IMMFX Video Review
IMMFX is an online forex trading brand that is owned by the IMM Group Ltd. They are based on the islands of Saint Vincent and the Grenadines and are licensed and regulated by the Financial Service Provider Commission (FSPC). The company operates according to the regulatory guidelines issued by the Saint Vincent and the Grenadines Financial Service Authority (SVGFSA) of the Eastern Caribbean States (CELAC) and (CARICOM). Established by a group of experienced and professional traders, IMMFX acts as an STP broker providing online retail traders the opportunity to trade in spot forex and Contracts for Difference (CFDs).
IMMFX Reliability – Is IMMFX a scam?
With new brokers coming online every day, traders are swamped with choices as to the brokers to sign up with. Normally, having numerous choices is a good thing as traders can compare between brokers and see which brokers offer the best deal. However when it comes to online trading, having too many choices might not be ideal as traders can easily get confused as a result of information overload. In the case of online brokers, what is more important when it comes to the selection process is the reliability of the broker. But how do you evaluate the reliability of a relatively new broker like IMMFX?
A brand that is owned and managed by the IMM Group Ltd, IMMFX has only been around for a relatively short period of time. Because of this, it makes the evaluation of the broker slightly more difficult as there is little or no operational history to base their performance on. Nevertheless, it is not an impossible task as there are ways to go about it.
The first thing which one can look at when evaluating a broker’s reliability is to see if they are regulated by any regulatory bodies. In the case of IMMFX, the broker is regulated by the regulated by the Financial Service Provider Commission (FSPC). The license number issued by the FSPC which authorized IMMFX’s operation is FSP660943. The broker operates within the regulatory guidelines issued by the Saint Vincent and the Grenadines Financial Service Authority (SVGFSA) of the Eastern Caribbean States (CELAC) and (CARICOM). One of the regulatory measures designed to protect traders which IMMFX follow strictly is the segregation of traders’ funds from the broker’s operational funds.
In addition to the regulatory status of IMMFX, we can also look at the reliability of the broker’s trading platform. The trading platform is the trader’s gateway to the financial markets and as such is critical in ensuring that the trader’s trades are executed smoothly. If the platform is inefficient and unreliable, this might result in the trader suffering losses. To ensure that this does not happen to any of IMMFX’s clients, the broker relies on the industry proven MetaTrader 4 platform. The most popular trading platform used by the online forex trading industry, IMMFX’s traders can rest assured that their trades will go through smoothly without any unforeseen problems.
Established by experienced professionals in the financial trading industry, IMMFX’s clients can rest assured that the broker will look after their trading interest as they are committed to their traders’ success.
To provide their clients with access to the currency and CFDs markets, IMMFX uses the trading platform developed by MetaQuotes Software, the MetaTrader 4 or MT4 for short. Used by brokers and traders all over the world, the MT4 platform has earned a reputation as being one of the most reliable and efficient ever developed for trading forex and CFDs. In fact, it is often regarded as the industry standard trading platform due to its popularity.
With its professional grade charts and numerous technical indicators, the MT4 is the only trading platform that traders will ever need. In addition to the wide array of tools integrated onto the trading platform, the MT4 also comes with a built-in programming language editor which traders can use to develop their own Expert Advisors (EAs).
Apart from the standalone version of the MT4, IMMFX also provide the Multi Account Manager (MAM) platform for the benefit of money managers who have to manage several trading accounts at a time. Also available is the mobile version of the MT4 which is optimized for mobile devices such as iPhones and iPads.
As for the types of trading accounts available at IMMFX, there are 3 types for traders to choose from namely Micro Account, Standard Account or Pro Account. The minimum deposit requirement for each type of trading account is $200, $500 and $1000 respectively. Currently, IMMFX is offering traders who make their first deposit a 20% deposit bonus.
Commission & Spreads
IMMFX doesn’t charge any commission on trades made with them. Instead, traders are required to pay a small spread above the market price. The spreads payable depend on the type of account as well as the instrument traded. For micro account, the spread on forex starts from a minimum of 2.1 points, 1.3 points for standard accounts and 0.7 points on pro accounts. For CFDs, the minimum spreads start from 4 points on micro accounts, 3 points on standard accounts and 2 points on pro accounts.
Customer support services at IMMFX can be accessed using email, live chat and the telephone. Unlike most forex brokers which offer support only during the trading week, IMMFX offers support 24 hours a day, 7 days a week. In addition, traders in the U.S, Canada, UK and Germany get to enjoy localized support. For the benefit of traders whose mother tongue is not English, IMMFX’s website is also available in 21 other languages:
24/7 Support hours
Large Selection of Funding Methods
Market Analysis provided on 24/5 basis
Multiple choices of trading accounts
No ECN Access
No web based platform
Not Regulated in Europe
Social Trading not available
Spreads higher than average
Overall, the quality of IMMFX’s services is quite decent even though they have only been around for a relatively short period of time. Nevertheless, IMMFX still have areas which they can further improve upon to make the quality of their services truly outstanding.