IGM Limited review – 5 things you should know about igmlimited.co

Beware! IGM Limited is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

IGM Limited presents itself as an award-winning forex broker we can trust with our money with peace of mind. But careful inspection shows that this would be a mistake. In this review, we will show you why it is advisable to stay away from this website and recommend more trustworthy investment intermediaries.

IGM Limited Regulation and safety of funds

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide a comprehensive set of legal documentation.

IGM Limited claims to be a UK registered company but does not provide an exact address or details of a regulatory licence. The Terms and Conditions do not include any specific information, are only a few paragraphs long and generally do not meet the requirements for such legal documentation.

To offer brokerage services in the UK, a company must be licensed by the Financial Conduct Authority (FCA). But we find no licence in the regulator’s database, but a warning that IGM Limited is not authorised.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

IGM Limited Trading software

After account registration we get access to basic web based trading software. It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

IGM Limited Trading instruments

Instruments from all major asset classes, including cryptocurrencies, are included in IGM Limited’s trading software.

But financial regulations in the UK prohibit brokers that are indeed based there from offering crypto derivatives trading. So this is further proof that we are dealing with a scam.

IGM Limited Spreads and cost of trading

In the trading platform we see a spread of 3 pips. This level is double the industry average and is very unprofitable for the trader.

IGM Limited Maximum leverage

According to the descriptions of the account types, IGM Limited offers leverage up to 1:200. This is again proof that IGM Limited is not a licensed broker.

It is not possible for a UK licensed broker to offer such risky levels of leverage. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

IGM Limited Deposit and withdrawal methods

IGM Limited allows deposit of funds via cryptocurrencies and bank transfer. Both payment methods do not allow refunds or chargebacks to be requested.

The bank transfer is to a Polish company called Quantum Corp Sp. z o.o., which is probably the real owner of IGM Limited. According to the information available online, this company is not an authorised financial services provider.

IGM Limited Minimum deposit

IGM Limited  requires a minimum deposit of 200 EUR. For the same or lower amount, you could set up a starter trading account with a licensed and established forex broker.

IGM Limited Withdrawal requirements

Since IGM Limited does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.