IMGFX Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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I have been trading with trading with IMGFX for a short time now, and I can say that trading with this broker is really joyful. I’ve made some small profits and everything goes well under the help of their customer support. Recommend!
In the ever-evolving world of forex trading, imgfx has emerged as a controversial player. This review synthesizes user experiences and expert opinions, revealing a mix of positive and negative feedback regarding the platform. Key concerns include its regulatory status and user support, with many users expressing dissatisfaction with withdrawal processes.
Note: Its crucial to consider that imgfx operates across different jurisdictions, which may affect the level of service and regulatory oversight. This review aims to provide a balanced perspective based on available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 4 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
How We Rate Brokers: Our ratings are derived from a comprehensive analysis of user reviews, expert insights, and factual data regarding the broker's operations and offerings.
Established in 2018, imgfx operates under the jurisdiction of Saint Vincent and the Grenadines, a region known for its lenient regulatory framework. The broker primarily offers trading through the widely-used MetaTrader 4 (MT4) platform, providing access to various asset classes such as forex, cryptocurrencies, stocks, and CFDs. However, it is important to note that imgfx is not regulated by any major financial authority, which raises concerns about the safety of traders' funds.
Regulatory Status:
Imgfx is registered in Saint Vincent and the Grenadines, where the local financial authority does not regulate forex trading. This lack of oversight is a significant red flag for potential traders. According to Myfxbook, imgfx is often associated with unregulated practices and user complaints regarding withdrawal issues.
Deposit/Withdrawal Methods:
Traders can fund their accounts using various methods, including bank transfers, credit/debit cards, and cryptocurrencies. However, many users have reported discrepancies in the available payment options, often finding that only Bitcoin is accepted during the deposit process. Withdrawals have been particularly problematic, with minimum withdrawal amounts set at 0.005 BTC and a 1% fee for Bitcoin transactions, as highlighted by Personal Reviews.
Minimum Deposit:
The minimum deposit required to open an account with imgfx is $50, which is relatively low compared to other brokers. However, the absence of a micro account option may deter some traders who prefer to start with smaller investments.
Bonuses/Promotions:
While imgfx does not prominently advertise bonuses or promotions, its essential to read the fine print regarding any incentives, as unregulated brokers may have hidden conditions that can complicate withdrawals.
Asset Classes:
Imgfx offers a range of trading instruments, including forex pairs, cryptocurrencies, stocks, and CFDs. However, the lack of regulatory oversight means that traders should exercise caution when trading these instruments, as the inherent risks can be magnified.
Cost Structure:
Spreads vary depending on the account type, with the classic ECN account starting from 0.8 pips and the trader ECN account offering spreads from 0.0 pips but charging a commission of $8 per side. This pricing structure is considered less competitive compared to other regulated brokers, as noted by BrokersView.
Leverage:
Imgfx offers leverage of up to 1:500, which can be attractive to traders looking to amplify their positions. However, such high leverage significantly increases the risk of substantial losses, a concern echoed by many reviewers.
Trading Platforms:
The primary trading platform available is MetaTrader 4, known for its user-friendly interface and extensive analytical tools. Additionally, imgfx offers a mobile app called fxgo, allowing traders to manage their accounts on the go.
Restricted Regions:
While imgfx does not specify restricted regions on its website, the lack of regulation may pose risks for traders in jurisdictions with stringent financial laws.
Customer Support Languages:
Customer support is primarily available in English, and users can reach out via email. However, the absence of a direct phone line has led to frustrations among users, as highlighted in multiple reviews.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 4 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
Account Conditions: Users appreciate the low minimum deposit but express concerns over the lack of micro accounts and the withdrawal process.
Tools and Resources: While MT4 is a robust platform, imgfx's educational resources are limited, making it less appealing for novice traders.
Customer Service and Support: Many users report poor customer support experiences, particularly regarding withdrawal issues, as noted by WikiFX.
Trading Setup: The trading experience on MT4 is generally positive, but issues with withdrawals overshadow the overall experience.
Trustworthiness: The lack of regulation and numerous user complaints significantly affect imgfx's trustworthiness.
User Experience: Overall user experiences are mixed, with some positive feedback on trading conditions but significant concerns about fund security and customer support.
In conclusion, while imgfx offers some attractive features, the lack of regulation and the numerous negative reviews regarding customer service and withdrawal processes raise substantial concerns. Potential traders should conduct thorough research and consider these factors before engaging with imgfx.
