IGM FX Editor’s Verdict
Founded in 2016, IGM FX is a Cyprus-based Forex broker which offers traders its proprietary Webtrader for manual trading and the out-of-the-box MT4 trading platform for clients who prefer automated trading. IGM FX is ideal for millennial traders and its educational section is filled short videos of less than sixty seconds which are ideal for a young audience. The broker provides a niche asset selection and leverage for Forex traders. IGM FX maintains a competitive offer for commodity CFDs.
Overview
IGM FX is ideal for millennial traders, providing a niche asset selection and leverage for Forex traders.
Cyprus CySEC 2016 Market Maker Unspecified MetaTrader 4, Proprietary platform, Web-based
Regulation and Security
IGM FX operates under the regulatory framework of the Cyprus Securities and Exchange Commission (CySEC). The broker has a clean record with CySEC, segregates client deposits from corporate funds, and provides negative balance protection. It maintains all required legal documents on its website. The Cyprus Investor Compensation Fund (ICF) covers retail traders up to €20,000 in the event of insolvency of IGM FX.
The CySEC is the sole regulator of IGM FX.
Clients can access the broker's legal documents on the IGM FX website.
Fees
IGM FX maintains a commission-free trading environment for Forex traders. The minimum spread for the EUR/USD starts at 2.5 pips, with the lowest spreads at 0.9 pips. Equity CFD traders have an acceptable offer with a minimum mark-up of 0.21 points, but the actual one is likely notably higher. Commodity traders will have the best cost structure, in line with competitive brokers. Swap rates on leveraged overnight positions apply, and IGM FX forwards corporate actions, which include dividends, mergers, or stock splits, on to client accounts. IGM FX charges a withdrawal fee. After 30 days of inactivity, a €20 charge applies, followed by an additional €10 every ten days.
MT4 traders can easily access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Symbols.
2. Select the desired currency and then click on Properties located on the right side.
3. Scroll down until you see Swap Long and Swap Short.
The IGM FX pricing environment is transparent:
IGM FX also penalizes clients for requesting a withdrawal without first placing a sufficient number of trades.
There is an inactivity fee charged by IGM FX.
What Can I Trade
With 196 total assets available to trade, the asset selection at IGM FX is more than sufficient for new retail traders to get started. Forex traders have access to 47 currency pairs, and cryptocurrency traders have access to 33 assets, which places IGM FX in the top 20 among online brokers and represents the best sector this broker provides. Commodity traders have a competitive choice with 22 CFDs. Completing the asset selection at IGM FX are 79 equity CFDs and 15 index CFDs for a total of 196 assets across five sectors. IGM FX remains an excellent broker for cryptocurrency traders and remains competitive in the commodity space. The overall asset mix is ideal for new millennial traders and gives IGM FX a platform to expand its product and services portfolio.
IGM FX offers 196 assets across five sectors and presents the best selection in the cryptocurrency space, where it maintains 33 CFDs.
Account Types
IGM FX lists four account types but no specific requirements, suggesting that identical conditions apply to all. Given the CySEC regulatory environment and comparable brokers, the minimum deposit is likely $250 or a currency equivalent. Most likely, the higher account tiers require more substantial deposits, though this wasn't obvious on the site during our IGM FX review. IGM FX offers professional accounts, per ESMA and CySEC requirements, with higher leverage and a reduction in the stop-out level.
Four account options exist at IGM FX.
Professional traders get higher leverage and a lower stop-out level.
Trading Platforms
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |
IGM FX features a proprietary trading platform, the IGM FX Webtrader, which provides manual traders with a clean user-interface and core functions. It delivers enough for new traders to learn how to trade. It is also available as a mobile app, granting an easy-to-use trading terminal to place orders and monitor portfolios. The out-of-the-box MT4 trading platform is equally available at IGM FX and the premier choice for automated trading solutions. While the MT4 trading platform supports transformation into an advanced trading platform, it requires third-party add-ons.
Manual traders get a clean user-interface and functionality with the IGM FX Webtrader.
It is also available as a mobile app.
IGM FX provides traders with the core MT4 trading platform.
Unique Features
The unique feature at IGM FX is its cryptocurrency selection. Traders have access to 33 assets which is well above average for most Forex brokers.
Research and Education
Among its educational resources, IGM FX features a Chart Analysis section.
The IGM FX Chart Analysis section is among IGM FX's educational resources.
IGM FX offers its educational content free to all, consisting of brief videos. The length of each video ranges between 14 and 156 seconds, which most millennial traders, who prefer short videos from their mobile devices, find useful. IGM FX displays these free tutorials in its approach to trader education.
The VOD library includes six videos.
Nine eBooks offer the best educational value.
Four tutorials consist of several lessons, following the same VOD pattern.
Two courses, one on social trading, complete the video introduction of trading aspects at this broker.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | M-F, 0800 -1900 |
Website Languages |          |
Clients have access to customer support Monday through Friday between 0800 and 1900 GMT. IGM FX lists an e-mail address and a phone number, but the live chat function seems to be the most convenient method to reach a customer support representative. A webform is also available.
Customer Support is readily available via several channels.
Bonuses and Promotions
IGM FX is not permitted to offer bonuses or host promotions, per CySEC regulations.
Opening an Account
An online form handles new account openings; the five-step form, a CySEC standard, includes a questionnaire. The steps also include mandatory account verification and a deposit to complete the process. New traders can usually pass verification with the submission of a copy of their ID and one proof of residency document.
The Account Opening process is a 5-step form, a CySEC standard.
Deposits and Withdrawals
IGM FX does not have a dedicated deposits and withdrawals page. The General Fees section provides more detail and lists Inatec Payment AG Switzerland, Paydoo, Fibonatix, Powercash21, SafeCharge, SecureTrading Financial Services, Skrill, and Truevo Payments as payment processors. Since IGM FX maintains CySEC regulation, bank wires and credit/debit cards should equally be available. There are no deposit fees, but internal withdrawal costs and third-party charges apply.
The IGM FX website did not have a deposit or withdrawal page at the time of this IGM FX review, but the legal section lists them under general fees.
IGM FX charges internal withdrawal fees unless the client first places two trades from a fully verified trading account.
Summary
IGM FX is a broker in operation since 2016. One area where IGM FX offers an edge is in cryptocurrencies, where it maintains 33 assets. The overall asset selection is competitive for new retail traders. A proprietary platform shows that the broker is serious about improving the trading experience and with the significant investment in building the platform, one can understand that IGM FX is here to stay. With cryptocurrencies as its core advantage, IGM FX has the foundation to grow into a market leader. IGM FX is a CySEC-regulated broker and is, therefore, considered safe. No, IGM FX is a legit online broker. IGM FX strives to provide a competitive and trustworthy trading environment to traders as per regulations. the assumption is $250. The four-month 2019 suspension was the result of numerous violations by IGM FX.FAQs
Is IGM FX a safe and trusted broker?
Is IGM FX a scam?
Is IGM FX a good Forex broker?
What is the minimum deposit at IGM FX?
Why did CySEC temporarily suspend the IGM FX operating license?