FXIM Idra Merchant is a Forex broker with a webpage that speaks broken English.
Even with good trading software or services that we recommend here, your profits will remain locked in their accounts since their goal is to illegally make money from victims.
Their website’s web address is also weird as traders wishing to access it must type fx-im.com. It’s not clear what this domain stands for.
Furthermore, their minimum deposit is $1,500 and if traders want to top up, they must do so in increments of $1,000.
FXIM Idra Merchant claims that they are a broker registered in the British Virgin Islands but at the same time giving is us a New Zealand address.
This contradiction should raise eyebrows because a straight forward broker will generally be transparent and consistent.
The company behind FXIM Idra Merchant is allegedly called NZ FINANCIAL CAPITAL LIMITED.
We are not sure whether to trust this information, seeing that their website lacks standard professionalism that every Forex broker is expected to implement.
FXIM Idra Merchant Review
Already we have lost trust in this broker as they don’t sound serious.
Their website does not provide important information beyond spreads (starting 1.3 pips) and leverage (maximum is 1:500).
There are many things that we don’t like about this Forex broker.
Apart from lacking transparency, we don’t think trading with FXIM Idra Merchant will be a good experience.
This is because their withdrawal policy sucks.
According to the FAQ page, withdrawals can only be processed if they are in the amounts of $250 or more.
If FXIM Idra Merchant agrees to process withdrawals less than this amount, they will deduct a flat fee of $50. This means a withdrawal of $250 will arrive less $50.
Furthermore, this broker says wire transfers will take between 2 to 5 days to reach you.
Why they are restricting their deposit and withdrawal methods to wire transfers is beyond us.
Other brokers (who are of course professional) have adapted a number of ways to transfer money, and their customers have never been forced to wait since deposits and withdrawals are always instant.
This is the first reason you should never use a broker like FXIM Idra Merchant.
FXIM Idra Merchant not a regulated broker
Now that we can’t trust them, we at least wanted to know if they are regulated.
If they are in New Zealand, the financial regulator in New Zealand should have knowledge of their existence there.
Unfortunately, this broker does not have a license because they are not regulated by any financial organization.
On the other hand, the British Virgin Islands address which they are giving is probably the real location of the broker since brokers in this region are not strongly regulated.
Brokers registered in the British Virgin Islands are usually fraudulent because there is not a single regulatory oversight that will govern their activities.
FXIM Idra Merchant is just a scam broker. You should never trust a broker like this if they can’t say their real location and are also not in the database of a strong financial regulatory authority.
This broker will probably lure you with their demo (demo accounts expire in 15 days) before convincing you to wire them your hard-earned $1500.
You will never see this money again.