IFX Brokers Review |
|
| 📅 Year founded |
2018 |
| 📈 Multiple top-tier regulation |
No |
| 📍 Headquarters |
Jeffrey’s Bay, South Africa |
| 🌍 Country of regulation |
South Africa |
| ✅ Regulators |
FSCA |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$10 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Cryptocurrencies / Shares |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer / Skrill / Neteller / OZOW / PayFast / Cryptocurrencies |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
100% Deposit Bonus |
| 💰 Account Currencies |
USD / EUR / GBP / ZAR |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
ECN / STP |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
$10 USD after 2 months of inactivity |
| 💰 Withdrawal fee |
None |
| ☎ Customer Support |
Limited times |
| 💰 Max. Leverage |
1 000:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Account type dependant / Zero commission accounts available |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
161 + |
| 🔢 Number of clients |
Unknown |
| 🥇 Instruments Offered |
260 + |
| 📙 Education |
Learn Tab / Blog |
WHAT IS IFX BROKERS?
IFX Brokers is a prominent online forex and CFD broker based in South Africa, strategically positioned to cater to both retail and institutional traders globally.
Founded with the mission of providing a transparent and fair trading environment, IFX Brokers has quickly gained a reputation for reliability and excellence in the financial trading industry.
Regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, IFX Brokers adheres to strict regulatory standards, ensuring high levels of operational integrity and client security. This regulatory oversight is a crucial aspect of its operations, instilling trust and confidence among its clients.
The FSCA’s mandate includes ensuring that all financial institutions provide services that are fair, transparent and efficient, which aligns with IFX Brokers’ commitment to upholding the highest ethical standards.
The broker offers a diverse range of trading instruments including forex, indices, commodities, cryptocurrencies and shares, tailored to meet the varied needs and strategies of traders.
By utilising state-of-the-art trading technology and platforms such as MetaTrader4 and MetaTrader5, IFX Brokers ensures that its clients can trade effectively and efficiently, with access to real-time market data, advanced analytical tools and automated trading options.
With a focus on client satisfaction, IFX Brokers provides comprehensive support and educational resources, aiming to empower traders at all levels of experience.
From beginner to advanced levels, the broker facilitates a learning environment that nurtures growth and development in trading skills and strategies.
INTRODUCTION
Founded in 2018 and headquartered in Jeffreys Bay, South Africa, IFX Brokers has quickly established itself as a key player in the online trading industry.
This young and dynamic brokerage was created with the vision of delivering superior trading services that cater to a diverse range of trader needs and preferences.
IFX Brokers is driven by a commitment to provide cutting-edge trading technologies and a robust trading environment. Their strategic location in Jeffreys Bay, a place known not only for its beautiful surf beaches but also for its growing business sector, reflects the broker’s innovative and energetic nature.
The company’s ethos is built around the principles of transparency, reliability and trader empowerment. By offering access to a wide range of financial instruments, IFX Brokers ensures that both novice and experienced traders can find opportunities in global markets.
Their services are designed to be scalable, catering to individual traders as well as institutional clients who require robust trading solutions.
Since its inception, IFX Brokers has prioritised customer satisfaction and safety, adhering to regulatory standards and providing a secure environment for traders to excel.
The broker’s dedication to education and support further enhances its appeal, positioning it as a comprehensive platform for those who are serious about trading.
PROS & CONS
PROS
- Wide range of trading instruments.
- Multiple account types.
- Competitive spreads and low trading fees.
- Strong educational resources.
- High leverage available.
- Low minimum deposit of only $10 USD required.
CONS
- Limited access to cryptocurrency trading.
- Services not available in some major countries.
TRADING INSTRUMENTS
IFX Brokers offers a comprehensive selection of trading instruments, encompassing multiple asset classes to cater to the diverse preferences and strategies of traders.
These instruments include forex, indices, commodities, cryptocurrencies and shares, providing a wide range of opportunities for trading and investment.
Forex
IFX Brokers provides access to a broad range of currency pairs, including major pairs like EUR / USD, minor pairs and even exotic pairs.
This wide selection of over 160 currency pairs allows traders to capitalise on fluctuations in global currency markets and diversify their trading strategies.
Indices
Traders at IFX Brokers can engage with some of the world’s leading indices such as the Dow Jones, NASDAQ, FTSE and the Nikkei. Trading indices allow investors to speculate on the performance of entire sectors of national economies, offering a macroeconomic approach to trading.
Commodities
The commodities trading at IFX Brokers includes precious metals like gold and silver, as well as energy commodities such as crude oil and natural gas. These commodities are essential for traders looking to hedge against inflation or diversify beyond traditional financial instruments.
Cryptocurrencies
Recognising the growing demand for digital assets, IFX Brokers offers trading in major cryptocurrencies like Bitcoin, Ethereum, Litecoin and Ripple. Cryptocurrency trading is a compelling option for traders interested in the fast-paced and volatile digital asset market.
The broker currently offers 7 cryptocurrencies with a view to expanding this offering in the near future.
Shares
IFX Brokers provides the opportunity to trade shares from leading global companies. This allows traders to take positions based on their assessments of company performance and market conditions, participating directly in the equity markets.
Each category of instruments at IFX Brokers is selected to provide traders with the best possible tools and opportunities to navigate global markets effectively.
Whether a trader is interested in the fast-paced world of forex, the strategic domain of indices and commodities, the innovative sphere of cryptocurrencies or the foundational investments in shares, IFX Brokers delivers a robust platform for trading diverse assets under one roof.
TRADING PLATFORMS
IFX Brokers provides its clients with access to two of the industry’s most renowned and widely-used trading platforms: MetaTrader4 (MT4) and MetaTrader5 (MT5).
These platforms cater to traders of all experience levels by offering advanced tools and features that enhance trading efficiency and effectiveness.
MetaTrader4 (MT4)
Recognised globally for its robust functionality, MT4 remains the standard for forex trading worldwide. It offers a user-friendly interface, advanced charting tools, technical analysis capabilities and automated trading systems known as Expert Advisors (EAs).
MT4’s strength lies in its stability and the vast community support that offers countless indicators and tools for download. This platform is ideal for traders who specialise in forex and want a reliable, extensively tested platform.
MetaTrader5 (MT5)
As the successor to MT4, MT5 offers all the admired features of MT4 but with additional capabilities tailored to provide a more comprehensive trading experience. It supports more types of order executions, offers additional timeframes, enhanced graphic tools and advanced capabilities for price analysis.
MT5 also facilitates trading in stocks and commodities, alongside forex, providing traders with the ability to diversify their trading across multiple financial markets using a single platform. Additionally, MT5 includes an integrated economic calendar, a deeper set of technical tools and the capacity to handle more open trades simultaneously.
Both platforms are available on desktop for Windows and Mac OS, web versions that can be accessed directly through a web browser without any downloads and mobile applications for trading on the go through smartphones and tablets. This flexibility ensures that traders can monitor the markets and manage their trades anytime, anywhere, with seamless integration between platforms.
By offering both MT4 and MT5, IFX Brokers ensures that its clients can select a platform that best fits their trading style and needs. Whether a trader prefers the tried-and-true capabilities of MT4 or the enhanced, multi-asset functionality of MT5, IFX Brokers provides the necessary tools to engage with global markets effectively.
ACCOUNT TYPES
IFX Brokers offers a diverse range of account types to suit the varying needs and investment styles of its clients. From entry-level traders to seasoned professionals, each account is designed with specific features to optimise trading experiences and financial outcomes.
IFX Premium Account
This account is tailored for advanced traders who require broader functionality and lower spreads. It features a higher minimum deposit of $250 USD but compensates with premium services such as lower commission rates, access to all trading platforms and priority customer support.
With leverage of up to 500:1 and spreads starting from 1.0 pips, it is ideal for high-volume traders who need a competitive edge in fast-moving markets.
IFX Standard Account
Designed for traders with a moderate level of experience, the IFX Standard account requires a minimum deposit amount of $250 USD, provides leverage of up to 500:1 and offers spreads starting from 1.3 pips. This account type also provides traders the opportunity to enjoy a 100% deposit bonus.
IFX VIP Account
Catering to elite traders, the IFX VIP account requires a higher minimum deposit of $1 000 USD and charges commissions at $6 USD per lot traded. This account provides lower spreads starting from 0.5 pips while traders can still access leverage of up to 500:1.
IFX Islamic Account
Specifically designed for Muslim traders, this swap-free account complies with Sharia law, which prohibits earning interest on trades. The IFX Islamic account mirrors the trading conditions of the Standard account but without swap fees, ensuring that faith-based requirements are met.
Additionally, the IFX Islamic account can be accessed with a low minimum deposit of only $10 USD.
IFX Cent Account
Perfect for beginners and those new to trading, the IFX Cent account allows traders to deal in smaller lot sizes and manage their risks more effectively. This account type requires a minimum deposit of $10 USD, with spreads starting from 1.6 pips and leverage of up to 1 000:1 available to traders.
Additionally, the IFX Cent account also facilitates the 100% deposit bonus.
IFX Raw Account
This account type is suited for scalpers and traders who prefer trading with raw spreads and lower commission rates. The IFX Raw account provides direct market access with no requotes and is ideal for those who trade large volumes and require the fastest execution speeds.
This account type can be accessed with a minimum deposit of $250 USD, while traders can access spreads starting from 0.0 pips, at a commission of $6 USD per lot. Traders can also access leverage of up to 500:1 on this account type.
Each of these account types is designed to cater to the specific needs and preferences of different trader demographics. By offering such a variety of accounts, IFX Brokers ensures that all traders, regardless of their trading style or experience level, can find an account that best fits their trading strategy and financial goals.
HOW TO OPEN AN ACCOUNT
Opening an account with IFX Brokers is straightforward and can easily be done via the broker’s website. Traders are required to provide their personal information as well as the documents required by the broker.
Once these documents have been verified, traders can select their account type, deposit funds and begin trading.
DEMO ACCOUNT
A demo account is available for beginners to practice trading strategies without any risk. It simulates real-market conditions and is an excellent way for new traders to gain confidence before trading with real money.
The broker does not state if the demo account simulates a specific account type, but nonetheless, the demo account is an excellent way for traders to experience IFX Brokers’ market conditions before committing to the broker.
SOCIAL TRADING AND COPY TRADING
While the broker does not offers its own proprietary social or copy trading software, traders are able to access these features through the trading platforms provided by the broker, MT4 and MT5. These features are easily applied to traders’ accounts through the use of tools such as EAs.
COMMISSIONS AND FEES
The broker is transparent about its commission structure and fees. Commissions are only charged on the VIP and Raw accounts, at $6 USD per lot traded, while the other account types do not charge any commissions.
Additionally, the Islamic account does not charge any swap-fees to traders of the Islamic faith.
The broker does not charge any deposit or withdrawal fees, while inactivity fees are charged at $10 USD after 2 months of inactivity.
LEVERAGE
Leverage at IFX Brokers can be adjusted easily once an account is opened and be as high as 500:1 on most account types. for traders using the Cent account, leverage of up to 1 000:1 is also accessible.
WITHDRAWALS AND DEPOSITS
The platform supports multiple methods for deposits and withdrawals including bank transfers, credit and debit cards, eWallets like Skrill and Neteller, as well as cryptocurrency payments.
Processing times are competitive, with deposits typically instant and withdrawals processed within 1-3 business days, except for South African clients where withdrawals can be processed in 2-4 hours.
The broker does not charge any fees on withdrawals or deposits and even covers third-party fees when traders make deposits.
CUSTOMER SERVICE
IFX Brokers prides itself on excellent customer service, available at certain times via email, phone and live chat. Support is offered in multiple languages to cater to its global clientele.
The customer service is available from Monday to Thursday between 07:30 – 16:30 GMT while on Fridays it is available from 07:30 – 16:00 GMT.
SAFETY AND SECURITY
Safety and security are paramount at IFX Brokers and the brokerage upholds the highest standards to ensure client funds and data are protected. This commitment to security is reinforced through strict adherence to regulatory standards set by well-respected financial authorities.
IFX Brokers is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, under FSP license number 48021. The FSCA is renowned for its rigorous standards and strict oversight, ensuring that the financial services industry operates transparently and efficiently with the requisite integrity.
To protect traders’ capital, IFX Brokers adheres to strict financial protocols including the segregation of client funds. This means that clients’ funds are kept in separate bank accounts from the company’s operating funds.
Such segregation ensures that client funds are not used for any other purposes and are protected in the event of the broker’s insolvency.
Additionally, IFX Brokers implements several risk management tools and practices to protect its clients from the volatility associated with trading. These include margin calls and stop-out levels that help prevent clients’ account balances from falling below zero, thus offering negative balance protection.
To further safeguard clients’ personal and financial information, IFX Brokers uses advanced security technologies. SSL (Secure Socket Layer) encryption is employed across their trading platforms and websites to ensure that all data transmitted is securely encrypted.
IFX Brokers maintains a strong compliance program that includes rigorous checks and balances. These measures ensure adherence to anti-money laundering (AML) and know-your-customer (KYC) regulations, not only helping in preventing financial fraud and identity theft, but also ensuring that the brokerage operates in line with global legal standards.
The security infrastructure at IFX Brokers is continuously monitored and regularly updated to respond to new and emerging threats. This proactive approach in managing and enhancing security systems demonstrates IFX Brokers’ commitment to safeguarding its clients’ interests and maintaining their trust.
By adhering to these safety and security standards, IFX Brokers ensures that its trading environment is not only secure but also conducive for traders to operate with peace of mind, knowing their interests are well-protected by robust regulatory practices and cutting-edge security measures.
PROMOTIONS
Currently, the broker offers a 100% deposit bonus for eligible account types such as the Standard, Islamic and Cent accounts. Traders are encouraged to regularly visit the broker’s website in the event that further promotions or bonuses are added in the future.
RESEARCH
IFX Brokers provides comprehensive market research tools including economic calendars, earnings reports and advanced charting tools. These resources help traders make informed decisions.
Additionally, with the provision of the MT4 and MT5 platforms, traders also have access to the wide range of research tools available on those trading platforms.
EDUCATION
The broker offers an extensive range of educational resources under the “Learn” tab on their website. This involves beginner explanations on what forex trading entails, the risks associated therewith and more advanced resources covering how to trade.
Additionally, the broker also provides a blog where regular videos are posted, enabling traders to learn new skills and strategies.
GLOBAL AWARDS
While relatively new, IFX Brokers has received numerous accolades for its services, with some of their most recent awards including the following:
- Best MT5 Trading Platform Africa (2023) – International Business Magazine.
- Best CFD Broker Africa (2023) – International Business Magazine.
- Best MT5 Trading Platform Africa (2022) – International Business Magazine.
- Most Trusted Multi-Asset Trading Platform Africa (2022) – International Business Magazine.
- Best One-Stop Trading Experience or Retailers South Africa (2022) – International Business Magazine.
SAFE OR SCAM?
In the financial trading industry, the legitimacy and reliability of a broker are paramount. IFX Brokers has established itself as a trustworthy and reputable trading platform, largely due to its stringent adherence to regulatory guidelines and transparent operational practices.
IFX Brokers is regulated by the FSCA in South Africa, which is a respected regulatory body known for its strict oversight and enforcement of financial laws. This regulation ensures that IFX Brokers operates under strict guidelines designed to protect investors and maintain the integrity of the trading environment.
IFX Brokers implements several layers of client protection including the segregation of client funds, adherence to anti-money laundering (AML) protocols and ensuring robust data encryption methods are in place. These measures are essential for preventing misuse of funds and protecting clients’ personal and financial information.
Transparency in fee structure, trading conditions and operational practices is a hallmark of IFX Brokers. This openness is crucial for building and maintaining trader trust, as it ensures there are no hidden fees or misleading policies that could disadvantage traders.
The reputation of IFX Brokers within the trading community is generally positive, with many traders reporting satisfactory experiences in terms of customer service, platform stability and the overall trading environment. While no broker is immune from criticism, the positive testimonials and reviews from a broad base of users provide further evidence of IFX Brokers’ reliability.
Considering the regulatory oversight, client protection measures, operational transparency and positive trader feedback, IFX Brokers can be deemed a safe and reliable broker. Traders looking for a secure trading environment would find IFX Brokers to be a trustworthy option.
CONCLUSION
IFX Brokers is a promising choice for traders looking for a reliable and innovative trading platform. With its strong range of instruments, competitive fees, robust security measures and comprehensive educational resources, it caters well to both beginner and experienced traders.
After conducting the above review, the team at Brokersuggest.com can highly recommend IFX Brokers as a superb trading partner, who caters to a wide range of traders through its provision of multiple account types.
