RECOMMENDED FOREX BROKERS
IGMFX is a decent broker, that does come with a couple of shortcomings that, at times, made us question its legitimacy. Please read the review, for these aspects will be revealed.
The parent company of the broker, IGM Forex Ltd, is regulated by the Cypriot watchdog CySEC. As one of the top regulators in the FX industry, one can imagine the responsibility and austerity that this broker has to live up to. License applicants are scrutinized to the extreme. The overseer requires of them some very demanding things. For one, the proof of financial stability requirement is €730 000, and all users of the broker must have their money in segregated bank accounts. CySEC is in charge of monitoring all its brokers and is ready to issue financial penalties should any of the rules are broken. Brokers licensed by CySEC can offer their users a €20 000 compensation should the brokerage fall into insolvency or is unable to pay back the user.
One very odd and rather suspicious thing that we found out about the bore is the length of its Terms and Conditions. Just four pages are not at all enough to include all the necessary legal details. Yes, there are more than two dozen separate legal docs, but we think it would have been better to put them under the same denominator.
The registration process was what we expected from a licensed broker. It asks a lot of questions and the procedure acts not only as a way for a user to create an account but also for IGMFX to verify the user. However, there is a downside to this, which applies only to the review- we did not fully register because of the strict nature of the registration process. Yet, the user area was open to us, which was a nice surprise. We were able to create a practice account with the MT4.
On our MT4 demo account, we were able to read a EUR/USD spread of 2.3 pips, which is in fact not favorable to users. Let us hope that the demo cost of trade does not reflect the real trading conditions. If the spread remains the same as the live account, we cannot recommend to users using IGMFX.
Seeing that this is a European broker that is regulated by a European financial watchdog, it’s no wonder that the leverage is capped at 1:30, as decreed by ESMA. Professional clients can go higher than that, but in order to qualify as a pro, a client must possess a starting capital in the hundreds of thousand plus he or she must be an expert trader with years of experience.
The website of IGMFX can be accessed in English, Spanish, Dutch, Portuguese, Polish, German, Russian, Swedish, and Czech.
The user has two options of the same MT4. Either she can open a desktop MT4, or a web-based MT4 platform that is more compressed and offer fewer features.
We went with the web MT4 for convenience reasons. Whichever one you pick is fine.
The MT4 has proven itself to be on the top of all “the best FX trading platform” charts for years now. This terminal is unmistakenly the most superior FX trading terminal there is.
IGMFX MINIMUM DEPOSIT
CySEC promises that all payments will arrive without a problem.
According to the payment portal in the user area, the minimum deposit is $301.96, and yes it’s that specific.
There are no fees issued for depositing.
Processing times for deposits have been kept undisclosed. Usually, all methods are instant, except for wire transfer. Bank deposits can take several days to transfer.
IGMFX WITHDRAWAL METHODS AND FEES
Withdrawals are very safe and secure with brokers who are regulated by CySEC.
The withdrawal methods seem to be the same as the depositing ones. However, there is a certain air of ambiguity around this, so we are not 100% sure if there are no other withdrawal methods.
The minimum withdrawal amount via wire transfer is $100. If done by means of credit or debit card the minimum is $10. Alternative payment methods have no limit on the withdrawal amount.
The company reveals that users will receive their funds in around 5 to 7 days.
Credit cards, debit cards, and prepaid card withdrawals are charged a 3.5% commission. The fixed bank transfer charge is $30. E-wallets are charged with 3.5% for Neteller, and 2% for Skrill.
There is also a $10 fixed fee for all accounts that have not traded anything prior to the withdrawal request; failure to price complete or valid KYC documents.
Furthermore, the inactivity fee of $80 is activated after a user’s account has not been active for more than 2 months.
There is also a monthly maintenance fee of $10.
IGMFX is not without its flaws. Certain elements could have been avoided, especially the variety of fees. Furthermore, we really do hope that the spreads are not as high as the demo account claims them to be. We leave our readers to diced for themselves if this is the broker for them.