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Igo FX Broker Review – Rating Accounts, Amounts, and Attributes: IgoFX broker is an online trading platform that is based in Vanuatu and established in 2006. Their aim is to be a global leader in the broking industry by continuously delivering high-quality services to the clients. They license with VFSC under license number 14626 and provide the option of mini lot trading to their customers. The good thing is there is no minimum deposit to start your account with them. But, the point is – Are they worth your time and money? Are IgoFx Scam or legit?
In this article, we would do the complete IgoFX broker review. We would list all of their features with the review. At last, read the bottom line and decide what is good for you!
Igo FX Broker Review In Detail
1. Types of Accounts
Igo FX broker account types are divided into three categories, i.e. mini, standard, and premium. The difference between the three is in leverage, minimum deposit amount, and spread fees. The minimum amount for a mini account is $1, the standard account is $300, and for premium is a whopping 20,000 dollars (and it is not a printing mistake). The leverage is 1:500 for standard and premium, while it is 1:1000 for the mini account type.
One should select an account type based on his needs and requirements. If you are not going to trade frequently, then you must take a mini account type.
2. Safety & Security
Igo FX brokers regulate under only one tier 3 financial body, i.e. Vanuatu Finance Service Commission (VFSC). This increases the risk of your funds as there are very little recognition and strictness on their activities. In addition, the company got registered with New Zealand too, but it soon got deregistered, in 2014, there.
VFSC is a high-risk financial authority which provides massive tax benefits to the brokers, registered with them, as well as have a very little capital requirement to be an online trading platform.
Thus, it can be a little risky to trade with Igo FX brokers. There is no protection to your funds like segregated policy or no negative balance.
There is only one trading platform available for users to execute their trades, i.e. IgoFX MT 4. However, it is the most popular, useful, and genuine platform in the trading world and used by most of the brokers. You can use this platform from the web, desktop, and mobile, and also customize it as per your requirements. You would get the benefit of several chart patterns, experts’ advice, one-click trading, signals, indicators, hedging, scalping, automatic trading, and many more.
But the absence of cTrader and MT 5 shall still be missed by most professional and advanced traders.
The education portal of the Igo FX broker seems to be outdated. There are some videos and webinars available but, when opened, the page appears to be blank. However, the economic calendar section is working well and lists all the upcoming news and events about trading. Moreover, there is a technical analysis section, but that also seems to be last updated in 2017.
Thus, there is no service for beginners or advanced traders to educate from Igo FX, for the better of their skill and knowledge. Igo FX needs to work on that and there is a lot of improvement in scope.
5. Range of Assets
When it comes to the range of financial instruments available for trading Igo FX brokers are below average. There are only 30 currency pairs and 2 commodities, i.e. gold and silver, available for buying and selling. Thus, if you are someone who is thinking of playing the trading game with lots of assets, then this broker might disappoint you.
Also, the currency pairs are also dull, there are only some major currencies available and the spread is too high on them.
6. Consumer Support
The Igo FX customer service team is on par with average industry standards. The team works hard to serve the clients and is available 24 hours a day for five days a week. The response time does not mention on their website and thus, we cannot comment on that. But, there is no phone facility available, only email address contact is there, for both queries and accounts department.
7. Deposit and Withdrawal
There is no charge for depositing and withdrawing your money on Igo FX brokers, except the bank charges. Also, the minimum deposit amount is $1, with no conditions. However, there are different methods, on which several costs apply. For instance, there is a 5% fee on both visa and master debit/credit cards.
Moreover, the methods are less as only bank wire transfer and credit & debit card options are available. Thus, Igo FX should work on their payment methods and try to expand the range.
Typically, it takes 3-5 working days to transfer your amount. However, nothing is stated on the broker’s website.
8. Promotions & Offers
Igo FX is ahead of its industry competitors when it comes to providing bonuses and offers. There are several monetary promotions available on their website. Firstly, there is a 30% bonus on your first deposit amount to welcome you. However, to claim it you need to make a trade first.
Second, Igo FX keeps arranging and hosting different competitions and events for its traders. You can participate, if you’re a trader with them, and win multiple prizes. But, currently, there is no such event going on.
9. Tradable Size
Size lots on the Igo FX are available in micro, mini, and large forms. However, it depends on your account type too. The mini account user has a minimum lot of .01, while it is 1 for standard and professional account users.
Moreover, after the first trade, the next slot size shall be 0.02, and then 0.03, and so on, for the mini account type. It is 1, then 2, then 3 size lots, for other types. The maximum size mentioned on their website is 1000 lots.
So, this was the IgoFX broker review. These were all the major attributes of the broker and the discussion is detailed enough. Read every point and then decide if it is suitable for you or not!
The Bottom Line On Igo FX Broker
Finding a reliable and perfect broker is a tedious task. If some online trading platform offers competitive tight price, then it is expensive, and vice versa. Igo FX is a licensed broker with Vanuatu’s VFSC authority. But their genuineness and trustworthiness cannot be verified by this. They need to get more regulations and work under different bodies to be a global leader. They also need to work on several other things like improving education material, posting clear and accurate information, and tight prices for their users.
However, their bonus and promotions, and customer support seem to be satisfying as per industry standards.
At last, it is your choice to decide whether they are right for you or not! We have done our work, now it is your turn.
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