Independent Review - IGM FX
While there is no such thing as free money, there are ways to create wealth, and one of them is by trading the financial markets.
To do so successfully you need a solid broker, which is why we are looking today at IGM FX. This is a CySEC regulated broker that has been in operation for roughly 5 years and offers its clients excellent trading conditions and educational materials.
Let us see what to expect from this CySEC regulated CFD broker.
IGM FX was created with a focus on clientele from the European Economic Area. With its headquarters in Limassol, Cyprus it is CySEC regulated and follows the rules necessary for the European Union. Because of its focus on EEA traders it is known to have a personalized service and offers all the necessary protections and support to ensure successful trading.
The stated mission of IGM FX is to provide its clients with all they need and enable them to focus on trading. It does this with extensive educational materials, excellent customer support, access to a world-class trading platform, and by offering over 160 assets for trading.
It is always best when a broker is regulated by an external third-party, so it is good news that IGM FX is CySEC regulated. What was once a questionable regulating body has become the most popular regulator for European brokers, with only the FCA more respected. IGM FX’s CySEC license number is 309/16.
The broker’s CySEC regulation requires them to hold a minimum capital of €730,000, and also stipulates that all client accounts are segregated from the broker capital to fully protect the client’s funds. The broker also participates in the Investor Compensation Fund, which provides up to €20,000 compensation to clients in the event the broker would go bankrupt or suffer some other financial hardship leading to a client’s loss of funds.
Clients at IGM FX can choose from four levels of accounts:
Each level is available to both retail and professional traders, with few differences. Retail traders are limited to 30:1 leverage, while professional traders can take advantage of leverage as great as 400:1.
Otherwise, the terms are similar, and as the account level rises the spreads become tighter. Higher level accounts also get access to premium education, dedicated account managers, and trading signals delivered via SMS. All clients have access to the educational materials, and financial protections.
Traders who wish to upgrade from a retail account to a professional account need to meet the following requirements:
- They opened at least 10 transactions of €4,000 or above (stocks, crypto), and or €18,500 (FX or commodities) every 3 months in the past year;
- They have prior experience working in the financial or CFD markets of at least one year;
- Their portfolio is worth €500,000 or more.
There are five different asset classes available at IGM FX, and over 160 individual assets.
- Forex CFDs are available for more than 45 currency pairings.
- Over 30 different cryptocurrency CFDs are available.
- Trade CFDs on metals, energies, and soft commodities.
- A complete selection of CFDs covering global equity indices.
- CFDs on more than 75 individual stock selections.
IGM FX offers 2 platforms to their clients, the world-class MetaTrader 4 platform and their own proprietary platform. With MetaTrader 4 traders can have access to more than 30 built-in indicators, advanced charting tools, six different execution types, customized alerts, and access to the powerful MT4 Expert Advisors.
All of this is available in the desktop, web-based and mobile trading platforms. These different platforms all sync with one another as well, allowing a trader to access their accounts and positions no matter which platform they are using at any time. Place a trade at home on your PC and later close it from the mobile app while you are at lunch. You will always have access to the power of MT4 when trading with IGM FX.
IGM FX has a policy for a minimum deposit of $250 to open an account. While this is higher than the industry standard, it is hardly unreasonable for those who expect to trade on the financial markets. Deposits can be made in several ways, including via bank transfer, through credit or debit card, and through a number of online e-wallets such as Skrill and Neteller. There are no fees for deposits.
Withdrawals are subject to a $100 minimum for bank transfers and a $10 minimum for credit and debit cards. There are also fees associated with the withdrawals from IGM FX. A bank transfer comes with a fixed $30 fee, and card withdrawals are subject to a 3.5% fee. Note that these fees are waived for Platinum and VIP account holders. Withdrawals can also take anywhere from 3-10 days to reach your account, and there are detailed requirements to comply with AML/KYC regulations.
Like so many other CFD brokers these days IGM FX only provides support Monday through Friday. It also limits the hours of support to 8:00 to 19:00 GMT. Support is available in several languages, and it is provided via online chat, telephone, email, or through the submission of an online form. When we contacted the support team they were as helpful as possible, but also pushed to have us open an account to speak with our “account manager”.
Phone: +357 2525 2371
IGM FX is a solid broker providing its services to the EEA. While it is a shame for those outside that economic area that cannot take advantage of their offerings, it is good that they are able to focus their efforts of providing the best service possible to the clients that can register and trade with them.
There are plenty of assets available and of course the excellent MetaTrader 4 as the trading platform. The CySEC regulation is reassuring and having four different account types is welcome by traders who appreciate the extra perks that can be accessed with the higher tier accounts.
Expanded customer support hours would be nice, and while the over 160 assets currently offered are plenty to consistently find trading opportunities more selection in stocks would certainly be nice.
Ultimately, we would trade with IGM FX, especially if we were looking for the convenience offered by the MetaTrader 4 Web Trader and mobile app.