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IMMFX Review

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IMMFX is a foreign exchange broker, located in Saint Vincent and the Grenadines and licensed by Saint Vincent and the Grenadines Financial Service Authority (SVGFSA) of the Eastern Caribbean States (CELAC) and (CARICOM). IMMFX boasts a number of features that make them stand out from the crowd including fast account opening with instant deposits and same-day withdrawals, extensive global market (technical & fundamental) analysis on a daily basis 24/5, an industry-leading client MetaTrader 4/Mobile trading platforms, convenient funding by major credit cards, swap-free accounts available for both Muslims and non-Muslims as well. 

Tight Spreads with Low Latency and Fast Execution is in place. Welcome, and Recurring Marginal Bonuses are available upon request. Hedging capability and Negative balance protection. High Leverage up to 200:1, No rejection and No re-quotes. Zero Trading Commission, No hidden costs, Bank commission fees will be reimbursed with every Deposit. Highly Protected Segregated clients funds with No withdrawal restrictions. Trade 50+ Currency pairs,(majors-crosses-exotics), Precious Metals, Energy, Indices, commodities and CFDs, and alternative methods of Account Funding via, Fasapay, Payza, Perfect Money, i-Account, Wire Transfer, Paysafecard, OKPAY, Union Pay, UA EXCHANGE, WESTERN UNION, MoneyGram and many others are available.

That is a lot to claim, so we will be looking into the services on offer to see if they do in fact offer all of these and how they stand up to the competition.

Account Types

There are two different account types available to trade with, we have outlined the key features of both of them below.

Pro Account: This account has a minimum deposit requirement of $100, it comes with spreads starting from 0. pips and has flexible leverage up to 1:200. It can trade currencies, energies, metals, and indices with trade sizes starting at 0.01 lots and going up in increments of 0.01 lots up to a maximum of 20 lots. Swap-free versions are available and there is no added commission on forex but there is an $18 commission on stock indices, energies, and crypto. You can have a maximum of 300 trades open at any one time, the margin call level is set at 100% with the stop out level at 30%. The account uses market execution and expert advisors are allowed, the account uses MetaTrader 4 as its trading platform.

Prime Account: This account has a minimum deposit requirement of $100, it comes with spreads starting from 0.2 pips and has leverage up to 1:200. It can trade currencies, energies, metals, and indices with trade sizes starting at 0.01 lots and going up in increments of 0.01 lots up to a maximum of 50 lots. Swap-free versions are available and there is an added commission of $8 per lot traded on forex and $18 commission on stock indices, energies, and crypto. You can have a maximum of 1,000 trades open at any one time, the margin call level is set at 100% with the stop out level at 30%. The account uses market execution and expert advisors are allowed, the account uses MetaTrader 4 as its trading platform.

Platforms

The platform on offer is the powerful MetaTrader 4 which allows you to implement strategies of any complexity. Market and pending orders, Instant Execution, and trading from a chart stop order and trailing stop are just a few of the execution methods available. Analytical functions are one of the MetaTrader 4 platform’s strongest points. Online quotes and interactive charts with 9 periods allow you to examine quotes in all the details quickly responding to any price changes. 33 analytical objects and 30 built-in technical indicators greatly simplify this task.

Thousands of free and paid signals with various profitability and risk levels working on a demo and real accounts are at your fingertips. The built-in Market is the best place to find an Expert Advisor or the newest technical indicator. Almost any trading strategy can be formalized and implemented as an Expert Advisor so that it automatically does all the work for you. A trading robot can control both trading and analytics freeing you from the routine market analysis.

Leverage

The leverage on both accounts can go as high as 1:200, this can be selected when opening up an account and can be changed by contacting the customer service team. The website states that the leverage may state higher, but 1L:200 is the actual limit, even if a higher number is stated.

Trade Sizes

Trade sizes on both accounts start from 0.01 lots and go up in increments of 0.01 lots, the maximum trade size depends both on the account you use and also the instruments that you are trading. We have outlined them below.

Instrument Pro-Account Max Size Pro Plus Max Size
Forex Majors 20 lots 50 lots
Forex Minors 15 lots 50 lots
Forex Exotics 10 lots 50 lots
Gold 10 lots 50 lots
Silver 10 lots 50 lots
CFDs 10 lots 50 lots

 

The Pro account can have a maximum of 300 trades open at any one time while the Pro Plus account can have up to 1,000 trades and orders open at any one time.

Trading Costs

There are a few added commissions. The Pro account does not have any added commission on trading forex, however when trading indices, energies, and crypto there is an added commission of $18 per lot traded. The Pro Plus account has an added commission for forex which is $8 per lot traded (a little over the $6 per lot average) and also has the $18 commission per lot on indices, energies, and crypto.

There are also swap charges which is an interest fee charged or received for holding a trade overnight, there are also swap-free versions of each account in case your beliefs do not allow you to accept or pay interest.

Assets

The instruments have been broken down into a number of categories, we have outlined them below along with the instruments found within them.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURCZK, EURGBP, EURHKD, EURHUF, EURILS, EURJPY, EURNOK, EURNZD, EURPLN, EURSEK, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSEK, GBPUSD, NOKJPY, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDDKK, USDHKD, USDHUF, USDILS, USDJPY, USDMXN, USDNOK, USDPLN, USDSEK, USDSGD, USDTRY, USDZAR.

Metals: Gold, Silver, Platinum, and Palladium.

Indices: AUS 200, ESP 35, ESTX 50, FRA 40, GER30, HKG 33, ITA 40, JPN 225, NAS 100, SPX 500, UK 100, US 30.

Energies: UK Oil, US Oil, and Natural Gas.

Cryptocurrencies: Bitcoin, Ethereum, and Litecoin.

Spreads

The spreads that you get depends on the account you use, the Pro account has spreads starting from around 0.6 pips while the Pro Plus account has spreads starting from 0.2 pips. The spreads are variable which means they move with the markets, the more volatility in the markets the higher the spreads will be, different instruments will also have different starting spreads, so while the lowest may be 0.6 pips, others may start from 2 pips or more.

Minimum Deposit

The minimum account deposit required to open up an account is $100, once an account is open, the minimum amount reduces a little to $10 or $50 depending on the method used.

Deposit Methods & Costs

There is a large selection of methods available when depositing, they are EPay, FasaPay, PaySafeCard, Perfect Money, SticPay, UnionPay, Wire Transfer, UAE Exchange, Western Union, MoneyGram., PayGo, Payeer, AdvCash, Universal Money Transfer, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Bitcoin Gold, and KHADAMATI.

The good news is that there are no added fees when depositing, but be sure to check with your bank or processor to see if they add any transfer fees of their own.

Withdrawal Methods & Costs

The methods available to withdraw with are EPay, FasaPay, PaySafeCard, Perfect Money, SticPay, UnionPay, Wire Transfer, UAE Exchange, Western Union, MoneyGram., PayGo, Payeer, Universal Money Transfer, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Bitcoin Gold, and KHADAMATI. AdvCash is the4 only one not available to withdraw with. A complete list of withdrawal options and costs can be viewed at: https://immfx.com/funding/withdrawal

There are a number of fees that we have outlined below:

  • EPay – 5.8% fee
  • FasaPay – 4.2% fee
  • PaySafeCard – 4.2% fee
  • Perfect Money – 2% fee
  • SticPay – 4.2% fee
  • UnionPay – 4.2% fee
  • Wire Transfer – 20 – 80 USD fee
  • UAE Exchange – 8.8% fee
  • Western Union – 8.8% fee
  • MoneyGram – 8.8% fee
  • PayGo – 4.2% fee
  • Payeer – 4.2% fee
  • Universal Money Transfer – 4.2% fee
  • Bitcoin – 3% fee
  • Ethereum – 4.2% fee
  • Litecoin – 4.2% fee
  • Bitcoin Cash – 4.2% fee
  • Bitcoin Gold – 4.2% fee
  • KHADAMATI – 2% fee

Withdrawal Processing & Wait Time

All withdrawal requests should be executed within 24 hours of the request being received. It will then take between 1 to 5 working days for your withdrawal request to fully process based on the method used or your own banks’ processing times.

Bonuses & Promotions

There is a 20% welcome bonus available to new clients. The full terms of the onus are not known such as how to convert the bonus into real funds. The actual promotion states:

“For a limited time only, take advantage of our deposit bonus! Fund now and receive a FREE cash bonus added to your account. The more cash you deposit, the more Free Cash you get.”

So this makes it seem like the bonus is cash, which we would find hard to believe, without knowing the full terms we cannot comment on how profitable the bonus is.

Educational & Trading Tools

There are quite a few different tools and educational content on the site. There is a VPS on offer, however, at the moment, it states that this service is temporarily unavailable. There is a currency converter, trading calculators including pips, margin, Fibonacci,m pivot points, CFD profit/loss, and stop-loss limit calculators. There are daily signals which are updated daily, TradingView charts, trading signals using MQL5, an economic calendar detailing upcoming news events, and trading charts. There is also some education that consists of Webinars, video libraries, daily financial news, live quotes, and a section about teaching the basics of forex and trading.

Customer Service

There are plenty of ways to get in touch with IMMFX who are available to contact 24 hours a day 5 days a week. You can use the online submission form, simply fill in your query and you should get a reply via email. You can also use the UK or USA phone number and there are email addresses available for general inquiries, technical support, partnerships, finance, sales & marketing, compliance department, human resources, and portfolio management.

Demo Account

Demo accounts are a great way to test out new strategies without any risk to your own capital. IMMFX offers these accounts, they have unlimited usage, offer real market conditions, 1 click trading, and have a balance of up to $50,000. The conditions will mimic the real trading accounts so you can get a better feel for the conditions on offer from the real accounts.

Countries Accepted

This information is not available on the site and so we would suggest getting in touch with the customer service team to see if you are eligible for an account prior to signing up.

Conclusion

The trading conditions available from the two accounts are pretty competitive, the spreads on the Pro account are low when we compare to other non-commission based accounts, the commission on the Pro Plus account is a little higher than the average $6 sitting at $8 but this is nothing that should put you off trading thee. There are also a lot of tradable assets and plenty of ways to deposit and withdraw, the main downside is the withdrawal fees, some of them can be a little high so make sure the method you would be using is not one of the expensive ones. There are also plenty of ways to contact the customer service team which is great.

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