Are you planning to open an account in IFX broker and search for a comprehensive review? If yes, then reading this review can prove helpful.
IFC brokers is a virtual broker company based in South Africa. The broker allows the traders to do online trading of commodities, indices, energy, etc., on top-notch MetaTrader 4 under one roof. So, without any delay, let’s delve into the article.
Regulation and Reliability of IFEX traders
IFX broker is the child company of IFX Brokers Holdings (Pty) Ltd. It is based in South Africa and regulated by the local Financial Sector Conduct Authority(FSCA). It is worth mentioning that they do not offer negative balance protection when it comes to reliability. As a customer, there is no need to worry because as they are registered from FSCA, your investment will remain safe and secure.
Account Types of IFX brokers
IFX brokers offer three types of accounts that are IFX Islamic, IFX raw, and IFX standard. Moreover, you can open a demo account as well. These account types allow access to more than seventy currency pairs, oil, natural gas, silver, and gold.
The Islamic account of IFX is free of any swamp. In addition, there is no interest or riba involved in it. But always keep in mind that a swamp-free account does not mean that the swamp will be zero, but the swamp will be charged to you for holding positions.
Moreover, the minimum deposit may vary from account to account. The minimum deposit in the case of Islamic and Standard accounts is $100. On the flip side, if you go for a RAW account, the minimum deposit will be $250.
Currencies allowed by IFX
If you want to open an account on IFX, you should know that four base currencies are allowed by the platform, including USD, EUR, ZAR, and GBP.
Currencies offered by IFX brokers also depend on the account type. For instance, if you have an open account in a Standard account, you have GBP, EUR, ZAR, and USD options. In comparison, if you pick a Raw or Islamic account, then USD and ZAR are two options.
Deposits and Withdrawals
The minimum deposit that you must require for opening an account is $100. If we compare the minimum deposit of IFX brokers with various other brokers, we know that it is pretty affordable. Although the company offers remarkable withdrawal and deposit conditions, they still lack when it comes to payment options that are just three: PayFast, Bank transfer wire, and Debit/Credit card.
Owing to the third-party regulation, you can only deposit the funds in the banks connected to the trader’s IFX trading account. But in case you are a mandated signatory, then a joint bank account is acceptable.
Customer Service
You can consult them five days a week in case of any query. They have a contact us section on their website, and their addresses and numbers are listed there. In addition, you can consult through their social media handles as well.
Final Thoughts
To sum up the article, I would say if you want to begin trading, then IFX trader is one of the excellent companies in the market. They have an extensive range of inspiring features. In addition, they provide three types of accounts too. So, if you have used this platform, tell us about your experience in the comments section below.
