IMMFX Review 2019 | Is IMMFX a Scam or Legit Forex Broker?
Rating breakdown
IMMFX Overview
Part of the IMM Group Ltd, IMMFX is a forex and CFDs broker that is based on the islands of Saint Vincent and the Grenadine. The broker is regulated by several financial regulatory agencies that cater mostly to offshore brokers such as IMMFX.
| # | Broker's Features | IMMFX Availability |
|---|---|---|
| # | Commissions | ❌ |
| # | Hedging | ❌ |
| # | PAMM | ❌ |
| # | Scalping | ❌ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ❌ |
| # | Swaps | ❌ |
| # | Demo account | ✔ |
| # | Daily analysis | ❌ |
| # | Automated trading | ❌ |
| # | Mobile trading | ❌ |
| # | Trading by phone | ❌ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ❌ |
| # | Bonuses Promotions | ❌ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review IMMFX.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. IMMFX offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Cryptocurrency.
Tradable Products: On offer by IMMFX are 49 currency pairs, 12 Indices and 5 energy products. While forex can be traded on the spot market, market indices and energy instruments are traded via CFDs.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. IMMFX is Bank, DMA, ECN, No dealing desk, STP.
Features: The MT4 trading platform at IMMFX offers traders a full trading experience. It allows traders to trade with virtual money or with real money depending on what mode the trading platform is operating in.
As IMMFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. IMMFX recommended minimum capital is $200.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. IMMFX is regulated by VFSC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: While IMMFX is said to be regulated by several regulatory bodies such as the VFSC, SVGFSA and FSPC, it should be noted that these bodies are not known to have strong enforcement of breaches of regulatory requirements. In fact, the Financial Market Authority of New Zealand issued a cautionary warning regarding the legitimacy of the FSPC.
Languages Available: Next lets have a look at each broker's different Language options. IMMFX offers Arabic, Bulgarian, Chinese, Croatian, Czech, Dutch.
Payment methods: Next lets have a look at each broker's payment options. IMMFX offers Credit/Debit Cards, Cryptocurrencies, Local Transfer, Western Union different payment methods for each account types.
Deposit and withdrawal: In terms of payment options, IMMFX supports close to a dozen different methods of payment options. These methods consist of ewallets, payment processors, wire transfer and cryptocurrencies wallets. However, there is no provision for accepting payments by credit/debit cards
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, IMMFX makes MT4 available to clients.
Web & Desktop Trading Platforms: The mainstay of IMMFX trading platform is the industry proven MetaTrader 4 trading platform. The MT4 platform is well loved by traders and brokers alike as it is robust and is highly secured.
Mobile Trading Platforms: Catering to an increasing smartphone equipped trading community, IMMFX has also provided those who are interested in trading on the go with the MT4 app which they can download for free.
Trader Education
Trader education at IMMFX comprises of educational videos and webinars. The videos are suitable for newbies and intermediates
Promotions
For a limited period, IMMFX is currently offering a welcome bonus of 20% for new accounts.
Support
The customer support service at IMMFX is available on a 24/5 basis. There are several ways which you can reach out to the support team.
Recup
IMMFX has been around since 2014 and although it is regulated in three jurisdictions, the regulatory authorities are not particularly stringent ones. The broker offers the MT4 platform but no proprietary platforms. The broker works on an ECN business model.
Final Thoughts
If deep regulation is important to you than you may want to avoid this broker, although they do offer enough measures to make cautions traders feel fairly reassured.
Trading Experience
Although IMMFX was just established in 2014, it has been able to provide its traders with a decent array of tools which caters to all categories of traders.