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IMS Markets Review - is it scam or safe?

IMS Markets Review - is imsmarkets.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz IMS Markets
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Trading Accounts and Conditions

 

Trading account Min. deposit  Min. trade size Maximum leverage* Average Spread
Classic  $300 0.01 1:30 2 pips
Gold  $2 000 0.01 1:30 0.5 pips + $8 /lot 0.3
Premium  $10 000 0.01 1:30 0.5 pips + $5 /lot

 

*Registered professional clients can apply for higher leverage.

 

IMS Markets is a Cypriot forex and CFD broker that offers its clients a choice of three account types and access to the MetaTrader5 platform. Read the entire review to get informed on all the details regarding this broker.

 

 

IMS Markets Advantages

 

CySEC license

The most obvious strong side of IMS Markets is that it holds a license granted by the Cyprus Securities and Exchange Commission (CySEC).

 

 

Now that the UK is exiting the EU, Cyprus is becoming the most popular forex destination in Europe. Forex brokers in Cyprus have to meet a number of requirements, as well as to adhere to the rules set on a EU level. Therefore, clients of CySEC-regulated companies are provided with significant assurance that their interests are protected and their funds secure.

 

Actually, the company behind IMS Markets, Initial Merit Secure Ltd. (formerly Nextrade Worldwide Ltd.) operated the popular binary options broker Stockpair, which is now out of business.

 

MetaTrader5 available

Trading at IMS Markets is done on MetaQuotes’ latest software, the MetaTrader5 (MT5). This is an undisputable advantage, as this trading platform is really good, and besides, most traders are familiar with it (or, at least, with its predecessor, the MT4). MT5 has kept most of the functionalities and features of the MT4: the top-notch charting, the MQL marketplace, and the support of automated strategies, simply known as EAs.

 

 

>> Check out the top-rated MT5 brokers <<

 

 

Higher leverage available for professionals

Retail client of IMS Markets are able to use higher leverage levels than 1:30. Of course, they have to pass an appropriateness test in order to be approved, as required by law.

 

We remind you that that in early August 2018 the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex trade on the European market at 1:30, while similar restrictions are already in place in the US and Japan. 

 

 

IMS Markets Disadvantages

 

High costs of trading

Accord to the information in the account types section on IMS Markets’ website, the spreads on Classic account types are averaged 2 pips on EUR/USD, which is higher than the average in the industry. When we tested the broker’s MT5 in demo mode, we discovered that the spread is actually higher than announced – around 2. Pips for this pair.

 

 

Most brokers offer spreads in the range of 1.0 – 1.5 pips on EUR/USD, commission included. For further information and comparison, check out the below link.

 

 

>> Compare the spreads of some of the best forex brokers <<

 

 

Not that many tradeable instruments

IMS Markets claims to offer trading in around 50 forex pairs, as well as CFDs on precious metals, commodities, and indices. When we tested its MT5, however, we found out that the currency pairs are less. Besides, some traders will certainly miss the opportunity to trade in CFDs on stocks and cryptocurrencies like Bitcoin.

 

 

>> Reliable forex brokers, offering Bitcoin CFDs <<

 

 

Only bank wire and cards

Another disadvantage of IMS Markets, although not a major one, is that this broker supports only bank wire and cards (Visa & MasterCard) as payment methods. So, it’s clients are not able to use PayPal, Skrill, nor other popular e-payment systems.

 

 

Conclusion

 

The main benefit of trading with IMS Markets, of course, its legit forex broker license. The firm is overseen by the Cyprus Securities and Exchange Commission (CySEC), one of the most famous European financial watchdogs. Besides, the broker supports the MT5 platform, and although its spreads could have been lower, IMS Markets is still a solid choice of a forex brokerage. 


All companies licensed by CySEC must hold at least €730,000, and maintain it. Additionally, they have to meet a set of requirements, such as transaction reporting, client account segregation, provision of negative balance protection, and more. On top of that the local compensation scheme insures client’s balances, against their broker going bankrupt, up to €20,000.

 

 

>> Find the best CySEC-regulated brokers <<

 

 

Here is a summary of our review on IMS Markets:

 

Pros Cons
Regulated in Europe (Cyprus) High cost of trading
MetaTrader 5 available Not that many instruments
  Limited payment methods

 

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Traders` reviews for IMS Markets

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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