Minimum Deposit: $100
Maximum Leverage: 1:500
My Score: 5.4
Hello guys, I am here with IFX Brokers review today. IFX Brokers is a forex broker who registered in South Africa.
According to the website of the broker, IFX Brokers is a trading name of IFX Brokers Holdings (Pty) Ltd (Registration No. 2017/027249/07).
You can find the answers to these questions in this IFX Brokers review: Is IFX Brokers scam or not? What are the account types offered by the broker? What are the trading conditions such as spreads, minimum deposit and leverage? Is IFX Brokers regulated?
Regulation of IFX Brokers
IFX Brokers claims that their distribution and market conduct is regulated by the Financial Sector Conduct Authority (Authorized Financial Services Provider number 48021).
FSCA is a legal regulator offering reliable protection to investors. However, it doesn’t compare with the UK’s FCA or the Australian ASIC. They are more reputable regulators, of course.
Also, FCA-regulated forex brokers must maintain a minimum capital of at least 730 000 Euro to proof their financial stability. For ASIC-regulated ones, the minimum capital amount is $1M.
Moreover, FCA-regulated brokers have to provide a compensation scheme, which named Financial Services Compensation Scheme (FSCS). The scheme covers investor’s money up to 50 000 GBP.
Unfortunately, there is no any compensation scheme for the ASIC-regulated broker’s clients.
Account Types and Spreads
IFX gives you the choice of a selection of trading accounts, specifically designed to meet your needs. Obviously, they offer real trading accounts, but they also support the novice trader with the IFX Demo Account.
There are two account types offered by IFX Brokers. The names of these accounts are IFX Standard and IFX VIP.
Both have 1:500 leverage ratio which is as good as it can get. Keep in mind that higher leverage can get gain you more but you will be at higher risk when the market turns in the wrong direction.
IFX Standard account type has 100 USD minimum deposit requirement which is about the industry average. Spreads are from 2 pips on EUR/USD which higher than the industry average.
Unfortunately, the broker doesn’t provide the spreads of the IFX VIP account. The minimum deposit for this account is 20 000 USD.
IFX Brokers supports the MetaTrader4 which is the most popular trading platform among traders and brokers. This is an advantage for the broker. Because every trader wants their brokers to support the MT4.
The MetaTrader 4 provides enhanced charting functionality and highly sophisticated order management tools. It also has a multilingual interface, provides a comprehensive analysis and allows for multiple chart setups.
You can use the MT4 on the desktop, Android or iOS devices. Also, there is a web platform which allows you to trade easily and efficiently from any browser or operating system including Windows, Mac and Linux without any additional software. All you need is an internet connection to start trading.
The broker offers its clients to trade on forex, indices, CFDs, spot metals, energies, commodities, and cryptocurrencies. IFX Brokers offer over 70 currency pairs, gold, silver, platinum and palladium oil and natural gas.
There is no information about which cryptocurrencies are offered by the broker.
Deposit and Withdrawal Methods
You can fund your account by using credit and debit cards, PayFast or wire transfer. Withdrawals for South African clients are normally processed within 2-4 hours.
Note that withdrawals for International clients transacted by bank wire transfer usually occur within 3 to 5 working days.
Credit card withdrawals are limited to the original deposit amount. Withdrawals exceeding this amount require a different withdrawal method.
I think payment methods are limited. There should be more e-wallets options such as Neteller, Skrill, PayPal etc.
IFX Brokers is a legit forex broker who regulated by South African Financial Sector Conduct Authority. The broker offers a wide range of currency pairs, the leverage ratio is high and there is the MetaTrader platform which is one the most trusted platform on the market.
On the other hand, spreads are high and we don’t have an idea about the VIP account’s spreads. The website of the broker is not useful. They must improve something about it. To sum up, you can check the pros and cons of the broker.