Gandalf the FX rewiew of:
http://www.forexpeacearmy.com/public/review/www.iamfx.com?page=3

Pete B from the USA says:
“When reading the Fap Turbo EA review on FPA, the FT EA folks have switched their demo account to IAMFX because of their 'best spreads'. Being interested (like everyone else) in finding a great (and fair) broker, I went to their website to check them out. One of my biggest concerns (for brokers) is "How safe is it to invest my money with them", so I was intrigued with the site's reference to Sunspot Capital Corporation as follows: Custodian by SUNSPOT CAPITAL CORP. (Registered Investment Advisor). When I clicked on this reference, I was taken to the SEC site where I did a search for Sunspot and found the following:

SEC: This investment adviser is no longer registered with the SEC and is not required to update its Form ADV. The information shown is for historical purposes and you should not presume it is currently accurate. Additionally, Sunspot Capital has a 'Chester, New York' address and not a New York City address (which is the supposedly case of IAMFX). This, in itself, may not mean anything but the inconsistencies start to add up.

IAMFX may, in fact, be a great broker, but this information does not provide me with a comfortable feeling about dealing with IAMFX with my 'hard-earned' money. As always, Buyer beware.”

Advice from Gandalf The FX:
IamFX chooses to use a 3rd party Custodian to hold client funds, which is now Morning View Group (I guess SunSpot withdrew from the SEC). An RIA is an instrument used more on the Equities side of investments, and is not seen too often in the FX market.

Usually, this is a sign that a broker is looking to limit its own risk with regard to holding customer funds (operations, funding, withdrawing, etc.) and leave that part to an audited body (RIA) that will take care of it. This enables the broker to focus more on its day-to-day (sales/tech/etc.) necessities.

Gandalf The FX