IGM FX Review 2024 with Rankings By Dumb Little Man

IGM FX Review

Forex brokers play a crucial role in the foreign exchange market by offering platforms for trading currencies and other financial instruments. They act as intermediaries between retail traders and the interbank forex market. IGM FX is one such broker that has been making waves since its establishment in 2016. Located in Cyprus, a Mediterranean financial hub, this brokerage firm specializes in Forex and Contracts for Difference (CFDs).

IGM FX boasts an extensive portfolio of over 160 CFDs, covering a wide range of assets. These include Forex, Stocks, Indices, Commodities, Metals, and Cryptocurrencies. With such variety, it offers multiple trading options to cater to different investment strategies and risk profiles.

This review aims to provide a comprehensive evaluation of IGM FX. The focus is on its unique selling propositions and potential drawbacks. The objective is to equip traders with key information, including account options, deposit and withdrawal procedures, commission structures, and other essential details.

By combining expert analysis and actual trader experiences, this review strives to offer a balanced perspective. This helps traders in making an informed decision when considering IGM FX as their go-to brokerage service provider.

>> Also Read: 9 BEST Forex Brokers For 2024: Reviewed By Dumb Little Man

What is IGM FX?

IGM FX is a financial trading platform that provides a wide range of trading options. It operates under the strict regulation of the Cyprus Securities and Exchange Commission (CySEC). This oversight by a reputable regulatory authority lends the broker a strong reputation for trust and reliability in the trading community.

The platform is built to serve both beginners and seasoned traders. IGM FX offers two main types of trading platforms: its proprietary WebTrader and Desktop platforms. These platforms are designed to provide a seamless, user-friendly experience that can be customized according to the trader’s needs.

IGM FX’s trading platforms stand out for their intuitive design and advanced trading features. They offer access to various financial instruments, real-time market data, and advanced analytical tools. This makes it easier for traders to execute trades efficiently and manage their portfolios effectively.

Safety and Security of IGM FX

After thorough research by Dumb Little Man, it’s clear that IGM FX is not a scam but a legitimate and secure trading platform. The broker operates under the strict oversight of the Cyprus Securities and Exchange Commission (CySEC), a respected European regulatory authority. This ensures that IGM FX adheres to stringent rules and guidelines.

Being officially registered in Cyprus, IGM FX has its representative offices located in the country. Compliance with CySEC’s regulatory requirements significantly boosts the safety and confidence of traders opting to use IGM FX. Moreover, clients’ funds are insured, providing an additional layer of security. If the broker fails to honor its agreements, traders are compensated up to €20,000, as mandated by CySEC.

An important safety feature is that traders’ funds are kept in separate accounts. This is an added assurance that client money is securely stored and easily accessible. If the broker is found to violate its obligations, traders have the right to file a complaint with CySEC. This provides an additional avenue for redress, further enhancing the safety and security of trading with IGM FX.

Sign-Up Bonus of IGM FX

For traders looking to get a sign-up bonus, it’s important to note that IGM FX does not offer such bonuses. Unlike some other brokers, there are no incentives like deposit bonuses or welcome bonuses for new account holders.

While IGM FX focuses on providing a robust trading environment, they don’t currently offer initial financial incentives to new traders.

Minimum Deposit of IGM FX

For those considering trading with IGM FX, it’s essential to know the minimum deposit requirement. The broker requires a minimum deposit of $250 or its equivalent in other currencies.

This initial deposit amount is standard compared to other brokers in the industry. It allows traders to enter the market without a hefty financial commitment, making IGM FX accessible for traders with various budget sizes.

IGM FX Account Types

Based on thorough research and testing by our team of experts at Dumb Little Man, IGM FX offers a variety of account types to meet different trading needs. Here is a clean and organized list of the types of accounts you can open:

Professional Accounts

• Designed for experienced traders
• Eligibility criteria include:
  • Engaging in trades of €25,000 per transaction without leverage
  • Or, transactions with a nominal value of €100,000 in Forex, bonds, or commodities; €50,000 for indices; €10,000 for CFDs
  • A trading portfolio of at least €500,000 in cash or financial instruments
  • More than one year of experience in the financial segment or trading CFDs
• Stop-outs are at 20%

Trading Accounts

• Subdivided into Classic, Silver, Gold, and VIP
• Different from Professional accounts with a 50% stop-out rate
• Flexible spreads, starting from 0.9 pips
  • For the EUR/USD pair, the spread is 2.5 pips
  • Trading CFDs on stocks has a spread of 0.21 pips

Each type of account caters to specific trading styles and requirements, making IGM FX a versatile platform for traders with varied preferences and levels of expertise.

IGM FX Customer Reviews

Customer reviews of IGM FX present a mixed picture. While some users appreciate the timely support and guidance from the platform’s representatives, there are also concerns about aggressive upselling and attempts to get traders to deposit more money. 

On the negative side, some reviewers have gone so far as to label the platform a scam, accusing the company of unethical practices like closing accounts without proper explanation and selling customer data. These mixed reviews suggest that potential traders should exercise caution and conduct their own research before committing to the platform.

IGM FX Fees, Spreads, and Commissions

IGM FX is known for its competitive spreads and fees, which sets it apart in the trading community. The broker offers an average spread of 0.7 pips on the EUR/USD currency pair, substantially lower than the industry average of 1.2 pips. This advantage isn’t limited to Forex; it extends to other trading instruments, making IGM FX a cost-effective option for diverse trading needs.

Although IGM FX offers commission-free trading, traders should be aware of additional potential charges. Depending on the chosen funding method, fees may apply to deposits and withdrawals. Additionally, overnight trading could attract swap or rollover fees. To avoid surprises, it’s important for traders to fully understand these additional costs and factor them into their overall trading strategy.

Deposit and Withdrawal

IGM FX offers a hassle-free deposit and withdrawal processes, tested and verified by a trading professional at Dumb Little Man. Once a withdrawal request is submitted, it takes the broker up to 5 business days to approve the application. The time needed for processing largely depends on the method selected for withdrawal.

The platform provides multiple withdrawal options, including bank transfers, bank cards, and e-wallet services like Skrill and Neteller. Bank transfers usually take between 3 to 5 days to complete. Before making a withdrawal, traders must go through an account verification process, a standard protocol aimed at preventing financial fraud. This involves submitting necessary documentation to verify identity and residence.

To carry out a withdrawal, traders need to fill out a withdrawal request form. This form goes to IGM FX’s financial department for review. After confirming the account balance and performing a routine check for any unusual activity, the withdrawal request gets approved. This comprehensive yet streamlined process ensures the security and integrity of a trader’s capital.

How to Open an IGM FX Account

1. Visit the IGM FX website and click the Open Account button to choose between a Professional or Trading account.
2. Provide your personal details like name, email, and phone number.
3. Upload required documents for identity verification, adhering to the broker’s KYC protocols.
4. Submit a utility bill or bank statement as proof of residential address.
5. Complete an electronic questionnaire to confirm your trading experience.
6. Wait for the broker’s review and approval of your submitted information.
7. Receive confirmation that your account is active and verified.
8. Deposit the minimum required funds to your account.
9. Start trading after funds are successfully deposited.

IGM FX Affiliate Program

IGM FX does not offer any affiliate programs such as an Introducing Broker. The broker also lacks a referral system. Traders are responsible for conducting their trading activities independently.

IGM FX Customer Support

Based on the experience of Dumb Little Man, IGM FX places a high priority on customer support. The broker provides support services from Monday to Friday, 24 hours a day. Clients can reach out via email and phone.

The support team at IGM FX consists of seasoned trading experts capable of addressing a wide array of issues. Whether you’re dealing with a technical problem, have queries about platform functionalities, or require help with operational matters, the team is committed to offering quick and effective solutions.

Advantages and Disadvantages of IGM FX Customer Support

IGM FX vs Other Brokers

#1. IGM FX vs AvaTrade

IGM FX focuses on competitive spreads, fees, and a range of account types. They offer a user-friendly interface but cater more to experienced traders. AvaTrade, established in 2006, serves a global client base and offers a broad range of financial instruments. They are heavily regulated and have a strong reputation.

Verdict: AvaTrade is better for those looking for a well-regulated, globally recognized broker with a wide range of trading instruments.

#2. IGM FX vs RoboForex

IGM FX offers competitive spreads and a straightforward account setup but doesn’t offer partnership programs. RoboForex, operational since 2009, provides a wide selection of trading platforms and offers various contests to help traders build real trading accounts. They have a broad asset range and are subject to FSC regulation.

Verdict: RoboForex is better for traders looking for a variety of trading platforms and the potential to earn through contests.

#3. IGM FX vs FXChoice

IGM FX offers several account types aimed mainly at professional traders. FXChoice, established in 2010, also targets experienced traders and offers classic and professional ECN accounts with tight market spreads. However, FXChoice does not provide accounts suitable for beginners, and its demo accounts are limited to 90 days.

Verdict: IGM FX is better for traders looking for diverse account options and competitive spreads.

Choose Asia Forex Mentor for Your Forex Trading Success

Looking to build a successful career in forex, stock, or crypto trading? Asia Forex Mentor is the top choice, as recommended by trading experts at Dumb Little Man.

Comprehensive Curriculum: The platform offers a well-rounded educational program. It covers forex, stock, and crypto trading, arming you with essential skills and knowledge.

Proven Track Record: Asia Forex Mentor has an impressive history of creating profitable traders across various markets. This solidifies its credibility and effectiveness.

Expert Mentor: Ezekiel Chew, the founder, is not just an educator but a successful trader. His personalized guidance helps students navigate the complex world of trading.

Supportive Community: Being part of Asia Forex Mentor gives you access to a network of like-minded traders. This community enhances your learning through idea sharing and collaboration.

Emphasis on Discipline and Psychology: The course also focuses on mental training, helping traders manage emotions and stress, which are critical for trading success.

Constant Updates and Resources: With the ever-changing financial landscape, the platform ensures you stay updated with the latest market trends and strategies.

Success Stories: Numerous success stories vouch for the platform’s effectiveness in guiding traders toward financial independence.

In short, if you’re aiming for a profitable trading career, Asia Forex Mentor provides all the tools and mentorship you need. With its comprehensive courses, proven methodologies, and continuous updates, it stands as the go-to platform for aspiring traders.

Conclusion: IGM FX Review

Based on thorough evaluations by trading experts at Dumb Little Man, IGM FX appears as a strong choice for traders. The broker offers a variety of tradable assets, from forex pairs to commodities. This flexibility allows traders to diversify their investment portfolio.

However, it’s important to note that IGM FX does not offer a partnership or referral program. This means traders need to focus solely on their own trading activities to make profits.

Another strong point is the hassle-free withdrawal process. IGM FX ensures that traders can easily access their funds. However, make sure to choose your withdrawal method carefully, as processing times can vary.

One downside to consider is the customer support availability. While they offer expert advice, the support team is not available 24/7. Make sure to plan your trading activities around their operational hours for prompt assistance.

>> Also Read: JustMarkets Review 2024 with Rankings By Dumb Little Man

IGM FX Review FAQs

What types of assets can I trade with IGM FX?

You can trade a variety of assets including forex pairs, commodities, and indices.

Is the withdrawal process easy at IGM FX?

Yes, IGM FX offers a hassle-free withdrawal process. However, the time it takes for approval varies depending on the withdrawal method selected.

Does IGM FX offer 24/7 customer support?

No, customer support at IGM FX is available from Monday to Friday, 24 hours a day. They are not available on weekends.