model characteristic of scams and offshore Forex dealers. We do not suggest IGMFX trading because the traders risk their money by paying the fees required by the broker. Have a glance at the following images.

No promotions were presented and this is to be anticipated because the trade rewards stopping brokers from launching such initiatives were barred by European regulators. Since the incentives are not free cash but a leverage mechanism that further raises the cost and rewards the brokers, not the traders, it is a consumer security move.

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