IamFX offers 3 forex trading account types. All of them offer No Dealing Desk (NDD) market execution with tight variable spreads, and micro tradeable lots. Basically, the higher your initial deposit, the lower the commission applicable.
Prime account for institutional traders, as well as account management services
The Company. Security of Funds
Company Country Regulation
IamFX Limited Republic of Panama N/A
IamFX offers trading in around 50 currency pairs, various CFDs and precious metals on the widely used MetaTrader 4 platform.
This is a brand name used and owned by IamFX Limited, a company registered and located in the Republic of Panama. It is also registered by the Financial Services Commission in the British Virgin Islands (BVI).
We generally advise traders to avoid non-regulated and offshore companies and to invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC. However, this is not exactly the case with IamFX.
This broker operates since 2009 and is one of the first to offer true STP/DMA execution on MT4 platform. It also acts as liquidity and technology provider and has earned good reputation in the forex realm.
Minimum Initial Deposit
In order to open an account with IamFX, one has to deposit $500, which is slightly higher than the average. For example, FX Choice, another brokerage registered offshore, requires $100 as a start and this minimum initial requirement applies to all account types (including the ECN one).
Average spreads & Commissions
This brokerage offers low variable spreads, averaged around 0.3 pips on EUR/USD. The commission applicable varies by account type from $3.5 to $5 per lot (one way). So, basically the trading cost per lot is around 1.3 pips, which is average.
In comparison, FX Choice provides average spreads amounting to 1.2 pips on EUR/USD on its commission-free accounts, while its ECN spreads are averaged 0.5 pips and a commission of $3.50 per lot (per side) applies. For further information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage rates offered by IamFX are high, reaching 1:500. Yet, most brokers offer leverage within the range of 1:200 – 1:500, including FX Choice. Some even provide higher leverage levels.
Nonetheless, we advise traders to be careful when operating with high leverage levels, for they involve greater risk.
IamFX supports the most popular forex trading platform – the MetaTrader 4 (MT4), developed by MetaQuotes. With this broker, it is available as desktop and mobile versions.
IamFX’s MT4. Click to enlarge.
MT4 offers ease of use and multiple functionalities. The platform provides access to a wide range of technical analysis indicators, extensive back-testing environment, advanced charting tools and a wide range of Expert Advisors (EA), allowing clients to fully automatization of trades.
VPS hosting is also available – enabling traders to have their trading platform (and EAs) hosted remotely.
Besides, IamFX has partnered with Myfxbook to offer their AutoTrade platform – an account mirroring (trade copy) service. This service allows you to copy the trades of systems on Myfxbook directly into your IamFX MetaTrader 4 account. There are no volume based fees associated with AutoTrade, nor any need to install any complex software.
Premium account holders are offered $500 Welcome Bonus, if they deposit at least $1000. To withdraw the bonus, the Client must trade of at least 90 standard round turn lots within 3 months of crediting the bonus on his trading account.
Black Mamba account holders, on the other hand, may benefit from up to 100% Deposit Match Bonus. To withdraw the bonus, theymust trade a specific number of standard round turn lots within 9 months of crediting the bonus.
Methods of Payment
IamFX offers its clients the following payment modes: credit/debit card, bank wire transfer, China Union Pay, Skrill, Neteller and WebMoney.
Withdrawal requests are processed within two (2) business days. Keep in mind that withdrawals via wire transfer will incur a $24 fee or equivalent in other currency.
IamFX is a Panama based pure STP broker that supports the MT4 platform. Although this broker is registered offshore, it is in the forex industry for 8 years and has overall good reputation.
IamFX Review Conclusion
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