IFX brokers transparent broker review
Forex is the most popular way of trading in this era. It has introduced a new idea of currency exchange that you can do from your home. It provides ease to users; hence, the number of traders keeps increasing. Thousands of new traders join it to invest money and earn profits. These beginners lack the knowledge and experience, which is why the reports of scams are also increasing. Forex, just like every other trading method, is full of scams. People have reported losing a large chunk of their money because a fake broker asked them to. There are many fraud brokers in Forex that scam beginners as well as experienced traders. However, it is quite easy to distinguish the fake ones from the real ones.
South Africa is a country where the popularity graph of Forex is at its peak. It is also home to some of the biggest brokers. One of them is IFX brokers. It is one of the most popular brokers in the region. That is why it is a top choice for many. But, beginners will find its popularity shady.
New traders are recommended to do proper research before trading with one. It is a safer way of trading and ensures that the money is not at risk. You can look up the reputation of any broker on the Internet. Since IFX is one of the biggest brokers in South Africa, let’s look at its top features. Here is an honest IFX brokers review. Let’s get started.
Overview of IFX Brokers
Those who do not know about IFX brokers are one of the biggest brokerage houses operating in South Africa. It is a reliable broker regulated at both national and international levels. FSCA (Financial Sector Conduct Authority) is responsible for regulating it nationally. On the other hand, organizations like ASIC supervise it at the international level. Due to this, there are no chances of scams in trading with IFX.
With that out of the way, let’s look at all the pros and cons in this IFX brokers review.
Features of IFX Brokers
IFX has a lot to offer in terms of features. Here are some of the best features of IFX brokers to convince you to choose it.
- Account Types
IFX brokers provide ease to its traders. That is why they offer more than one type of account. You can choose from 4 types of accounts. Each has its own benefits for the trader and a different price as well. Let’s discuss all the types so that it can be easy for you to pick the right one.
The first one is the Standard IFX account. It is the most popular one as it requires $100 as a minimum deposit, which is the average market price. The spreads in this are 0.8 pips, and it is compatible with GBP, USD, ZAR, and EUR.
The second most popular choice is IFX VIP. Experienced traders usually pick this one as it has a large deposit amount of $20,000.
IFX also offers Islamic accounts for Muslim traders. It does not feature any commission and has spread as low as 0.8. It is only compatible with USD currency
Last but not least is the IFX Raw account. It is also suitable for experienced traders as it requires $250 as an initial deposit and offers spreads as low as 0.3 pips. The raw account is also suitable with the only USD.
South African traders have the benefit of leverage. It means they can have larger profits and exposure, even with the less initial deposit amount. However, it can also serve as a loss to new traders. That is why taking a large leverage risk is not recommended for beginners. Leverage is usually expressed in ratio forms, such as 1:100.
So, if you want to apply a ratio of 1:100, you will need $1000 in their account. This way, they can profit up to $100,000. IFX brokers offer up to 1:500 leverage. It can come in very handy if you are an advanced trader. But, as mentioned earlier, it can also be looked at as a con for beginners. That is because it can work as a loss.
- Bonus for New Traders
Yes, you heard it right. IFX brokers provide bonuses to newcomers. It is one of their biggest plus points in the IFX brokers review. For new users who sign up in Forex and make an account, the broker rewards them a 100% deposit bonus.
This bonus is only given once, and after its utilization, the traders would have the same regulations as the others. It is also a nice way to bring in new traders to the broker. That is also a big reason for the popularity of IFX. However, it is recommended to first look into the broker’s conditions before trading with it only for the bonus.
- Trading Platform
Although there are some popular trading platforms for Forex, some brokers prefer other ones. However, IFX uses MetaTrader4, which is the most common platform. It is also considered to be the best for many reasons. It is mainly because of its ease of use. All the management tools and features can easily be accessed by beginners. Plus, it is available on both PC and Mac. It also has a smartphone app for both iOS and Android. This also makes IFX more accessible as most people can use MetaTrader4.
Demerits of IFX Brokers
- No Option for Live Chat
For people unfamiliar with live chat, it is a means of communication between the trader and broker. It is a better way of communicating with your broker as you can message them as you proceed to trade. However, it is not available with IFX brokers.
- Limited Deposit and Withdrawal Options
There are only a limited amount of options for both Deposit and withdrawal in IFX. It can cause inconvenience to many traders.
This IFX brokers review will help you decide whether it is the right choice for you or not. Consider all the features and cons to make the ultimate decision. Plus, it is also recommended to go through their conditions and registration to be sure.