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General Information & Regulation
IMS FX, a trading name of IMS FX LTD, is a Chinese capital brand that is established in London in 2013. It claims to provide its clients with various tradable financial instruments with leverage up to 1:500 and floating spreads from 0.8 pips on the MT4 trading platform, as well as a choice of three different live account types and 24/7 customer support service. Here is the home page of this brokers official site:
As this brokerage's website cannot be accessed, we were unable to obtain further details about its trading assets, leverage, spreads, minimum deposit, etc. Note that the broker says it offers the worlds leading MetaTrader5 trading platform.
As for regulation, it has been verified that IMS FX does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.97/10. Please be aware of the risk.
IMS FX advertises that it mainly offers four different asset classes, including forex, precious metals, crude oil and stock indices.
IMS FX claims to offer demo accounts with $10,000 maximum virtual funds. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less. The minimum deposit for a Standard Account is $200 or currency equivalent, while $10,000 and $20,000 for the Premium and GTS Account respectively.
Leverage is adjusted based on balance and certain assets. For the Standard Account, IMS FX provides leverage up to 1:500, while precious metals are fixed at 1:100. Leverage for Premium Accounts is reduced to 1:200 for Forex, 1:50 for precious metals, and 1:20 for indexes. In the best GTS Account, leverage has been further reduced to 1:100, precious metals also 1:100, and other CFD assets are at 1:20. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
IMS FX says that it does not charge any commission and the minimum spread is as low as 0.8 pips. Also, all spreads are a floating type and scaled with the accounts offered. Just take the EUR/USD currency pair as an example, the minimum spread is 1.6 pips on the Standard Account, 1.3 pips on the Platinum Account and 0.8 pips on the GTS Account.
Trading Platform Available
MetaTrader4 platform is the only platform supported by IMS FX, available for Windows, Mac and smart devices running on Android or iOS. There is also a web version of MT4 that does not require any download or installation.
In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
IMS FX offers only two payment options, Credit/Debit Cards, and Bank Transfers. Withdrawal methods are the same as deposits.
The minimum initial deposit requirement is said to be $200.
The broker will not charge any fees for deposits and withdrawals but clients should be aware of the fees charged by third parties.
Deposit and withdrawal processing is done during the brokers working time, from 9 am to 6 pm. All deposit requests are said to be processed within one hour, while it is possible that funds are not reflected until the next working day outside business hours. Bank Transfers withdrawals will require 3 to 5 working days to complete, while Credit/Debit Card reflection time takes longer, 5 to 7 days.
IMS FXs customer support can be reached by TEL: +44(0) 20 31299469, +61 2 92382278, FAX: +44(0) 20 31291964, email: firstname.lastname@example.org or leave messages online to get in touch. Company address: FLAT 107, 25 INDESCON SQUARE LONDON, UNITED KINGDOM LEVEL 56, MLC CENTRE 19-29 MARTIN PLACE, SYDNEY NSW 2000.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
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