About the company
IMMFX is a competent online broker that has been in operation since 2006. The parent firm, IMM Group Ltd, is licensed by the SVGFSA and is registered offshore in Saint Vincent and the Grenadines (Saint Vincent and the Grenadines Financial Services Authority). With registered addresses in London, New York, Toronto, Frankfurt, and Vanuatu, the brokerage firm has offices in 15 places across the world (as well as St. Vincent). Both retail and business clients are welcome at the organization.
To new and existing customers, the company offers a 20% deposit bonus. Customers are unable to cash out their incentives. Traders should examine whether the bonus is compatible with their trading strategy, since it may prohibit earnings from being withdrawn from deposited funds.
The firm also provides a demo account with a simulated balance of up to $100,000. It can be used indefinitely, giving a platform for beginner traders to learn the fundamentals and experienced traders to try out new techniques.
The firm uses the MetaTrader 4 platform, which is well-liked among forex traders due to its dependability, speed, and feature set. It’s available on both Windows and Mac, plus there’s a mobile version for iOS and Android users. MT4 has been commended in particular for providing a vast range of time frames, technical indicators, and interactive charts. Users can utilize the site to access advisers, which are robots for automated trading techniques.
Web Trader is a web-based version of MT4. Customers can use any computer with a browser and an Internet connection to complete orders. The platform is regarded as extremely dependable and secure. Although some trading tools may not be available, Web Trader has nearly the same capabilities as the downloading desktop application.
Both iOS and Android tablets and smartphones can be used to download MT4. Interactive charts, hundreds of financial instruments, and a full set of trading orders are all available in the app. Clients can now open positions from anywhere at any time.
The broker offers about 200 financial instruments: 5 precious metals, 3 energies, 60+ forex currency pairs, 30+ crypto pairs, 70+ shares, 12 indices. However, the broker does not support ETF trading, Also scalping is not allowed.
The company provides a demo account with a simulated account balance of up to $100,000. It can be used indefinitely, giving a platform for beginner traders to learn the fundamentals and experienced traders to try out new techniques. However, while the demo account closely resembles real-world trading conditions, others believe that the demo account is more profitable than real-world trading.
For the EUR/USD pair, IMMFX advertises tight spreads starting at 0.1 pips on average. Other prominent currency pairs have average spreads of less than one pip, such as the GBP/USD and USD/CAD pairs, which have 0.4 and 0.6 pips, respectively. The typical spread on crosses is usually about 1 pip or higher. CFD spreads on stock market indices typically run from 2 to 13 pips, with the average being about 5 pips. Individual stocks fluctuate according to market conditions. The broker uses a variable spread method, which means that the actual figure may be higher than represented.
The brokerage firm offers leverage from 1: 2 to 1: 200. Traders should be aware that high-leverage trades are dangerous, therefore use caution while trading at the higher end of this scale. Currency and precious metals leverage is optional, and the trader can establish it in the IMMFX back office.
Deposit and withdrawal methods
- ePay – $ 50 minimum deposit, 5.8% withdrawal fee
- FasaPay – minimum deposit $ 50, withdrawal fee 4.2%
- PaySafe – $ 50 minimum deposit, 4.2% withdrawal fee
- PerfectMoney – minimum deposit $ 50, withdrawal fee 2%
- SticPay – minimum deposit $ 50, withdrawal fee 4.2%
- UnionPay – $ 50 minimum deposit, 4.2% withdrawal fee
- WireTransfer – $ 50 minimum deposit, $ 20- $ 80 withdrawal fee
- Universal money transfer – minimum deposit $ 50, withdrawal fee 4.2%
- Western Union – minimum deposit $ 100, withdrawal fee 8.8%
- MoneyGram – $ 100 minimum deposit, 8.8% withdrawal fee
- PayCo – $ 10 minimum deposit, 4.2% withdrawal fee
- PAYMENT – $ 50 minimum deposit, 4.2% withdrawal fee
- Bitcoin / Litecoin / Ethereum / Bitcoin Gold – $ 50 minimum deposit, withdrawal fee 4.2%
- Khdamati – Minimum deposit $ 50, withdrawal fee 2%
Deposits can be processed instantly using all methods except UAE exchange and bank transfer, which can take up to 5 business days. Withdrawal of funds takes from 1 to 5 banking days, regardless of the transfer method.