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IFMTrade Review - Is it scam or safe?

IFM Trade Review - is ifmtrade.com scam or good forex broker?

RATING: 3 / 0 REVIEWS IFMTrade
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Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
Standard $200 1:500 Floating, around 1 pip
Pro $1,000 1:200 Floating, around 1 pip

 

IFM Trade is an Australian broker, offering forex and CFDs throuth two account types. An Islamic (swap-free) one is also available. At the same time, they are partnered with US-based brokerages, in order to provide stock, futures and options trading. This review will focus on their forex offering and less so on the other products.

 

The Company. Security of Funds

 

Company Country Regulation
Intelligent Financial Markets Pty Ltd. Australia ASIC

 

IFM stands for Intelligent Financial Markets Pty Ltd, which is registered in Australia and overseen by the local watchdog – ASIC. This gives the broker a lot of credibility, especially when compared to the plethora of dangerous off-shore brokers, which are around. 

 

As we mention in all of our reviews, financial regulation is the most important thing to look for, when seeing a broker. That being said, the Australian Securities an Investments Commission (ASIC) is one of the ones with a better reputation. 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 basic forms  of fraud occurring. Furthermore, in order to get the license, a broker must have capital holdings exceeding AUD1 million. This is a high bar for most scammers.

 

IFM Trade also provides Ninja Trader and Traders Work Station, but the conditions surrounding these platforms are vague. They may be an Introducing Broker (IB) to a US based brokerage(s), but it is hard to tell.

 

Trading Conditions

 

Minimum Initial Deposit

IFM Trade has set the minimum deposit level at $200, which is slightly above what most brokers demand nowadays. For instance, the FCA-regulated industry veterans at HYCM only require $100.

 

By the way even $200 is not enough for a serious trading plan to come into fruition. Trading must be done with a bigger account, in order to be worth your time and nerves.

 

Average spreads & Commissions

The trading costs at IFM Trade are included in the variable spread. Our testing during the middle of the European market session, revealed the EUR/USD spread floating around 1 pip. This is a fairly good offer, when compared to other brokers. Do you want to see what they are currently offering? Feel free to take a look at our spread-comparison.

 

Do keep in mind this broker is based in Australia, and you may experience a bigger than expected latency, if you live far away from the land down under.

 

Leverage

IFM Trade has set a 1:500 leverage cap for Standard accounts and a 1:200 maximum level for the bigger Pro accounts. Both of these levels are sufficient for a reasonable trader. 

 

If you want to find an even bigger leverage ratio, you can always trade with XM, who offer 1:888, although at that point, you may be confusing trading with gambling.

 

Trading Platforms

 

IFM Trade offers trading via MetaTrader 4 (MT4) and a web terminal (which wasn’t working at the time of writing of this review). As we mentioned above, they also appear to have some partnerships with a brokerage providing Ninja Trader and Traders Workstation, but details are not available.

 

MetaTrader, on the other hand is a leading platform, when it comes to currency trading. One of its most unique features is the sheer number of add-ons, which are available. New technical indicators and automated trading systems are constantly being created. You can test or buy them at the broker independent MQL marketplace.

 

Other than that, the platform has a very feature-packed mobile app, available for Android and iOS. Most things you can do on the desktop, are also available on your phone. One of the coolest feature, is that you can have multiple accounts (even with different brokers) connected to one app and simply switch between them.

 

Methods of Payment

 

IFM Trade accepts deposits via: Bank Transfer, Credit/Debit card and popular e-wallets, including Skrill, Neteller and China Union Pay. 

 

Conclusion

 

IFM Trade is an Australian Forex and CFD broker. The company’s activities are overseen by ASIC. Trading conditions are competitive with the current offers given by other brokers. IFM allegedly also provides access to exchange-traded securities, like stocks, futures and options, but there is a lack of clarity for the exact conditions. Here are this broker’s strong and weak sides:

 

Pros Cons
ASIC Regulation Lack of clear trading conditions on the website
Competitive spreads  
MetaTrader4 Platform  

 

 

Latest news about IFMTrade
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Traders` reviews for IFMTrade

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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