IGM FX is a leading online platform that works around brokerage services. The broker works with a clear intention to provide the trader with everything that can help their careers build. The broker aims at providing the latest and top-notch financial aids, customer retention and satisfaction.
The broker operates from Limassol, Cyprus, and is regulated by one of the best regulatory authorities, CySEC. The broker is also transparent enough to provide license number 309/16.
IGM FX is a subsidiary of the firm IGM. The company is known to maintain and operate a significant money movement in Europe. IGM FX provides a wide range of trading instruments like forex, indices, metals etc., to name a few.
Keeping it simple and professional, the broker offers three different trading accounts, Silver, Platinum and Gold. Apart from these three, the broker also offers a VIP account.
When it comes to spreads and commissions, these are either out there or are relatively lower in the count.
As a standard trading platform, the broker provides the MT4 trading platform to its users in a WebTrader and a mobile application. The website has a rich library of educational content that can help the trader and provide them with the background to increase their skill set and take it to different heights.
Let’s talk about this broker in detail.
How to open an account with the broker IGM FX?
The broker offers three different trading accounts, provided with an additional VIP account, to the traders for trading.
The process to open an account is easy. All the traders have to do is log on to the broker’s official website, www.igmfx.com, and right on the first page, the broker has provided a button titled “Open Account.
When traders click on this button, they are directed to this screen:
Some basic personal details have to be provided here and then the traders can trade with the broker. Let us look at the different account types that the broker provides.
To apply for the professional account, the trader has to fulfil at least two out of the given three conditions:
- The trader should carry “standard” transactions”, a standard being a metric of a particular currency limit that has to be visibly crossed.
Significant trade size is equivalent to the value transaction of 25,000 Euros per transaction, which is when leverage is not exercised.
- The portfolio size should be worth at least 500,000 Euros. This can be in terms of cash deposits or financial instruments.
- The trader should have experience in working around CFDs for at least one year.
Two out of these three conditions must be fulfilled for any trader to open a professional account IGMFX.
Why is the professional account so much talked about? What is the difference between the other three accounts?
For starters, the funds that clients put in are segregated from other funds and are not affected at all in the case of insolvency.
A lot of things, including the financial instruments, the information about the company, and many other things, are not subject to regulatory requirements for retail.
The execution, however, remains the same as the broker aims at providing the traders with the fastest execution. Also, the traders are protected under the negative balance protection clause.
Silver, Gold and Platinum Accounts:
This is a simple overview that the broker has provided to the traders. Let us read more about these.
Leverage is universal with the broker, the threshold being 1:30. The accounts are not discriminated against based on how much leverage they are offering in the case of the broker IGM FX.
We advise our traders to not use leverage as much as they can. This is a two-way street, and the traders can fall prey to different schemes of scam brokers when it comes to trading on leverage. IGM FX is not a scam, but it is not advised to leverage at all in a novice trader.
The spreads are different when it comes to different assets. They are variable in the case of different currency pairs. The minimum that the broker asks is 1.4, and the maximum is 3.
The traders trading via the silver and gold account are not provided with specific trading signals via SMS alerts. The instruments remain universal for all the accounts, and the margin calls are all at 100%, where the traders can stop out at 50%.
All the accounts are provided with customer support and also negative balance protection.
How to get a demo account with the broker IGM FX?
There is no indication on the website for now that the broker provides a demo account. However, there may be a case where a trader opens an account. After that, the broker provides an option to trade through a demo.
Trading a demo is an important exercise for all traders. Generally, they are provided with a demo account within a week of their registration with the broker and can enjoy those services for a good 30 day trial period.
The traders can look up to the demo trading platform to mirror any real-life situations they can encounter while trading in the market. However, while practising on a demo account, traders get 100,000 units of both currencies to place their bets in the market.
This is not the kind of money someone would sit and trade as a novice. The truth is that $100,000 is what the traders aim at making after spending a respectable time in the market when they have so much money at hand, even while trading demo, they go a little crazy with that. Making exotic deals on exotic currency pairs and all.
The traders should know that the money they are provided is for their own use and how the whole game works, not making big trades on something they don’t even know about.
When that develops as a habit, ample space for mistakes is also created. There are so many loopholes for bad things to happen that they do happen.
How to use charts with the broker IGM FX?
Charting is an option that is provided by the platform and not the broker. Since the broker provides the infamous MT4 as the trading platform, the charting can be learnt and done via that only.
Let us look at this more closely.
This is a bar chart for the currency pair GBP USD. Also, this is a six-day chart. If you look at it from a definition POV, that is how it looks, and if you look at it in an intraday trading research POV, then that is not as relevant. Intraday trading needs a more refined and precise chart for the trade.
Since this is a normal bar chart, it can not tell much about the price of the stock or the currency pair. It is, however, a subjective opinion. As a team of experts, if you ask us, then bar charts are of almost no use.
If you are trading intraday, then Minute charts are what you are looking for. Given below is an example of a candlestick chart that clearly is more refined and usable.
Using charts can be great for everyone because they are the spine of technical analysis. There are traders who just rely on technical analysis for their trades, and it is great for making everyday trades.
How to use leverage in funds with IGMFX?
The trader, at his will, can always exercise leverage. There is a different level of leverage offered based on the accounts the trader is using. But not with the case of IGMFX. Here, the leverage is kept universal at 1:30.
This means that with one dollar, the trader can access the market that is worth $30. This carries on exponentially. Like if the trader wanted to exercise leverage with the $10 deposit, then he or she could go up to control the market that is worth $300.
A lot of scam brokers claim that they provide leverage up to 1:1000, but that is never good to use. Using the leverage that is so high, the trader can see a pinpoint down the curve in the career. This sort of leverage can destroy the trader.
Leverage is a two-way street. When the trade goes wrong, the trader is responsible for paying the price of the market that he or she was controlling. Not the amount that was used to enter the market.
How to deposit and withdraw funds IGM FX?
The traders can deposit and withdraw their funds to the broker in a variety of ways. They can use Skrill, Neteller, Visa, wire transfer via banks etc.
Traders can use the methods mentioned above to withdraw as well as deposit the funds. There is no information presented on the website regarding an inactivity fee, but we guess that the trader will be liable to such a fee when there are fewer trades made via the broker.
Many brokers charge this type of fee, and that is not malpractice at all. The broker has a liquidity provider and a billion more services that the trades enjoy and third-party involvement.
When the traders are not making trades from the broker, those services are being charged as usual. The traders can always be saved by constantly trading via the broker.
How to contact the customer support of the broker?
The traders can contact the support team with the help of simple steps. They can contact them online via email or by the number that the broker provides in case of an emergency. The broker can also be contacted by the live chat option present right on the front screen.
The email ID to contact IGMFX is [email protected], and the number is +357 25252371, where the customers can connect with a customer care representative whenever they want.
Trading in CFDs is safe with IGM FX. However, traders should know that almost 8 out of 10 holders of the retail investor accounts lose money when they trade in CFDs. The broker gives extra protection to such investors. Here, traders can enjoy more than 160 assets for trading with this broker.
These are complex trading instruments and should always be used with utmost care. The high risk of losing money is always there with such instruments.