Account Opening
ARE MY PERSONAL DETAILS SECURED?
All your personal information is fully protected by an SSL certificate and is saved on a secured server.
Can I open a Corporate account?
Yes. The company’s representative applying for a corporate account will firstly register with iFX Brokers. The personal details must be those of the company’s representative.
Can I open a Joint account?
No, iFX Brokers do not accept joint accounts.
Can I open more than 1 account with iFX Brokers?
You can only have one iFX Brokers Account (CU Number Profile) but we offer you the flexibility to have 1 trading account in each available currency per trading platform.
How long does it take to approve my new account?
Provided all your documents are uploaded, and your Financial Experience and FACTA questionnaires complete, account verification and approval is done within 8 business hours. Please note account verifications are only executed in Business Hours (Monday – Friday)
Do I have to supply documents when opening an account?
To comply with the Financial Intelligence Centre Act, 38 of 2001, we would require the following documents:
Proof of Identity – any 1 of the following
· Copy of the front and back of your Identity Card,
· Copy of your Identity Document
· Copy of the front and back of your drivers license.
Confirmation of Residential Address – any 1 of the following, provided it is not older than 3 months:
· A recent lease/rental agreement;
· Mortgage statement from a bank;
· Affidavit from local police station or ward councillor;
· Utility bank account;
· Municipal rates and taxes.
Proof of Identity – any 1 of the following
· Copy of the front and back of your Identity Card,
· Copy of your Identity Document
· Copy of the front and back of your drivers license.
Confirmation of Residential Address – any 1 of the following, provided it is not older than 3 months:
· A recent lease/rental agreement;
· Mortgage statement from a bank;
· Affidavit from local police station or ward councillor;
· Utility bank account;
· Municipal rates and taxes.
Do we accept US clients?
iFX Brokers does not offer its services to the residents of certain jurisdictions such as EU Member States, Iceland, Norway, Liechtenstein, Afghanistan, Democratic People’s Republic of Korea, Ghana, Iran, Iraq, Libya, Mongolia, Myanmar, Nicaragua, Panama, Somalia, Syrian Arab Republic, UAE, Uganda, United States of America, Canada, Yemen, Zimbabwe.
How do I submit my compliance documents?
You can conveniently upload them directly from your profile in your secure client area, or alternatively submit them to docs@ifxbrokers.com for processing.
How long does it take to approve my account?
Account approvals are executed in business hours, Monday to Friday. You can expect same day approvals, provided all supporting documentation and questionnaires are fully completed.
How long does it take to open an account?
Upon approval of FICA documents, it only takes 10-15 minutes to open your account.
I failed the Financial Experience Questionaire, What now ?
A failed Financial Experience questionnaire, serves as confirmation that you have been notified of the risk involved in Forex trading, and that you wish to Proceed. Irrespective of your level of experience.
I opened an account but haven’t received my verification email.
Please check the correct spelling of the provided email address, as well as the spam and junk mail folders associated with your email account. Please report to support@ifxbrokers.com for prompt assistance.
Why would my documents be declined/rejected?
Documents should not be older than 6 months, and should contain clear information matching the account holders identity and proof of residential address.
Deposits & Withdrawals
How long does it take for a withdrawal to be processed?
Withdrawals are processed within 4 hours, and paid same day. Kindly note that withdrawals are only processed in weekdays (Monday-Friday, 7:00 am – 5:00 pm)
Which PSPs do you have available?
We currently support Ozow, Payfast, Skrill, Neteller and a selection of Digital Currencies.
Where are your offices based?
We are based in Jeffreys Bay, Eastern Cape, South Africa.
Are my funds safe with iFX Brokers?
Client funds are kept separate in a segregated account and monitored daily by our 3rd party auditor. In additional iFX Brokers also have fidelity and prof indemnity insurance to give our clients additional piece of mind.
Are there charges to transfer funds from one currency to the other?
Inter account transfers are executed at real-time exchange rates and iFX Brokers do not add any additional fees to transfers.
Can I fund my account using Bitcoin?
Yes, iFX Brokers accept a selection of Digital currencies as funding method.
Can I transfer money between trading accounts?
You can transfer funds to and from trading accounts directly from your iFX Brokers Wallet, however we do not allow the transfer of funds to accounts not held in your name.
Do I pay taxes on profits?
iFX Brokers is not a financial or tax advisor. We do not withold taxes or have any obligation to report any activity. We recommend you to discuss this with your private tax consultant.
Do we allow third party funding?
No. In support of International Anti-Money Laundering Regulations, iFX Brokers do not accept third party funding.
How can I confirm if my withdrawal request has been received?
Once a withdrawal is requested, you can review the status directly from your client area.
How do I fund my trading account?
Deposits can be executed directly from your client portal. Please select any of the available methods. Please note, Payfast, Ozow, Skrill, Neteller and Digital Currencies support instant funding. Should you wish to use the Wire Transfer method, the official proof of payment should be emailed to pop@ifxbrokers.com or uploaded directly from your portal for allocation. Kindly ensure that your CU number is used as payment reference. A manual fund allocation fee of 2.5% is levied, and Wire Transfers can take up to 48 hours to be allocated.
How do I withdraw funds?
Withdrawals can be executed directly from your client portal. Please note that your account details require bank verification, which could take up to 24 business hours to complete.
How does the BONUS work?
Bonus offers are issued with terms and conditions applicable to the specific bonus offer. Please request the current conditions from support@ifxbrokers.com
How long does it take for my deposit to reflect?
OZOW, PAYFAST, NETELLER, SKRILL AND DIGITAL CURRENCY deposits are verified and approved instantly. For Wire Transfer, please allow up to 48 hours for verification and allocation. Please note that deposits are only processed during working hours (7:00 am – 5:00 pm, Monday – Friday).
How long does it take to process my withdrawal request?
All withdrawal requests are processed by our Accounting Department within 24 hours, Monday – Friday.
How / where do I add my banking details?
Banking details can be added directly from your client portal. To expedite verification you can upload proof of banking detail (E.g. Bank statements) directly from your secure client portal. Please note, banking details are only verified in business hours, Monday – Friday, 7:00 am – 5:00 pm.
Is there a minimum amount required to deposit funds?
iFX Brokers do not impose any minimum deposit fee, however, we recommend R3500 to be a good starting point. Some Payment Providers may require a minimum deposit.
What currencies can I use to fund my iFX Brokers account?
Trading accounts are offered in USD, GBP, EUR and ZAR. Since iFX Brokers a South African Registered entity, Deposits and Withdrawals are executed in ZAR
What reference must I use when a make a deposit?
Please use your iFX Brokers CU number as reference number when making a deposit. Proof of payments can be sent to pop@ifxbrokers.com
What should I do if I have not received my withdrawal?
For bank transfer withdrawals that have not been effected after 2 working days of making a withdrawal request, kindly contact your account manager, by logging a ticket directly from your client portal for prompt assistance.
Why is my withdrawal amount split in two?
The system keeps track of all the deposits and withdrawals and balances, hence when a withdrawal is requested, it may be built up by various smaller amounts.
Will my deposit go directly into my trading account or my wallet first?
All deposits are allocated to your iFX Brokers Wallet. You may then execute your internal transfers to the trading accounts of choice.
Partnership
What is an Introducing Broker?
An Introducing Broker (IB) is essentially an agent who introduces new customers to a forex brokerage. In return for sending custom to a brokerage, the Introducing Broker receives a fee. In the case of forex, this usually involves a share of the spread or commission charged by the brokerage.
Introducing Brokers make rebates on their clients’ trades. Introducing Brokers meet with their clients and discuss various aspects of forex and determine orders. Typically, Introducing Brokers originate from financial services since these provide a steady stream of likely candidates.
An Introducing Broker makes money by referring his clients exclusively to a parent brokerage. The Introducing Broker has the advantage of operating under the auspices of the parent brokerage, enjoying increased credibility and exposure to a range of contacts.
Introducing Brokers make rebates on their clients’ trades. Introducing Brokers meet with their clients and discuss various aspects of forex and determine orders. Typically, Introducing Brokers originate from financial services since these provide a steady stream of likely candidates.
An Introducing Broker makes money by referring his clients exclusively to a parent brokerage. The Introducing Broker has the advantage of operating under the auspices of the parent brokerage, enjoying increased credibility and exposure to a range of contacts.
How do I become an Introducing Broker (IB)?
Request your account to be converted to an Introducing Broker account, emailing your request to partners@ifxbrokers.com
How does an Introducing Broker make money?
Introducing Brokers make rebates on their clients’ trades.
How will I get paid?
Rebate payments are credited to your iFX Brokers Partner area, where you can determine when you want to be paid out.
Why do Professionals become Introducing brokers?
Most Introducing Brokers have some interest in forex but they may not have the resources or experience necessary to succeed as traders. For this reason, they concentrate on their strengths, including their valuable contacts in the financial sector and excellent networking skills. They have the time and inclination to recruit new traders.
Do you have marketing materials for Introducing Brokers?
Yes. Please discuss your marketing requirements with our Partners Team (partners@ifxbrokers.com)
Where do I find my referral link?
Your referral link is displayed in your secure IB Portal.
Client Support
How do I remove unused trading accounts from my client area?
To remove any unwanted accounts, kindly email your request to support@ifxbrokers.com
What is your complaint departments email address?
If your request has not been resolved, a formal complaint in terms of our Complaints Policies and Procedures, may be submitted to complaints@ifxbrokers.com
Can I withdraw a bonus?
No, our bonus is only an equity bonus and can not be withdrawn. You can off course withdraw any profit made on the account.
Do I have to take the bonus?
No, The bonus offer is available, however not recommended. Should you wish to not receive a bonus, simply request support@ifxbrokers.com to remove the bonus option from future deposits.
How do I move over to a live account?
You can open a live account directly from your iFX Brokers Secure Client Area in any of the available currencies.
How do I transfer funds into my live account?
You can transfer funds from your iFX Brokers Wallet directly to and from your MT4 account of choice.
Is the BONUS added automatically or do you have to request it?
Bonus will be added automatically in line with the then current bonus conditions. Should you wish to not receive a bonus, simply request the removal of the bonus by sending an email to support@ifxbrokers.com
Where can I find my login details?
Login details will be sent to your email address as soon as your email is validated.
Where do I verify my email address?
A separate email will be sent to you to validate your email address.
Why can I not add funds to my demo account?
Automated demos are created when you registered with us, there is no credit on the demo account, should you wish to practice on the demo account, you will have to create a new one and add credit. should the demo run out of funds, a new demo account can be created directly from your secure client area.
Why can’t I log in with my email address?
When your email address is not validated you will not be able to log in. Please contact support@ifxbrokers.com for prompt assistance.
Why is only Bankwire shown as a payment method?
Since we receive funds in ZAR, please select the ZAR currency to view all available funding methods.
Technical Support
I am new to Forex, where do I start?
The first step is to open an account. All you need to do is complete the application here, submit your verification documents fund your account.
How long does the negative balance protection take to clear my negative balance?
Since the negative balance protection is an automated process, please allow approximately 30 minutes for the balance to be corrected. Any related questions can be addressed to support@ifxbrokers.com
What is the minimum lot size for indices?
Most indices are available as 0.01 lots, however, please refer to the contract specifications for current detail.
Can I trade during news releases and volatile markets?
iFX Brokers is full fledged STP broker and welcome traders of all trading styles. Whether you are a scalper, news trader, swing trader, you are most welcome to experience the true STP experience at iFX Brokers.
Can I withdraw if I still have open positions?
You can only withdraw if you have sufficient free margin which is the amount of idle money for you to use. You may use this amount to open further positions or to withdraw. It is the responsibility of the trader to make sure that the trades don’t get stopped out if a withdrawal is requested when there are open positions.
Do I need to download any specialized software in order to trade?
You will require the iFX Brokers MT4/MT5 platform which can be downloaded directly from your secure client portal.
Do you close my position when I go offline?
No, your position will not be closed when you go offline. Positions can only close when either a stop was triggered, a limit order reached or closed by you, the trader.
Do you offer Demo accounts?
Yes, we offer free demo accounts to anyone who registers with us.
Do you offer micro (0.01) lots?
Yes, you can trade micro lots on all our platforms with our standard and premium account type.
Do you offer swap free (Islamic) accounts?
Yes we do offer Islamic accounts. You would be required to open a standard account and send an email to support@ifxbrokers.com requesting your account to be converted to an Islamic Account. The Company reserves the right to call for proof of religion.
Do your spreads change during news releases?
The spread change because the spreads are variable. During the news times, the order book changes in the interbank market due to sudden influx of orders so as the new orders come in and some orders are cancelled, it results in spread widening.
Does iFX Brokers give signals to clients?
Unfortunately we are not a signal provider.
How do I change the leverage on my account?
To change the leverage of your trading account, login to the iFX Brokers Account and click on your account number under ‘Account(s)/Actions‘, found under ‘My Accounts’. Select ‘Change Leverage’ from the dropdown menu. Please note: To change the leverage of your trading account, all open positions must be closed. Leverage changes may only be performed once every 24 hours.
How do I change the password of my trading platform?
Log into your iFX Brokers account and select the trading account summary. Follow the screen prompts to execute your request.
How do I open a demo account?
It’s really easy. All you do is click on the Open Demo icon on the iFX Brokers homepage. Enter your details in the online form and click ‘Submit’. Your demo account will be created immediately, directing you to your account page. A verification email containing your platform credentials will be sent to the email address you have provided.
How do I open a Live Trading account?
To register for a live trading account, click on the ‘Open Account’ icon on the iFX Brokers homepage, or click here. Complete the form and click ‘submit’. An email containing your.
How does margin call work?
In forex trading, the Margin Call Level is when the Margin Level has reached a specific level or threshold.
When this threshold is reached, you are in danger of the possibility of having some or all of your positions forcibly closed (or “liquidated“).
The Margin Level is the “metric” and the “Margin Call Level” is a specific “value” of the metric (which is the Margin Level).
When this threshold is reached, you are in danger of the possibility of having some or all of your positions forcibly closed (or “liquidated“).
The Margin Level is the “metric” and the “Margin Call Level” is a specific “value” of the metric (which is the Margin Level).
How does mini lot trading minimise risk?
A mini lot is a lot of 10,000 units of a country’s base currency. It is called a mini lot because it is only 1/10th of the size of a 100,000 unit standard lot. For instance, if you’re trading on an account using U.S. Dollars, a mini lot would be a trade worth $10,000 of USD. A mini lot is a common trade size used in a forex mini account.
How does stop-out work?
A Stop Out Level is when your Margin Level falls to a specific percentage (%) level in which one or all of your open positions are closed automatically (“liquidated”).
This liquidation happens because the trading account can no longer support the open positions due to a lack of margin.
More specifically, the Stop Out Level is when the Equity is lower than a specific percentage of your Used Margin.
If this level is reached, your positions will automatically start closing out with the most unprofitable one until your Margin Level is back above the Stop Out Level.
If your Margin Level is at or below the Stop Out Level, positions will close as quickly as possible in order to protect you from possibly incurring further losses.
This act of closing your positions is called a Stop Out.
Keep in mind that a Stop Out is not discretionary. Once the liquidation process has started, it is usually not possible to stop it since the process is automated.
This liquidation happens because the trading account can no longer support the open positions due to a lack of margin.
More specifically, the Stop Out Level is when the Equity is lower than a specific percentage of your Used Margin.
If this level is reached, your positions will automatically start closing out with the most unprofitable one until your Margin Level is back above the Stop Out Level.
If your Margin Level is at or below the Stop Out Level, positions will close as quickly as possible in order to protect you from possibly incurring further losses.
This act of closing your positions is called a Stop Out.
Keep in mind that a Stop Out is not discretionary. Once the liquidation process has started, it is usually not possible to stop it since the process is automated.
How long does the demo account last and how do I renew it?
A demo account will stay active if used. All demo accounts are automatically deleted by the servers after a period of 14 days inactivity.
How much is a spread?
Spread is the difference between Bid and Offer of the asset you want to trade. Spreads vary between various asset classes and are as low as 1.3 on standard accounts.
How much is a swap?
Our forex swap rate, or rollover, concerns overnight interest that is added or deducted when a position is held open overnight. It may be earned or paid. Swap/Rollover rates are determined by the existing overnight interest rate differential between the two paired currencies, and whether the selected position is buy “long” or sell “short”.
Is there a difference between spreads on the Demo account and live account?
No, the demo account is a snapshot of our standard account offering.
Are your platforms MAC compatible?
No, you need to obtain 3rd party software to enable MT4 software.
What is the difference between a long and a short position?
A long position is a buy position, meaning that this position will be in profit if the currency rate goes up. A short position is a sell position, meaning that this position will be in profit if the currency level goes down.
What are your margin call and stop out levels?
Please refer to the account specifications, since various levels are applicable.
What does it mean if margin call is reached?
When a trader reaches margin call, it is a warning that their available margin required to keep their open positions is running low and is in risk of hitting a ‘stop out’.
What does STP mean?
STP means Straight Through Processing where there is one over the counter party liquidity provider with whom your trades get offloaded to.
What is a Forex Spread?
Spreads are the difference between the bid and ask price of any particular instrument. You will notice two different prices for a currency pair: the bid and ask price. The ‘bid’ is the price at which you can sell the instrument. The ‘ask’ is the price at which you can buy the instrument. The difference between these two prices is known as the spread.
When you enter into a ‘buy position’, you enter at the ask price and exit at the bid price.
When you enter into a ‘buy position’, you enter at the ask price and exit at the bid price.
What is a pip?
The spread is usually measured in pips, which is the smallest unit of the price movement of a currency pair.
What is a stop out?
A stop out is an automatic close of open positions if the margin reaches the stop out level. If you prefer to hold onto the positions and would like to avoid the risk of being stopped out, you would need to fund the trading account to increase the available margin of the trading account.
What is a take profit order?
A take profit order is a standing order put in place by traders to maximise their profits. It specifies a certain price above the purchase price, which is chosen by the trader. If the price of a security reaches that limit, it will automatically trigger a sale. If the price does not reach that limit, the order is not acted on.
What is an interest rate differential?
An interest rate differential is a difference in the interest rate between two currencies in a pair. If one currency has an interest rate of 3% and the other has an interest rate of 1%, it has a 2% interest rate differential. The use of interest rate differentials is of particular concern in foreign exchange markets for pricing purposes.
What is margin?
Margin is money you need to have in your iFX Brokers MT4/5 account to secure your open position.
What is the best Forex trading strategy?
There is none. You should constantly develop your own strategies for every possible market situation if you want to be in profit. Specific Forex strategies can only be good for a limited period and for specific currency pairs.
What is the difference between forex trading and commodity trading?
The difference between forex trading and commodity trading is primarily the products underlying tradable security. A commodity market trades in goods such as coffee, cocoa, and mined products such as gold and oil. Forex—the foreign exchange, also abbreviated as FX—is a global market that trades in currencies such as dollars, euros, and yen.
What is the maximum leverage?
The maximum leverage on all our accounts is 1:500.
What is the maximum volume I can trade?
Per trade, the minimum is 0.01 lots and maximum is 100 lots
What is the meaning of drawdown in forex?
When it comes to forex trading, drawdown refers to the difference between a high point in the balance of your trading account and the next low point of your account’s balance. The difference in your balance reflects lost capital due to losing trades.
What is the minimum amount needed to trade 0.01 lot size on NASDAQ?
We recommend a starting balance of at least ZAR500.
What is the minimum number of lots that need to be traded for an IB to start earning rebates?
There is no minimum, you receive rebates on all your client’s trading activities.
What is the symbol name for NASDAQ?
T100.m
What is the trading session times for all markets?
Please refer to the contract specification for up to date market times.
What kind of accounts do you offer?
We offer a range of trading accounts designed to meet the requirements of various traders.
What time zone is your server set to?
Our servers are located in state of the art data center in the heart of London co-located with all the financial institutions giving seamless execution to our clients. Our servers are in GMT +1 time zone. The time zone shifts when day light savings get enabled and when it gets disabled. All of our clients and partners are informed before hand when it happens.
Why can I not trade default pairs and only Lmax pairs?
Default pairs are used for conversion purposes and only instruments with .lmax is tradeable
Why can’t I place a trade on MT4?
There can be a number of reasons why you are unable to place a trade on MT4.
For example,
1. Not enough free margin. Check your free margin see if it is enough to cover the position you are trying to open. If not, you may add more deposit into your account.
2. Logged in using a read-only password.
3. Other wrong parameter settings. For example, your stop-loss and take-profit levels may have been set wrong against the market price, or your pending order is incorrectly placed above or below the current market price.
For example,
1. Not enough free margin. Check your free margin see if it is enough to cover the position you are trying to open. If not, you may add more deposit into your account.
2. Logged in using a read-only password.
3. Other wrong parameter settings. For example, your stop-loss and take-profit levels may have been set wrong against the market price, or your pending order is incorrectly placed above or below the current market price.
Why do I get a stop-out at 12 at night?
Market liquidity can be quite low around midnight in MT4 server time, resulting high volatility on prices. Hence why stop-out is more likely to be triggered at 12 at night.
Why does any trade that I open start in a loss?
When you open a trade, you do it at the Ask price for Buy trades or at the Bid price for Sell trades. If you were to close the trade, the opposite price is used; the Bid price to close a Buy trade and the Ask price to close a Sell trade. The same applies for calculating the trade’s floating profit or loss. Hence, when opening a new trade, it always starts in the red due to the Bid/Ask spread. This is why, every traders must first beat the spread for their positions to become profitable.
Why does the candlesticks have gaps in them?
Gaps can happen on candlesticks chart for different reasons. For example, it can occur during market breaks. It can also occur when quotes are missing.
Why is MT4 freezing?
Like many other prestigious software, in rare cases MT4 can freeze, especially when under conditions that are far beyond what it was designed for. Those conditions include but not limited to
1. Your MT4 have been running too long.
2. You computer does not have sufficient memory.
As a trader, you can wait for it to come back, or close and reopen it. If the issue still persists, please report it.
1. Your MT4 have been running too long.
2. You computer does not have sufficient memory.
As a trader, you can wait for it to come back, or close and reopen it. If the issue still persists, please report it.
Why is my pending order not triggering?
Here can be different reasons when it comes to pending order not triggering. For example,
1. Quite often this can be because you did not have sufficient free margin to open the position, at the point when your pending order was supposed to be triggered.
2. You specified target price not reached.
3. In rare cases, based on the setting, if there is not enough liquidity to fulfil your pending order, it will not be triggered. Even though it might had already reached your target price.
1. Quite often this can be because you did not have sufficient free margin to open the position, at the point when your pending order was supposed to be triggered.
2. You specified target price not reached.
3. In rare cases, based on the setting, if there is not enough liquidity to fulfil your pending order, it will not be triggered. Even though it might had already reached your target price.
Why is spreads changing while I am in open positions?
When there is more liquidity in the market, it would naturally result in the narrowing of the spread. This is because there is a lot more participants in the market, so the spread is also driven by basic principles of demand and supply. During times of low liquidity, spreads would widen as there are less participants willing to enter the market at the specified prices at a certain point in time.
Trading Bonus
How do I cancel my bonus or can you please cancel my bonus?
Send your request to support@ifxbrokers.com to remove the bonus option from your account.
How does the bonus structure work?
Please consult with your account manager for details on the current bonus offer.
IS the Bonus tradeble?
No the iFX Brokers Bonus is not tradeable.
What is the maximum bonus?
The maximum bonus on all accounts held per household is USD 5000.
