IFX Brokers Review - Is This Broker Safe and Legit? - WikiFX

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 pips on the MT4 and MT5 trading platforms via 6 different live account type. However, its FSCA license has been exceeded.

Pros and Cons

Is IFX Brokers Legit?

IFX Brokers is not regulated well. Its license of the Financial Sector Conduct Authority (FSCA) has been exceeded, holding Financial Service Corporate license with No. 48021.

What Can I Trade on IFX Brokers?

IFX Brokers supports trading forex, indices, commodities, crypto, and shares. There's no ETFs trading or bonds trading. But overall, you still have a good mix of investment options.

Account Type

IFX Brokers has six kinds of accounts: the iFX Premium, iFX Standard, iFX Vip, iFX Islamic, iFX Cent, and iFX Raw accounts. The minimum deposit requirements for each account are as follows:

Leverage

IFX Brokers offers flexible leverage up to 1:1000 for accounts. However, high leverage can magnify profits, but it also significantly amplifies the potential for losses.

IFX Brokers Fees

IFX Brokers sets rather high spreads for their accounts. In addition, a commission of $6 is levied on the iFX Vip and the iFX Raw accounts. No commission is charged for the other accounts.

Trading Platform

iFX Brokers offers traders access to both the Metatrader 4 and Metatrader 5 platforms, which are suitable for both beginners and experienced traders.

Deposit and Withdrawal

IFX Brokers offers a variety of deposit methods, including popular options like Visa, Mastercard, OZOW, PAYFAST, SKRILL, NETELLER, wire transfer, digital currencies like Bitcoin, Ethereum, and more.

Deposit Options

As for withdrawal, you can log in to your myiFXBrokers account to initiate a withdrawal. Withdrawals are typically processed within 2-4 hours