Does anyone know how to go about getting funds back that were in an iamfx account? I see the bankruptcy case is ongoing and they are regulated by the Financial Services Commission (FSC) of British Virgin Islands. Is the best bet to contact the FSC, or will nothing be paid back to customers until the case has been decided?
Important Update Regarding Gallant Capital Markets Ltd. Dear Customers,
Gallant Capital Markets, herein referred to as “the Company”, announced on Friday, April 14th, it has commenced a formal proceeding to restructure its balance sheet to better position itself for future opportunities. To facilitate this restructuring, the company filed voluntary petitions under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in the Eastern District of New York. While the company regrets having to take such actions, it does so in the best interests of the company and its clientele. The decision to voluntarily file results from an inability to withdraw funds from one of its regulated counterparties in order to meet liquidity demands. The decision to file was not an easy one, and was done only after a comprehensive review of all options available to the company. The firm has notified its regulatory body and will do all it can to provide information in a timely and transparent fashion to its client base as the court allows. We thank you for your continued patience and hope for a quick and satisfactory resolution for our clients and vendors.
I have been wiith IamFx for well over a year. Over-all, I find them to be very good. Their customer service people are very helpful and respond very quickly.
Their spreads and commissions seems on the low end compared to most other brokers I have checked. If you open a live account and want free VPS service, you need to deposit at least $2500 and trade 5 lots per month or something like that....Read up on the details to make sure you know what you are doing there.
I have one regular live account, one VPS account and one demo account with them. The two live accounts run exactly the same EA but the results are vastly different. After 3 months, the VPS account is basically at break even...My Regular live account is up by about 40%. My demo account uses a different strategy so I won't comment on that one.
When I looked at the trades closely, I noticed that most of my VPS trades were initiated much later than my regular account. The EA's are exactly the same, the only difference is that I had put in the programming to publlish my results on MyFxBook. After several calls to their customer service, they seem to think that sending the info to MyFxBook is probably the cause that is delaying the trades so I just deleted the info from the platform to stop sending the info to MyFxBook. I will now give it another month or so to see how it works and if both accounts do the same thing.
If they are different, then I will have no choice but to leave IamFx. I am just happy I started with very small accounts to make sure everything worked out well
I am very satisfied with IamFX Broker so far, especially with their execution which is the most important in my opinion. This broker is much more reliable in many ways. What´s more, they are always willing to help you and find the way to meet your needs as fast as 24hrs.
I would recommend to give a try with a demo account at least.😎
if you trade with ecn broker you expect low spread and commission...I have not seen another broker that charges lower that 1 pip per lot on ecn...unless you are trading 20 million per execution! Show me a cheaper ecn model?
pipdetector posted: I am also demoing IamFX and I am not impressed. For example I have been trying to close a couple of positions today for a hours and I am getting 'trading context busy' message all the time. Come on this is a demo account! So just cannot imagine how it works with real accounts.
I would say that your MT4 stuck with an order he try to execute/modify/close most probably because of network error.
It happen to me also time to time and no matter what I do, I getting the same error.
I wanted to add one good and important point to IamFX broker. They are having a FAST Execution on open & close orders, which is very important. I have never faced any delay on it like some other brokers and they server seem to be solid too (never faced any down server during the trading activity).
So, all together, when you calculate the spread + commission, they can be higher than some other brokers, but when you add the delay on orders execution from the other brokers, IamFX is still a good solution
Initially I was quite shocked to see the commissions I have paid to IamFX (thanks didier for the tip, I was aware when I set the account up but completely forgot to monitor them!) and considered shifting activity to my Markets.com account. However, after reading your reasoning (mattam) I think I will stick to IamFX as it suits me for now - if in the future I find myself managing an enormous account then perhaps this will change. For now, the TP advantage is most important as my trading account is currently very modest.
Mattam... it is easy to set up your own VPS, the costs are the computer terminal, the space needed to 'store' it somewhere out of the way and the electricity to have it always running. A simple program such as TeamViewer (as mentioned previously) will enable remote access to it. Sorry for going off topic - please start new topic to continue this subject.
I see an interesting discussion here, so just wanted to drop a few lines and my view on the topic as I'm a trader with IamFX aswell. markkuch, I'm not sure which broker you are referring to as market.com domain does not lead to a broker website, but if you are referring to markets.com, then let me compare for you the cost of trading with them and trading for example with IamFX as it is discussed here. I see the spread on IamFX on for example EURUSD is jumping from 0,7 to 1 pip. When you add to this 1 pip commission, the total cost of your trade will be 1,7 to 2 pips per trade. Markets.com says on their website their typical spread on EURUSD is 2,2 - 3, so the cost of trading with markets.com is higher than with IamFX by at least 0,2 - 1 pip on each trade. I let you decide, which one is better.
I unfortunately don't know what style of trading you have, but if you are making trades and aiming for some 10-20 pips of profit, then I don't think that a 1 pip commission can be an obstacle. I'm doing both longer term trades aimining for 30+pips TP, but also I do scalping a bit for a few pips only. I personally like to have lower spreads as it is better to hit TP and have some side commission rather than not hitting TP at all because of bigger spread. But I understand each trader prefers different trading environment.
markkuch, as far as it concerns VPS, I will not write much as I don't use VPS, but from my view, your situation looks as follows, you can either choose to trade with a broker providing you a free VPS and having a lower cost of trading, or you can go with other broker, who will charge you more for your trading and you won't even get a free VPS. I don't know how much time and money is required to actually setup a VPS by myself :-)
This is my view on this topic. If it helped you in any way markkuch, I'm glad.
Excellent tip, many thanks - I guess I am paying the price for 'free VPS' after all! After considering what you say I am thinking about switching my trading activity to my other trading account with Markets.com and just setting up my own MT4 server + remote access using TeamViewer.
To markkuch : Indeed, the spread are correct with IamFX, but don't forget to add the commission which is taken on each trade... then, the result will be higher than FxPro or even FXCM on certain pairs.
Now, if you talk about big account which are normally Institutional account, the difference between Dukascopy and IamFX is not big, it is simply huge. Only the Bottom line is interesting ;-)
I've been using iamfx for 1 month in domo account. I try to test in demo account on another broker but i don't like it because spread so wide and execute order like you watch slow motion video that the reason why i miss an oppatunity to take profit.
This month i change to trade with real account with iamfx. The performance of live server as same as demo server. Execute Order and Close very fast nearest the position i saw in chart. The commission is equa the demo account in micro account is 1.2 and 1 in standard account. If you are scraper or EA this is the absolute broker for make profit because there is lowest spread.
Funding Option only on wire transfer is uncomfortable but on FEB 2011 they allow to use credit card and moneybookers for funding my account. I'am happy with this option so much because of in my country send money via wire transfer is very difficult the bank require receive or invoice for check purpose of you transfer. They are not allow to invest in other country. So Bad
The reason you try to test in this broker is Very Low Spread = Easy to win in short term Very Low Spread = Low Risk in Short Term Very Low Spread = More Profit in Short Term
I am also demoing IamFX and I am not impressed. For example I have been trying to close a couple of positions today for a hours and I am getting 'trading context busy' message all the time. Come on this is a demo account! So just cannot imagine how it works with real accounts.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.