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IGOFX Review - Is it scam or safe?

IGOFX Review - is igofx.com scam or good forex broker?

RATING: 1 / 9 REVIEWS ForexBrokerz IGOFX
IGOFX is an offshore broker. Your money is not safe.

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 Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
Mini $1 0.01 1:1000 3.0 pips, fixed
Standard $300 0.01 1:500 3.0 pips, fixed
Premium $20 000 1 1:500 N/A

 

IGOFX offers its clients several account types, depending on the amount of their initial deposit. All account types provide commission-free trading and fixed spreads on the industry’s standard MetaTrader 4 forex platform. Micro tradeable lots are offered on Mini account types.

 

Besides, swap-free services are available to traders of Islamic belief. Unlike most broker, however, IGOFX does not provide free demo accounts.

 

In fact, the spreads offered by this broker are very high, amounting to 3 pips for the EUR/USD pair, while most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair. Also, we find that leverage levels of 1:1000 are too high and risky. What is more, we suspect that this broker uses a Market Maker model, as it offers fixed spreads, and no ECN trading environment.

 

The Company. Security of Funds

 

Company

Country

Regulation

 IGO Global Limited

Vanuatu

None

 

IGOFX is an offshore brokerage, offering online trading in around 30 currency pairs, precious metals and binary options. Popular instruments such as CFDs on commodities, indices, and stocks are not available with this broker.

 

Behind the brand is IGO Global Limited., a company, registered in Vanuatu. Previously the broker was licensed in New Zealand, but got deregistered in September, 2014.

 

Vanuatu is an offshore jurisdiction, which offers a variety of tax benefits, however forex and binary options brokerages there are not regulated, no matter what they claim on their websites.

 

In addition, capital requirements in this specific jurisdiction are very low, even compared to other offshore destinations, such as Mauritius and Belize: only $2000. Little focus is placed on compliance checking and consumer protection in such zones.

 

To cut things short, engaging in business with non-regulated companies such as IGOFX can be very risky. You can lose all your money, even if your trades are profitable. And many people actually didThat is why, we would recommend you to select a forex broker licensed in UK, or Australia for instance, where regulation is strict and financial watchdogs are on the alert.

 

Trading Platform

 

IGOFX supports the MetaTrader 4 (MT4), available as desktop and mobile versions.

 

This platform is the most widely used software in the forex industry. It is easy to use and is equipped with advanced charting tools, a number of technical analysis indicators, wide range of Expert Advisors (EA), as well as extensive back-testing options for them.

 

Besides, IGOFX offers advanced copy trade system, Signal Provider, as well as its in-house platform for trading in binary options. There is also daily research and analysis available on the broker’s website.

 

Promotion

IGOFX offers various promotions, such as up to 30% on-deposit bonus, the profit from which is withdrawable after certain volumes are traded. There is also a rebates program - the first 500 customers who open real accounts can get $5 per lot traded.

 

Methods of Payment

 

IGOFX offers its clients the following payment methods: bank wire transfer, via credit/debit cards, and e-wallet Perfect Money.

 

Conclusion

 

IGOFX is an offshore forex broker that supports the MT4 platform. It also offers trading in binary options on its proprietary platform, We would not recommend investing with this broker, as it is not regulated, its spreads are too high, and we suspect that it acts as a counterparty to its clients (MM model). Here are, in a nutshell, the advantages and disadvantages of IGOFX:

 

Pros Cons
MT4 platform available Not regulated
Low initial deposit required Supposedly a MM
Binary options trading offered No CFDs on commodities, indices, stocks
Bonuses & Rebates  Limited payment methods

 

Latest news about IGOFX
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Traders` reviews for IGOFX

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

 

 

Worst investment platform ever

IGOFX promise the stop loss but it didnt happen. 1 trade lost 90% of the total investment despite placing stop loss at 20%.

ralph 11/04/2018

Not keep the promise

This IGO-Fx never keep the promise to compensate the investors as per promise in their website for the losses.

Wong Yee Ping 08/16/2018

IGOFX is truly a scammer

IGOFX is truely a scammer which not only cheated more than 90% of investors' funds, but also delay withdrawal payments with indefinite payment date.

And while Igofx designated local depositors were supposed to pay investors' withdrawal @ rate 4.3 for US$ to Malaysia Ringgit according to IGOFX initial terms and condition, it was reduced to 3.6 US$/Malaysia Ringgit for those who were lucky to get some payment. Even this small balance payment IGOFX also want to cheat.

IGOFX IS DEFINITELY A SCAMMER AND CHEATER!

Sue 07/24/2017

Igofx is profesional scamer

Is stupid we invested to big scammer broker, better igofx close the shop,is fxxk broker, using LD they cheat and fraud money.

John weis 07/14/2017

Big scammer af!

They purposely make a super trader V god and make us all invest on it, and then he go trade on GBD to raise during the last minute of 2017 Britain election day! Isn't very obvious?!!! Even a not professional trader won't make such mistake! And lost 90% of all our investment???? Please do not invest using this llatform again if you don't wana be the next scam victim!

Jace chin 07/07/2017

Igofx is a Big Scam

What Sunny said is true. On June 9th, Igofx and fund manager Vladislav scammed thousand of investors 93% fund in one trade. When approach for proof and trading tick data, there is no reply, no respond. After 3 week of submitted withdrawal of balance, still no news.

Any suggestion how to claim back the investment fund?

AlexanderGoh 07/06/2017

AlexanderGoh 07/06/2017

IGOFx is big scam

Don't invest in this scam broker, you will lost everything.

Peter Wong 07/04/2017

IGOFX is a scam! Big professional scam!

Recently on June 9th, IGOFX top fund manager Vladislav took the opportunity of British election results that have caused bid dip in GBPUSD, he has never traded such big lot size but he did on that day, buying GBPUSD right before the election results were released, and caused 93% of losses to all the investment balance of all its investors in 1 trade, a very smart way to scam its investors of all their money!

Sunny 06/16/2017

It is a Scam

It is a god damn scam. Don't fall into this god damn trapped. For god sake, please closed down your god damn IGOFX...fxxk!!!

Ooi Sin Keag 06/13/2017

IGOFX BIG SCAM (FAULTY STOP LOSS SYSTEM)

DONT JOIN THIS FUCKING NOOB IGOFX COMPANY. ITS SCAM!

Kelvin 06/13/2017
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