What is IFX Brokers?
Founded in 2018, IFX Brokers is a secure, trustworthy, and reliable broker registered under the Financial Sector Conduct Authority (FSCA). With the current trust score of 93, the South African broker offers to trade in multiple assets and is suitable for both beginners and advanced traders. The broker has low spreads and offers exceptional customer support to its clients.
This IFX brokers review shares a complete picture of the broker and will help traders to invest wisely.
Is IFX brokers Safe?
Considering the safety concern, we can say that IFX Brokers is a safe platform to trade. There are two main reasons behind it being safe for trading. One, it is a regulated broker. FSCA is the authority regulating its trade. And, the other reason is that it offers an extra layer of protection to its traders, i.e., Negative Balance Protection. This feature helps protect clients’ money.
IFX Brokers: Pros and Cons
The advantages and disadvantages of IFX Brokers are listed here:
|Both MT4 and MT5||Only 24*5 Customer Support|
|Multiple Currencies Supported||No US Clients|
|No Deposit Fee||Not Fixed API Trading|
|Regulated by the FSCA|
IFX Brokers Trading Limits
Let us know the trading limits of IFX brokers like minimum deposit, minimum withdrawal limit, procedure, etc.
What is the minimum deposit for an IFX Brokers?
The minimum deposit limits for IFX brokers range from $10 to $ 1000. Generally, the minimum deposit amount depends on the selected account type. One of the good news for the clients is that there is no imposition of any deposit fee on IFX brokers. However, it is suggested to keep a minimum of R3500 as some of the services are chargeable. The list below shows different minimum deposits for different IXF account types:
|Account Type||Minimum Deposit|
What is the minimum withdrawal limit for an IFX brokers?
The minimum withdrawal limit for clients is ZAR 50 or 50 Rand.
Money Withdrawal Process for IFX Brokers clients
The withdrawal process is simple, follow the step-by-step procedure to withdraw money.
- Just log in to the IFX brokers client portal.
- The next step is to enter the bank account details for verification. Keep in mind that bank accounts are verified only during working hours.
- Once done with verification, you are ready for the withdrawal.
IFX Brokers: Fee
The trading fee for IFX brokers is USD 6 and spreads are from 0.5 to 1.6 pips. The platform offers commission-free trading across all account types, other than IFX premium accounts. A swap fee is also charged but there is no deposit fee for the clients.
|Account Type||Fee||Spreads||Commission||Swap Fee|
|Standard||USD 10||1.3 pip||None||Yes|
|Premium||USD 250||1 pip||None||Yes|
|VIP||USD 1000||0.5 pip||USD 6||Yes|
|Islamic||USD 10||1.3 pip||None||No|
|Cent||USD 10||1.6 pip||None||–|
IFX traders are allowed to trade in numerous assets or financial instruments. The main ones are Currency, Contracts for Discussion (CFDs), Indices, energy, commodities, virtual currencies, spot metals, etc. Other than the six pairing currencies, IFX brokers can also trade in precious metals (gold, silver, platinum, etc), natural gas, and oil.
Both MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms are available. The two being the best trading platforms lets clients access a wide range of trading tools, indicators, and advanced features.
IFX Brokers Account
This IFX brokers review shares holistic information about IFX brokers accounts, account types, account features, and the process to follow to set up an IFX trading account.
The different IFX account types are
Let’s discuss the account types with their features using an easy-to-understand table here:
|Account type||Minimum Deposit||Bonus||Leverage||Minimum Trade||Volatility Index||Spreads From||Commission from||Margin Call||Account Base Currencies||One Click Trading||Suitable for|
|Standard||USD 10||yes||1:500||0.01 lots||Yes||1.3 pips||No||50||ZAR/USD/GBP/EUR||Yes||All|
|Premium||USD 250||No||1:500||0.01 lots||Yes||1 pips||No||60||ZAR/USD/GBP/EUR||Yes||All|
|VIP||USD 1000||No||1:500||0.01 lots||Yes||0.5 pips||USD 6||40||ZAR/USD/GBP/EUR||Yes||All|
|Islamic||USD 10||Yes||1:500||0.01 lots||Yes||1.3 pips||No||50||ZAR/USD/GBP/EUR||Yes||Al|
|Cent||USD 10||Yes||1:1000||0.01 lots||Yes||1.6 pips||No||50||USD||Yes||All|
Setting up an IFX Brokers New Account
The step-by-step procedure to open an IFX Brokers account is:
- Step 1: Open the webpage of IFX brokers
- Step 2: Click on the Start Trading option available in red color on the right-hand side.
- Step 3: Fill in the required details in the registration form.
- Step 4: Set a unique passcode
- Step 5: Click on the Register Now button for completing the registration.
- Step 6: Once registered, you will receive a verification code on the provided email address.
- Step 7: As soon as the email verification is complete, the applicant will be directed to their newly created IFX brokers trading account.
- The final step is to finish the questionnaire, financial information, etc before starting to use the account.
IFX Brokers Education
IFX Brokers offers an extensive educational resource for its clients. Under their IFX Academy initiative, IFX provides educational material appealing to every type of user to educate them about the trading world. The FAQ section of the IFX brokers is also a great educational resource for the users.
IFX brokers customer support is available only on working days i.e. from Monday to Friday. Below listed are the ways to seek customer support from the IFX brokers:
Email: [email protected]
Conclusion of IFX Broker Review
Overall. We can conclude that IFX Brokers is a secure trading platform in South Africa supporting multiple assets. The platform is trustworthy as it is registered under the FSCA. The easy withdrawal methods and different account types are also helpful for customers. However, the lack of 24*7 customer support lags the platform behind.