Company Summary
| IFX Brokers Review Summary | |
| Founded | 2016 |
| Registered Country/Region | South Africa |
| Regulation | FSCA (exceeded) |
| Market Instruments | Forex, indices, commodities, cryptos, and shares |
| Demo Account | ✅ |
| Leverage | Up to 1:1000 |
| Spread | From 1.3 pips (iFX Standard account) |
| Trading Platform | MT4, MT5 |
| Minimum Deposit | $10 |
| Customer Support | Contact form |
| Phone: +27 87 944 7273 07:30-16:30 GMT (Monday-Thursday) / 07:30-16:00 GMT (Friday) | |
| Email: support@iFXbrokers.com | |
| Address: 79 Da Gama Road, Jeffreys Bay, South Africa | |
| Regional Restrictions | Afghanistan, Canada, Democratic Peoples Republic of Korea, EU Member States, Ghana, Iceland, Indonesia, Iran, Iraq, Liechtenstein, Libya, Norway, Mongolia, Myanmar, Nicaragua, Panama, Somalia, Syrian Arab Republic, UAE, Uganda, United Kingdom, United States of America, United States Minor Outlying Islands, Yemen, Zimbabwe |
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
| Pros | Cons |
| Wide range of trading instruments | Exceeded FSCA license |
| MT4 and MT5 provided | No 24/7 customer support |
| Flexible leverage ratios | Regional restrictions |
| Various methods to deposit |
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.
| Financial Sector Conduct Authority (FSCA) | |
| Regulatory Status | Exceeded |
| Regulated by | South Africa |
| Licensed Institution | IFX BROKERS HOLDINGS (PTY) LTD |
| Licensed Type | Financial Service Corporate |
| Licensed Number | 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.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ✔ |
| Indices | ✔ |
| Cryptocurrencies | ✔ |
| Shares | ✔ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
| Mutual Funds | ❌ |
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:
| Account Type | Minimum Deposit |
| iFX Islamic | $10 |
| iFX Cent | |
| iFX Raw | $250 |
| iFX Premium | |
| iFX Standard | |
| iFX Vip | $1,000 |
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.
| Account Type | Maximum Leverage |
| iFX Premium | 1:500 |
| iFX Standard | |
| iFX Vip | |
| iFX Islamic | |
| iFX Raw | |
| iFX Cent | 1:1000 |
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.
| Account Type | Spread | Commission |
| iFX Raw | From 0 pips | $6 |
| iFX Vip | From 0.5 pips | |
| iFX Premium | From 1 pip | ❌ |
| iFX Standard | From 1.3 pips | |
| iFX Islamic | ||
| iFX Cent | From 1.6 pips |
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.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Web/ Phone/ Desktop | Beginners |
| MT5 | ✔ | Web/ Phone/ Desktop | 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
| Deposit Method | Deposit Currency | Deposit Fees | Deposit Processing Time |
| OZOW | ZAR | ❌ | Instant |
| PAYFAST | |||
| MASTER CARD (Supported by PAYFAST) | |||
| VISA (Supported by PAYFAST) | |||
| WIRE TRANSFER | 2.50% | 24 - 48 business hours | |
| SKRILL | USD/ZAR | ❌ | Instant |
| NETELLER | |||
| DIGITAL CURRENCIES | USD |
As for withdrawal, you can log in to your myiFXBrokers account to initiate a withdrawal. Withdrawals are typically processed within 2-4 hours
TheeBlackBullFx
South Africa
i cant withdraw my funds while my account is verified
Exposure
Evise
Mexico
IFX Brokers offers a wide range of account types to suit different traders' needs, with competitive leverage options that allow for greater flexibility and potential returns.
Positive
EddieWu
Malaysia
Actually, the it was a great customer service very much helpful and contact personally to resolve our issues. Furthermore, IFX brokers’ website is easily navigating, user-friendly.
Positive
随遇而安6812
Australia
I really hope that all the traders can keep alert and never fall into the traps set by forex scammers. The forex trading by itself is already too risky, we should do everything to avoid scams!
Neutral
Glockz syr
South Africa
l have been trading with this broker for a couple of months and their service is exceptional and withdrawals are processed immediately.
Positive
晨光曦阳
New Zealand
I do want to try this broker. many advantages, mt4 & mt5, friendly minimum deposit, generous leverage offerings. However, I do dislike its high margin call level, which is not favorable to traders. Hmmm… who can give me some advice?
Neutral
FX1050390472
Argentina
I have been trading with this company for 1 month and so far I am satisfied and will continue to trade. The minimum deposit is only $10, which allows more people to try it out. The fly in the ointment is that the customer service they offer is not available 24/7, which means I sometimes have to wait hours or even a day or two for a response.
Positive
声色犬王
Australia
I traded with this broker six months ago, and it gave me a good impression. Everything is fine, their trading platform quite stable and smooth, professional customer support…it is quite friendly to beginners.
Positive