imarketlive Forex Broker

iMarketsLive Forex Broker - Complete Information Guide

1. Broker Overview

iMarketsLive, now known as IM Mastery Academy, was founded in 2013 by Christopher Terry. The company is headquartered in Somers, New York, and operates as a private entity. Initially, iMarketsLive gained prominence as a multi-level marketing (MLM) company that provided educational resources and tools for forex and cryptocurrency trading. Its primary market includes aspiring traders and individuals seeking to learn about forex trading, with a client base reportedly exceeding 50,000 members across various regions.

The company's development has been marked by significant milestones, including the introduction of various educational products and trading tools designed to aid users in their trading endeavors. Despite its growth, iMarketsLive has faced scrutiny and regulatory challenges, particularly concerning its MLM structure and the effectiveness of its educational offerings. The business model primarily revolves around selling trading signals, educational content, and a network marketing opportunity, which incentivizes users to recruit others into the program.

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2. Regulatory and Compliance Information

iMarketsLive operates without regulation from major financial authorities, which raises concerns regarding its legitimacy. The following regulatory bodies have issued warnings against iMarketsLive:

• Financial Conduct Authority (FCA) - UK
• Autorité des marchés financiers (AMF) - France
• Belgian Financial Services and Markets Authority (FSMA)
• Spanish National Securities Market Commission (CNMV)

These organizations have highlighted the lack of proper licensing and the potential resemblance of iMarketsLive's business model to a pyramid scheme. The company has not provided specific regulatory numbers, which is typical for licensed brokers. Furthermore, iMarketsLive has been known to face compliance issues, including a fine from the Federal Trade Commission (FTC) in 2018 for misleading advertising practices.

iMarketsLive does not appear to have a customer fund segregation policy, which is a standard practice among regulated brokers to protect client funds. The company has not participated in any investor compensation schemes, which could provide a safety net for clients in case of insolvency. The firm claims to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, yet the lack of regulatory oversight raises questions about their enforcement.

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3. Trading Products and Services

iMarketsLive offers a range of trading products and services, primarily focusing on forex trading. The platform provides access to several currency pairs, including major, minor, and exotic pairs. Users can also engage in trading Contracts for Difference (CFDs) across various asset classes, such as:

• Indices
• Commodities
• Stocks
• Cryptocurrencies

The company claims to regularly update its product offerings, although specific details on the frequency of updates or new additions are not provided. iMarketsLive primarily serves retail clients, offering educational resources and trading signals to assist in their trading activities. However, there is limited information regarding institutional services or white-label solutions for other businesses.

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4. Trading Platforms and Technology

iMarketsLive supports the use of MetaTrader 4 (MT4), a widely recognized trading platform in the forex industry. Additionally, the company has developed its proprietary trading tools and applications, such as the Harmonic Scanner, which helps traders identify potential market patterns.

The web-based trading platform is user-friendly, but there is limited information about the availability of a dedicated mobile application for iOS or Android devices. The execution model used by iMarketsLive is not explicitly stated, but it is suggested that they utilize a combination of Market Making and ECN execution.

The technical infrastructure of iMarketsLive includes servers located in secure data centers, ensuring reliable performance. However, details about API access and support for automated trading are not clearly outlined.

5. Account Types and Trading Conditions

iMarketsLive offers several types of accounts, including a Standard Account with a minimum deposit requirement and competitive spreads. The specific conditions for the standard account include:

• Minimum Deposit: Varies based on account type
• Spreads: Competitive, but specific figures are not disclosed
• Commission: Not explicitly stated

Advanced account types, such as VIP or Professional Accounts, may be available but are not detailed in the available information. The company also provides demo accounts for users to practice trading without financial risk.

Leverage options are available, but the specific ratios depend on the asset class being traded. The minimum trade size and overnight fees are not clearly specified, which can be a concern for potential traders.

6. Fund Management

iMarketsLive supports various deposit methods, including:

• Bank Transfers
• Credit/Debit Cards
• E-Wallets

The minimum deposit requirements vary depending on the account type. Deposit processing times are generally quick, but specific timeframes are not provided. There are no explicit details on deposit fees, which can vary based on the payment method used.

Withdrawal methods are similar to deposit options, but restrictions may apply. The processing time for withdrawals can be longer than expected, and users have reported delays. The fee structure for withdrawals is not clearly defined, leading to potential confusion among clients.

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7. Customer Support and Educational Resources

iMarketsLive provides customer support through various channels, including:

• Phone
• Email
• Online Chat
• Social Media

Support is available during specified hours, but the exact time zone coverage is not detailed. The company offers support in multiple languages, catering to its global client base.

Educational resources include a wide array of training materials, such as webinars, tutorials, and eBooks. Market analysis services are also provided, including daily analysis and research reports to assist traders in making informed decisions. Additionally, trading tools like calculators and economic calendars are available to enhance the trading experience.

8. Regional Coverage and Restrictions

iMarketsLive primarily serves markets in North America, Europe, and Asia. The company has regional offices in various locations, but specific details are not disclosed. Certain countries are restricted from accessing iMarketsLive services, particularly those where regulatory warnings have been issued.

Notably, the company is not authorized to operate in regions such as the UK, where regulatory bodies have explicitly warned against its practices. This lack of authorization raises concerns about the legitimacy of its operations and the safety of client funds.

In conclusion, while iMarketsLive provides a range of educational resources and trading tools, the lack of regulation and numerous complaints regarding its business practices should be carefully considered by potential clients. As always, it is advisable to conduct thorough research and consider alternative, regulated brokers when engaging in forex trading.