IMMFX Review: Unregulated Broker with Arguable Practices and Risks
You’ve probably come across IMMFX. This is a shady online broker offering forex, stocks, and commodity CFDs through the widely-used MetaTrader 4. In this IMMFX review, we’ll explore the legitimacy of IMMFX, its asset pairs, available platforms, the trading environment, and much more.
Before we get into the details, it’s crucial to understand that safety and reliability should be your top priorities when choosing a broker. So, let’s dive in and find out whether IMMFX is worth your consideration.
|IMM Group Ltd
|Unregulated Offshore Broker
|Warnings from Financial Regulators:
|St. Vincent and the Grenadines
|[email protected], (+44) 7723 855 091
|Majority of clients are from:
|Email, phone, and online chat
IMMFX Legitimacy: Is It a Reliable Broker?
IMMFX is a bizarre veteran in the online brokerage industry. The parent company, IMM Group Ltd, is said to be registered offshore in St. Vincent and the Grenadines, and it claims to be licensed by the SVGFSA.
However, there’s a major red flag here. St. Vincent and the Grenadines Financial Services Authority (FSA) doesn’t issue licenses for forex, nor does it regulate binary options trading. This raises concerns about the legitimacy of IMMFX’s claims.
Besides, it’s important to be aware that immfx.com has received a warning from CNMV (Comisión Nacional del Mercado de Valores) in the past. Traders should be cautious as this firm shares similarities to another potentially fake broker called Iron Gates. It’s essential to exercise due diligence and consider this information before opening a trading account with IMMFX.
Trading Assets Available: Diverse Options for Traders
IMMFX specializes in forex and CFD trading, offering a range of assets for traders to explore. Here are some of the key features:
- Over 60 currency pairs, including majors, crosses, and exotics.
- CFDs on indices
- Commodities such as oil and precious metals.
However, it’s worth noting that IMMFX doesn’t support trading on ETFs or options. Additionally, some trading strategies, like scalping, may not be supported. While the asset selection is decent, traders should be mindful of these limitations.
Trading Platforms Available: Choose Your Preferred Platform
IMMFX offers the popular MetaTrader 4 (MT4) platform, famous for its reliability, speed, and superb features. Here are the available options:
- MT4 for Desktop. The downloadable version provides a full range of technical indicators. It also provides interactive charting and Expert Advisors (EAs).
- MT4 Web Trader. A web-based version of MT4 allows traders to execute orders from any browser with internet access.
- MT4 Mobile App. The mobile app is available for both iOS and Android devices. It lets traders manage their trading positions from anywhere.
While MT4 is feature-rich and highly regarded, it’s essential to remember a few things. Trading analysis is typically more effective on a desktop due to the limitations of smaller screens.
General Trading Environment: Fees and Leverage
The trading fees at IMMFX are advertised as tight, with average spreads starting at 0.1 pips for the EUR/USD pair. Spreads for other major currency pairs are generally less than 1 pip, with crosses having slightly wider spreads. However, it’s essential to note that IMMFX operates on a variable spread system, meaning the actual figure may differ from the quoted spread.
Traders should also be aware of the commission charges on withdrawals, which. Namely, these can be relatively high compared to other brokers. The leverage options at IMMFX broker range from 1:2 up to 1:200. But, it’s crucial to be mindful in general, especially with highly leveraged trades.
Get in Touch with IMMFX Support
Have a question or need assistance? IMMFX’s customer support team is just a click or call away. You can allegedly reach them through various channels:
- Feedback Form: Easily accessible on the “Customer Support” tab.
- Phone (For Nations Abroad): Dial (+44) 20 3695 0059.
- Email (General Enquiries): Drop an email to [email protected].
- WhatsApp: Reach out at (+44) 7723 855 091.
- Skype: Connect with IMMFX.SUPPORT.
- Live chat: Get real-time assistance.
Their support team is available round-the-clock from 19:00 on Sunday to 20:00 on Friday (GMT).
IMMFX Withdrawal Options: Know Your Choices
IMMFX forex broker provides a sweeping range of payment options. Let’s take a peek at them down below!
- bank transfer,
- Western Union,
- PAYEER, and
- various cryptocurrencies.
Apparently, withdrawals may take 1-5 days. Still, this is a suspicious broker that isn’t likely to issue a payout. Keep in mind that different payment methods may carry different fees. Also, a commission may be charged on specific deposit methods.
Trader Reviews: The Power of Trustpilot and Glassdoor Ratings
Trusting the opinions of fellow traders is vital in the world of online trading. The reviews on platforms like Trustpilot and Glassdoor can provide valuable insights into a broker’s performance and reputation.
When it comes to IMMFX, its average 3.0-star rating on Trustpilot warrants attention. Many customers have raised concerns about withdrawal issues in their reviews. This feedback highlights the importance of taking these reviews seriously and using them as a guiding light when making crucial decisions about your trading journey.
These platforms act as a window into the experiences of real traders who have interacted with the broker. They offer an unfiltered glimpse into the pros and cons of the service, giving you a clearer picture of what to expect. By reading these reviews, you can better assess the reliability and trustworthiness of brokers like IMMFX or JPY500.
Note: Protect your assets by selecting transparent brokers with positive reviews. Be an empowered trader with the knowledge to navigate wisely. Need help finding the right broker? Contact us today!
Protecting Yourself from Shady Brokers
In forex trading, knowledge is your most potent weapon against potential scams. Unraveling the dark tactics employed by certain brokers is crucial to protecting your assets. Scam brokers dangle unrealistic profits through flashy marketing techniques. It’s essential to remain vigilant and steer clear of these hollow promises.
Another risky pitfall is excessive fees and hidden charges. Some unscrupulous brokers impose high commissions on trades without providing transparent disclosure. Such practices can severely dent your profits, leaving you questioning the legitimacy of your chosen broker. Therefore, opting for reputable brokers with clear and transparent fee structures is imperative.
Besides, unsuitable trade execution and price manipulation pose significant risks to traders. These unethical tactics work to the broker’s advantage, often at the expense of traders. Your trading profitability could be greatly impacted, leading to frustrating losses that may have been avoidable with a more reliable broker.
In this context, we must also expose another shady broker to avoid—Konohafx. Like many deceitful brokers, Konohafx may resort to similar tactics to lure in traders. Always stay cautious and prioritize due diligence before committing to any broker.
IMMFX No Deposit Bonus: A Word of Caution
IMMFX offers a 20% deposit bonus to both new and existing customers. However, it’s essential to understand that this promotion comes with conditions.
The bonus amount cannot be withdrawn. This may hinder your ability to withdraw profits made from your own deposited funds. Traders should carefully evaluate whether this bonus aligns with their trading strategy before availing it.
Long Story Short – Is IMMFX Worth Your Trust?
While IMMFX presents itself as a veteran online broker, there are some red flags to consider. Its offshore registration and licensing claims raise concerns about legitimacy. The warning from CNMV and customer complaints about withdrawal issues add to the skepticism.
While the broker offers a diverse range of trading assets and reliable platforms, it’s crucial to think of safety when choosing a broker. Always conduct thorough research and consider customer reviews before making your decision. Remember, your trading journey’s success hinges on the trustworthiness of your chosen broker, so stay informed.
If you’re interested in learning more about regulated brokers, contact us for help!
Is IMMFX Legit?
IMMFX raises concerns due to offshore registration and unverifiable licensing claims.
What Does IMMFX Offer?
IMMFX provides forex, CFD trading on stocks, indices, crypto, and commodities.
Is It Safe to Trade With IMMFX?
Due to potential risks and red flags, trading with IMMFX may not be safe.