IMGFX Forex Broker

Aspect Information Registered Country/Area Saint Vincent and the Grenadines Founded Year 2-5 years Company Name IMGFX ltd Regulation No valid regulatory information Minimum Deposit $50 Maximum Leverage 1:500 Spreads Classic ECN: starting from 0.8 pips; Trader ECN: starting from 0.0 pips; Premium ECN: starting from 0.0 pips Trading Platforms MetaTrader 4 (MT4), FXGO mobile app Tradable Assets Forex, cryptocurrencies, stocks, CFDs Account Types Classic ECN, Trader ECN, Premium ECN Demo Account Not specified Islamic Account Not specified Customer Support Email: support@imgfx.com Payment Methods Bank transfers, credit/debit cards, online payment processors (Neteller, Skrill), cryptocurrencies Educational Tools Not specified Overview of IMGFX IMGFX is a brokerage firm that operates without valid regulation, which raises concerns about the safety and security of traders' funds. The absence of oversight means that there is no recognized financial authority or regulatory body monitoring the operations of IMGFX. This lack of regulation should be a significant consideration for potential traders, as it increases the risk associated with trading with this broker. Despite the lack of regulation, IMGFX offers access to various financial markets, including forex, cryptocurrencies, stocks, and CFDs. They provide different account types with varying spreads, leverage options, commission fees, and minimum deposit requirements to cater to the diverse needs and preferences of traders. However, it is important to note that trading with IMGFX involves a high potential risk due to the lack of regulation. The broker supports the popular MetaTrader 4 (MT4) trading platform, known for its stability and widespread use among traders. Traders can access the platform through desktop, web, and mobile versions. Customer support is available through email, but no phone number is provided for direct communication. Overall, while IMGFX offers access to various markets and account types, the absence of regulation and potential risks associated with trading make it a less preferable option for traders seeking a secure and regulated trading environment. Pros and Cons IMGFX is a broker that lacks regulation, which raises significant concerns about the safety and security of funds. While it offers access to diverse financial markets, including forex, cryptocurrencies, stocks, and CFDs, trading in these instruments can be complex and carries inherent risks. The broker provides different account types with varying spreads and commission structures, offering options for traders with different preferences. However, there is limited information available regarding commission details and minimum deposit requirements for certain account types. Leverage options of up to 1:500 are available, providing potential for increased profits but also increased risk. Deposit methods include bank transfers, credit/debit cards, online payment processors, and cryptocurrencies, although there may be discrepancies in the listed payment options and the actual options available. Withdrawals may be subject to minimum amounts and fees, particularly for Bitcoin withdrawals. IMGFX offers the popular MetaTrader 4 platform for desktop, web, and mobile trading, as well as a custom mobile app called FXGO. Customer support is available through email and an online request form, although no phone number is provided for direct communication. Pros Cons Diverse range of financial markets available Concerns about lack of regulation and fund security Access to forex, cryptocurrencies, stocks, and CFDs Complexity and inherent risks associated with trading these instruments Multiple account types with varying spreads and commissions Limited information on commission details and minimum deposit requirements for certain account types Leverage options up to 1:500 Potential for increased profits but also increased risk Multiple deposit methods including bank transfers, cards, online processors, and cryptocurrencies Discrepancies in listed payment options and actual availability MetaTrader 4 platform for desktop, web, and mobile trading Withdrawals subject to minimum amounts and fees, particularly for Bitcoin withdrawals Custom mobile app called FXGO No provided phone number for direct customer support communication Option to deposit as little as $50 - Spreads from 0.0 pips - Is IMGFX Legit？ IMGFX is a broker that, as of my knowledge cutoff in September 2021, is not regulated by any valid regulatory authority. This lack of regulation means that IMGFX operates without oversight from a recognized financial authority or regulatory body. The absence of regulation raises significant concerns regarding the safety and security of funds deposited with IMGFX. Regulatory bodies play a crucial role in ensuring that brokers adhere to specific standards, rules, and regulations designed to protect the interests of traders and investors. Market Instruments IMGFX provides its clients with access to a wide range of financial markets, enabling them to trade in diverse investment instruments. The available market instruments include forex, cryptocurrencies, stocks, and Contracts for Difference (CFDs), among others. These options allow traders to explore different opportunities and diversify their investment portfolios. Forex: The forex market is the largest and most liquid financial market globally. It involves the trading of different currency pairs, such as EUR/USD, GBP/JPY, and AUD/CAD. Trading forex provides opportunities to profit from currency fluctuations, and traders can leverage the volatility of exchange rates to execute trades. Cryptocurrencies: With the increasing popularity of cryptocurrencies, IMGFX offers trading options in digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Cryptocurrency trading allows investors to take advantage of price movements in these decentralized digital assets. Stocks: IMGFX allows traders to invest in individual stocks of various companies. This enables clients to participate in the performance of specific companies and potentially profit from their success. Traders can speculate on the price movements of stocks and engage in long-term investments or short-term trading strategies. CFDs: Contracts for Difference (CFDs) are derivative instruments that allow traders to speculate on the price movements of underlying assets without owning the assets themselves. IMGFX provides CFD trading options on various assets, including commodities, indices, and currencies. Pros and Cons Pros Cons Provides diversification opportunities across various markets Market volatility can lead to significant fluctuations and potential losses Offers potential for profit in forex, cryptocurrencies, stocks, and CFDs Trading in different market instruments can be complex and requires in-depth understanding Grants access to global financial markets Trading in financial markets always carries a certain level of risk Account Types IMGFX offers a variety of account types to cater to the different needs and preferences of traders. These account types include Classic ECN, Trader ECN, and Premium ECN. Each account type has its unique features, including varying spreads, leverage options, commission fees, and minimum deposit requirements. Classic ECN: The Classic ECN account offered by IMGFX provides traders with a spread starting from 0.8 pips. It offers a maximum leverage of 1:500, allowing traders to amplify their positions. The minimum lot size for this account type is 0.01. Account currency options include USD and EUR. The Classic ECN account does not specify a commission fee, making it suitable for traders who prefer to avoid additional charges. Traders can open a Classic ECN account with a minimum deposit of $50. Trader ECN: The Trader ECN account offers a spread starting from 0.0 pips. The maximum leverage available for this account type is 1:500. Similar to the Classic ECN account, the Trader ECN account has a minimum lot size of 0.01 and supports USD and EUR as account currencies. However, it charges a commission fee of $8 per side, which is a consideration for traders looking for cost-effective trading. The Trader ECN account can be opened with a minimum deposit of $50. Premium ECN: The Premium ECN account is tailored for experienced traders who demand premium trading conditions. It offers a spread starting from 0.0 pips. The maximum leverage available for this account type is 1:500. Like the other account types, the minimum lot size is 0.01, and account currencies include USD and EUR. The commission fee for the Premium ECN account is custom, which means it may vary depending on the trader's trading volume and preferences. The minimum deposit requirement for this account type is not specified and requires contacting IMGFX for more information. Pros Cons Diverse account types to choose from Lack of specific commission details Spreads from 0.0 pips Commission charges for Trader ECN account Option to deposit as little as $50 Premium ECN commission varies Multiple account currency options Minimum deposit details not provided Leverage IMGFX offers leverage options for traders, allowing them to amplify their positions. The maximum leverage available across the different account types is 1:500. This high leverage can provide traders with the potential to increase their potential profits, but it also comes with increased risk. It is important for traders to understand the implications of using leverage and to manage their positions carefully to avoid significant losses. Spreads & Commissions IMGFX offers different types of accounts with varying spreads and commission structures. The Classic ECN account provides a spread starting from 0.8 pips, while the Trader ECN account offers a spread starting from 0.0 pips but charges a commission fee of $8 per side. The Premium ECN account also has a spread starting from 0.0 pips, but the commission fee is custom and may vary depending on the trader's trading volume and preferences. It is important to consider these factors when choosing an account type, as they directly impact the trading costs and overall profitability. Deposit & Withdraw DEPOSIT: IMGFX offers a variety of deposit methods for traders. These include bank transfers, credit/debit cards, online payment processors like Neteller and Skrill, as well as cryptocurrencies. Traders can choose the method that suits them best. However, there is some discrepancy in the information provided on the website regarding the available payment options. While the website indicates a choice between Bitcoin, credit card, and bank wire, it appears that the only available payment option during the deposit process is Bitcoin. Traders should carefully consider the implications of using Bitcoin as a payment method before proceeding. WITHDRAWAL: When it comes to withdrawing funds from IMGFX, traders should be aware of the minimum withdrawal amount and associated fees. The minimum withdrawal amount is stated as 0.005 BTC, and there is a 1% fee imposed on Bitcoin withdrawals. It is important to note that these conditions may apply specifically to Bitcoin withdrawals, and it is unclear if there are different terms for other withdrawal methods. Traders should carefully review the terms and conditions related to withdrawals and consider the potential impact of fees on their overall trading profitability. Pros Cons Multiple deposit options available Discrepancy between listed payment options and actual options Variety of payment methods including cryptocurrencies Limited withdrawal options (Bitcoin) Low minimum initial deposit for some account types Minimum withdrawal amount (0.005 BTC) Fee associated with Bitcoin withdrawals (1%) Trading Platforms IMGFX offers two main trading platforms: MetaTrader 4 (MT4) and the FXGO mobile app. The broker has chosen MT4 for its stability and widespread use among traders. The platform is available for forex, cryptocurrency, stocks, and CFD trading. Traders can access MT4 through desktop, web, and mobile versions. MetaTrader 4 The MT4 platform offers a trading experience with fast execution, minimal slippage, and minimal re-quotes or rejection of orders. It provides a wide range of charting options, including various charts, time frames, and colors to choose from. The platform also supports auto trading, allowing traders to automate their strategies using expert advisors and scripts. FXGO mobile app In addition to MT4, IMGFX offers the FXGO mobile app, which is available for free download on both Google Play Store and the Apple App Store. This custom mobile trading platform enables traders to access the markets and manage their trades on the go. Pros Cons Stability and user familiarity High leverage may lead to significant financial losses Access to multiple markets Potential changes in brokerage fees without notice Custom mobile trading app Wide range of charting options Availability on desktop, web, and mobile devices Customer Support IMGFX offers customer support through various channels, including email and an online request form. Traders can reach out to their knowledgeable support team for assistance. However, it is worth noting that no phone number is provided for direct communication. Additionally, IMGFX has a physical office address in Kingstown, Saint Vincent and the Grenadines, which suggests a level of accessibility for those who prefer in-person interactions. For email inquiries, traders can contact support@imgfx.com. Conclusion In conclusion, IMGFX is an unregulated broker that offers a range of account types and market instruments for traders. While the broker provides access to various financial markets such as forex, cryptocurrencies, stocks, and CFDs, its lack of regulation raises concerns regarding the safety and security of funds. Traders should carefully consider the potential risks associated with trading with an unregulated broker. Additionally, the availability of different account types and leverage options can provide opportunities for diversification and amplified positions, but traders need to be aware of the potential volatility and complexity involved. It is important for traders to conduct thorough research and due diligence before engaging with IMGFX or any broker. FAQs Q: Is IMGFX regulated？ A: No, IMGFX is not regulated by any valid regulatory authority. Q: What markets can I trade with IMGFX？ A: IMGFX provides access to forex, cryptocurrencies, stocks, and CFDs. Q: What are the account types offered by IMGFX？ A: IMGFX offers Classic ECN, Trader ECN, and Premium ECN accounts. Q: What is the maximum leverage available？ A: The maximum leverage available is 1:500. Q: What are the spreads and commission fees？ A: Spreads vary depending on the account type, starting from 0.8 pips for Classic ECN and 0.0 pips for Trader and Premium ECN. Trader ECN charges a commission fee of $8 per side. Q: How can I deposit and withdraw funds？ A: Deposit methods include bank transfers, credit/debit cards, online payment processors, and cryptocurrencies. Withdrawals may have specific conditions, such as a minimum withdrawal amount of 0.005 BTC and a 1% fee on Bitcoin withdrawals. Q: What trading platforms are available？ A: IMGFX offers MetaTrader 4 (MT4) for desktop, web, and mobile trading, as well as the FXGO mobile app. Q: How can I contact customer support？ A: Customer support can be reached via email at support@imgfx.com or through the online request form.