Posted On June 1, 2021, 1:12 pm by John James
IGM FX has come a long way since its 2016 founding. Its streamlined approach to trading has won it praise from all quarters. We are looking out for a great performance from the broker, given its wide choice of assets and excellent risk management practices. Situated at 5, Matheou Matheou Str., Agiou Athanasiou Industrial Ae, Limassol, 4101, Cyprus, the broker’s regulator is the Cyprus Securities and Exchange Commission or CySEC. Not only is IGM FX recognised by this body as a CFI or Cyprus Investment Firm, but its status comes under the aegis of the relevant law – the Investment Services and Activities and the Regulated Market, which has transposed the MiFID 2 into Cypriot law. The CIF license number is 309/16. IGM FX is registered as per Cypriot Companies Law (registration number HE346738).
How do you open an account with IGM FX?
With just $250 you can open your IGM FX account. Fees with this broker do not accompany depositing. There’s a form on the broker website, five steps, including a questionnaire. Compulsory account verification prepares you for seamless transactions later on. Having residency proof and a photo ID at application time is handy.
To open an account with IGM FX, you only have to click the “open account” button on the homepage of the broker’s website (https://www.igmfx.com/en). There’s the application process, besides accepting the broker’s terms and conditions. The five-step application process includes “account information”, “questionnaire”, “deposit”, and “documents”.
As anticipated, IGM FX requires proof of identity and proof of address for verification purposes.
This follows from KYC and AML regulatory requirements. The client portal section facilitates this. Besides, this section gives you access to deposit and withdrawal options. You may manage your trading account from this section itself. Take care about the questionnaire – brush up on your trading knowledge before taking these questions. The minimum deposit is EUR 250.
- Account creation – the email confirmation from IGM FX has your login credentials and the link to your account;
- Providing personal information – include only updated information;
- Making your first deposit.
How to get a demo account with IGM FX?
The demo or practice account is accessed from the homepage itself. Pressing the “start” button, you are led to a page requiring personal details registration. The demo or practice account concerns itself with virtual money only. There are to be neither withdrawals nor deposits.
This is actually a risk-free account. The main purpose here is to let you have the freedom to try out your strategies as you think best. Simulated trading will be a learning experience, with gains and losses both bringing lessons that are likely to be remembered.
The demo or practice account concerns itself with virtual money only. There are to be neither withdrawals nor deposits. This is actually a risk-free account. The sole purpose here is to let you have the freedom to try out your strategies as you think best. Simulated trading will be an enlightening experience, with gains and losses both bringing lessons that are likely unforgettable.
The demo or practice account is accessed from the homepage itself. Pressing the “start” button, you are led to a page requiring personal details registration.
- The best feature probably is that you can have this demo account in tandem with a live account.
- Both accounts look exactly the same, which bolsters the purpose of true simulated trading.
- Switching between the real and demo account is easy enough. You can see which account you are logged in to – on the top left-hand side of your screen under the files tab. This will let you know whether you are trading live or only practising.
- You can have one live account and one demo account.
- Deposits can be made in GBP, USD, and EUR.
- On the homepage itself, you can find the form that will get you registered for the demo account. Assenting to IGM FX’s T&C, all you will have to do would be to supply your name, email address and phone number.
How to use charts with IGM FX?
A forex chart represents the changes in a currency pair graphically over time. Price is plotted on the y (vertical) axis while the X (horizontal ) axis shows time. On IGM FX’s trading platform, you may select how often new data is plotted onto a chart. Your chosen time frame may be anywhere from between by seconds to a month.
IGM FX provides four types of charts, namely Candlesticks, line, mountain and HLOC. There are some differences between them, making each a distinct instrument of assessment.
Candlestick charts show pricing in long, thin bars that look like candles. Each candlestick gives price movement over the time selected. For instance, if you have opted for a 15-minute timeframe, each candlestick will give prices developed over a 15 minute period. The lone exception is the candlestick on the far right of the chart, showing live prices for the current period.
A green candlestick shows that the (say) pair moved up in price over the specified period, closing at a higher price than it had opened. A red candlestick shows that the pair price has plummeted, closing at a lower price than it opened.
Additionally, each candlestick shows four particular prices for the forex pair:
- Open-period start price
- Close – period-end price
- The high -Highest price traded
- The low – lowest price traded.
The relationship between the four candlestick chart types can say a lot about emerging market conditions and if sellers or buyers drive the price action the concerning about. Long green candlesticks may show that there’s a lot of buying pressure. Long red candlesticks indicate that there may be a lot of selling pressure. Candlesticks with long wicks but short bodies show that there was a lot of pressure in one direction. But the price was pushed back before the period’s end.
HLOC chart/ Bar chart
The HLOC chart, meaning High price, Low price, Open price and Close price, is, in general, the same as a candlestick chart, but with a major difference.
- High price – the vertical line’s uppermost point
- Low price – the vertical line’s lowest point
- The notch shows the open price and – the open price to the left of the vertical line.
- Close price – it is shown by the notch to the right of the vertical line.
A line chart shows the close price for the selected time period. The close prices are conjoined, the consecutive points then joining in a line. This method is not complex, and traders usually prefer line charts in defining long term trends.
The area beneath the line is shaded, giving it the appearance of a mountain in silhouette. This method assesses long term trends.
How to use leverage with IGM FX?
Leverage permits traders to enter large volume trades larger than the amount actually deposited in their account. Each trading account type with IGM FX has maximum leverage that you can trade with. Across the various account types available with the broker, you might further refine your target by aiming for a retail or professional client. Retail clients may aim no higher than 1:30 leverage. Professional clients may aim as high as 1:400 leverage.
Benefits of opening a trading position with leverage:
- Leverage empowers you to open trade volumes larger than your account margin. Regardless of your trading strategies, leverage usage is beneficial to your trading goal;
- Leverage comes sans an interest rate. You pay no interest to your broker at all, regardless of loss or gain.
Professional & retail accounts: Leverage features
IGM FX has a very comprehensive leverage policy, impacting all products across all asset classes. The categorisation of clients into retail and professional also affects this. Let’s look at the requisites and features pertaining to professional accounts –
- Forex pairs all present the same characteristics. Contract size 100,000, max size of lot 50, professional leverage 1:400;
- The same applies to metals with regard to the max size of lot and professional leverage -50 and 1:100;
- The staggering variety of shares mostly feature following characteristics – contract size 100, max size of lot 10, and professional leverage 1:10;
- Looking at CFDs on cryptocurrencies, we see the common features – contract size 100, max size of lot 200, and professional leverage 1:2;
- With respect to CFDs on indices, there’s the general pattern of the following features – contract size 10, max size of lot 5, and professional leverage 1:100;
- With reference to the energy sector, uniform features are present as follows – max size of lot 50, professional leverage 1:100;
- For the commodities segment, the corresponding numbers are – max size of lot- 20, professional leverage 1:100.
Now let’s look at leverages offered for retail clients –
- Forex pairs segment has following uniform features – contract size 100,000, max size of lots 50, retail leverage 1:20 ;
- Shares segment (most of it) has uniform features – contract size 100, max lot size 10, retail leverage 1:5 ;
- Much of cryptos segment shows uniform features as hereunder – contract size 100, max lot size 200, retail leverage 1:2 ;
- For indices, the familiar figures in most instances are – max lot size 50, and retail leverage 1:10 – 1:20 ;
- Figures for Energy segment are – max lot size 50, retail leverage 1:10 ;
- For commodities, commonalities shared are figures – max lot size 20, retail leverage 1:10.
How do you deposit funds in your trading account with IGM FX?
Seeking to provide something for every client, the broker offers a variety of payment methods. All deposits are commission-free. The minimum deposit amount has to be at least $250.
- Depositing funds incur no extra costs.
- Deposits are possible through a number of payment methods.
How should you contact IGM FX customer support?
The broker provides customer support through phone, email, a web form, and online chat. The department is at your service from 8:00 GMT to 19:00 GMT, Monday through Friday. First-time callers are hailed in any one of several world languages. They are also persuaded to speak to an account manager for prompt guidance on account opening.
What is the procedure to withdraw funds from an IGM FX trading account?
Since there are no withdrawals and deposits dedicated to the broker website, we can refer to the General Fees page. This section gives various details.
- Among payment processors, it lists Inatec Payment AG Switzerland, Fibonatix, Powercash 21, Paydoo, SafeCharge, Truevo Payments, and Secure Trading Financial Services.
- Third-party charges do apply.
- Withdrawals incur nominal fees.
- Bank transfers are subject to a $100 withdrawal fee, while credit/debit card transactions incur a $10 withdrawal charge.
- Card withdrawals are generally subject to a 3.5% fee.
- Platinum and VIP account holders do not have to pay these charges.
IGM FX has built a name for itself in credibility. The 2019 disturbance has provided lessons that the broker has swiftly assimilated into its practices. CFD trading on all manners of tradable assets is easily managed, plus you are afforded the best resources to enrich yourself as a trader. The leverages offered are well-administered. This broker is wholly worth your time and money.