MMFX is an STP broker providing a platform for trading Forex, Oil, Indices and CFDs.
Company. Fund security
IMMFX is a Forex broker for IMM GROUP LTD, which is based in the offshore zone of Saint Vincent and the Grenadines. The company is regulated by the Financial Services Commission (FSPC660943) and the Vanuatu Financial Services Commission (VFSC). IMM GROUP operates in accordance with FCA requirements (Saint Vincent and the Grenadines).
The company is associated with two offshore zones, the distance between which is more than 14 thousand kilometers. The logic of the company is not entirely clear to us, but, nevertheless, even brokers licensed by regulators such as FCA do not protect the company from bankruptcy. We advise you to be careful before you decide to invest money.
IMMFX has been awarded the Best ECN / STP Forex Provider in Saint Vincent and the Grenadines.
MMFX has four types of trading accounts: Micro, Standard, Pro and ECN. There is also a free demo account with $ 50,000 virtual that can be used for test trading.
Minimum initial deposit
Depends on the type of account the trader chooses: $ 50 for Micro, $ 500 for Standard, $ 5000 for Pro Account and $ 5000 for ECN.
Spreads and commissions
Under normal market conditions, spreads on a Micro account start from 2 pips, on Standard - from 1.1, on Pro - from 0.6, on ECN - from 0.2. Don't be fooled by low spreads on your ECN account, as you will have to pay a commission. On average, spreads start from 0.6 pips in very favorable market conditions.
On average, spreads on the popular EUR / USD pair are 1.7 pips.
Traders can choose from 1: 1 to 1: 500 leverage for currencies and metals. For other assets, the broker independently sets the leverage, and the trader cannot change it.
IMMFX offers the most popular trading platform these days - MetaTrader 4 (MT4). The platform has been around for over 10 years.
The MT4 terminal has many functionalities as well as charting and technical analysis tools. It supports autotrading, Expert Advisories, is easy to trade and has stable performance. The platform also allows users to design and implement their own trading strategies, and allows hedging.
Another offering is the TradingView platform, which offers various charting and indicators for market analysis.
Works by phone, email, online chat and Skype. The company has several profiles on social networks: Facebook, Twitter, YouTube, where you can also follow the broker's news.
Ways of payment
IMMFX supports many methods for depositing and withdrawing funds: bank transfer, credit cards (Visa, MasterCard) and a long list of electronic payment systems (Epay, PayPal, fasapay, Perfect Money, paysafecard, Ok Pay, etc.). But traders will not find such popular e-wallets as Skrill and Neteller on this list.
MT4; low deposit; selection of trading accounts.
IMMFX is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker IMMFX makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. IMMFX received a score of 1 of 5 on our resource.