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IamFX Review Scores


Overall score: 3.6 / 5

Total votes: 42
Platform
1
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IamFX Discussion

markkuch (markkuch)
Apr 26 2011 at 15:26
5 posts
to didier... why do you say 'the commission is too high even for large accounts' when everyone else is saying that their spreads are really low?

Trading is like whisky: full of ingredients.
didier (didier)
Apr 26 2011 at 15:34
13 posts
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 ;-)

didier (didier)
Apr 26 2011 at 16:00
13 posts
To Markkuch : I agree that the commission is not displayed on the main page of the website :-) It is like for the insurance, always read the smallest caracters.

However, when you check on their Account's type website, you will read this :
Micro Account - Commission 1.2 pip
Standard Account - Commission 1.0 pip
Institutional Account - Commission 0.6 pip

So, IamFX is charging the Spread + Commission on each trade !

To be able to see the commission they charge on your MT4, Go to Terminal, right-click and tick the Commissions. Then, you will see on each trade the exact amount of commission you are paying to IamFX.

Hope it helps,
Didier

markkuch (markkuch)
Apr 26 2011 at 17:41
5 posts
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.

Trading is like whisky: full of ingredients.
mattam
Apr 26 2011 at 19:19
2 posts
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.

markkuch (markkuch)
Apr 26 2011 at 22:33
5 posts
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.

Trading is like whisky: full of ingredients.
didier (didier)
Apr 27 2011 at 03:09
13 posts
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

markkuch (markkuch)
Apr 27 2011 at 09:23
5 posts
agree, execution is good and never experienced server downtime/disconnect

Trading is like whisky: full of ingredients.
rgabor
Sep 28 2011 at 07:55
47 posts

   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.

Solution: I close mt4 then reopen and all fixed.

rgabor
Sep 28 2011 at 07:56
47 posts
I am also using IamFX Demo and Real account.

Customer Service are let say great, at least they are there without delay :)

Execution time is fast, but depend also on the network connection.

There is only one think I do not like in IamFX.

You can fund your account with CC card, and with most broker money would be reflected in our account fast. However with IamFX that can take from 30 min to 8 hours.

So I would say they are little slow on this.

I do not have yet any experience on Withdraw but I would be happy if someone can comment this.

I am asking this as they are not FSA regulated. So hopefully no issue with them, but who knows. Any comment on that?

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