IFX Brokers vs ACY Securities

IFX Brokers vs. ACY Securities

We spent many hours thoroughly examining the best-in-class Forex brokers for 2023. Here, we take a closer look at IFX Brokers vs. ACY Securities.

Which offers better pricing – IFX Brokers or ACY Securities?

Accounts at IFX Brokers have growing minimum deposits related to higher account advantages and cheaper trading costs.

Minimum deposits on its commission-free Standard Account start at 10 USD, with spreads starting at 1.3 pips on the EUR/USD, whereas its Raw Account offers spreads of 0.5 pips (EUR/USD) with a 6 USD commission in exchange for a minimum deposit of 1000 USD.

Trading costs are incorporated in the Standard Account’s variable spreads. However, the ProZero and Bespoke accounts provide raw spreads (sometimes as low as 0 pips on the EUR/USD) in exchange for a commission charge per lot.

The Standard Account’s trading expenses are integrated into the spread and are larger than the costs on the ProZero and Bespoke Accounts, which carry a modest charge per lot moved.

The Standard Account, on the other hand, has a far lower minimum deposit requirement than the ProZero and Bespoke accounts.

The Standard Account requires a minimum initial investment of $50. After that, spreads start at 1 pip on EUR/USD, slightly wider than similar-sized ECN/DMA brokers, but there are no commissions. To establish a ProZero Account, a minimum deposit of $200 is required.

Spreads on the EUR/USD start at 0.0 and average at 0.1 pips, with a modest fee of 6 USD (round turn) per lot. For the industry, these trade circumstances are extremely competitive. Commissions on the ProZero Account are levied differently based on your account’s base currency.

This account requires a minimum deposit of 10,000 USD, spreads start at 0.0 pips on the EUR/USD, and traders are paid an extremely low commission of 5 USD (round turn) for each lot. Overall, this account’s trading charges are among the lowest in the industry.

Which broker offers more security when trading Forex and CFDs?

Because it is a regulated broker and licensed Financial Services Provider (FSP) monitored by the Tier-2 Financial Sector Conduct Authority (FSCA) in South Africa, IFX Brokers is a trustworthy and reputable forex and CFD broker.

Although ACY Securities has a high reputation, it is not regulated by the South African FSCA and is only controlled by a single tier 1 authority in Australia, namely the ASIC. It is also governed by Vanuatu’s FSC, through which South African traders will be accepted.

Although South African traders may be concerned about trading through an unlicensed subsidiary, ACY Securities keeps all client money segregated from the company’s operational funds in top-tier, well-capitalized institutions.

Negative balance protection is also available to South Africans; however, this is determined on a case-by-case basis.

Which broker offers the superior trading platform?

IFX Broker’s mobile trading platform options are average compared to other brokers, with both MT4 and MT5 accessible. Furthermore, MT4 and MT5 are more complicated to set up and less user-friendly than the web-based systems offered by certain other brokers.

Although ACY Securities only provides the Metatrader suite of platforms, which are not as user-friendly as the proprietary platforms offered by other brokers, MT4 and MT5 are widely regarded as some of the industry’s top third-party platforms.

Furthermore, ACY Securities also provides MetaTrader Scripts, one of the top MetaTrader plugins on the market.

Do these brokers both offer MetaTrader?

IFX Brokers and ACY Securities offer access to MetaTrader 4 and MetaTrader 5 on the web, desktop, and mobile (iOS and Android).

How many Forex pairs can I expect from these brokers?

IFX brokers provide access to 70 currency pairs, while ACY Securities offers 60 pairs, making IFX Brokers the superior forex provider of the two.

Is it safe to trade with IFX Brokers?

Trading with IFX Brokers is risk-free due to its FSP license and FSCA regulation. This reputable Tier-2 market regulator oversees South African banking and non-banking entities.

You can also expect transparency and competitive trading conditions when dealing with IFX Brokers. This is because all client funds are kept in separate bank accounts with top South African banks.

Traders only use these funds for trading purposes, and IFX Brokers does not have access to them for operational or financial purposes.

Is it safe to trade with ACY Securities?

ACY Securities, operating under the trade names of ACY AU and ACY LTD, onboard clients through ACY AU for Australian customers and through ACY LTD for all other clients, according to local laws and regulations.

Client funds are held in fully segregated trust accounts with the Commonwealth Bank, kept separate from the company’s funds, and will not be used to repay creditors in the event of bankruptcy.

Furthermore, various deposit and withdrawal options, including credit cards, bank transfers, and foreign transfers, are available to ensure customer funds’ proper use and safety.

Both ACY AU and ACY LTD hold Professional Indemnity Insurance according to the guidelines set forth by the Australian Securities and Investments Commission (ASIC) and the requirements of the Vanuatu Financial Services Commission (VFSC).

ACY Securities also participates in various alternative dispute resolution systems and has internal processes, including a professional support and compliance team, to address and resolve complaints to ensure that the trading experience is of the highest standard.

Clients also have the option to escalate complaints to an impartial, external dispute resolution mechanism such as the Australian Financial Complaints Authority (AFCA) for ACY AU and the VFSC for ACY LTD.

ACY Securities requires clients to provide complete and accurate proof of identity and address when opening a live trading account. In addition, traders must ensure that deposits and withdrawals are made in the same name as the registered trading account.

In addition, the broker prohibits third-party payments and is committed to complying with its privacy obligations as outlined in the Privacy Policy Statement

Who is IFX Brokers?

IFX Brokers, a well-established South African brokerage founded in 2018, offers traders a comprehensive range of ZAR accounts, support for the MT4 and MT5 trading platforms, and a wide variety of currency pairs for trading.

Five live accounts are available for traders of various skill levels, each with a minimum deposit requirement ranging from $10 to $1,000, making it accessible for both novice and professional traders seeking to trade in forex and CFDs.

The minimum deposit requirements for opening an account with IFX Brokers are correlated with increasing account benefits and decreasing trading expenses. Additionally, IFX Brokers provides a broad selection of deposit and withdrawal options.

Furthermore, IFX Brokers processes withdrawal requests from South African clients in an average of two to four hours, though detailed information on the specific withdrawal options is not readily available. However, South African clients can expect popular and local options to be available.

Who is ACY Securities?

ACY offers a variety of low-cost trading accounts and a sizable selection of instruments on the MT4 and MT5 platforms; however, South African traders will be onboarded through ACY Securities’ VFSC-regulated entity, meaning they will have limited options if they have a dispute with the broker.

However, ACY Securities’ Australian entity is regulated by ASIC and offers negative balance protection to all traders.

ACY Securities’ commission-based accounts offer spreads as low as 0 pips (EUR/USD) in exchange for commissions ranging from 5 to 6 USD. In addition, experienced traders will appreciate the variety of instruments available, which includes 60+ Forex pairs and over 1,600 share CFDs.