July 11, 2020

IFX Brokers Review – Is IFX Brokers Scam or Legit?

ifx brokers review

Regulators: FSCA

Cryptocurrencies: YES

Minimum Deposit: $100

Maximum Leverage: 1:500

Spreads: Medium

My Score: 5.4

Hello guys, I am speaking using IFX Brokers review now. IFX Brokers is a forex broker that enrolled in South Africa.

According to the Web Site of the broker, IFX Brokers is a trading title of IFX Brokers Holdings (Pty) Ltd (Registration No. 2017/027249/07).

You will discover the answers to those questions within this IFX Brokers review: Is IFX Brokers scam or not? what are the accounts types supplied by this broker? what are the trading requirements such as spreads, minimum leverage and deposit? Why is IFX Brokers regulated?

Regulation of IFX Brokers

IFX Brokers asserts their supply and store behavior is regulated by the Financial Sector Conduct Authority (Authorized Financial Services Provider amount 48021).

FSCA is an authorized regulator that provides reliable security for investors. But 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 partially 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 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 a 1:500 leverage ratio which is as good as it can obtain. Keep in mind that higher leverage can obtain gain you more but you will be at higher risk when the store turns in the defame direction.

IFX Standard account type has a 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 wont to supply the spreads of this IFX VIP account. The deposit for this particular account is 20 000 USD.

Trading Platforms

IFX Brokers affirms the MetaTrader4 That’s the very popular trading platform amongst traders and brokers. This really is an improvement to your own broker. Because every trader wants their brokers to encourage the MT4.

The MetaTrader 4 provides enhanced charting functionality and thoroughly sophisticated order management applications. Additionally, it includes a multilingual interface, also provides an extensive investigation and permits multiple graph installments.

You Need to Use the MT4 on the background computer, Android or iOS apparatus. Additionally, there’s an internet platform that lets you trade readily and economically from some other browser or operating system including Windows, Mac and Linux without the extra applications. All you’ll need is an online connection to start trading.

Trading Instruments

The broker supplies its customers to trade forex, indices, CFDs, spot metals, energies and commodities, and cryptocurrencies. IFX Brokers offer more than 70 currency pairs, including silver, gold, platinum and palladium petroleum and gas.

There isn’t any advice concerning which cryptocurrencies are provided by the broker.

Deposit and Withdrawal Methods

You are able to fund your accounts with debit and credit cards, PayFast or cable transfer. Withdrawals for South African customers are normally processed within 2 4 hours.

Note that profits for International customers transacted by bank wire transfer usually occur within three to five business days.

ifx brokers withdrawal

Credit card refunds are confined by the first deposit sum. Withdrawals exceeding this number take an alternative withdrawal approach.

I presume payment techniques are somewhat not limited. There Must Be e-wallets options like Neteller, Skrill, PayPal etc..

Conclusion

IFX Brokers is a legit forex broker who governed by the South African Financial Sector Conduct Authority. The broker provides a broad selection of currency pairs, so the more leverage ratio is high and there’s that the MetaTrader platform that is one of the very trusted platforms available on the store.

On the flip side, spreads are very high and people urge to 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.

IFX Brokers

5.2

Trust

5.0/10

Commissions and charges

6.0/10

Customer Service

5.0/10

Platform & Tools

4.0/10

Product Portfolio

6.0/10

Pros

  • Regulated by FSCA
  • MT4 endorsed
  • Various Instruments

Cons

  • Payment approaches are restricted
  • The Absence of propagates data