IGM FX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- MT4
- WebTrader
- 2016
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- MT4
- WebTrader
- 2016
Our Evaluation of IGM FX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
IGM FX is a high-risk broker with the TU Overall Score of 2.49 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by IGM FX clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. IGM FX ranks 365 among 417 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
IGM FX is a broker that is more suitable for professional traders. But there are also educational materials for novice traders.
Brief Look at IGM FX
IGM FX is a brokerage company that has been providing services since 2016. The broker offers instruments for trading over 15 classes of assets, including cryptocurrencies and contracts for differences (CFDs). The official representative offices of the broker are located in Cyprus. The company's activities are regulated by CySEC (Cyprus Securities and Exchange Commission) under license number 309/16.
- Various trading platforms. Traders get the option to choose between MT4 (MetaTrader 4) for automated trading and its web version;
- 11 trading markets;
- Fast execution of trades;
- Over 160 CFDs on popular assets;
- Trading accounts that can be customized for different trading areas;
- 4 trading account types;
- Availability of margin trading.
- No PAMM or MAM accounts for passive investing;
- Only clients from the European Economic Area are served. Traders from the UK and the U.S. will not be able to trade;
- No Islamic accounts.
TU Expert Advice
Financial expert and analyst at Traders Union
IGM FX has been in the trading market for 7 years, and since then the company has made over 160 CFD trading instruments available to its clients. The brokerage company provides the opportunity to trade cryptocurrencies, commodities, shares of companies, and energies. IGM FX developers regularly update the platform, due to which traders always receive advanced instruments for their activities.
There are two types of accounts, namely Professional and Trading. To create a Pro user account, you must meet a number of criteria. The first criterion is to trade with an equivalent value of €25,000 per transaction without leverage. Or the nominal value of the transaction should be €100,000 in the Forex market, bonds, or commodities; €50,000 for indices; and €10,000 for CFDs. The second criterion is a trading portfolio of at least €500,000 in the form of cash deposits or financial instruments. The third one is experience in the financial segment or CFDs for more than one year.
Trading accounts are divided into Classic, Silver, Gold, and VIP. These differ from Professional accounts in stop outs. For Professional accounts, stop outs are 20%; for Trading accounts, it is 50%. Spreads are flexible, and the basic parameter is from 0.9 pips. For the EUR/USD pair, the spread is 2.5 pips. Trading CFDs on stocks carries a spread of 0.21 pips.
IGM FX Summary
| 💻 Trading platform: | МТ4 (desktop, mobile, and web versions) and WebTrader |
|---|---|
| 📊 Accounts: | Trading (Classic, Silver, Gold, and VIP);Professional |
| 💰 Account currency: | USD, EUR, and GBP |
| 💵 Replenishment / Withdrawal: | Bank cards, bank transfers, Neteller, cryptocurrencies, and Skrill |
| 🚀 Minimum deposit: | $250 or the equivalent |
| ⚖️ Leverage: | Up to 1:30 for retail trading;up to 1:400 for professional traders |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: |
0.9 pips; 0.21 pips for commodities |
| 🔧 Instruments: | Currency pairs, CFDs on stocks, indices, energies, and cryptocurrencies |
| 💹 Margin Call / Stop Out: |
100%/50% for retail traders; 100%/20% for professional traders |
| 🏛 Liquidity provider: | Over 20 major banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | Market maker |
| ⭐ Trading features: | Fee for an inactive account after 30 days is €10. Fee for withdrawals without prior making of definite number of trades is charged |
| 🎁 Contests and bonuses: | No |
IGM FX provides traders with more than 160 trading instruments. There are both the classic MetaTrader 4 platform and WebTrader. A minimum leverage of 1:30 is available for retail traders. For professional traders, the maximum leverage is up to 1:400. There is no demo account, so you won't be able to test all the functions using virtual money. Islamic accounts are also not available.
IGM FX Key Parameters Evaluation
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Trading Account Opening
To start trading, create a user account with IGM FX. Some brief instructions on how to register an account are as follows:
On the official website of IGM FX, click the Open Account button. The system will offer to create an account for an individual or a company.
Once the account type has been selected, the registration form must be completed. Depending on the account, the broker requires not only your contact details but also the origin of funds and your trading experience.
Next, to make a deposit, you need to verify your IGM FX user account. Without verification, the main features of the broker will not be available, so uploading scanned documents is mandatory.
Additional functions of the user account are:
Dashboard, where information about the trading account is displayed;
Wallet, which shows the total balance and results of trading sessions;
List of trading accounts;
Tickets;
Trading instruments;
A section where you can contact IGM FX client support.
Regulation and Safety
IGM FX is officially registered in Cyprus, and representative offices of the brokerage company are also located there. The activities of IGM FX are regulated by the Cyprus Securities and Exchange Commission under license number 309/16. Brokerage services are provided under the AML (Anti-Money Laundering) protocols and in accordance with the General Data Protection Regulation GDPR 679/2016. The regulation replaces the Data Protection Directive 95/46/EC as of 1995 and applies to the protection of individuals in the processing of personal data.
Advantages
- Clients’ funds are insured. Upon requirement of CySEC, IGM FX compensates clients for losses in the amount of €20,000 if the company violates the agreement
- Traders’ funds are kept in separate accounts
- If violations of obligations on the part of the broker are found, traders have the right to file a corresponding complaint to CySEC
Disadvantages
- It takes a long time to withdraw funds. The duration is due to a comprehensive check of traders for attempts to launder funds
- You can deposit and withdraw funds only after verifying your IGM FX user account
- Penalty for an inactive user account after 30 days or more is €10 or its equivalent
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Trading | From $9 | Yes |
| Professional | From $4 | Yes |
Swaps are charged.
Traders Union analysts also compared the trading fees of IGM FX, RoboForex, and PocketOption, and the average indicators are presented in the table below:
| Broker | Average commission | Level |
|---|---|---|
|
$6.5 | |
|
$1 | |
|
$8.5 |
Account Types
The brokerage company provides 4 types of accounts. For Trading accounts, leverage is 1:30, Pro clients trade with leverage of 1:400; and stop outs are 100/20%. Additionally, Pro clients get access to VIP education and training.
Trading account types:
IGM FX provides favorable trading conditions for both novice and professional traders.
Deposit and Withdrawal
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It takes the broker up to 5 days to approve an application for withdrawal. The processing time of the application depends on the withdrawal method;
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Funds can be withdrawn in various ways. The brokerage company offers withdrawals to bank cards, by bank transfer, and through the Skrill and Neteller payment systems;
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Bank transfers are processed within 3-5 days;
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To deposit or withdraw money, verification of the user account is mandatory;
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To withdraw money, IGM FX clients are required to fill out a paper or electronic withdrawal request. The withdrawal form is previously sent to the financial department, where the account balance is confirmed and the trader's user account is checked. If no suspicious activity is detected on the account, the financial department of IGM FX will approve the withdrawal request.
Investment Options
IGM FX does not work with passive investors. Trading instruments are intended only for active traders, so the company has no passive income features. With this broker, you can only trade with your own funds without testing financial instruments on a demo account. The broker does not provide an opportunity to work with PAMM and MAM accounts.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership program from IGM FX:
The broker does not have partnership programs like Introducing Broker. It does not offer traders a referral system either. Traders meet trading on their own. They can receive spread compensation for both profitable and non-profitable trades with the help of Traders Union.
Customer Support
Technical support managers are available 24/5. Clients can apply for assistance from Monday to Friday.
Advantages
- Technical support can help solve any technical issue related to the use of trading instruments
- Tech support answers quickly
Disadvantages
- Support is available 24/5 only
- Communication is possible in English only
Ways to contact IGM FX technical support:
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by phone. The number is posted in the Contact Us section of the website;
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by email;
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through the feedback form.
Only verified clients can communicate with technical support through their user account.
Contacts
| Foundation date | 2016 |
|---|---|
| Registration address | 1 Agias Zonis, No. 504, Block B, 5th Floor, Nikolaou Pentadromos Center Building, 3026 Limassol, Cyprus. |
| Official site | https://www.igmfx.com/en/ |
| Contacts |
+357 25252371
|
Education
IGM FX provides an opportunity to learn how to trade currency pairs and cryptocurrencies. Novice traders will be able to get acquainted with the features of trading.
The brokerage company does not provide demo or cent accounts.
Comparison of IGM FX with other Brokers
| IGM FX | RoboForex | Pocket Option | Exness | AMarkets | 4XC | |
| Trading platform |
MT4, WebTrader | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5, AMarkets App | MT5, MT4, WebTrader |
| Min deposit | $250 | $10 | $5 | $10 | $100 | $50 |
| Leverage |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:3000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0.9 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0 points |
| Level of margin call / stop out |
100% / 50% | 60% / 40% | 30% / 50% | No / 60% | 50% / 20% | 100% / 50% |
| Execution of orders | Market Maker | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | $50 |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of IGM FX
IGM FX is a brokerage company providing the highest quality services. Its work is based on such principles as the best pricing policy, protection of clients' funds, insurance of clients against losses and violations, and compliance with the rules of the European Economic Area. Traders have access to convenient automated trading. The broker does not limit the number of trading indicators. Also, it provides training materials for novice traders.
IGM FX by the numbers:
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7 years in the brokerage market;
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Over 15 classes of assets.
IGM FX is a broker for active trading only
The brokerage company does not provide instruments for passive investment. But this does not prevent the broker from consistently getting new clients. Active trading is represented by various assets, including cryptocurrencies, currency pairs, indices, and CFDs on stocks and energies. Liquidity providers are such large banks from Cyprus and the United Kingdom as PAYABL. CY LIMITED, Nuvei Limited, and Skrill Limited.
Trading can be carried out through the web, desktop, and mobile versions of MetaTrader 4. Also, the brokerage company has its own trading platform. The use of external trading advisors is allowed.
Useful services offered by IGM FX:
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Real-time market data;
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Weekly/monthly overview of a trading account;
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Personal number of a user account;
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Dashboard with up-to-date information on trades, markets, and trading strategy performance.
Advantages:
Clients’ funds are insured. In case of violations on the part of the broker, traders are paid monetary compensation in the amount of €20,000;
Over 15 classes of assets and over 160 CFDs;
Spreads are from 0.9 points; in some cases, they are from 0.21 pips;
Fast execution of orders;
Possibility of independent planning of trading sessions;
Traders can choose a convenient platform.
The above list of advantages is available to traders regardless of the chosen type of account.
User Satisfaction