Business
License
IFGM has garnered mixed reviews from traders and experts alike, with some praising its competitive trading conditions while others raise concerns about its regulatory standing and customer service. Key findings suggest that while IFGM offers a range of trading instruments and robust platforms, issues regarding its licensing and user experience may deter potential clients.
Note: It's essential to recognize that IFGM operates under different entities in various regions, which may lead to discrepancies in regulatory compliance. This review aims to present a fair and accurate assessment based on multiple sources.
Category | Rating (out of 10) |
---|---|
Account Conditions | 6 |
Tools and Resources | 7 |
Customer Service and Support | 5 |
Trading Setup (Experience) | 6 |
Trustworthiness | 4 |
User Experience | 5 |
We score brokers based on user feedback, expert analysis, and factual data.
Founded in 2012, IFGM (Intelligent Financial Global Markets) is an Australian-based forex broker regulated by the Australian Securities and Investments Commission (ASIC). The broker provides access to the popular MetaTrader 4 platform and offers various trading instruments, including forex, commodities, and indices. Despite its regulatory claims, concerns have been raised regarding the legitimacy of its licensing, particularly in light of discrepancies in company names and registration details.
Regulatory Areas:
IFGM claims to be regulated by ASIC; however, some sources indicate that the license may not be active or correctly attributed, raising concerns about its legitimacy (source). This discrepancy is critical for traders considering the safety of their investments.
Deposit/Withdrawal Currencies:
IFGM allows deposits in multiple currencies, including AUD, USD, EUR, and GBP. Various deposit methods are available, including credit cards and e-wallets like PayPal and Skrill. However, the minimum deposit varies by account type, with the standard account requiring a minimum of $200 (source).
Minimum Deposit:
The minimum deposit for opening an account with IFGM is $200 for standard and Islamic accounts, while the pro account requires a minimum deposit of $1,000 (source).
Bonuses/Promotions:
Currently, IFGM does not offer any bonuses or promotional incentives, which may be a drawback for traders seeking additional value (source).
Tradable Asset Classes:
IFGM provides access to over 40 instruments, including 28 forex pairs, several commodities, and a few cryptocurrency options. This range is relatively limited compared to some competitors, which may offer a more extensive selection (source).
Costs (Spreads, Fees, Commissions):
Spreads start from 0.0 pips on the pro account, while the standard account has spreads starting at around 1.1 pips. Commissions apply to the pro account, making it essential for traders to understand their cost structures before trading (source).
Leverage:
IFGM offers leverage up to 1:500, which is attractive for many traders but also increases risk exposure. This high leverage is allowed under ASIC regulations, but traders should be aware of the risks involved (source).
Allowed Trading Platforms:
The primary trading platform offered by IFGM is MetaTrader 4, a widely recognized platform known for its extensive features and usability. Additionally, IFGM provides a web-based trading platform for easy access (source).
Restricted Regions:
IFGM does not accept clients from several regions, including the USA, UK, and parts of Europe. This limitation may restrict potential clients from accessing its services (source).
Available Customer Support Languages:
Customer support is primarily offered in English, with limited availability in other languages. The support service operates 24/5, but some users have reported delays in response times, indicating a need for improvement in customer service efficiency (source).
Category | Rating (out of 10) |
---|---|
Account Conditions | 6 |
Tools and Resources | 7 |
Customer Service and Support | 5 |
Trading Setup (Experience) | 6 |
Trustworthiness | 4 |
User Experience | 5 |
Account Conditions:
While IFGM offers a competitive minimum deposit, the limited range of account types and the absence of promotional bonuses diminish its appeal. The standard and Islamic accounts are more accessible, but the pro account, which provides better trading conditions, requires a higher initial investment.
Tools and Resources:
IFGM provides essential trading tools, including the MetaTrader 4 platform, which is favored for its user-friendly interface and analytical features. However, the lack of advanced educational resources may hinder novice traders from fully leveraging the platform.
Customer Service and Support:
IFGM has received mixed reviews regarding its customer support. While the availability of multiple contact methods is a plus, the reported delays in response times could be a significant drawback for traders needing immediate assistance.
Trading Setup (Experience):
The trading experience on IFGM's platforms is generally positive, with competitive spreads and a range of trading instruments. However, concerns regarding its regulatory status may impact traders' confidence.
Trustworthiness:
Trustworthiness is a significant concern for IFGM, particularly given the discrepancies in its regulatory claims and the identification of the broker as a suspicious clone by some authorities. This raises red flags for potential clients regarding the safety of their investments.
User Experience:
The overall user experience is affected by the accessibility of customer support and the limited educational resources available. While the trading platforms are robust, the lack of timely support may frustrate users, especially those new to trading.
In conclusion, while IFGM offers some competitive features, potential clients should exercise caution due to its questionable regulatory standing and customer service issues. The mixed reviews highlight the importance of thorough research before engaging with this broker.