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IFGM Review - is it scam or safe?

IFGM Review - is ifgm.com scam or good forex broker?

RATING: 3 / 1 REVIEWS IFGM
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Trading Accounts and Conditions

 

Trading account Min. deposit   Max. leverage Avg. Spread
Standard  $200 1:500 1.0 pips
Islamic  $200 1:500 N/A
Pro  $1 000 1:200 N/A

 

As you can see from the table above, Australian forex and CFD broker IFGM offers three trading account types, plus PAMM/MAM services. Clients of this broker are provided with access to the MetaTrader4 platform, leverage up to 1:500, and are free to apply most trading styles, including hedging, scalping, and EAs. This detailed and unbiased review will shade some light on the broker's service and regulatory status.

 

 

IFGM Advantages

 

Regulated in Australia

IFGM is a trading name of Intelligent Financial Markets PTY LTD, which is authorized and regulated by the Australian Securities and Investments Commission (ASIC). The company also operates the brokerage brands FXVC and IFM Trade (the latter is no longer active).

 

Click on the image to zoom in.

 

As we keep reiterating in our reviews, financial regulation is the most important thing to look for in a forex broker. That is why we consider IFGM’s ASIC license as a serious advantage. ASIC is actually one of the most respected regulatory agencies on a global scale. One of the key rules they enforce is the mandatory implementation of segregated accounts. This is a principle which prevents brokers from mixing clients’ funds with the company’s, hence eliminating the possibility of some forms of fraud. Furthermore, brokers licensed in Australia must allow regular audits and have capital holdings of at least AUD 1 million, which is a high bar for most scammers.

 

Access to the MT4, competitive spreads on demo

Another strong side of IFGM is its support for the good old MetaTrader 4 (MT4). The platform is popular among brokers for its ease of use, functionality and lightness. It has one of the best charting packages, but probably the most prominent MT4 feature is the automated trading, known as Expert Advisors (EAs).

 

 

>> Find a better MT4 broker <<

 

 

IFGM has not announced any spreads on its website, but when we tested its MT4 in demo mode, we found the spread on EUR/USD floating around 1 pips, which is a competitive pricing.

 

 

Click on the image to view larger.

 

For further information and comparison, you can always check the conditions offered by some of the best brokers.

 

 

>> Check out the spreads of some top-tier brokers in real time <<

 

 

High leverage provided

Australia is the last major regulatory hub, where leverage is not capped for retail investors. As a result, most Aussie brokers offer leverage as high as 1:500, and IFGM is no exception to that.

 

Keep in mind that using high leverage also has downside to it, and if you are not experienced in trading, you could lose your investments in a matter of seconds.

 

 

IFGM Disadvantages

 

Spreads aren’t announced on website

We always view the lack of essential trading information on any broker’s website as a negative. In the case of IFGM, the broker has not indicated any reference spreads, so its potential clients don’t know what their costs of trading might be. Yet, this is not a serious disadvantage of this broker, because it offers free testing service

 

No CFDs on stocks & cryptocurrencies on demo

This is also not a major flaw of IFGM, but we decided to mention it nonetheless. The brokr claims to offer more than 450 financial instruments, including CFDs on global equities, and some of the most popular cryptocurrencies. However, when we tested its MT4 in demo mode, there were around 30 FX pairs available for trade, as well as CFDs on indices, commodities and precious metals. Maybe the demo trading portfolio is not as rich and diversified as the real one.

 

 

Conclusion

 

Overall, IFGM seems like a solid choice of a trading partner – it holds an ASIC license, supports the industry’s standard MT4 platform, and appears to offer attractive trading conditions. Below, you may also check out our list of recommended forex brokers that are also licensed in Australia:

 

>> Find the best ASIC-licensed brokers <<

 

 

Here are the highlights of the present review of IFGM once again:

 

Pros Cons
ASIC license Spreads aren’t announced on website
Access to the MT4 No CFDs on stocks & cryptocurrencies
Competitive demo spreads  
High leverage provided  

 

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Traders` reviews for IFGM

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Australia only

it is written on the internet page:
IFGM does not accept applications from the residents of China, UK, Europe, USA, Japan or any particular country or jurisdiction outside of Australia

bob 04/25/2019
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