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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 / 0 REVIEWS 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

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