IFX Brokers vs CMC Markets

IFX Brokers vs. CMC Markets

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

Which offers better pricing – IFX Brokers or CMC Markets?

IFX Brokers and CMC Markets both offer tight, competitive spreads. IFX Brokers has a tight spread of 0.2 pips on the EUR/USD currency pair, while CMC Markets provides a similar spread of 0.5 pips for the same currency pairs

Both IFX Brokers and CMC Markets charge commission on certain assets. IFX Brokers charges USD6 per round turn, while CMC Markets charges commissions of 0.005%, which amounts to 50 USD per lot traded), an exorbitant rate. As such, IFX Brokers clearly offers more competitive pricing than CMC Markets.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a South African-based Forex broker with full legal authorization and regulation. As a result, the Financial Sector Conduct Authority (FSCA) of South Africa, the country’s primary financial market regulator, is responsible for monitoring IFX Brokers.

Which broker offers the superior trading platform?

IFX Brokers offers MetaTrader 4 and MetaTrader 5, which are widely recognised as the best trading platforms on the market. As a result, traders will benefit from swift execution, access to a wide range of markets, and a wide range of tools.

Next Generation, CMC Markets’ award-winning proprietary trading platform, is supported alongside the industry standard MetaTrader 4. (MT4). If a broker offers a third-party platform like MT4, traders can make any adjustments they like and take them with them if they switch to a different broker.

In addition to MT4, Next Generation is easier to use for new traders while still providing powerful analytical tools.

Do these brokers both offer MetaTrader?

Yes, IFX Brokers provides access to the full MetaTrader suite consisting of MT4 and MT5, while CMC Markets only provides access to MT4.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while CMC Markets provides access to an impressive range of 158 currency pairs. Both brokers offer access to the same selection of major currency pairs.

Is it safe to trade with IFX Brokers?

Yes, IFX Brokers is situated in South Africa with a full FSCA licence. The Financial Sector Conduct Authority regulates the nation’s numerous banks and other financial organisations (FSCA).

The Financial Sector Conduct Authority (FSCA) was created to protect investors by encouraging fair business practises, providing relevant financial information, and advancing and maintaining the efficacy and integrity of financial markets.

Is it safe to trade with CMC Markets?

Yes, CMC Markets is a reliable broker. It has oversight from eight major agencies, making it one of the best-regulated brokers in the sector. It also provides negative balance protection to its traders and is traded on the London Stock Exchange.

Who is IFX Brokers?

A well-known South African broker, IFX Brokers, debuted in 2018. They provide a variety of ZAR account types, the MetaTrader 4 and 5 trading interfaces, and a wide range of foreign exchange pairs.

The five live accounts offered by IFX, each with a distinct minimum deposit requirement, can be used by traders of all experience levels. Traders make deposits between $10 and $1,000, and they pay a spread of 1 pip (EUR/USD) or more.

IFX Brokers offers more major, minor, and exotic currencies than most brokers, with 70 pairs. Increased account features and lower trading fees at IFX Brokers are connected with lower minimum deposits.

The commission-free Standard Account offers spreads on the EUR/USD that start at 1.3 pips, while the Raw Account demands a minimum deposit of $1,000 in exchange for spreads on the EUR/USD of 0.5 pips and a commission of $6 USD.

At IFX Brokers, a variety of deposit and withdrawal options are available. Following industry practise, IFX Brokers does not take money from or send money to anyone who is not a client. Money must be transferred to an account in the trader’s name when withdrawing funds from a trading account.

The fact that trading accounts with IFX Brokers can be held in ZAR, EUR, USD, or GBP is fantastic news for South African traders. Because they are only allowed to open one account, one account holder must pay conversion fees when trading instruments denominated in multiple currencies, such as the Euro against the US Dollar.

Who is CMC Markets?

CMC Markets, established in 1989, is a major Forex and CFD broker with a solid reputation and a wide selection of assets. Traders using its commission-based account, however, may be dissatisfied with the company’s excessive trading fees.

There is no minimum deposit for either of CMC Markets’ two live accounts, one with commission-free trading and spreads starting at 0.7 pips on the EUR/USD, and the other with commission-based trading and spreads starting at 0.1 pips and commissions starting at 0.005% (which amounts to 50 USD per lot traded).

CMC Markets’ CFD trading platform provides access to over 12,000 different trading instruments. CMC Markets is a forex broker that also allows trading in indices, shares, share baskets, commodities, cryptocurrencies, bonds, treasuries, and exchange traded funds (ETFs).

Both MT4 and its own customised, cutting-edge trading platform, which includes both technical and fundamental analytical tools, are available to traders. Although customer care is available 24 hours a day, five days a week, CMC Markets’ lack of a live chat function is a major drawback for new traders.

When compared to other brokers, CMC Markets offers the widest and deepest selection of tradable assets. Those that make a living trading professionally and are on the lookout for a specific item will appreciate this greatly.

Typical of the sector, CMC Markets provides a standard set of account options, including both commission-free and commission-based options. However, the commission-based trading account has substantial transaction costs.

Because of its automated dealing desk, market maker CMC Markets avoids some of the potential for bias that plagues the traditional market maker paradigm. There is also a commission-based account and a spread betting account available.

All traders are welcome to open an account with CMC Markets because there is no minimum deposit required. Spreads on the EUR/USD begin at 0.7 pips, tighter than those offered by most competing brokers who charge a commission.

Spreads on the EUR/USD begin at 0.1 pips in the commission-based account, and the opening and closing commissions are both 0.0025%. Traders using this account will have a hard time turning a profit due to the large commission.

CMC Markets has a standard number of deposit and withdrawal options, with some free and others incurring fees.

CMC Markets is a reputable broker that adheres to AML guidelines by remitting withdrawals to the original method of payment.

CMC Markets, in comparison to competing market makers, provides a superior mobile trading experience.

Both the Next Generation, CMC Markets’ own proprietary trading platform, and the MetaTrader 4 platform, a standard in the industry, are supported (MT4). When switching brokers, traders who use platforms like MT4 can take their customised versions with them because those firms use third-party systems. When compared to MT4, CMC Markets’ own platform, Next Generation, is easier to use for new traders while still providing powerful analytical tools.

CMC Markets has an excellent in-house research team and collaborates with a number of other research firms to offer more insightful market analysis than is often accessible from other brokers.