Review IGM FX
https://www.igmfx.com/ Headquarters in Cyprus Open Demo Account Open Live Account BEGIN item ContentsPros and ConsRegulationAccount TypesTrading PlatformsAssetsEducationCustomer ServiceConclusion
IGM FX is a fairly new online broker offering CFD trading on a broad range of asset classes and individual assets. They use their own proprietary platform as well as the classic MetaTrader 4 platform, giving traders the opportunity to experience the award-winning powerful features and trading conditions.
Traders can choose from four different tiers of accounts, and while standard leverage is 1:30 based on the ESMA rulings traders can increase that if they qualify as professionals.
One of the distinguishing features of the broker is the availability of CFDs on cryptocurrencies. Traders can also take advantage of a range of educational materials and tools. To get started a minimum deposit of $250 is required.
IGM FX Pros and Cons
Pros
Regulated by the Cyprus Securities and Exchange Commission.MetaTrader 4 is the desktop, mobile, and web platform.Good educational resources.Exclusive indicators and reports by trading central.Daily Trading Signals.
Cons
Spreads are slightly higher than average.People outside the European Union are not accepted as clients.
Broker Regulation
IGM FX is regulated by the Cyprus Securities and Exchange Commission (CySEC) and holds license number 309/16. Based on this regulation the broker follows all the necessary rules and regulations for operating within the European Union. This includes holding the minimum capital of €730,000, segregating client accounts, and submitting all necessary daily, weekly and monthly reports to the regulatory body. IGM FX also provides negative balance protection on all client accounts.
As a licensed and regulated CFD broker, clients can feel secure trading through IGM FX. Any funds deposited can be considered safe. IGM FX also operates under the Investor Compensation Fund that protects all client accounts up to €20,000 in the event of financial troubles for the broker.
Account types
There are four different account types at IGM FX, although most traders will only take advantage of the first three as the fourth is extremely exclusive. The four account types offered are Silver, Gold, Platinum, and VIP. Each has certain benefits, but in general, as you move up in tiers, you will find that there are smaller swap fees, smaller spreads, and additional perks for the higher levels, such as trading signals and a dedicated account manager.
Silver Account
1:30 leverage (up to 1:400 for Pro accounts)$0.10 spread on crude oil2.5 pip spread on EUR/USD
Gold Account
1:30 leverage (up to 1:400 for Pro accounts)$0.10 spread on crude oil2.5 pip spread on EUR/USDWebinars and Videos
Platinum Account
1:30 leverage (up to 1:400 for Pro accounts)1.8 pip spread on EUR/USD$0.08 spread on crude oilTrading signals via SMSDedicated account manager
VIP Account
1:30 leverage (up to 1:400 for Pro accounts)0.9 pip spread on EUR/USD$0.06 spread on crude oilDedicated senior account manager
There is also the opportunity for traders to upgrade their account to “Professional” status, which allows for greater leverage. In order to do this there are three criteria that must be met:
“Relevant” trading volume with at least 10 trades per quarter.Portfolio worth more than €500,000.Experienced in the financial sector.
Furthermore, there is a demo account available that can be used to test the broker platform and trading conditions.
Trading Platforms
At IGM FX traders will have access to the award-winning MetaTrader 4 platform. As one of the most popular and most awarded trading platforms, this is no bad thing. MetaTrader 4 gives access to 9 different time frames, Expert Advisors for automated trading, over 30 built-in indicators, and the MQL marketplace where traders can find thousands of custom-built indicators and EAs.
Traders can also choose their preferred distribution as IGM FX offers the MT4 platform in its desktop, mobile, and web versions. Prospective clients can try any of them out by creating a demo account, which takes under a minute.
It is really very difficult to top the powerful features offered by MetaTrader 4, which is why it has been the top choice for traders for over 15 years.
Available Assets
There are six asset classes available from IGM FX. These are:
ForexCommoditiesSharesIndicesMetalsCryptocurrencies
The inclusion of more than 160 individual assets makes it easier to find trading opportunities no matter what the markets are doing. Included in the available assets are more than 45 currency pairs, CFDs on over 30 cryptocurrency pairs, CFDs on several agricultural commodities, energies, and metals, CFDs on major global stock indices, and CFDs on over 75 of the largest global equities.
Note that as of the 6th of January 2021, and in accordance with the FCA Policy Statement (PS20/10), the Company will not be able to provide to its UK retail clients CFDs in unregulated crypto assets.
Education and Research
IGM FX has a solid list of educational offerings. These include courses, tutorials, eBooks, and video on demand. It also includes a corporate earnings calendar and economic calendar for planning purposes. And there are signals available provided by Signal Centre. The educational materials are most suitable for beginning traders, but the calendars and signals will be helpful for experienced traders too.
Courses – There are two courses offered, one on global economics and one on social trading.
Tutorials – The tutorials are mostly related to MetaTrader 4 and how to use it most effectively. There is also a tutorial dedicated to using trading tools.
Ebooks – There is a fairly large section of eBooks which include beginner and advanced technical analysis, trading psychology, capital management, and more.
Video on Demand – The VOD section is loaded with short, punchy videos covering subjects that will be helpful for both beginning and experienced traders.
Economic/earnings report calendars – Access these calendars to plan your future trading strategy and decide where to focus your research.
Trading Signals – There is a signal service provided by Signal Centre giving trading signals and trade ideas from FCA regulated experts.
Customer Service
Customer support at IGM FX is provided via email, telephone, online chat, and a web form. Unfortunately, support is only offered Monday through Friday from 8:00 GMT to 19:00 GMT. This is an area that could use some improvement.
We contacted the support centre with some basic questions and while the responses were professional and accurate, there was nothing spectacular about the support given.
Phone: +357 2525 2371
Webform: Contact Us Form or Contact Management Form
Email: support@igmfx.com
In Conclusion
In consideration of all the features we have investigated from this regulated and respected CFD broker it does appear that IGM FX is a solid choice for anyone in the EEA countries who is looking for a broker. Clients can take advantage of the MetaTrader 4 trading platform, a diversity of assets that includes the newest cryptocurrencies, and a selection of educational materials.
Beginners will especially get value from the educational materials, but overall any trader should be able to take advantage of the value offered by IGM FX.
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