There are many factors in Forex Trading that can be difficult to understand for beginners. Although there are many books out there, many people do not read them. That is why the number of users keeps increasing on the platform, along with the number of scams. When users lack the knowledge of Forex, they can easily get scammed. That is because there are thousands of scammers out there. The growing frauds have made many people hesitant of the Forex. However, there are many ways to avoid them.
Some of the biggest scams in Forex are carried out by fake brokers. Avoiding brokerage houses completely is impossible. From creating an account to funding it, all the processes require a broker’s help. That is why you need one at every step. But, not all brokers are scams. In fact, it is quite easy to identify fake ones.
IFX Brokers is one of the biggest names in South Africa when it comes to Forex. It is a popular brokerage house that is regulated at both national and international levels. However, many people are still unaware of it. And, due to the increasing popularity of Forex in South Africa, new users are skeptical of the broker. Here, we have the answer to your question, IS IFX Safe to Trade With? Without any further ado, let’s get into it.
Should You Trust IFX Brokers?
As mentioned earlier, it is one of the most popular brokers in South Africa. It has a high demand among traders. Many experts even recommend IFX due to its supportive conditions. It is safe to say that it is a trusted and reliable broker. If you want to trade with it, you should have no worries. That is because it is a top choice in a region. Therefore, the chances of getting scammed are zero.
IFX has established its name over the last decade. Ever since then, its popularity has only risen. It has lead to more and more people choosing it over other brokers. However, it has some conditions. Most people find them better than others. It is recommended to go through them before choosing it. This way, you can understand all about the broker. Here, we have gathered all the conditions of IFX Brokers. It will help you trading with them as we have covered all the aspects.
Conditions Of IFX Brokers
Why does a broker have its conditions? It is a frequently asked question, especially by new traders. Well, every broker needs to set its requirements. When traders reach out to them, they must follow the conditions because that sets the broker apart from thousand of others. These requirements are also for the ease of people. Every broker wants to gain as much following, so they usually make their conditions in such a way that they support the trader.
With that said, here are the conditions of IFX that you should know before trading with them. Let’s get started.
- Minimum Initial Deposit
All brokers have a minimum price set for deposit. It can be all the way from $100 to $50,000. Usually, the prices are low to welcome new traders. IFX has the requirement of $100 as the minimum initial deposit.
While it may seem high to beginners, it is an average cost. Almost all well-known brokers have this same amount as their initial. Plus, it is a safe bet for newcomers. You can win better profits and do not risk a large amount of money.
- Account Types
Usually, brokers work with a certain account type. But, IFX offers convenience to its users and provides options for two account types. This way, the trader can pick the type they are more comfortable with.
One account type is the standard one. It is the type we just discussed; it requires a minimum of $100 as the initial deposit amount. It is a good choice for beginners as the price is not that high.
The other type is IFX VIP. It requires $20,000 as an initial deposit. As you may have guessed, it is for people who have a lot of money, enough to risk. It is also suitable for experienced traders as they may have some strategy to start with this high price.
There are also some other types of accounts, such as IFX raw and IFX Islamic Account. But, these are all the most common ones.
- Online Platform
Once you have created the account, it is time to download an online platform. Mostly, brokers use MetaTrader 4 as their platform, but some prefer others as well. Luckily, IFX brokers also uses this same platform. It is helpful because it is popular and trusted by millions of people.
Moreover, it is easy to use. It shows all the important features that you will need for trading. All the tools are simple to manage, so you will not face any problems with it. It is available for Windows and Mac. Also, there is a smartphone app for Android and iOS.
At the national level, IFX is regulated by FSCA (Financial Sector Conduct Authority). So, there can be no scams with its name. Moreover, international regulatory bodies, such as ASIC, also supervise the broker. That is why it is considered safe.
IFX is a part of the list of registered brokers. If you find any other broker with the same name, make sure to check its license before trading with it. It is registered as IFX Holdings (Pty) Ltd (Registration No. 2017/027249/07.
Understanding the conditions mentioned above will help you consider if IFX brokers is the right choice for you or not. Plus, if you do not agree to any of the conditions, it is fine to look for other brokers. The market is full of many brokerage houses. However, having a popular one is better as it is a safer and reliable option.