IFX Brokers is a forex broker located in South Africa, regulated by the Financial Sector Conduct Authority (FSCA).
IFX Brokers accepts clients from all over the world, excluding USA, Canada, EEA countries, Iceland, Norway, Liechtenstein, Afghanistan, North Korea, Ghana, Iran, Iraq, Libya, Mongolia, Myanmar, Nicaragua, Panama, Somalia, Syrian Arab Republic, UAE, Uganda, Yemen, Zimbabwe.
Forex broker offers the following underlying assets for trading.
|60+ Currency Pairs||Based on major and minor world currencies.|
|5 Crypto Pairs||Based on Bitcoin, Ethereum, BNB, Litecoin, Ripple.|
|11 Indice CFDs||Based on baskets of different blue-chip stocks.|
|8 Metal CFDs||Based on Gold, Silver, Platinum and Palladium.|
|3 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
IFX Brokers is a forex broker that gives traders access to a fairly standard selection of trading instruments, but with exceptionally high leverage of up to 1:1,000. The broker is headquartered in South Africa and is regulated by the country’s national financial regulator, the Financial Sector Conduct Authority (FSCA).
Worth noting about IFX Brokers is that it does not accept any clients from EU or EEA countries. The broker also does not accept clients from the US, Canada, and a number of other smaller countries.
Despite offering a somewhat limited selection of trading instruments, IFX Brokers should have at least most forex traders covered with its selection of more than 60 forex pairs. The broker also serves crypto traders with some five major crypto pairs, and offers trading on major stock indices, precious metals, and energy commodities. Popular asset classes such as single stocks and bonds are unfortunately missing here.
All of the instruments IFX Brokers offers can be traded on either MetaTrader 4 (MT4) or the newer MetaTrader 5 (MT5). These two platforms are well-known in the forex trading community, and have both remained extremely popular to this day despite MT4 originally coming out as early as in 2005. The platforms offer great charting capabilities, and an unmatched selection of custom trading strategies and indicators that can be created and shared between users.
The standard version of MT4 and MT5 is designed for Windows computers, but separate versions for Mac users now also exist. This comes in addition to the mobile version of MetaTrader for Apple and Android devices.
Before signing up with IFX Brokers, new users need to choose what type of trading account they want to use. IFX Brokers has five choices here:
– IFX Standard, with no commissions, spreads from 1.3 pips, and a USD 10 minimum deposit
– IFX Premium, with no commissions, spreads from 1 pip, and a USD 250 minimum deposit
– IFX VIP, with commissions from USD 6, spreads from 0.5 pips, and a USD 1,000 minimum deposit
– IFX Islamic (swap-free), with no commissions, spreads from 1.3 pips, and a USD 10 minimum deposit
– IFX Cent, with no commissions, spreads from 1.6 pips, and a USD 10 minimum deposit
With the exception of the IFX Cent account, all of the trading accounts are relatively similar in other respects, with maximum leverage of 1:500 and a choice of ZAR, USD, GBP, or EUR as the base currency. The IFX Cent account, on the other hand, has the highest leverage - up to 1:1,000 - and is only available with USD as the base currency.
Also important to note is that the IFX Cent account can only be used with MT5, while all the other accounts can use either one of the two platforms.
To fund an account, clients in South Africa who deposit ZAR can use either Ozow, Payfast (including with Visa and MasterCard), or make a bank wire transfer. Traders who wish to deposit in USD can use either Skrill, Neteller or the cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Tether (USDT) or XRP.
With the exception of bank transfer, all of the funding methods are accepted free of charge by the broker, and the money is instantly credited to the trading account.
In summary, we see IFX Brokers as a potentially attractive choice for traders in South Africa, given the local regulation and presence that the broker has there. For traders elsewhere, the available funding methods are somewhat limited, and the choice comes down to whether this broker offers better conditions than any other broker out there.
In either case, it should be reiterated that IFX Brokers is fully regulated, and that it has been in the industry since at least 2017, giving it a decent track record.