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IFX Brokers Review - is it scam or safe?

IFX Brokers review - Is ifxbrokers.com scam or good forex broker?

RATING: 2.9 / 5 REVIEWS ForexBrokerz IFX Brokers
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IFX Brokers is broker, incorporated and licensed in South Africa. They offer quite a variety of currency pairs with a leverage of up to 1:500 and the MetaTrader4 platform. Here you may check more details about their trading conditions.

 

Account type Min. deposit Max. leverage Spreads
IFX Standard Account $100 1:500 2.3 pips
IFX VIP Platinum Account $20 000 1:500 n/a

 

IFX Brokers Advantages:

 

Impressive selection of currency pairs

 

Checking IFX Brokers trading platform we counted over 100 forex pairs with lots of exotic currencies like Singapore Dollar, Swedish Krona, Norwegian Krone, Danish Krone, South African Rand, Turkish Lira, Hungarian Forint, Hong Kong Dollar, Polish Zloty, Mexican Peso, Chinese Yuan, Thai Baht, Russian Ruble, Czech Krona and Israeli Shekel.  

 

Apart form that the broker offers CFDs on silver, gold, oil, natural gas, some 11 indices and many stocks. However, as we do not see any crypto coins here you may check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Legit license

 

IFX Brokers is a trading name of IFX Brokers Holdings (Pty) Ltd, a South Africa based company, registered by the local  Financial Sector Conduct Authority (FSCA).

 

FSCA, which inherited the Financial Services Board (FSB) in April 2018, is a legit regulator, offering credible protection to investors.

 

Still, the regulatory regime of FSCA is not as strict as the regulations in markets like the European Union, the UK, the US or Australia. 

 

FSCA, for example, does not require its brokers to provide a negative balance protection to their clients and does not have any restrictions on the maximum leverage - a feature, some may count as an advantage.

 

On the other hand all regulators in the European Union, including the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission do not allow forex transactions with a leverage exceeding 1:30. 

 

On top of that all brokers, regulated in Europe are required to maintain a minimum trading capital of at least 730 000 EURO and in some cases even to insure traders capital.

 

Thus, FCA regulated brokers have to insure up to 50 000 GBP of the invested funds, while with a CySEC broker, you will be compensated with up to 20 000 EURO in case the broker is unable to pay. So here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Leverage of up to 500:1

 

As we already mentioned IFX Brokers offers leverage of up to 1:500, which is basically as good as it can get. Keep in mind, however, that with higher leverage your position will be at higher risk, when the market turns in the wrong direction. Have in mind, as well, that professional traders rarely use leverage exceeding 1:100.

 

MetaTrader4 supported

 

IFX Brokers supports the MetaTrader4, which is undoubtedly the most widely used trading solution on the market. The platform features user friendly charting tools, numerous market indicators and trading bots, with which one can easily run automated trading sessions. Here you may check our list of brokers also supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Start trading with just 100 USD

 

With IFX Brokers you can open a trading account with just 100 USD and that is great as most brokers require an initial investment of about 250 USD.

 

And yet, have in mind that some big names like FBS and IG do not have a minimum deposit requirement at all.

 

IFX Brokers Disadvantages:

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread floated around 2,3 – 2,4 pips, which is almost twice as high as the minimum starting spreads, considered acceptable by most traders. Here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few payment methods

 

IFX Brokers accepts major credit cards like VISA and MasterCard, bank wire, as well as PayFast – an online payment method, used in South Africa, with which you can deposit only South African rands. 

 

And as we do not see the option to pay with any of the popular e-wallets, here you may check our list of brokers, accepting payments with Skrill:

 

>>Brokers where you can pay with Skrill<<

 

Conclusion:

 

IFX Brokers is a legit broker, regulated by the South African Financial Sector Conduct Authority, which offers quite an array of currency pairs, with great leverage and the MetaTrader4 – one of the most reliable platforms on the market. On the downside we should note the relatively high spreads, which after all is not a minor disadvantage. 

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Traders` reviews for IFX Brokers

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Don't risk it

Without Prejudice. I invested US$ 1300 with them in September 2019 to be placed on the Metatrader. The money grew nicely until they moved it off the metatrader and onto a broker without my permission. My funds fell from $1024 to $300 in 2 days. They "lend" me money to bring my funds back up to $1000, because that is the minimum to be able to trade on the metatrader. On 31 December my trades were on $1024.99, on 2 January 2020 it was on $388. That is a 62% loss overnight. Today (13 January 2020) it is on $107 left on my balance. In other words, 89% of my funds are gone.

Their response was: "you were adequately informed that the EA is not an IFX EA and that we, IFX are the broker only supplying the technology for the EA. Hence to clarify your statement below, IFX did not loose your money per se. Any loss on a client account will by default also implicate a loss on our account".

I do not recommend investing with them if you are not willing or able to lose the money. It seems that they only supply the platform and have no control over it.

ST 01/13/2020

Funds disappeared overnight

I invested $1000 with ifx on the M4 trader
in September 2019.
In December I lost 65‰ of my funds in 2 days
after brexit. I went to see them. They "loaned"
me $400 to bring my balance back up to $1000
and they assured me they have measures in
place to prevent such sudden losses again.
On 31 December by balance was $1024. On 2 January it was
down to $245. On 10 January it is on $102.
I've contacted them on whatsapp and email.
They are not responding. I would give zero stars, but that is not an oot
option.

Estie du Toit 01/10/2020

IFX Brokers Bot

WE all know trading is high Risk, and we all know not to risk more than what you're willing to loose, IFX brokers has a bot/EA that trades for you. Don't trust them with your money. Don't sign up to their bot, you're better off going to the casino. There's no risk management built into their bot. One month it does well and the next month it empties out your whole account. The bot doesn't have a exit strategy and doesn't have a Stop loss.

Ricardo 11/11/2019

Check if my brockers is a registeed with your company

I've registered with a lady called Magtegna Laureen she told me if I invest my payout is on the next 24 hours how good is that, also said if I pay $100 my payout will be $4,056.00 is that possible I just wanted to check

Patuwe Mofokeng 04/15/2019
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