As Forex takes larger leaps towards popularity, it becomes less and less secure. It can be due to the rising number of users and brokers. While regulations of Forex are strict, there are still windows for scammers. That is why many people are hesitant about investing their money. Since it is online trading, the chances of fraud are even higher. Many unregistered brokers and traders are operating in the area, luring beginners to invest money with them. It can lead to a loss of a large amount of money. However, you can steer clear from such scams if you have the fundamental knowledge.
While the increasing use of Forex is a good thing, recent years also report the rise of beginners joining the platform. These traders do not have the proper understanding; thus, scamming them is much easier. That is why many unlicensed brokers can trick newcomers into trading with them. Since South Africa is one of the most prominent regions for Forex, it also has many fake brokerage houses. And among them, IFX is one of the biggest names. New traders might not know much about IFX brokers. So, let’s take a look at whether they are suitable for you or not.
Without any further ado, here is the IFX brokers review. Let’s get started.
What to Know Before Trading With IFX Brokers
Before getting into the detailed review of the brokerage house, it is important to consider the basic features. IFX is one of the most popular brokers in South Africa. Their headquarters is situated in the town of Jeffrey’s Bay. It is regulated by FSCA (Financial Sector Conduct Authority) under the trading name IFX Brokers™ Holdings (Pty) Ltd. It is a highly reputable brokerage house with several awards under its belt. With that said, let’ continue with the review.
IFX Brokers Review: Pros and Cons
First, let’s start with all the merits of IFX because they easily outnumber the cons.
- Trading Products & Instruments
Unlike many other brokers, IFX offers more than 100 Forex pairs. That too with a range of currencies, including Turkish Lira, Swedish Krona, Singaporean Dollar, Chine Yuan, Mexican Peso, and much more. For people looking for options in stocks, it has CFD on gold, silver, platinum, oil, and 11 indices.
Other than that, IFX brokers offer various trading instruments. Some of the most popular ones are Forex, Cryptocurrencies, Commodities, Energy, Precious Metals, etc. This way, individuals, as well as companies, can rely on IFX due to their vast options.
- Benefits in Trading
There are many trading benefits with IFX, other than their plenty of options. South African traders can make use of leverage. This way, they can trade with a larger amount of money, regardless of their initial deposit. The broker offers up to 1:500 leverage. While this can be helpful for beginners, it is not recommended for them. Only an advanced trader should take advantage of leverage.
If you are a beginner, do not worry. There is an award for you as well. For every newcomer to register their account with the broker, IFX awards them a bonus 100% deposit. It is also a good strategy to lure new traders, which explains the rising popularity of the broker.
- Training for Beginners
It is important to mention in the IFX brokers review that a bonus deposit is not the benefit of IFX for newcomers. If you are still learning about Forex, you can use all the learning materials and training offered by the broker. There is a separate IFX Academy section on their website. Here, people can learn from advanced traders as well as attend workshops from Forex. Overall, it is a helpful way of learning the fundamentals to get started.
- Customer Support
Every trader faces some problem at some time. It is the responsibility of the broker to provide means of communication with the trader. This way, people can get the answer to their queries and problems.
IFX is one of the most reliable traders. It offers a reliable way of supporting its customers. No matter what issue you are facing, you can contact the broker via email and telephone. Moreover, the ticket system is also provided by the broker.
- Account Types and Spreads
There are various types of accounts offered by IFX brokers. The most common three are Standard, Raw, and Islamic. The reason behind providing multiple accounts is for the convenience of traders. Each type has its minimum initial deposit amount as well as spreads. Since we have mentioned the most popular three types, here are their spreads.
The Standard Account has spread as low as 0.8 pips. The same goes for the Islamic Account, but there is no commission in this type. In IFX Raw Account, the average spread is 0.3 pips.
Now, let’s take a look at the few demerits of the IFX brokers. Although the pros outweigh them, it is still important to consider them.
- Payment Options
While IFX has several deposit and withdrawal methods, there are only three payment options. With only the availability of Visa, Wire Transfer, and PayFast, the users can face inconvenience due to these limited options.
- No Live Chat Feature
The customer support of IFX brokers is excellent. However, live chat is still a superior option for communication. It helps to solve the problems quicker and easier. Sadly, it is not available by the broker.
- Missing MT5 Trading Platforms
For trading platforms, IFX offers MetaTrader4, which is the most popular one out there. However, advanced MT5 Trading platforms have been introduced and are used by many brokers. Although there are no issues in MetaTrader4, it just feels like an outdated platform.
While IFX is one of the most popular brokerage houses, that does not mean you should also choose it. It is always recommended to do proper research. This IFX brokers review has pointed out all the significant features and demerits of the broker that will help you decide whether it is right for you or not.