IM Markets is a broker that provides forex, commodities, and indices trading services to investors. The official website of IM Markets is https://im-markets.com/, and the website supports Simplified Chinese, English, French, German, Italian, Spanish, Portuguese, Dutch, Russian, and Arabic as languages. According to the domain registration information obtained from a Whois query, the company's official website domain was registered on April 11, 2023, and the domain registration period does not exceed one year.
Company Background:
Information on the IM Markets official website indicates that the company is registered and established in Saint Vincent and the Grenadines. Results from the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) website confirm the authenticity of the company's registration information. Additionally, the domain registration information obtained from a Whois query indicates that the company's official website domain was registered on April 11, 2023, and the domain registration period does not exceed one year.
Account Registration:
The IM Markets official website provides registration links for both real and demo accounts. The registration process for a real account involves clicking "Register" in the top right corner of the IM Markets official website, selecting or filling in the required information such as account type, email, password, name, date of birth, phone, country, and address. The demo account registration involves selecting "TRY DEMO" after clicking on "Lunline Trading Platform" on the left side of the IM Markets homepage and filling in the required information such as email and password.
Account Types:
IM Markets website displays several trading account types, including STANDARD and ECN, without specifying the exact number. Information regarding the minimum deposit, spreads, commissions, margin ratios, and customer service for different account types is not provided.
Trading Products:
IM Markets provides trading services for forex, commodities, and indices, as stated on their official website. However, the website does not specify the exact trading products covered under these categories, and key information such as spreads, commissions, overnight interest rates, margin ratios, and trading hours for specific products is not provided.
Margin Ratios:
IM Markets displays on its homepage a maximum leverage of 1:1000, but detailed margin ratio information for different account types and trading products is not provided.
Trading Hours:
The IM Markets official website does not provide information on the trading hours for specific trading products in forex, precious metals, energy, and indices.
Trading Software:
IM Markets provides its proprietary Match Trader trading software for both desktop (Windows/MacOS) and mobile (IOS/Android) platforms. However, there have been reported issues with the download and installation speed of the Android version of the Match Trader software in certain countries or regions.
Trading Software:
IM Markets provides its proprietary Match Trader trading software for both desktop (Windows/MacOS) and mobile (IOS/Android) platforms. However, there have been reported issues with the download and installation speed of the Android version of the Match Trader software in certain countries or regions.
Other Services:
The IM Markets official website mentions providing an economic calendar service to help investors understand significant events in the financial market.
Risk Warning:
The IM Markets official website indicates that the company does not provide services to residents of multiple countries or regions, including Afghanistan, Belarus, Botswana, Burundi, Congo, Cuba, Egypt, Guinea, Guinea-Bissau, Iran, Iraq, Japan, Lebanon, Liberia, Libya, Mali, Nicaragua, Nigeria, North Korea, Pakistan, Singapore, Somalia, the Somali Republic, South Africa, Spain, Sudan, Syria, Togo, the United States, Venezuela, Yemen, and Zimbabwe.
Regulatory Information:
The IM Markets official website claims regulation or authorization by the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) and the National Futures Association (NFA) in the United States. However, SVGFSA does not regulate or authorize Business Companies (BCs) engaged in forex trading or brokerage. NFA website results show that IM Markets is not a registered member of NFA and is not regulated or authorized by NFA.
Additionally, the IM Markets official website mentions that its affiliated companies, IM Markets PTY LTD, is regulated or authorized by the Australian Securities and Investments Commission (ASIC). Still, results show that the Authorized Representative (AR) license held by IM Markets PTY LTD under ASIC has been canceled. Moreover, the Money Services Business (MSB) licenses registered with the Financial Crimes Enforcement Network (FinCEN) in the United States and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are authentic, but both FinCEN and FINTRAC are regulatory bodies for anti-money laundering and anti-terrorism financing, not forex brokers.
Conclusion:
There are suspicions of fraud associated with IM Markets. While registration information appears to be legitimate, queries on the SVGFSA and NFA websites raise concerns about the company's regulatory status.
Moreover, the cancellation of the AR license for IM Markets PTY LTD under ASIC, combined with the limited regulatory scope of FinCEN and FINTRAC, raises suspicions. Based on these findings, investors are advised to exercise caution when considering the services provided by IM Markets. TraderKnows reminds you to be vigilant about the security of your assets and to avoid falling into fraudulent traps.
