IFX brokers transparent broker review
While the popularity of Forex Trading has increased a lot over the years, it is not considered completely safe. In fact, the last few years have reported a huge rise in scams. The reason behind it is the exponential growth of brokers. When Forex started, there were only a few brokerage houses.
350Now, there are a lot of them, and many are not even certified. It leads to huge frauds, and people lose their large chunks of money by trading with these fake brokers. Since South Africa is one of the largest regions for Forex, it also resides many brokers.
One of the most famous brokers in South Africa is IFX. It is considered the biggest regulated brokerage house that is operating in the region.
Thousands of people trade with it every day, thus, increasing its credibility. Although many new traders think that it is a fake broker, it is actually not. Its popularity is the biggest evidence to prove that it is legit. Moreover, you can find numerous reviews on the internet that will give you a further proof.
However, being legit is not enough for a broker. Traders have to find if it is a suitable brokerage house for them or not. To help you with that, we have gathered everything that you need to know about IFX.
So, without any further ado, Here is the IFX Brokers review. It will cover all the features, pros, and cons to help you decide whether it is the right choice for you or not. Let’s get into it.
Table of Contents
How IFX Brokers is Regulated
Before going on its strengths and weaknesses, it is better first to build trust in the broker. So, as discussed above, IFX is the most popular brokerage house in the reason. Due to its popularity, there is more supervision on it. Not only national, but many international organizations are regulating the broker.
For instance, FSCA is responsible for regulation at the national level, while the international regulatory body is ASIC. Both of these are reputable bodies are known for making Forex-supportive regulations.
With that said, let’s continue with the IFX brokers review.
Pros Of IFX Brokers
Although there are a few cons with IFX, its benefits outweigh them. Here are all the things that explain why you should choose IFX brokers.
A Reliable Trading Platform
To provide ease to its users, IFX is compatible with the most popular Forex Trading platform, which is MetaTrader4. If you do not have much experience, you would not have to worry. That is because the platform is very easy to use, that even beginners have no trouble using it.
All the features are simple to go through, and you can easily keep track of all the necessary information without any problem. Plus, it provides charting to offer ease of trading for its users.
If you are worried, whether your system can support it, it is available for both Mac and Windows. For smartphone users, the app is also available that is compatible with both Android and iOs.
Benefit of Leverage
In South Africa, the traders have the benefit of leverage. No matter their initial deposit, they can trade with a much larger amount. It allows them to save money and still earn larger profits. While this may seem a huge advantage, it can also bring you down. That is because risks are also higher with more leverage.
To understand it, leverage works in ratio, like 1:200. The more you have in your bank account, the higher leverage you can achieve. IFX brokers allow it up to 1:500. It is a pretty big amount; thus, it means the profits will also be much higher.
Bonus Deposit For Beginners
If you wonder why new traders choose IFX, it is the main reason. IFX offers a bonus for beginners who trade with them. They award a total 100% bonus deposit. Yes, you read that right. It is indeed the biggest advantage to mention in IFX brokers review.
However, it is important to note that there are no special benefits for traders. After the completion of the bonus, you will have to follow the same conditions as others. You can read their conditions to determine they are suitable for you or not.
Various Trading Instruments
IFX has a significant upper hand when it comes to the choice of trading instruments. Usually, brokers offer one or two, along with a similar number of currency pairs.
However, IFX brokers offer multiple instruments, including cryptocurrency, spot metals, energies, commodities, indices, and CFD. Moreover, they offer over 70 currency pairs, platinum, silver, gold, natural gas, as well as oil.
Multiple Account Types
There is no other brokerage house that provides convenience like IFX. It has four different types of accounts to offer. If you are a beginner, there is a standard account for you. For advanced traders, IFX VIP is suitable.
For Muslims, IFX has an Islamic account. Other than these ordinary types, there is also a Raw account that features less spread. Professionals also use autocad student version. All of these account types make it easier for the user to choose from.
Cons Of IFX Brokers
There are also some demerits that are important to mention in the IFX brokers review.
Do Not Offer Tight Spreads
Although they feature four different account types, and each has a different spread measure, it is not as good as some other popular brokers. That is a significant downside for IFX brokers.
Live Chat Option is Missing
When you are trading with a broker, you expect clear communication. However, IFX does not offer live chat options, which is the superior means of communication.
Lack of Deposit and Withdrawal Options
Due to their high popularity, you might expect several deposit and withdrawal options from IFX. But, they only feature three of the most common ones. It might come as a big inconvenience for many users.
To summarize the IFX brokers review, it is safe to say that it has more plus points than cons. It is a better choice for beginners as it is trusted by a large number of users. However, it is still important to consider all its features, pros, and cons to make the final decision.