Overview of IFGM
Operating since 2012, Intelligent Financial Global Markets (IFGM), an Australian-based forex broker, offers trading tools and the MetaTrader 4 (MT4) platform.
Despite boasting over 450 financial instruments, including CFDs on global equities and cryptocurrencies, IFGM faces significant drawbacks. Its identification as a suspicious clone by Australian authorities tarnishes its reputation, casting doubts on its legitimacy.
Moreover, an inaccessible official website impedes traders' access to essential information and support services. These factors, coupled with limited educational resources, contribute to IFGM's questionable reliability and hinder traders' confidence in its offerings.
Regulatory Status
IFGM has been identified as a suspicious clone by the Australian authorities.
This designation casts a negative shadow over the platform, raising risks among traders about its legitimacy and reliability. With IFGM flagged as a suspicious clone, traders may question its claimed regulatory status. Such negative associations can lead to hesitancy or reluctance among traders to engage with the platform, potentially impacting their trust in IFGM and their willingness to conduct financial activities through it.
Pros and Cons
Pros:
Over 450 financial instruments: IFGM offers traders access to a wide range of financial instruments, providing ample opportunities for diversification and portfolio management.
MetaTrader 4 support: IFGM supports the MetaTrader 4 (MT4) platform, a popular choice among traders globally. MT4 is renowned for its user-friendly interface, comprehensive charting tools, and automated trading capabilities through Expert Advisors (EAs).
Leverage up to 1:500: IFGM offers leverage ratios of up to 1:500, allowing traders to amplify their trading positions significantly. Leverage enables traders to control larger positions with a smaller amount of capital, thereby magnifying potential profits.
Cons:
Official website inaccessible: IFGM's official website being inaccessible poses a significant drawback, hindering traders' ability to access essential information, perform account management tasks, and engage with customer support services.
Identified as a suspicious clone: IFGM's identification as a suspicious clone by regulatory authorities casts doubts on its legitimacy and trustworthiness. Such a designation raises red flags regarding the platform's compliance with regulatory standards, transparency of operations, and security of client funds.
Limited educational resources: IFGM's limited educational resources present a challenge for traders seeking to enhance their knowledge and skills in financial markets.
Market Instruments
IFGM presents a wide array of trading assets, boasting over 450 financial instruments.
These encompass CFDs on global equities providing exposure to international stock markets.
Additionally, they offer access to some of the most sought-after cryptocurrencies in the market.
Account Types
Standard Account
IFGM offers a Standard account designed for beginner traders, requiring a minimum deposit of $200. This account type provides a suitable starting point for those new to trading in financial markets. With the Standard account, traders can choose leverage options of 1:100, 1:200, or 1:500, allowing for flexibility in risk management and capital utilization. Variable spreads starting from zero pips enhance trading conditions, while commission charges are applicable only on stocks.
Pro Account
For active and professional traders seeking advanced functionalities, IFGM presents the Pro account. Requiring a minimum deposit of $1000, this account type offers enhanced capabilities tailored to experienced traders. With leverage options of 1:100 or 1:200, the Pro account provides flexibility in amplifying trading positions while managing risk effectively. Variable spreads, starting from zero pips, contribute to competitive trading conditions. However, a commission of $3.59, along with swap charges, applies to trades executed within the Pro account.
Swap-free Account
IFGM also offers a Swap-free Account. With a minimum deposit requirement of $200, this account type ensures adherence to religious principles while participating in financial markets. Similar to the Standard account, traders can choose leverage options of 1:100, 1:200, or 1:500, providing flexibility in risk management. Variable spreads starting from zero pips enhance trading conditions, with commission charges applicable only on stocks.
The Swap-free Account is suitable for traders seeking to align their trading activities with Islamic finance principles without compromising on trading opportunities.
Leverage
In the Pro account, traders have the option to select leverage ratios of either 1:100 or 1:200. Meanwhile, within the Standard and Swap-free accounts, leverage options extend to 1:100, 1:200, or 1:500.
These leverage rates are notably high and provide traders with the opportunity to leverage their positions effectively, thus allowing them to capitalize on market opportunities while minimizing their initial cash outlay.
Spreads &Commissions
Spreads are dynamic, commencing from zero pips across all account types.
In the Pro account, traders encounter a commission of $3.59, alongside swap charges. Conversely, commission fees are exclusively applicable to stocks within the Standard account.
Generally, the trading fees remain within the industry standard, ensuring a competitive trading environment for traders.
Trading Platform
IFGM offers support for MetaTrader 4 (MT4), a widely recognized platform known for its user-friendly interface, comprehensive functionality, and efficiency. MT4 is favored by many brokers due to its ease of use and lightness, making it accessible to traders of varying experience levels.
One notable strength of MT4 is its robust charting capabilities, providing traders with a wide range of analytical tools to analyze market trends and make informed trading decisions. Additionally, MT4's automated trading feature, known as Expert Advisors (EAs), is highly regarded, allowing traders to automate their trading strategies based on predefined parameters.
Deposit & Withdrawal
Traders can conveniently fund their IFGM trading accounts in USD, AUD, EUR, or GBP through various free methods. These include credit cards (VISA, MasterCard, UnionPay, and American Express), offering instant deposits, as well as e-payment options such as Skrill, Neteller, and Poli, also providing instantaneous transfers.
Alternatively, traders can opt for bank wire transfers, typically taking 2 to 5 business days to process, or local bank transfers, which usually take 1 to 2 business days.
The minimum deposit requirement for credit cards and e-payments stands at $5 (or equivalent currency), while it is $200 for bank wire or local bank transfers. When it comes to withdrawals, the minimum amount for credit cards and e-payments is $5 (or equivalent), whereas for bank wire transfers, it is €50.
Customer Support
IFGM's customer support, despite offering multiple contact options, lacks efficiency and responsiveness. Traders encountering issues may find communication challenging due to a lack of prompt assistance.
While contact numbers are provided for English, Simplified Chinese, and Thai languages, the availability of support in other languages remains unclear. Email contact is available through several addresses, including cs@ifmtrade.com and AsiaInfo@ifmtrade.com, but responses may be delayed.
Contact numbers:
English: +612 9190 7577
Chinese (Simplified): 4008959997
Thai: 0881481880
What are Clone Brokers？
The proliferation of clone brokers presents a growing risk in the financial industry, as deceitful entities exploit the names of reputable firms to dupe unsuspecting clients into believing they are trading with a regulated forex company. These fraudulent entities often go to extreme lengths, even utilizing the license numbers of legitimate brokers to deceive traders into opening accounts. Vigilance is paramount to avoid falling prey to such scams. Alarmingly, these unscrupulous firms resort to aggressive tactics, including high-pressure strategies to coerce clients into opening accounts or increasing deposits. As the adage goes, if an offer seems too good to be true, it likely is.
Conclusion
Despite offering a wide range of financial instruments and access to the widely used MetaTrader 4 platform, IFGM's credibility is severely undermined by its identification as a suspicious clone by Australian authorities.
This designation raises significant doubts about its legitimacy and adherence to regulatory standards. The lack of accessibility to its official website further exacerbates risks, hindering traders' ability to obtain essential information and support services.
Additionally, the limited educational resources provided by IFGM pose a significant challenge for traders seeking to enhance their knowledge and skills in financial markets.
FAQs
Question: Is IFGM regulated？
Answer: No, IFGM has been identified as a suspicious clone by Australian authorities, raising doubts about its regulatory status.
Question: What are the account types offered by IFGM？
Answer: IFGM offers Standard, Pro, and Swap-free accounts.
Question: What is the minimum deposit required to open an account with IFGM？
Answer: The minimum deposit varies depending on the account type, ranging from $200 for a Standard account to $1000 for a Pro account.
Question: Does IFGM support MetaTrader 4？
Answer: Yes, IFGM supports MetaTrader 4 (MT4), a popular trading platform known for its user-friendly interface and comprehensive features.
Question: What financial instruments are available for trading on IFGM？
Answer: IFGM offers over 450 financial instruments, including CFDs on global equities and some of the most sought-after cryptocurrencies.
2024-03-26 15:03
