The location of the IGM FOREX
Our Office is located at 108 Franklin Roosevelt Ave, A.T. Stavrinides Tower, Office 201, 3011, Limassol, Cyprus. Tel: +357 25 252371 Fax: +357 25 260582
IGM FOREX regulation
Yes, IGM Forex Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF license number 309/16
IGM FOREX operations
IGM FOREX has been established since 2016 with activities across European Economic Area.
Where are the IGM FOREX services available?
The IGM FOREX currently provides services only to residents of the European Economic Area.
SAFETY OF MY PERSONAL INFORMATION AND MY FUNDS
CUSTOMER SUPPORT’S availability
Our Customer Support Department is available from Monday -Friday, 08.30: 17:30. Should you have any questions related to your registration, accessing your client portal, downloading your trading platform or any other question related to our company, please contact our Customer Support Team at firstname.lastname@example.org
BACK OFFICE DEPARTMENT’S availability
Our Back-Office Department is available from Monday -Friday, 08.30: 17:30. Should you have any questions related to completing and verifying your application or deposits, withdrawals and available payment methods, this is the correct department to contact. Kindly send them an email to email@example.com
What is a demo account?
A demo account is a virtual simulation, of the real trading account, that enables trading under actual market conditions. At IGMFOREX, we offer a demo account, for free, for 30 days, upon registering for one. The next step is downloading and installing the trading platform.
Demo account’s conditions
You will be able to experience the conditions of a standard account with the virtual funds already placed in your account. However, if you do not log in, to your demo account for 30 days, it will be disabled.
The difference between a demo and a real account?
Trading on a demo account, will enable you to experience, the real market conditions, with the virtual funds whilst on your real account, you will be trading with your own funds. You will feel the movement of the market on both accounts and you will see the same prices and spread. Even when you open your live account with IGM Forex, you can still trade on your demo account, and practice different trading strategies.
ACCOUNT OPENING, MAINTENANCE AND FUNDING – REAL ACCOUNT
What types of live accounts are available at IGM Forex?
At IGM Forex we offer 2 types of accounts: Standard and Pro.
What is the client categorisation?
As per European Union (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations) and the MiFID II Regulations, all investment firms are required to categories their clients as eligible counterparties, professional clients and retail clients.
What is an eligible counterparty?
The following entities can be considered as eligible counterparties; EU investment firms, other regulated investment firms, credit institutions, pension funds, insurance companies, portfolio investment companies, national governments.
Who can be considered as a professional client?
There are 2 categories of professional clients. The professional clients per se and the professional clients who possess relevant knowledge and experience and can request to be categorised as professional client and meet the relevant criteria as described in the Law. For more detailed information regarding the professional clients, kindly refer to our Client Categorisation Notice
Who can be considered as a retail client?
A Retail client is a client that is not either an eligible counterparty or a professional client. All our verified clients are classified as a retail client.
I would like to be re-classified what I need to do?
Our Retail Client has the right to, request to be classified as a Professional Client. An email with the request must be sent to firstname.lastname@example.org
It is important to mention that Professional Clients will be afforded a lower level of protection.
A Professional Client has the right to request to be classified as a Retail Client in order to obtain a higher level of protection. An email with the request must be sent to email@example.com
An Eligible Counterparty has the right to request to be classified either as a Professional Client or Retail Client in order to obtain a higher level of protection. An email with the request must be sent to firstname.lastname@example.org
*Re -classification process is done upon the assessment of the request and the supporting documents provided
Do you offer SWAP free accounts?
No, we do not offer SWAP free accounts.
What is the maximum available leverage?
As per the current ESMA regulations, the leverage that we offer is:
1:30 for Major Currency Pair CFD’s
1:20 for non-Major Currency Pair CFD’s, Gold and Major Index CFD’s
1:10 for Commodity CFD’s other than Gold, and non-Major Index CFD’s
If you have limited knowledge and experience, the lowest leverage you can receive is 1:25. However you can request leverage up to 1:10 or even 1:1 if you wish to do so.
Do you offer joint accounts?
No, we do not offer joint accounts.
What is a corporate account?
When a Registered Corporation intends to open a trading account then a corporate account is the correct choice as it enables the assigned authorized representative(s) to deposit, trade and withdraw on behalf of the applicant. Please contact us
for more details, thank you.
Do you offer corporate accounts?
Yes, please contact us
for more details, thank you.
What kind of documents will I have to provide for the opening of my live account?
The following documents, should be submitted, during the application, for the opening of your live account;
- Proof of Identity- passport, national identity card. Please note that, your photo, issue & expiry dates, your signature and your personal details including serial number must be clearly visible.
- Proof of Residence- bank/card statement or utility bill, dated within the last six months. The samples of the documents, which can be provided are: *Water/gas/electric/internet/telephone bill.
Please note that we do not accept mobile telephone bills and online statements.
In case you are unable to upload your documents, or you are receiving an error, while trying to do so, please check the following:
- the size of the document does not exceed 25MB
- that the document is in one of the following formats: gif, jpg, tiff, pnp, doc, docx and pdf.
If the error persists and you are not able to upload your documents, kindly send them to email@example.com.
National ID example:
We accept official documents in all European languages.
How long it takes to open a live account?
Once you have completed our registration process and uploaded your documents, it can take up to 48 hours, for your application to be approved and your live account to be opened, if no additional to provided information is required. The information that we ask during the registration process is to ensure that the products you wish to trade are appropriate for your profile. This ensures we are compliant with the requirements of the Markets in Financial Instruments Directive (MIFID)
. The status of the application can be checked via the client portal under “My account”.
How do I change/edit my personal details?
Please note that you can amend your name, by sending an email to firstname.lastname@example.org
with the explanation on why you wish to change it and attach a copy of your identity document, and you will be notified accordingly on the status of your request
Please note that you can change/update your email address and your telephone number via client portal.
Please note that you can update your residential address by sending us an email with a copy of your proof of residence attached and we will update it accordingly.
How many trading accounts can I have?
You will be able to open maximum 3 trading accounts, once your original application has been approved and considering that you have funded your firstly opened account.
What deposit and withdrawal methods do you offer?
What is the minimum deposit?
The minimum deposit for a Standard account is 250 EUR, USD or GBP depending on your account’s currency.
The minimum deposit for a Pro account is 1000 EUR, USD or GBP depending on your account’s currency.
We offer the EUR, USD and GBP accounts only.
Can I use another person’s credit card to deposit?
No, we only accept the payment method that belongs to you. In case, when a 3rd party deposit is detected, it will be refunded to the original payment method, with fees passed from IGM Forex.
How soon my account will be credited with deposited funds?
Credit/Debit Card payment confirmation
If you have chosen to deposit your funds, using your credit/debit card, please note that, we reserve the right to request a copy of your credit/debit card and a credit/debit card statement, to confirm this payment method, for security purposes. Please note that, the provided information will be contained internally only.
When a copy of your card has been requested, please cover the 8 middle numbers on the front (and back if necessary) of your credit/debit card image. Also, cover the CVV number on the back of your credit/debit card image.
Copy of Debit / Credit Card example
Do you charge deposit fees?
Yes, we apply fees on Credit /Debit Card deposits.
We reimburse all fees charged on other deposits methods.
Do you allow internal transfers between the own accounts?
Yes, we allow internal transfers, however we process such requests manually, and if all is in order, they are approved during working hours. Internal transfer request must be submitted from your client area. If you are unable to submit your request, via your client portal, please send an email, from your registered email address, to email@example.com
, with the following details: Source account number and the currency, Destination account number and the currency and Amount of the transfer. Please note that, the platform conversion rate, at the time of the transfer, will apply for the transfers between the accounts of the different currencies.
*important- enough free margin is required, execute the transfer.
How do I request a withdrawal?
You can withdraw funds from your trading account choosing the same option you have chosen for deposit, in your client area or via our website.
Will I be able to request withdrawal whilst I still have open positions?
You will be able to request withdrawal of your funds, even when you have your positions opened, on condition that, you have enough free margin, to cover that withdrawal and any fees that may occur.
The case of a lost or stolen credit/debit card used for deposit
In case of a lost or stolen credit/ debit card, you are kindly asked to send an email, from your registered email address, with an official document stating that your card has been lost/ stolen and that is now cancelled. We will instruct you then on how to proceed.
Cancelation of the withdrawal request
You can cancel your request, via client portal, under the My transfers tab, section My Money, press Cancel.
How long it takes for a withdrawal request to be processed?
Are there any withdrawal fees?
No, we do not charge the withdrawal fees, although in case of wire transfer withdrawal, banks may submit the payment to the charges after your funds leave our bank account. There is no withdrawal fee on the credit/ debit card method as well. We apply withdrawal fees on Neteller and Skrill only.
What can I do if I do not receive my withdrawal?
Please contact our Support or Back Office Department to investigate at firstname.lastname@example.org
Paying tax on profits
Please note that, it is client’s personal responsibility to pay taxes. Kindly refer to your region’s governing legislation or seek independent advice. We as the Company, will only inform your tax authority, whether you profit, if it is required by regulations and/or regional legislation.
What does STP means?
STP stands for Straight Through Processing, it is a type of a forex brokerage model. IGM Forex is an STP broker, this means that all our clients orders are sent directly to our liquidity provider, without a dealing desk involved. An STP brokerage provides a transparent trading environment that avoids any conflict of interest with our clients.
What is a CFD?
A CFD is an abbreviation for Contract for Difference is a financial transaction that allows the trader to in the price movement of underlaying assets without having the ownership of them. In this contract, both parties (seller and buyer) agree that, upon contract’s expiration, the seller will pay the buyer the difference between the value of the asset, at the time of the contract agreement and the contract expiration. In the case of the negative difference, the buyer must pay the difference to the seller. When a trader expects that, the price of a CFD will drop, he is selling (going short) and when a trader expects that the price will rise, he is buying (going long).
What are the Trading Hours?
Trading hours are from 00:00 Monday until 23.00 Friday. Trading hours are GMT+2 (GMT+3 during daylight saving/summertime (DST)).
What is negative balance protection, and do you offer it to your clients?
Negative balance protection is the feature designed to ensure that the clients cannot lose more funds that they currently have on their trading account. It is in place to ensure that the traders, who have losing positions, do not enter negative balance, on their trading account. At IGM Forex we offer negative balance protection to our clients.
I see the difference between the price on the chart and the one on my terminal
What you see as the difference is called the spread. On the charts the bid price is always shown by default. When you open a buy position, it is opened at the ask price and closed at the bid price. The difference between bid and ask is called the spread.
The difference between the balance and the equity of my trading account
The balance of your account indicates the amount of money upon closing of your positions. Equity, on the other hand, signify your available funds, taking into consideration not only your closed positions but as well the profit/loss on your open positions.
I have placed a pending order and it has not been executed, why?
One reason for this is that, you did not have enough funds to open the position when the order was placed and if this is the case you can find your pending order in your account history, under deleted orders. Second reason can be that, the specific price was not reached (for pending Buy Orders, the ask price must reach your specified level and for pending Sell Orders, the bid price must reach the specified level).
What is the margin level shown on the platform?
The margin level is the percentage of equity vs. used margin. Once this reaches 100% then a margin call is triggered. Margin level (%) is calculated as follows:
Equity / Margin X 100.
What is a stop out?
Stop out is the mechanism, activated once your margin level drops below the margin call level and closes your open positions, starting from less profitable, in order to avoid a possible negative balance.
What is a stop order?
It is a type of pending order that placed by a trader close the position when the price reaches a certain level. Buy stop order is an order to buy, that is placed when the price reaches the level above the current price. When the price hits the specified price, it becomes a market order. Sell stop order is an order to sell, that is placed when the price reaches the level below the current price. When the price has reached the specified level, it becomes a marker order. These orders are placed to take advantage of upswings and to minimize loss during downswings.
What is a limit order?
It is a type of pending order that is placed by a trader to open a position when the price reaches a certain level. Buy limit order is an order to buy, that is placed for the position to be opened, when the price reaches a lower level of the current price. Sell limit order is an order, that is placed when the price reaches the level that is higher than the current price. These orders tend to get a better price than the current market price, but there is no guarantee that the orders will be filled.
What is Swap?
To explain what swap is, we must take into consideration that, the forex transactions are based on spot terms and if a client closes the order during one workday, it does not cause a problem. In case, the client leaves the position opened, the rollover of the position operation that, is called swap occurs. The same position will be “closed” and reopen at the close price and the funds that are equal to the swap size are deducted from or added to clients trading account. So, swap is an interest that is paid or earned by a client for leaving the positions (trades) opened during the night. According to clients open positions, there are two types of swaps; swap short, that is used for keeping short (selling) positions opened and swap long, that is used for keeping long (buying) positions opened.
How is Swap calculated?
Swap is calculated automatically in the end of every trading day. For Wednesday to Thursday rollover, swap is deducted/added in a triple size (for Wednesday, Saturday and Sunday). In the MetaTrader 5 trading platform you can see all the current swap rates of every currency pair (to do this, right click and choose “Symbols” in the “Market Watch”. Choose the currency pair you need in the appeared window and click the “Properties” button. Swap rates of long and short positions are displayed in points).
Do I need to download any software before I start trading?
You will have the option to choose, to either download our trading platform via the website, or you can use our licensed web-based platform. We support the following operating systems: Windows, IOS and Android. For more information, simply click on our trading platform info.
What platform do you offer?
At IGM Forex we offer the Meta Trader 5. It is a comfortable, multi-functional trading platform designed for a modern trader. Traders can enjoy the freedom of movement as they can trade from their smartphones, iPads and tablets, and the web platform allows more enables trading from any device and browser.
What services are available built in the platform?
Meta Trader 5 offers the following services; built in trading robots and technical indicators, freelance database of strategy developers, automatic coping of trading operations from one account to another and the forex VPS (the virtual hosting that enables traders to have the around the clock virtual platform).
MarketWatch window and charts on the platform
For you to see, all trading instruments, on the MarketWatch window, you will have to right click, while in the window, and select the option Show All. When the platform is downloaded for the first time, the charts will show Waiting for Update, message, then simply chose the trading instrument, from the MarketWatch window list and drag it to one of the charts.