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IMPFX Review - Is it scam or safe?

IMPFX Review - is impfx.com scam or good forex broker?

RATING: 3 / 0 REVIEWS IMPFX
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 Trading Accounts

 

Account type Minimum deposit  Maximum leverage Spread
Standard Unknown 1:500 From 0.8 pips*

*Our testing revealed different spread levels.

 

IMP FX is a forex broker, which focuses on the Chinese market. The company’s website is missing a few details, wile others are misleading. 

 

The Company. Security of Funds

 

Company Country Regulation
Imperium Forex Group PTY LTD. Australia ASIC

 

The company behind IMP FX is Imperium Forex Group PTY LTD., which is regulated by the Australian Securities and Investments Commission (ASIC). This is one of the most reputable financial watchdogs, across the world. 

 

ASIC forces companies to apply segregation of client accounts. This rule basically implies a broker can not spend its traders accounts for its own benefits. Furthermore there is a minimum capital holdings requirement of AUD 1 million, which companies must meet before applying for the license. Both of these regulations prevent scammers from even attempting to register with ASIC.

 

That being said, Imperium Forex Group used to be called a different way. In fact many different ways. Here is a list of this company’s previous names: Australian Foreign Exchange Services PTY LTD.; Golden Sky Australia PTY LTD; You Trade Capital Markers PTY LTD; Forex Central Trading PTY LTD. We don’t know the reasoning behind all the name changes. Feel free to post your experience with one of the other companies in the comments section below. 

 

Other than that, IMP FX is obviously focused on the Chinese market, as the name and their website suggest. It is a bit funny how the shortened version of “Imperial” becomes “IMP”, a word with a rather negative connotation in English.

 

Trading Conditions

 

Minimum Initial Deposit

IMP FX does not provide any information about their minimum initial deposit requirement. This is most likely an overlooked detail, instead of a conscious decision to hide the information. Nowadays you can find brokers with extremely low demands, with the average being around $100, a level which easyMarkets, for instance has set.

 

Do keep in mind this does not lower IMP FX’s credibility, as the minimum deposit is not that big of a deal for experienced traders anyway. 

 

Average spreads & Commissions

Spreads at IMP FX start from 0.8 pips, which is a very competitive level. Our testing with their platform, during the early part of the US session, revealed spreads varying between 2 and 3 pips. There appears to be a maximum spread ceiling at 3 pips, similar to the one applied at Trading 212. These levels are a long ways off the ones mentioned on the website, although you can argue they still “start from 0.8 pips”. 

 

Do you want to find what the current offers by some of the world’s leading brokers are? Feel free to delve into our real-time comparison platform here.

 

Leverage

IMP FX offers leverage up to 1:500. We know this may sound shockingly high if you are used to trading exchange-traded instruments, but it is not at all uncommon in the world of OTC forex trading.

 

That being said, new traders should familiarize themselves with the risks involved in margin trading, before dealing with such leverage ratios. 

 

Trading Platforms

 

IMP FX provides its clients with MetaTrader4(MT4), the current industry standard, when it comes to currency trading. The platform is highly admired by technical traders, as it provides a fantastic charting environment and supports basically all technical indicators one could imagine, by default. If there is somethings which isn’t there, it is probably available in the MQL Marketplace, a broker independent shop where people can buy, sell and download free tools for MT4. The most popular ones are technical indicators and automated trading strategies, better known as Expert Advisors.

 

MetaTrader4 also has a few downsides. Despite the solid charting package, there is no support for the unusual candlestick types (Renko, Hiken Ashi, Point and Figure and so on) in the default version. Furthermore, the platform is locked in a single window, limiting multiple-monitor support.

 

Here is a preview of what the IMP FX MT4 offering looks like (click to zoom-in): 

 

Methods of Payment

 

IMP FX accepts payments via Bank Transfers and Cheques. The latter seems a bit outdated as a payment solution in the digital age. At the same time, e-wallets, like Skrill or even China Unionpay (which will be more appropriate for their target market) are not supported.

 

Conclusion

 

IMP FX is an ASIC-regulated forex broker. The company, behind the broker has das several name changes in the past (all mentioned in the beginning of the review). They currently mainly target the Chinese market, which may be an issue for you, if you do not speak Mandarin or English and require support. Trading conditions on the platform are substantially worse, than the ones proclaimed on the website. Here are this broker’s strong and weak sides:

 

Pros Cons
ASIC regulation High spreads
MetaTrader4 available Different spreads on the website and trading platform
  Customer support oriented towards Chinese clients

 

Latest news about IMPFX
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Traders` reviews for IMPFX

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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