IgoFx Review: Learn About This Scammer Before Investing

IgoFx Review

Offshore brokers are some of the worst companies you can invest with. They do not vouch for your security and you might as well burn your money instead of giving it to them because you will never see it again.

IgoFx is one such broker and naturally, we recommend you stay away from them. We wrote this IgoFx Review to warn you about these scammers and show you some of the tactics they use to lure investors, so you can know not to fall for them in the future. Let’s start!

Broker name Reliable Broker Must Have
Legal name: IGO Global Limited Transparently displayed in the disclaimer or legal documents
Regulation: No Within your legal jurisdiction – local regulator
Registered in: Vanuatu Your country or the country whose license applies in your legal jurisdiction 
Established: 2012 The older the domain – the higher the possibility the company is trustworthy
Website: igofx.com Domain should be from local or international zones, no .xyz, etc.
Financial Authorities Warnings: SCM, MAS None
Contacts: Email: [email protected], [email protected]

Phone: +44 20 3289 4398

Phone, email, social media, web form
Is withdrawal possible: Highly unlikely Yes
Fees: 5% for credit car payments Transparent fees – list of spread and commissions
If Active on Social Media: Twitter, Facebook Often present on social media
Investor Protection: No Compensation fund

Regulation Info

First off, IgoFx is registered in Vanuatu, a known offshore scam region. This country is far from strict when it comes to regulating brokers. It does not require brokers to have high minimum operating capital, funds protection, or a secure trading environment, which consequently puts traders at significant risk.

But the situation is even worse than usual because Vanuatu stripped IgoFx of their license, implying the broker was involved in substantially shady activities. And the fun does not stop there. Malaysian SCM and the Monetary Authority of Singapore both issued public statements, warning people against doing business with IgoFx.

IgoFx Profile

in-depth IgoFx review

You can find this broker on igofx.com, and you will see some parts of its trading conditions are excellent. The first notable feature is its platform – MT4. Alongside MT5, MetaTrader 4 is at the very top of trading platforms, loved by novices and veteran traders alike due to its high functionality and a broad set of advanced tools. You can enjoy IgoFx online trading but the broker also has a mobile app that you can download as an IgoFx APK.

Moving on to IgoFx Account Types, you have only three options:

  • Mini – $1
  • Standard – $300
  • Premium – $20,000

The minimum deposit is in line with the industry’s best practices, but do not let that fool you. They are still offshore brokers and no trading benefit can make up for that. Another factor that goes in line with their shady background is their leverage of 1:1000, which is extremely high even for experienced traders! Additionally, the IgoFx Spread depends on the currency pair. For AUD/CAD, it is 8 pips and for the AUD/USD pair, it is 3 pips.

The people at IgoFx were aware of their flaws, so they thought of other incentives to attract more investors. Those include the IgoFx Promotion which is a 30% on-deposit bonus and the IgoFx Rebate. But be careful with the bonus part as it usually comes with strings attached in the form of trade volume requirements that you may not be able to fulfill.

In order to get the rebate, you would have to enter the IgoFx Contest. The first 500 traders that open accounts get $5 for every lot they trade.

Trading platforms: MT4
Account types: Mini – $1

Standard – $300

Premium – $20,000

Financial Instruments On Offer: Currency pairs (USD/EUR, CAD/USD, AUD/JPY, etc.)

Metals (gold, silver, aluminum, etc.)

Maximum leverage: 1:1000
Minimum Deposit: $1
Commissions/bonuses: Yes (30% on-deposit bonus, rebate program)
Mobile app: Yes
Desktop app: Yes
Autotrading: Yes
Demo account: No
Education or Extra tools: No

Is This Broker Safe?

No, igo fx is not safe! As mentioned, their regulator is as lenient as they come, which is extremely bad news for all traders. You are not protected in any way and the broker can do whatever it wants with your money, so it is best not to invest with it in the first place.

There are plenty of brokers similar to igo fx like Seastock24, for example, but we know many others that you can and should seriously consider. So contact us today and see if any of them seem like good partners to you!

Trader Reviews – Sharing Experiences

IGOFX reviews from FPA

We could not find this broker on Trustpilot, which we never like to see. All reputable companies have verified accounts on this go-to trader review website and those who do not usually have something to hide.

However, we did manage to find a kind of an IgoFx MyFxBook review. A trader had a bad experience with another broker and decided to write a comment on them. At the end of his post, he mentioned this:

“The funds of mia have exceeded 1 billion USD and will be bigger than the IGOFX scam.”

But let’s look at more concrete evidence, like the reviews on Forex Peace Army. Many people left an IgoFx Complaint, with one Singaporean trader saying:

“This is a SCAM broker. Be very careful with them. I lost $1000…”

How Does the IgoFx Platform Reach Clients and Who Are They?

With a fair number of reviews online, and additional research, we managed to find the areas this broker mostly targets. Those include:

  • Malaysia
  • India
  • Singapore
  • Philippines
  • Colombia

The Asian market seems to be the preferred hunting ground for this scammer, so be careful if they reach out to you or if you see their ads online.

But do not fall for their marketing either. Although old, we saw IgoFx Carigold entries promoting the company, which only shows you how far this scammer will go to get people to invest with it.

Deposits and Withdrawal Methods

As far as deposits and withdrawals go, the broker accepts only a few payment methods:

  • Bank wire transfers
  • Credit/Debit cards
  • Perfect Money

There is also an IgoFx Commission with most of the methods for both deposits and withdrawals. For each IgoFx Investment in an account via credit/debit card transfer, you have to pay a 5% fee. There are no additional costs with Perfect Money transfers and bank wire ones only come from your bank.

Reasons To Avoid This Company

Out of all the possible things they could have done, the IgoFx Broker has made a cardinal sin in trading and that is opening an offshore office. Those brokers might as well be unregulated, and much like Sky Gold Market, you should not do business with such fraudsters.

Some parts of their trading environment are great, but nothing can make that Vanuatu office disappear and make the broker a safe option for traders.

Our Safe Trading Experts’ Opinion of IgoFx

To conclude our IgoFx Review, this broker is involved in very shady activity and you should not approach them. Should you do it anyway, you will be entering a highly risky situation, which we wholeheartedly discourage.

And if you have been scammed by this broker and want an IgoFx Cashback, contact us today! We will do our best to help you get your money out of the claws of this fraudster.

FAQ Section

What Is IgoFx?

IgoFx is a fraudulent broker that is only after your money. The IgoFx Exchange has a suspicious trading environment that we advise you to avoid.

Is IgoFx Regulated?

No, it is not. The broker comes from Vanuatu, which is known for harboring scammers. Furthermore, some regulators even issued warnings against this scammer, making IgoFx’s credibility non-existent.

What is IgoFx’s Leverage?

The leverage at IgoFx is 1:1000. This is extremely high and yet another sign that they are scammers.

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