IGOFX offers its clients several account types, depending on the amount of their initial deposit. All account types provide commission-free trading and fixed spreads on the industry’s standard MetaTrader 4 forex platform. Micro tradeable lots are offered on Mini account types.
Besides, swap-free services are available to traders of Islamic belief. Unlike most broker, however, IGOFX does not provide free demo accounts.
In fact, the spreads offered by this broker are very high, amounting to 3 pips for the EUR/USD pair, while most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair. Also, we find that leverage levels of 1:1000 are too high and risky. What is more, we suspect that this broker uses a Market Maker model, as it offers fixed spreads, and no ECN trading environment.
The Company. Security of Funds
IGO Global Limited
IGOFX is an offshore brokerage, offering online trading in around 30 currency pairs, precious metals and binary options. Popular instruments such as CFDs on commodities, indices, and stocks are not available with this broker.
Behind the brand is IGO Global Limited., a company, registered in Vanuatu. Previously the broker was licensed in New Zealand, but got deregistered in September, 2014.
Vanuatu is an offshore jurisdiction, which offers a variety of tax benefits, however forex and binary options brokerages there are not regulated, no matter what they claim on their websites.
In addition, capital requirements in this specific jurisdiction are very low, even compared to other offshore destinations, such as Mauritius and Belize: only $2000. Little focus is placed on compliance checking and consumer protection in such zones.
To cut things short, engaging in business with non-regulated companies such as IGOFX can be very risky. You can lose all your money, even if your trades are profitable. And many people actually did. That is why, we would recommend you to select a forex broker licensed in UK, or Australia for instance, where regulation is strict and financial watchdogs are on the alert.
IGOFX supports the MetaTrader 4 (MT4), available as desktop and mobile versions.
This platform is the most widely used software in the forex industry. It is easy to use and is equipped with advanced charting tools, a number of technical analysis indicators, wide range of Expert Advisors (EA), as well as extensive back-testing options for them.
Besides, IGOFX offers advanced copy trade system, Signal Provider, as well as its in-house platform for trading in binary options. There is also daily research and analysis available on the broker’s website.
IGOFX offers various promotions, such as up to 30% on-deposit bonus, the profit from which is withdrawable after certain volumes are traded. There is also a rebates program – the first 500 customers who open real accounts can get $5 per lot traded.
Methods of Payment
IGOFX offers its clients the following payment methods: bank wire transfer, via credit/debit cards, and e-wallet Perfect Money.
IGOFX is an offshore forex broker that supports the MT4 platform. It also offers trading in binary options on its proprietary platform, We would not recommend investing with this broker, as it is not regulated, its spreads are too high, and we suspect that it acts as a counterparty to its clients (MM model).
IGOFX Review Conclusion
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