Edited by Chris Cammack November 16, 2023

Author Alison Heyerdahl

IFX Brokers Broker Review

3.22

/ 5

Min deposit

USD 10

Regulated By

FSCA

Trading Cost

USD 16

Leverage

500:1

Copy Trading

Yes

Platforms

MT4, MT5

Instruments

Commodities, Cryptocurrencies, Forex, Indices

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Accepts South African Clients. Average spread EUR/USD 1.6 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. Regulated by the FSCA.

Our Verdict on IFX Brokers

Founded in South Africa in 2018, IFX Brokers is a popular South African broker with a range of ZAR accounts, support for both MT4 and MT5 trading platforms, and a wide range of Forex pairs. However, trading costs are not transparent and are generally quite high. IFX also offers virtually no trading tools, educational support, or market analysis materials.

IFX has five live accounts with a range of minimum deposit requirements to suit traders of varying experience levels. Minimum deposits range between 10 USD up to 1000 USD, but trading costs don’t drop below 1 pip (EUR/USD).

Although deposits are generally instant and free, there is little information on the site regarding withdrawals. Traders will also be disappointed in the lack of education and market analysis materials, and that customer service is only available during business hours via telephone and email.

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Pros

Great range of accounts
Low minimum deposit

Cons

Wide spreads
Non-transparent spreads
Poor education
Limited market analysis

IFX Brokers Overall Summary

Trust Rating

Trading Conditions

Platforms

4.5

Education

1.5

Beginner Friendly

Assets Available

Analysis Research

Deposit & Withdrawal

Overall Rating

3.22

/ 5

Base Currencies

ZAR, EUR, USD, GBP

Number of FX Pairs

Crypto Pairs

Copy Trading

Yes

Hedging Allowed

Yes

Scalping Allowed

Yes

Islamic Account

Yes

Account Name

IFX VIP

Commission

6 USD/lot - VIP Account

EUR/USD

0.50

GBP/USD

1.20

USD/JPY

Negative Balance Protection

Yes

Company Name

IFX Brokers™ Holdings (Pty) Ltd

Founded

2018

Website

www.ifxbrokers.com

Website Language

Support Language

Office Locations

South Africa

Support Email Address

[email protected]

Deposit & Withdrawal

Supported Platforms

Meet the Experts Behind Our Unbiased Reviews

Alison Heyerdahl

Head of Content

Alison joined the team as a writer in 2021. She is the Head of Content for FxScouts. She has a medical degree with a focus on physiotherapy and a bachelor's in psychology. However, her interest in Forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, "Let's Talk Forex", alongside Chris and has produced over 100 Forex educational videos for the FxScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 120 Forex brokers.

Chris Cammack

Partner Manager and Financial Writer

Chris manages the relationships with our partners to provide the best Forex trading experience possible for our users. Previously Head of Content at FxScouts since 2019, Chris ensured all content met our high standards of quality and clarity, shaping editorial guidelines and overseeing broker reviews. Chris brought 10 years of experience in research, editorial, and design for political and financial publications, and has a deep knowledge of international financial markets and geo-politics. He co-hosts the "Let's Talk Forex" podcast with Alison and writes for the news section on a regular basis.

Ida Hermansen

Financial Writer

Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida's passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement. She is continually expanding her knowledge in Forex trading, staying informed about the latest trends and identifying the best trading environments for new traders.

Stefan de Clerk

Financial Writer

The newest member of our team, Stefan has a degree in Marketing and more than a decade of experience writing quality content in both finance and tech. Stefan's deep fascination with how factors like geopolitical events, big data and market sentiment influence the financial markets drives his passion for Forex trading. He believes that if you want to feel the pulse of the world economy, trade Forex, and if you want to trade Forex, you need well-researched, unbiased and objective information.

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