IamFX Review

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Company Information IAMFX is a relatively new name in the forex trading business that started its operations in 2009. The company is licensed by the FSC in the British Virgin… more

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Website URLhttp://www.iamfx.com/
HeadquartersPanama City, Panama
Support Number+44-20-3734-1512 (UK); +507-8366016 (Panama)
Support Emailsupport@iamfx.com
Support TypesPhone, Live Chat, E-mail
Minimum 1st Deposit$500
Minimum Trade Amount0.01 lots
Maximum Trade Amount100 lots
BonusUp to 100%
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationBritish Virgin Islands Financial Services Commission
Account TypesPremium, Supercore, Black Mamba, Ultra Prime
Deposit MethodsMasterCard, Visa, American Express, Discover Card, Skrill, Wire Transfer, China UnionPay, Webmoney, Neteller
Withdrawal MethodsMasterCard, Visa, American Express, Discover Card, Skrill, Wire Transfer, China UnionPay, Webmoney, Neteller
Types of AssetsForex, CFDs, Metals
Account CurrencyUSD, EUR, GBP, AUD, CAD, JPY, CHF
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

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Company Information

IAMFX is a relatively new name in the forex trading business that started its operations in 2009. The company is licensed by the FSC in the British Virgin Islands. Despite the fact that it’s less than seven years of history IAMFX has already established several offices in Panama and Canada. Their headquarters are located in Panama City, Panama. This brokerage company provides forex trading opportunities at the highest level. The fact that the broker itself doesn’t intervene with the trading process is a step that takes it above many competitors. Not having to deal with a dealer’s desk is nowadays most wanted feature currency online brokers. The reason why everyone should consider these brokers are the low spreads and excellent platform choice. Let’s see what IAMFX can offer to its clients.


Trading Information

Like many other online trading brokers, IAMFX offers three types of accounts. The first one is the Micro account that aims to please expert and beginner traders who would like to test the platform’s feature and not risk a lot of money. The minimum account size for the Micro is $100, and the maximum is $5000. Spreads here are fixed and can start as low as 0.8 pips for majors like EUR/USD, for example. Commission per standard lot is set to $1.20. The maximum leverage is 1:400 for forex and precious metals. Some currency pairs provided are 48. The second type of account is the Standard. Here you’ll have some benefits on lower commissions and lower leverages (1:200). The minimum deposit for this account is $2500. Otherwise, all other features are almost the same as the Micro account. Finally, there is the IAMFX Institutional account that aims to please large institutions like banks and give them the most attractive benefits like 1:100 leverage and no commissions. All three types offer automated trading, pending orders, one click trading, trailing stops and mobile trading.


Trading Platforms

As a reputable online forex trading broker, IAMFX needs the right type of platform that can please everyone. And their choice seems to be the most popular one with the MT4 being their main platform. There are many languages supported by the platform, and it has more than 50 indicators that you check instantly. With many customization opportunities, this platform has been proven throughout the years, and bugs are almost non-existent. Excellent features like all types of alerts (mobile or email) make it a very safe choice for every broker. The trading history will allow you to follow all of your trades and conduct a thorough financial analysis. The great thing about it is that it’s supported by all desktop and mobile devices. It works on Mac and Windows. The application can be downloaded from Android, Apple, and Windows mobile devices. The downside here is that there is no WebTrader platform, and you’ll need to download and install the MT4 on your device first.


Security and Customer Services

“World class support” – this is what is written on their website, and they are right to brag about it. Security on their website is ensured by an SSL protocol that protects personal data and ensures all sensitive information is available only to the company’s employees. They have given not one but three addresses where you can visit their physical offices. They have four telephone numbers (in Panama, Canada, Australia, UK and Toronto). Contacting the customer support can also be done using an email, live chat or Skype. A fax number is also available along with a ticketing system where you can report bugs or problems. There isn’t a lot of educational material on their website (many competitors have very thorough trading guides), but there is a demo account option where you can test the trading experience at first hand. There is no information on what is the time coverage of the customer support, but it’s probably 24/5 like many other brokerage companies.


Deposits and Withdraws

Transferring money into your IAMFX account is easy with a lot of funds transfer methods made available. The most used credit and debit card options are available (and are usually the fastest method). Some digital wallets are also supported. Maximum deposits are limited only for the Micro account. Otherwise, there is no limit. Processing fees are not mentioned on their website, so it’s unknown if there are any for certain payment methods. Withdrawals can be made using the same method you deposited the money. This means it’s a pretty straightforward process. The minimum withdrawal amount is $10. The company provides only one free withdrawal per month, so be careful if you want to withdraw funds often. If you want to withdraw more than once, you’ll be charged $30 for every additional transfer. Processing times for withdrawals not mentioned, but usually depend on the method chosen for the withdrawal.


Deposit Bonus and Loyalty Programs

As a self-respected forex trading broker, IAMFX has ensured that there are a lot of tempting offers for new customers. There is a $500 welcome bonus for opening a Premium account. The minimum deposit required is $1000. This offer also stands for existing customers that decide to deposit more funds in their accounts. The withdrawal requirements for this bonus is to trade at least three months at the platform and trade at least 90 standard round turn lots. The other excellent promotions is a 100% deposit match bonus for people who deposit $10 000 (or equivalent currency). The withdrawal requirements are a lot, and one of them is to meet a trading unit size of 100 000.

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