IFX Brokers vs Dukascopy

IFX Brokers vs. Dukascopy

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

Which offers better pricing – IFX Brokers or Dukascopy?

IFX Brokers has several account types to suit the requirements of traders of varying experience levels. If you want to open an account with IFX Brokers, you will need a minimum deposit that varies depending on the features you want and the trading fees you expect to pay.

For example, the Standard Account allows commission-free trading with a minimum deposit of just $10 and spreads beginning at 1.3 pips on the EUR/USD currency pair.

However, the Raw Account requires a minimum deposit of $1,000 and imposes a commission charge of $6 per lot traded, with spreads beginning at 0.5 pips on the EUR/USD pair.

Dukascopy provides a solitary Foreign Exchange (Forex) trading account option via its Forex ECN account, with execution options span agency and dealing desk models.

While all ECN clients pay the same spreads, your commissions will change based on your account’s trading activity, total balance, and net deposits.

By combining the average spread of 0.10 pips on the EUR/USD during the US trading session with the default commission rate of 0.70 pips per round turn, the total cost is 0.8 pips, which is on par with other brokers that charge commissions rather than flat fees.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a reputable and secure choice for traders participating in forex and CFD trading.

As a South African broker licensed by the Financial Sector Conduct Authority (FSCA), IFX Brokers has gained popularity over the past four years and is known for providing a well-regulated and transparent trading environment for traders of all skill levels.

The broker offers a variety of financial assets for trading, and client funds are held in separate accounts for added security. Additionally, the FSCA provides oversight and protection for traders.

The assets on the balance sheet of Dukascopy Bank exceed 148 million Swiss francs (CHF). Dukascopy is licensed as a bank and a broker and is governed by regulatory authorities of the highest calibre.

Esisuisse, a deposit insurance program, insures investors’ deposits for Swiss banks. In addition, traders of the Swiss entity of the broker are eligible for 100,000 CHF in insurance coverage from the regulatory compensation fund esisuisse.

The International Swaps and Derivatives Association (ISDA) is an organization that promotes lofty standards and integrity in the derivatives industry. Dukascopy is a member of this association. Additionally, it belongs to the Swiss Bankers association.

These recognized organizations enhance the brand’s credibility and dependability. In addition, all financial records of Dukascopy are audited by KPMG, a recognized international auditing agency.

Individually and collectively, the banking auditor checks that Dukascopy Bank complies with Swiss legislation and other applicable regulations.

Which broker offers the superior trading platform?

IFX Brokers offers a wide range of financial instruments across asset classes through the well-known and reliable MT4 and MT5 trading platforms, which are powered by Equinix, providing traders with low latency, minimal slippage, and competitive trading conditions.

Through its ECN proprietary technological solution and registered trademark SWFX – Swiss FX Marketplace, Dukascopy Group primarily offers online and mobile trading services.

Forex, precious metals and Contracts for Difference (CFDs) can all be traded through the SWFX on desktop computers and mobile devices.

Traders, banks, hedge funds, and other institutions can take advantage of the SWFX’s one-of-a-kind ECN spot forex liquidity thanks to the exchange’s current FIX API connectivity to more than 20 major banks.

Dukascopy Bank can provide its customers with exceptional order execution and price feed quality in addition to extremely tight spreads because of this.

Market participants’ orders are automatically fulfilled via Straight Through Processing on the SWFX. Therefore, in the ECN setting, the interactions between buyers and sellers are on equal footing.

All trades, regardless of size, are executed automatically on Dukascopy Bank’s ECN without a dealing desk or requote.

Dukascopy’s trading platform (JForex) gives users access to the Swiss Forex Marketplace (SWFX) and management of order execution, as well as numerous market analysis and risk management tools.

The most recent and best BID/ASK price changes can be viewed. Construct any chart you like, with all the options you could want, whether it’s a Renko, Kagi, or Line break. In the context of testing automated strategies, this takes on even greater significance.

Do these brokers both offer MetaTrader?

IFX Brokers offers MetaTrader 4 and MetaTrader 5. In contrast, Dukascopy offers MetaTrader 4 and proprietary trading software.

How many Forex pairs can I expect from these brokers?

IFX brokers provide access to 70 currency pairs, while Dukascopy offers 60 pairs.

Is it safe to trade with IFX Brokers?

It is safe to trade with IFX Brokers, a South African broker fully licensed by the Financial Sector Conduct Authority (FSCA), a recognized Tier-2 market regulator that oversees banks and non-banking financial firms in South Africa.

This ensures that traders have confidence in the broker’s adherence to industry regulations and standards. Additionally, traders can expect open communication and favourable trading conditions while working with IFX Brokers.

Client funds are held in separate accounts at reputable financial institutions in South Africa, ensuring that deposits are kept separate from the broker’s operating funds and are not used to meet financial commitments or other purposes.

Is it safe to trade with Dukascopy?

It is safe to trade with Dukascopy.

Deposit insurance safeguards the credit balances of private and corporate clients in the case of the insolvency of a bank or securities firm. This assurance is mandated by law.

The protection is capped at CHF 100,000 per customer and institution, and several accounts are aggregated.

As part of the self-regulation of Swiss banks and securities firms, esisuisse assures that it will protect insured savings. A deposit insurance program safeguards Dukascopy Bank’s deposits.

In addition to “Deposit Protection,” your funds are protected by Dukascopy Bank’s prudent management of its assets and liquidity. More than 90 percent of Dukascopy Bank’s assets consist of cash and Swiss government bonds.

Who is IFX Brokers?

IFX Brokers, established in 2018, is a relatively new player in the brokerage industry compared to established firms operating since the 1970s.

Despite its relative youth, IFX Brokers provides various financial instruments across various asset classes through the widely used and dependable MetaTrader 4 and MetaTrader 5 trading platforms.

By utilizing Equinix technology, traders can expect low latency, minimal slippage, and favourable trading conditions. Additionally, IFX Brokers offers 5 different trading accounts, each tailored to meet the needs of a specific level of trader expertise.

South African traders can open a ZAR-denominated account with a minimum deposit of $10, while deposits and withdrawals in other currencies may incur currency conversion fees.

The available trading accounts offer flexible options and fair and transparent pricing, with four out of the five accounts charging only the spread.

Who is Dukascopy?

Dukascopy Bank is a Swiss financial institution created in 2004 that provides banking, trading, and online brokerage services to clients in Europe and Asia.

For currency and CFD traders, Dukascopy provides 653 symbols to choose from across multiple markets, including 60 forex pairs and 593 CFDs.

Dukascopy Bank provides its customers with incredibly competitive tools through its current accounts, which include credit cards, e-banking services, and a vast array of financial goods.

The best Swiss Forex bank can provide users with competitive trading solutions and various banking services. In addition, Dukascopy offers several distinctive elements that enhance its trading environment.

Clients of Dukascopy have access to the bank’s trading platforms, JForex and Metatrader 4, which are compatible with the IOS and Android operating systems.