IGM Limited Review: Broker Severely Underperforms Against Promises
Good website design, blocks of text about the flawless company reputation and forged licenses seem almost convincing enough. Alas, no experienced trader or members of our audience, aware of the warning signs and red flags would easily fall into the trap of deception and money extortion.
Read this IGM Limited review so you too can learn about fraudulent Forex platforms and how to up your trading game.
|Type of the company
|Warnings from Financial Regulators
|Majority of clients are from
|Italy, United Kingdom, India, United States, New Zealand
IGM Limited Regulation: Illicit and Blacklisted
No doubt that the firm in question is trying to leave the best possible impression on their potential clients, although they lack all legal information to do so. Instead, the swindlers have decided to use lies, misinformation and false awards.
Instead of listing their actual address, corporate details and license numbers, the fraudsters only have scarce information to offer. There’s no full address, just a claim about being based in the UK. There’s also zero license numbers revealed, just statements about owning several prestigious certificates.
This Forex dealer doesn’t actually operate under the supervision of FCA as claimed and they’re instead blacklisted by this very authority. Also, there’s no proof of them ever being approved by CySEC and BaFin.
You cannot expect fund safety, compensation plans and negative balance protection. Also look out for Kato Prime, that actually owns a license, but a loose one which can’t guarantee you benefits and security either.
Faking Their Age
This firm tries to push the idea that they’ve been in business since 2011, with numerous alleged rewards dating back to 2020 on their website. Searching with the popular platforms for any IGM Limited reviews, we only found a single one on TrustPilot, which struck us as odd for a company that’s been working for such a long time.
Of course, the real truth is that the website is pretty much brand-new. It was started only in June 2023, as you may see in the WhoIs database. This makes the presence of multiple regulatory warnings that much worse, since it tells us that this fraudulent group has managed to dupe thousands of investors.
Red Flags To Look Out For
Many of these illicit firms advertise directly to their victims by phone, using so-called boiler room agents. It’s the job of these agents to persuade their marks into investing. This is not something regulated firms like Spreadex are known to do.
If you’ve been contacted by someone who’s overly insistent on depositing money, promises a bit too much for their own good, and actively avoids discussing important aspects of trading, such as licenses or regulation, break communication immediately!
Software Requires KYC
The extraordinary software marketed in the form of a technological wonder actually turns out to be nothing but a promise of a webtrader.
Even that rudimentary platform cannot be used until you share your sensitive information with the domain owners. The untested functionality and scarce layout do not make it seem overly rich in features or anyhow reliable.
Such rudimentary terminals only present an illusion of trading and do not provide accurate data, so beware. There’s also statements about a mobile app being available, but that’s just as false, as the links to it in the popular stores do not exist.
The con attempts to give off an impression of professionalism and a variety of features offered. However, we do not see a single reason for coughing up ridiculous sums of money for the accounts. Not only are these bundles severely overpriced, but nothing that they claim to offer is anyhow verifiable.
While all of the accounts allegedly offer over 200+ Currency Pairs, CFDs, Indices, Metals, Commodities and Stocks, with dedicated customer support, we doubt any of it to be true. Here’s what you’re expected to pay for each account:
- Standard – 200 €
- Silver – 10,000 €
- Gold – 50,000 €
- Platinum – 100,000 €
- VIP – +250,000 €
Twisted Info on Costs
Another solid proof of the IGM Limited broker not being a legitimately operating business is the fact that they offer leverage that breaches the regulatory framework in the UK. From the starting ratio of 1:30 all the way up to 1:200, this high exposure efficiently pushes you into risks you do not wish to take, especially if you’re a beginner.
Even the spreads could not be confirmed to be as low as 0.7 pips for the most expensive account. Starting off, you’re subjected to high trading costs from 2.9 pips on Forex pairs.
Nothing to Earn on This Server
Considering what we’ve seen so far with this company, we can’t recommend trading through them. Not only is IGM Limited trading service barebone and basic, but the entire trading environment is purely artificial. Their entire platform also suffers from a serious lack of transparency, especially when it comes to monetary transactions.
The fact that all the actual costs are hidden and the legal docs are so uninformative is another reason not to invest here. Funding methods are supposed to be credit cards and crypto, but completely other channels are present in the user dashboard.
Dealing with fraudsters like this one carries other risks than the loss of invested funds. These cybercriminals are known to abuse client personal data for themselves, or sell it to various unscrupulous third parties. In the end, you may find your identity and personal privacy compromised and abused by other swindlers!
Don’t Risk, Get Funded Instead!
Choosing a broker, and crunching numbers is always a difficult task, especially when you’re trading on a budget. If you’re a talented trader who wishes to take their game to the next level, take a look at our funded trading program instead.
We’ll have you set up with a funded trading account with as much as $180,000 in no time, so you can finally put the edge to your advantage! Book a free Zoom call with our representatives for more information.
What is IGM Limited?
The firm is a false trading domain that has been blacklisted for illicitly selling brokerage services.
Is IGM Limited Regulated?
No, the site presents forged licenses data and FCA has them flagged for unlawful operations.
Can I Withdraw Profits from my IGM Limited Account?
Most probably not. That’s why it’s better to go with a funded program and a prop trading firm that you can find out more about through our site.