IFS Markets (previously known as Forex FS) is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
IFS Markets used to be regulated by the ASIC, but due to certain regulator's actions in 2019, they revoked the licence and stopped operating in Australia.
IFS Markets accepts clients from all over the world, excluding USA, Canada and Iran.
Forex broker offers the following underlying assets for trading.
|55+ Currency Pairs||Based on major and minor world currencies.|
|14 Indice CFDs||Based on baskets of different blue-chip stocks.|
|2 Metal Spot CFDs||Based on Gold and Silver.|
|3 Energy Spot CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
Important update: In July 2019, IFS Markets desided to revoke it's ASIC licence and moved the business from Australia to Saint Vincent and the Grenadines.
Outdated information: IFS Markets (previously known as Forex FS) is an online broker headquartered in Australia and established in 2008. They are overseen by one of the best-regarded regulatory agencies in the world – the Australian Securities and Investment Commission (ASIC), and also has an Australian Financial License which gives the broker a good and trustworthy reputation. Client funds are held in segregated bank accounts in the National Australia Bank, a top-tier Australian bank, further adding to the broker’s credibility.
When it comes to available trading instruments, the broker offers forex, as well as commodity and stock index CFDs. For forex trading, there are close to 60 currency pairs available with competitive spreads starting as low as 0.3 pips for the most popular pairs. Forex traders choosing this broker should note that there is a 5-minute break whereby trading services will be shut down every day between 22:00 and 22:05 GMT. This is to protect clients from the possibility of widening spreads that might occur due to reduced liquidity in the markets at the end of each trading day.
In terms of CFD trading, the commodity CFDs available for trading includes gold, silver and energies, while the index CFDs include 14 of the most popular stock indices from markets all over the world.
IFS Markets uses MetaTrader 4 (MT4) as its primary trading platform. They also provide a multi-account manager for the same platform as a special offering to help clients manage multiple accounts at ease.
The broker’s website includes relevant information about forex trading and the forex markets in general, as well as a MetaTrader 4 Trading Platform Tutorial, with up to 20 different segments covering all aspects of the platform’s features. This is to help first-time traders familiarize themselves with what MT4 offers, and make sure they are able to take full advantage of everything this classic and popular trading platform has to offer.
In terms of account types, IFS Markets offers a Standard Account, a Pro Account, and a demo account for first-time traders to trade with virtual money to get a feel of how trading works, before jumping into it with real money.
The Standard Account requires a minimum deposit of AUD 5 or the equivalent in another currency, and comes with competitive spreads for all major currencies. There are no commissions, and leverage can be set as high as 1:400 upon request.
The pro account is pretty much the same, and requires the minimum deposit of AUD 5, but has more competitive spreads, starting from just 0.3 pips (but the commission applies).
Deposits and withdrawals may come with a transaction fee at this broker, depending on the payment method chosen. For deposits, transaction fees average 2% depending on the payment method. Although additional transaction fees are not explicitly stated on the broker’s website, it says that it reserves the right to “charge transaction fees on deposits at IFS Markets’s discretion without having to give notice.”
With regards to customer service, the Australia-based team at IFS Markets can be contacted via either phone or email. Their telephone line is open on weekdays only, between 0900 and 1900 Australian AEST time, which may make it inconvenient for traders in other parts of the world to reach them during regular trading hours.
IFS Markets also has a resource center aimed at keeping clients up to date with the latest economic data and market-moving news. Their newswire headlines are updated as frequently as every 2 minutes, and covers news from all financial markets, macro-economic events, as well as politics and market analyses.