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IGM Forex Review - is it scam or safe?

IGM Forex Review - Is igmforex.com scam or good forex broker?

RATING: 3.1 / 0 REVIEWS IGM Forex
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Trading Accounts & Conditions

 

Account type Minimum deposit
Maximum leverage Spread
Classic $25 1:200 From 1.5 pips
Platinum $1,000 1:200 Floating + $2.50 commission per lot
VIP $50,000 1:200 Floating + $2 commission per lot


IGM Forex is a relatively new forex and CFD broker. The company is regulated and offers relatively nice trading conditions. Check the full review for all the details.



IGM Forex Advantages


CySEC Regulation
The biggest benefit of trading with IGM Forex is the fact they are regulated in Cyprus. While financial services may not be your first association with the country, it’s a preferred destination for forex brokers. This is due to its already established financial and legal infrastructure, as well as the EU membership. The latter gives access to the entire European Single Market.


STP/ECN model
IGM Forex operates with a Straight Through Processing model for the smaller account types, and an ECN one for the bigger. The main difference between the two is whether or not the broker’s fees are included in the spread or calculated separately. In both cases, the broker does not profit from its clients’ losses, rather from the volume of their trading.


Competitive spreads
The spreads provided by IGM Forex are relatively low, when compared to the majority of the industry. The EUR/USD levels for the ECN accounts are not disclosed on the website, but vary around 0.2-0.6 pips in the platform. This means the effective spread is definitely under a pip, as each dollar in commission per lot is equal to 0.1 pips. This is impressive, but feel free to check our spread comparison platform, to see the real-time offers by some of the industry leaders.

 

>>Forex spread comparison<<

 

 

 

MetaTrader 5 trading platform
When comparing brokers, the software provided is a key factor. MetaTrader 5 is the newer iteration of the classic industry leader MT4. It has kept the same top-tier charting package and support for custom technical indicators and automated trading systems. Sadly the tools provided in the MQL marketplace don’t work with both platforms – the old ones will have to be re-written for MT5.


One of the major updates to the new version of the software provided by MetaQuotes is the integration of an economic releases calendar in the lower time frames. This is very usefull for active traders. With that in mind, here is a preview of the platform provided by IGM Forex:

 



>>Find other MT5 brokers here<<




1:200 leverage
Leverage is a bit of a controversial issue, as misusing it can lead to serious losses. That being said, it is necessary in order to trade the currency market. The maximum ratio provided by IGM Forex is enough for all responsible traders.

 

Multiple payment methods
The ways you can deposit funds at IGM Forex are: Bank Transfer, Credit Card, Skrill, Neteller, China Union Pay and Rapido. This is a solid offering, which covers a lot of ground, including the most popular e-wallets in the East and the West.

 

IGM Forex Disadvantages


Some trading conditions not mentioned
The platform provided by IGM Forex has some stock index CFDs, but we didn’t manage to find any specifics about them on the company’s website. While this is a slight oversight, these contracts are not as standard as FX pairs, notably in terms of the lot size.

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Does not support all countries
IGM Forex does not accept clients form the US, Canada, Cuba, Iraq, Japan, Mayanmar, North Korea, Sudan, Syria, Poland, Turkey, Belgium, Australia and Israel. While some of them are restricted due to their legal systems, a few are a bit odd.


New company
being a new firm is not an issue by itself, but the fact IGM Forex has not stood the test of time. We weren’t able to find any user reviews on this broker, so feel free to share your experience in the comments section below.


Conclusion


IGM Forex is a regulated forex and CFD broker. They offer very competitive costs of trading, combined with a well-established trading platform. The entire project seems solid, but surprisingly not popular. Honestly, this is our biggest concern with the broker – they simply aren’t well-known.


Still, this is a highly regulated company, which brings security to your investment. Cyprus is a destination, which is often chosen by forex brokers. The Cyprus Securities and Exchange Commission (CySEC) is a reputable watchdog and we would like to introduce you to a few of their rules.


>>A list of CySEC brokers<<


All brokers under this regulation have to store their clients’ balances in segregated accounts. This is a special type of bank account which can’t be freely accessed by the company. Furthermore all CySEC brokers participate in the local compensation scheme. This is a mechanism, which guarantees your funds, if your broker goes bankrupt (limited to €20.000).


To recap the pros and cons of IGM Forex:

Pros  Cons
CySEC Regulation Some trading conditions not mentioned
STP/ECN model Does not support all countries
Competitive spreads New company
MetaTrader 5 trading platform  
1:200 leverage  
Multiple payment methods  

 

Latest news about IGM Forex
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Traders` reviews for IGM Forex

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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