Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
IFX Brokers, a trading name of IFX Brokers Holdings (Pty) Ltd, is allegedly a multi-asset broker registered in South Africa that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:1000 and floating spreads from 0.5 pips on the MT4 and MT5 trading platforms via 5 different live account types. Here is the home page of this brokers official site:
As for regulation, it has been verified that IFX Brokers holds an exceeded Financial Sector Conduct Authority - FSCA license. That is why its regulatory status on WikiFX is listed as “Exceeded” and receives a relatively low score of 4.09/10. Please be aware of the risk.
Note: The screenshot date is January 13, 2023. WikiFX gives dynamic scores, which will update in real time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
IFX Brokers offers investors 200+ financial instruments, including Forex, indices, commodities, and shares.
Account Types
IFX Brokers offers five trading accounts in total, namely Standard, Premium, VIP, Cent and Islamic accounts. The minimum deposit requirement varies from 10 USD to USD1000 depending on the account type. For basic choices, the Standard, the Cent and the Islamic accounts ask at least $10 to open an account, which is quite reasonable for most regular traders.
Leverage
The maximum trading leverage offered by IFX Brokers is up to 1:500, with the Cent account offering a higher leverage level, reaching up to 1:1000. Inexperienced traders are not advised to use such high leverage in case of high risks.
Spreads & Commissions
All spreads with IFX Brokers are a floating type and scaled with the accounts offered. The spread starts from 1.3 pips on the Standard and Cent accounts, from 1 pip on the Premium account, 0.5 pips on the VIP account, and 1.6 pips on the Islamic account.
As for the commission, the VIP account holders have to pay a commission of USD 6, while there is no commission on the other account types.
Trading Platform Available
IFX Brokers offers traders the most popular and advanced MT4 and MT5 trading platforms. They are the ideal forex trading platforms, offering traders a diverse range of trading assets and a multilingual trading interface. They offer comprehensive analytical tools, allow for multiple chart settings, support one-click execution, stop and limit orders, and are available for Desktop, iPhone/iPad and Android.
Deposit & Withdrawal
IFX Brokers supports traders to deposit & withdraw funds from their investment accounts via OZOW, PayFast, MasterCard, Visa, Wire Transfer, Skrill, Neteller and digital currencies. The minimum initial deposit requirement is just $10.
Withdrawals are processed during working hours (Monday–Friday 7-5). Withdrawals for South African clients are normally processed within 2-4 hours. Please note that withdrawals for International clients are processed immediately but can take up to 5 working days to reach your bank account.
Bonuses
IFX Brokers claims to offer certain bonuses on the Standard, the Cent and the Islamic accounts. In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.
Customer Support
IFX Brokers customer support can be reached by telephone: +27 879447273, email: support@ifxbrokers.com. You can also follow this broker on social networks such as Twitter and Facebook. Company address: 79 Da Gama Road, Jeffreys Bay, South Africa.
Pros & Cons
Frequently Asked Questions (FAQs)
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