IFX Brokers vs City Index

IFX Brokers vs. City Index

We spent many hours thoroughly examining the best-in-class Forex brokers for 2022. Here, we take a closer look at IFX Brokers vs. City Index.

Which offers better pricing – IFX Brokers or City Index?

Lower trading fees and more account options are often associated with higher minimum deposits at IFX Brokers.

Spreads on the EUR/USD begin at 1.3 pips with the commission-free Standard Account, while the Raw Account requires a minimum deposit of $1,000 in exchange for spreads of 0.5 pips and a fee of $6.

These fees are higher than the average for brokers, which is about $9 per EUR/USD trade at most other brokers. However, these fees are close to what City Index charges.

City Index, like many other prominent market maker brokers, provides two CFD accounts for free: one live and one demo. In addition, City Index’s online trader interface and MT4 are both supported by the account.

City Index is upfront about its costs, posting its current, minimum, and average spreads online. Compared to other brokers, City Index’s live account trading charges of USD 5 are cheap but based on a minimal spread.

At City Index, the spread widens, or contracts based on the number of trades and the market volatility. In addition, positions with no defined termination date, such as spread bet and CFD transactions, incur overnight financing fees with both IFX Brokers and City Index.

Furthermore, futures transactions incur no additional financing fees since the overnight financing cost is already included in the pricing.

Which broker offers more security when trading Forex and CFDs?

Trading with either IFX Brokers or City Index provides a safe and open platform.

One Tier 2 regulator, the South African Financial Sector Conduct Authority (FSCA), oversees IFX Brokers’ operations.

While the FSCA of South Africa is not the strictest regulation in the world, it is improving its services to make retail trading in forex and CFD markets more secure.

You can trade with City Index with confidence, knowing that it is authorized by the Financial Conduct Authority (FCA) under reference number 113942 and abides by the European Securities and Markets Authority (ESMA) laws regarding leverage and negative balance protection.

Broker defaults in the United Kingdom are covered up to £50,000 by the Financial Services Compensation Scheme (FSCS). However, City Index gives no details on further or private coverage.

Which broker offers the superior trading platform?

IFX Broker’s mobile trading platform selection is online with other MetaTrader-only brokers since it offers both MT4 and MT5. In addition, mobile and tablet computers running Google’s Android or Apple’s iOS may access the MT4 and MT5 trading platforms.

Fewer timeframes and fewer charting choices show how mobile trading systems differ from their desktop counterparts.

Furthermore, when a South African trader decides to switch brokers but still using a third-party platform like MT4 or MT5, they could maintain whatever customizations they have made to their platform, only changing their broker.

When compared to other brokers, IFX Broker has quite a good platform support. Nonetheless, compared to other brokers’ web-based systems, MT4 and MT5 need more technical expertise to install and are less user-friendly once operational.

City Index provides its customers with two trading platforms: the downloaded MetaTrader 4 and the Web Trader.

City Index’s online platform is restricted in comparison to the downloaded platforms. However, it does provide amazing charting tools powered by TradingView and other trading capabilities. Other, more “hands-on” systems do not have the research gateway that this one has, so that is a great bonus.

Expert Advisors, automated trading support, strategy backtesting, customizable charting, indicators, and copy trading are some of the features that make MT4 a powerful all-around trading platform.

City Index supports one app for mobile trading on both Android and IOS. In addition, through its integration with MT4, this app provides traders access to the online trader platform and the ability to manage their accounts there.

Do these brokers both offer MetaTrader?

IFX Brokers offers MetaTrader 4 and MetaTrader 5, while City Index only offers MT4 alongside its proprietary trading platform.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while City Index offers 84 pairs that can be traded.

Is it safe to trade with IFX Brokers?

It is safe to trade with IFX Brokers. As a South African-based broker, IFX Brokers holds a Financial Services Provider (FSP) license and is regulated by the Financial Sector Conduct Authority (FSCA). This trusted Tier-2 regulator oversees CFD and Forex trading.

Hundreds of bank and non-bank entities are regulated by the FSCA, and there are strict requirements to obtain and maintain an FSCA license. Therefore, traders can rest assured that they are safeguarded when they trade using IFX Brokers’ platforms and trading services.

Is it safe to trade with City Index?

It is safe to trade with City Index. This is because the stop-loss insurance given by City Index for a fee adds value to the Trust metric. If this function is not included in trading platforms, the accounts of retail investors are in far greater danger of experiencing a loss.

Moreover, as one of the forex broker reviews demonstrates, these firms’ respective trading interfaces have state-of-the-art conditional orders. In addition, the City Index platform employs two-factor authentication, further enhancing its safety.

City Index works as a market maker, which might lead to conflicts of interest. However, they also provide central clearing for free in certain markets, which might need different client applications.

The corporation provides detailed information about fees and spreads to increase its openness.

Who is IFX Brokers?

Since 2018, IFX Brokers has provided clients with a full range of forex and CFD trading services. The broker is proudly South African, catering to beginner, advanced, and professional traders.

There are five distinct trading accounts available via IFX Brokers, each tailored to the specific requirements and goals of a different level of trader.

Spreads on popular instruments like the EUR/USD start at 0.5 pips, and traders may anticipate other favourable circumstances across all accounts. This is since the highest possible leverage for trading Forex majors is 1:500. Therefore, the typical cost of a trade is between $10 and $16.

Hedging, scalping, and using expert advisers are just some of the trading methods that may be used with IFX Brokers. In addition, trading is possible with 70 different currency pairings and a few non-currency options.

For trading in the financial markets, investors can choose between MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and they can access several safe deposit and withdrawal methods.

Who is City Index?

The publicly listed parent firm of City Index is situated in the United States and goes by the name GAIN Capital Holdings Inc. (NYSE: GCAP).

South Africans can access options, CFDs on foreign exchange, stock indexes, individual stocks, commodities, bonds, interest rates, and digital currencies. This brokerage, formed in 1983 and with ties to GAIN, is well-established and fiercely competitive.

A team of in-house analysts at City Index publishes daily market outlooks and updates across multiple mediums, including video, webinars, and a tag-based news page replete with fundamental and technical reports.

South Africans can easily trade foreign exchange (FX) using MT4, Contracts for Difference (CFDs), and Spread Bets, as well as CFDs, Spread Bets, and Options on Indices, Shares, Commodities, Metals, Bonds, Interest Rates, and Cryptocurrencies.