IFX Brokers

IFX Brokers is a Forex broker. They offer trading in cryptocurrencies, metals, and CFDs on indices and commodities. The company registered in South Africa in 2018. IFX Brokers helps both private and institutional clients with trading and investing. They provide the MetaTrader 4 and MetaTrader 5 platforms, which are very advanced, for online trading. You can trade more than 200 instruments across 6 types of assets. Remember, people from certain countries can’t use IFX Brokers. These countries include Afghanistan, Canada, EU Member States, and many others.

Fees

This broker makes money by charging extra on the prices of all account types and by taking fees for each lot traded on VIP accounts. The prices are different for different types of accounts and for different trading tools, and they might change during the day when you’re trading. The smallest extra charges on Standard and Islamic accounts are 1.3 pips; on Premium accounts, it’s 1 pip; on VIP accounts, it’s 0.5 pips, and on Cent accounts, it’s 1.6 pips.

Clients of IFX Brokers don’t have to pay fees for putting in or taking out money when they use electronic systems or crypto wallets. But if they use bank transfers, they have to pay a fee of 2.5% of the amount being transferred.

Pros and Cons

Is IFX Brokers safe or a scam?

IFX Brokers says they’re not just any regular online trading broker. They say they’re a safe option that combines old-fashioned values with new technology. They aim to give clients worldwide a one-stop shop for trading and investing. The company also says they’re a reliable broker with no issues with withdrawals, deposits, spreads, and fast trade execution. They claim they’re regulated by FSCA.

So, we can’t say it’s a scam, but according to reviews, most clients aren’t happy with the broker, which makes it seem untrustworthy.

Regulation and Security

IFX Brokers says it follows rules set by FSCA, but we can’t find proof of this. Topforex says not to use this broker. Their FSCA license is expired, meaning they don’t have a valid license now. So, it’s risky to deal with them.

Leverage

The most you can borrow for trading is 1:1000 with a Cent account, and 1:500 for other accounts. Except for the Cent account, you can open accounts in USD, EUR, GBP, and ZAR. The Cent account uses U.S. cents. This broker does market trades. Bonuses are for Cent, Standard, and Islamic accounts, but only Standard accounts get deposit bonuses.

Accounts

IFX Brokers offers 5 types of real accounts. You can only open a Cent account in MT5; others can be in both MT5 and MT4. Accounts differ in how much you need to deposit, how much you can borrow, the difference between buying and selling prices, and fees for trading. Each user can have one of each account type in 4 currencies.

Cent:

You can start with $10, the difference between buying and selling prices starts at 1.6 pips, and there are no extra fees.

Standard:

You can start with $10, the difference between buying and selling prices starts at 1.3 pips, and there are no fees for each trade.

Premium:

You need at least $250 to start, the difference between buying and selling prices starts at 1 pip, and there are no fees.

VIP:

This is for experienced traders. You need at least $1,000 to start, the difference between buying and selling prices starts at 0.5 pips, and there’s a $6 fee for each trade.

Islamic:

This is like the Standard account but without swaps.

IFX Brokers Minimum Deposit

To start trading with IFX Brokers, you need to deposit at least $10 USD or R160 ZAR. This is the smallest amount you can put in your live trading account. The exchange rate between the US Dollar and the South African Rand is what determines the equivalent amount in Rand.

Different types of IFX accounts have different minimum deposit requirements. They range from $10 USD / R160 ZAR for the basic IFX Standard account to $1000 USD / R15,050 ZAR for the top-tier IFX VIP account.

Here are the minimum deposit amounts for each account type:

• IFX Standard: $10 USD / R160 ZAR
• IFX Premium: $250 USD / R3800 ZAR
• IFX VIP: $1000 USD / R15,050 ZAR
• IFX Islamic: $10 USD / R160 ZAR
• IFX Cent: $10 USD / R160 ZAR

When depositing money into your IFX Brokers account, there are no transaction fees to worry about. The process is easy and straightforward. Just log in to your secure client area and choose your preferred payment option.

Here are the deposit options available, along with their currencies, fees, and processing times:

• OZOW: ZAR, No Fees, Instant
• PayFast: ZAR, No Fees, Instant
• MasterCard: ZAR, No Fees, Instant
• Visa: ZAR, No Fees, Instant
• Wire Transfer: ZAR, 2.5% Fees, 24/48 Business Hours
• Skrill: USD/ZAR, No Fees, Instant
• Neteller: USD/ZAR, No Fees, Instant

Withdrawals Options

IFX Brokers process withdrawal requests during the weekdays. If you’re a client from South Africa, they confirm your transactions within 2-4 hours. For traders from other countries, they process your requests instantly. But transferring funds to your bank account might take up to 5 business days. If you withdraw more than 100,000 ZAR (about USD 5,200), you’ll get your money within 5 business days. They only send funds to the bank account of the client who asked for the withdrawal. The currency for withdrawal is ZAR. Traders are responsible for paying conversion fees for currency exchange.

Trading Platforms

IFX Brokers gives you MetaTrader 4 and MetaTrader 5. You can use them on Windows, Mac OS, iPhone, iPad, and Android. They offer 70 currency pairs and 12 commodities for MT4 and MT5. MT4 also has 11 stock indices, including popular ones from Australia, France, Germany, Spain, Japan, and Great Britain. However, you can only get Nasdaq and S&P 500 indices in the Mini format. Also, in MT4, you can trade mixed pairs like BTC/USD, XET/USD, XBN/USD, XLC/USD, and XRP/USD.

Customer Support

We found IFX Brokers’ customer support very good. They are available 24/5 for technical help, which is great for traders like me who work in different time zones. The support team can speak 30 languages, which helps a lot in solving problems without language issues.

Educational Material

The company provides lots of educational material about the Forex market, like FAQs and blogs. It’s useful for both new and skilled traders. You can learn a lot from it and improve your trading skills and understanding of how the market works.

Based on what we’ve examined and what users have said. It has a 2.1 star rating on Trustpilot, showing it’s risky to trade with them. Many reviewers aren’t happy with their trading. They’ve had problems like trades unexpectedly closing and issues managing their accounts. One person said their sell stops didn’t work right, so they lost trust in the broker. Another had trouble deleting their account and worried about their personal info. Some also mentioned strange market reactions and possible manipulation during trading. Topforex suggests avoiding this broker and trying others like Interactive Brokers or eToro instead.

FAQs

How much do I need to deposit to start trading with IFX Brokers?

You need to deposit at least $10 USD or R160 ZAR to open an IFX Live trading account.

Can I trust IFX Brokers?

IFX Brokers claims to be regulated by FSCA, but there’s no detailed information to confirm this. Based on reviews, many clients are unsatisfied with the broker, which makes it seem untrustworthy.

Do IFX Brokers offer a Demo Account?

Yes, IFX Brokers provides a Demo Account to Standard Account holders once they register.

How do I deposit and withdraw funds with IFX Brokers?

You can deposit and withdraw funds using Visa, PayFast, or Wire Transfer. These are the only available methods.

Are there any withdrawal fees charged by IFX Brokers?

No, IFX Brokers does not charge any deposit or withdrawal fees.

How long does it take to withdraw funds?

Withdrawals for South African clients are usually processed within 2-4 hours. For international clients using bank wire transfers, it may take three to five working days for withdrawals to be processed.