Established in 2016, IGM FX is a Cyprus-based Forex brokerage firm that caters to a diverse range of traders. Whether you prefer manual trading or automated solutions, IGM FX has you covered with its proprietary Webtrader and the popular MT4 trading platform. This broker is especially appealing to millennial traders, offering an educational section filled with short, engaging videos, making it an ideal choice for a younger audience. IGM FX also stands out with its niche asset selection and competitive offerings for commodity CFDs.
Regulation and Security
IGM FX operates under the robust regulatory framework of the Cyprus Securities and Exchange Commission (CySEC). With a clean record and a commitment to clients' security, the broker segregates client deposits from corporate funds and provides negative balance protection. All necessary legal documents are easily accessible on its website. Additionally, the Cyprus Investor Compensation Fund (ICF) safeguards retail traders, offering coverage of up to €20,000 in case of IGM FX's insolvency.
IGM FX offers a commission-free trading environment for Forex traders, ensuring cost-effectiveness. The minimum spread for the EUR/USD pair starts at 2.5 pips, but traders can benefit from even lower spreads at 0.9 pips. Equity CFD traders will find an acceptable offer with a minimum mark-up of 0.21 points, although actual rates may be slightly higher. Commodity traders can enjoy a competitive cost structure, aligning with other top-tier brokers. It's worth noting that swap rates apply to leveraged overnight positions, and corporate actions like dividends, mergers, or stock splits are passed on to client accounts. IGM FX does impose a withdrawal fee, and after 30 days of inactivity, a €20 charge is applied, followed by an additional €10 every ten days.
IGM FX lists four distinct account types, but specific requirements for each are not specified, indicating that identical conditions likely apply across the board. Given CySEC's regulatory standards and industry norms, the minimum deposit is likely around $250 or its equivalent in other currencies. Higher-tier accounts may require larger deposits, although this information was not readily available on the website during our IGM FX review. IGM FX also offers professional accounts in line with ESMA and CySEC requirements, featuring higher leverage and a reduced stop-out level.
IGM FX provides traders with two robust trading platforms to choose from. The proprietary IGM FX Webtrader offers manual traders a clean and user-friendly interface with essential functions. It's also available as a mobile app, ensuring convenient trading on the go. Meanwhile, the MT4 trading platform, a popular choice for automated trading solutions, is also available at IGM FX. While MT4 supports advanced trading features, some third-party add-ons may be required to fully unlock its potential.
One standout feature at IGM FX is its impressive cryptocurrency selection, boasting access to 33 different assets. This is well above the industry standard for most Forex brokers, making it a top choice for cryptocurrency enthusiasts.
IGM FX provides customer support on weekdays from 0800 to 1900 GMT. While they list an email address and phone number, the live chat function is the most convenient way to reach a customer support representative. Additionally, a webform is available for inquiries, ensuring various channels for assistance.
Bonuses and Promotions
It's important to note that IGM FX adheres to CySEC regulations and is not permitted to offer bonuses or host promotional campaigns.
Deposits and Withdrawals
While IGM FX does not have a dedicated deposits and withdrawals page, the General Fees section offers more information. Payment processors include Inatec Payment AG Switzerland, Paydoo, Fibonatix, Powercash21, SafeCharge, SecureTrading Financial Services, Skrill, and Truevo Payments. As IGM FX maintains CySEC regulation, you can expect the availability of bank wires and credit/debit card options. There are no deposit fees, but internal withdrawal costs and third-party charges may apply. Please note that at the time of this review, the IGM FX website did not have a dedicated deposit or withdrawal page.
Advantages and Disadvantages
- Multiple trading platforms, including MT4, catering to both manual and automated traders.
- Diverse trading markets, with access to 11 different markets.
- Swift execution of trades, ensuring timely order processing.
- A wide selection of over 160 CFDs on popular assets.
- Customizable trading accounts designed for various trading styles.
- Four different account types to choose from.
- Availability of margin trading, allowing for increased trading flexibility.
- Absence of PAMM or MAM accounts for passive investing.
- Limited to serving clients from the European Economic Area, excluding traders from the UK and the U.S.
- No Islamic accounts are offered.
IGM FX, operating since 2016, has established itself as a notable broker with a unique focus on cryptocurrencies, offering access to an impressive selection of 33 assets in this category. Its overall asset selection is competitive, making it an attractive choice for new retail traders. The presence of a proprietary trading platform demonstrates the broker's commitment to enhancing the trading experience. With a substantial investment in building this platform, IGM FX seems poised for long-term success. Leveraging cryptocurrencies as a core advantage, IGM FX has a solid foundation for potential growth and market leadership in the future.
IGM FX Broker Details
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