IFX brokers are one of the big names in the South-African forex trading world. The firm had claimed various promises to its customer in terms of services. But how many of them are fulfilled? And are IFX brokers safe to trade with?
To get the answers to the questions, our experts have done hours of research so that you don’t have to if you are thinking of starting trade in South Africa.
So, here we present a complete, impartial appraisal of the firm. have a look.
Are IFX brokers safe to trade with?
Before starting the review, let us clear one thing. That whenever you think of safety, it is not just about frauds and scams.
The term “Safety” also refers to the minimization of loss and maximization of profit. So, as the picture is now clear in your mind, let’s jump into the review.
It is a regulated broker firm.
The name behind IFX brokers is ‘IFX brokers holding privately limited. The firm claims to be regulated and registers by the local FSCA ( financial sector conduct authority) of South Africa ( A legal forex trading firm needs to be regulated by the FSCA or FCA to peruse forex trading in the region.
We found this claim to be true in our research of registry checking. Thus it is a properly regulated and legal firm of the region.
IFX brokers offer account types.
IFX brokers have three types of live trading accounts to offer to their clients, which are as follows.
1. IFX standard account
2. IFX raw account
3. IFX Islamic account.
Each account has its own distinguished set of features like volatility rate, leverage minimum deposits, etc. Look at the details of each account.
1. IFX Standard account.
The minimum deposit for IFX standard account is as low as 100 US dollars. The account is commission-free and includes all of the instruments as a range of markets.
The minimum possible trade size for IFX standard trading account starts from 0.01 lot with the spreads as low as 0.8 pips. Account base currencies are ZAR, USD, GBP, and EUR.
2. IFX Raw account.
The minimum deposit for this account is comparatively higher than the other two accounts, which is 250 US dollars. The range of market for IFX raw account posses all of the currencies along with gold and silver.
The slightest trade size is 0.01 lot, and minimum spreads go as low as 0.3 pips. The account posses a 3$ one-way commission and uses USD as the base currency.
3.IFX Islamic account.
As expressed by its name, the IFX Islamic account works based on Islamic principles. The account is designed especially for the people who do not want to get incorporated with the interest system because of their beliefs.
Thus the account does not work on the interest system. The least possible deposit for the IFX Islamic account is 100 US dollars and includes all types of instruments as the range of markets.
The account has minimum trade size of 0.01 lots, and spreads start from 0.8 pips. This account is also commission-free and uses USD as the base currency. 730
Apart from these three main types of live trading account, the firm also offers a demo account to their clients.
Many firms grant demo accounts to traders to let them practice trading before they jump into the actual trading world.
A demo account granted by IFX brokers lets you trade with the help of virtual money and by using the virtual fund to explore the trading platforms with various trading strategies. These accounts are best suited for beginners as they are at risk of loss.
These demo accounts are feature-rich and develop a different trading tool to help you learn the basics of trading. Accounts come up with features like
1. account history
2. Current positions free and used margin
3. Balance and equity
4. service that lets you view withdrawal and deposit history
6. MT4 Market scanner
7. MT4 Risk calculator
8. News and commentaries that covers FX
IFX Brokers withdrawal and deposit policies
IFX brokers grant ease to their customers by enabling them to deposit the money into their live trading accounts or withdrawing it in different ways.
As a client, you can deposit or withdraw money from the account via Visa, MasterCard, and PayFast. THE brokers claim to possess no charges on deposit and withdrawal.
We were unable to find any flaw or fluff in their money deposit and w
Withdrawal process. which is a YAY.
Nevertheless, we always recommend that our readers deposit a heavy wholesome of money into their life-saving accounts.
Instead, we repeatedly suggest they keep only the required deposit to avoid any scam and risk of money loss.
on the bottom line, it is the point of fact that we did not found any major issues with IFX brokers.
The broker firm is efficient enough to attract more clients by offering different services like free demo accounts.
Even though we have listed all of the principal points above, we leave the final decision upon you.
What do all successful traders have in common? They set goals.
Your journey to success starts with a plan, then is action.
Once you know where you going, take action with IFX Brokers 👇https://t.co/Q14dGAcc3E#IFXBrokers #ForexTrader #ForexLifestyle #FinancialFreedom pic.twitter.com/gBofDFMAiA
— IFX Brokers (@IfxBrokers) December 30, 2020