So you’ve heard about IGM FX and want to know if this broker is right for you. You’ve come to the right place. In this review, we’re going to share everything about IGM FX. By the end, you’ll know everything you need to determine if IGM FX should be your next broker.
Overview of IGM FX
IGM FX is an online forex and CFD broker that began operations in 2012. This Cyprus-based broker is regulated by multiple financial authorities around the globe, including CySEC in Cyprus, ASIC in Australia, and FCA in the UK.
It offers over 1,000 tradable assets, including forex pairs, commodities, stocks, indices, and cryptocurrencies. You can access all these markets through their user-friendly web trader, mobile apps, and MT4 platform.
Regulation and Security of IGM FX
IGM FX is regulated by top-tier financial authorities like the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK.
With IGM FX, your funds and data are safe. They use industry-standard encryption and security protocols. Your money is held in segregated accounts at major banks and not used for any other purpose.
What You Can Trade on IGM FX
When you open an account with IGM FX, you’ll have access to trade over 250 tradable assets across forex, commodities, stocks, indices, and cryptocurrencies. Whatever your trading interests are, IGM FX likely has you covered.
Some of the major forex pairs you can trade include EUR/USD, GBP/USD, and USD/JPY. For commodities, you can trade gold, silver, and oil. If stocks are your thing, you’ll find major companies like Apple, Amazon, and Tesla to trade. Indices like the S&P 500 and FTSE 100 are also available. And for you crypto fans, you can trade Bitcoin, Ethereum, Litecoin, and more.
With IGM FX, you have a lot of options to match your trading style. Whether you prefer major markets or more exotic assets, short-term day trading or long-term investing, IGM FX provides access to a wide range of tradable instruments.
Fees of IGM FX
When it comes to fees, IGM FX keeps things simple. Their minimum deposit to get started is $250. You can fund your account through credit/debit cards, bank wire transfers, and e-wallets like Skrill and Neteller.
Withdrawals are also straightforward. IGM FX doesn’t charge any withdrawal fees on their end. However, your payment processor may charge a small transaction fee. Withdrawal requests are typically processed within 1-3 business days. Keep in mind, the method you use to withdraw funds must match how you deposited.
IGM FX Customer Support
IGM FX provides customer support 24 hours a day, 5 days a week via live chat, email, and telephone. Their support team is knowledgeable, responsive, and able to assist you in a timely manner.
Alternatives to IGM FX Brokers
If IGM FX doesn’t seem like the right broker for you, consider some solid alternatives. ###
- cTrader is a popular broker with over 10 years of experience. They offer tight spreads, fast execution, and a user-friendly platform.
- Pepperstone is an award-winning broker regulated in Australia, the UK, Canada, and more. They are known for very low fees and over 70 currency pairs.
- AvaTrade is a reputable broker with licenses around the globe. They provide access to over 200 instruments including currencies, stocks, indices, ETFs, commodities, and bonds.
Is IGM FX Legit or a Scam?
When determining if IGM FX is legit or a scam, look at the facts. As an offshore broker not regulated by major agencies like the SEC or FCA, some question IGM FX’s trustworthiness.
However, IGM FX is licensed and regulated by the Vanuatu Financial Services Commission (VFSC), follows industry standards for security, and has been operating since 2010 without major issues.
While not overseen by most mainstream regulators, IGM FX complies with regulations meant to protect traders. They segregate client funds, use SSL encryption, and offer investor protection insurance.
If you’re still unsure, start with a small deposit to test the waters. But so far, IGM FX seems to operate transparently and avoid the hallmarks of a scam broker. For most traders, IGM FX can be considered a legitimate broker.
Pros and Cons of Using IGM FX
IGM FX offers competitive spreads and a user-friendly platform, but has some downsides to consider:
Pros:
- Tight spreads and low commissions on major FX pairs
- Intuitive web and mobile platforms suitable for new traders
- Educational resources to help you learn
Cons:
- Limited product range focuses on FX and CFDs
- Higher fees for some account types and inactive accounts
Final Thought
IGM FX seems to offer competitive fees, a good range of assets, and strong regulation and security. Their customer service also appears quite responsive and available 24/5. However, the lack of weekend support and the high minimum deposit amount may turn off some novice traders.
As with any broker, make sure you understand the risks of trading before you fund your account. But if you’re an experienced trader looking for a reputable broker with low costs, IGM FX could be worth checking out.
