IFX Brokers vs eToro

IFX Brokers vs. eToro

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

Which offers better pricing – IFX Brokers or eToro?

With spreads starting at only 0.5 pips on the VIP Account, IFX Brokers is a top choice for retail traders. Additionally, four IFX Brokers’ accounts are commission-free; traders pay just the spread, anything from 1 pip to 1.6 pips, and anywhere from $10 to $16 for each trade.

Most traders can open an eToro account since the minimum deposit is $200. As a result, spreads on the EUR/USD start at 1.0 pips, larger than with competing brokers, even though the CFD trading account is commission free.

The average spread offered by other reputable brokers is 0.9 pips (EUR/USD), which means that IFX Brokers offers superior pricing.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is an Electronic Communication Network (ECN) and Straight Through Processing (STP) broker that operates out of South Africa.

They are regulated and approved by the Financial Sector Conduct Authority (FSCA) as a Financial Service Provider (FSP). The FSP number for IFX Brokers is 48021, and the broker keeps all customer monies separate from any other funds in its possession.

eToro is multi-regulated by CySEC, FCA, ASIC, DBN, FINRA, FinCEN, SIPC, and FSA. Every effort is made by eToro to ensure the security and safety of client funds deposited in trading accounts.

eToro uses cutting-edge cyber security measures to protect all clients’ data and sensitive information. Furthermore, client funds are kept separate from operating funds and are held by some of the best banks in the world.

Users of eToro, one of the regulated trading sites, must provide legitimate government-issued identification to prove their identities. These safeguards are designed to protect traders from dishonest and unlawful behaviour.

Additionally, it makes it possible for the trading platform to provide traders with a secure setting. By forcing users to go through this process, eToro conforms with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.

Which broker offers the superior trading platform?

IFX Brokers provides both MetaTrader 4 and MetaTrader 5 to customers. MetaQuotes created and released both systems, and they are accessible through desktop PCs, web browsers, and Android and iOS-powered mobile devices.

eToro provides a restricted number of trading platforms, solely supporting its own crowd trading platform. However, eToro’s platform for crowd trading is user-friendly and well-designed, making it an excellent alternative for novice traders.

It is simple to look for different instruments, and there are four order types available on the online trader platform: market, limit, stop-loss, and trailing stop-loss orders. In addition, the mobile trading interface from eToro is well-designed and intuitive.

The mobile application is compatible with both Android and iOS. eToro invented the first social trading system and is the market leader in online social trading.

eToro’s mobile app supports a user-friendly and entertaining copy trading service and CopyPortfolios, which package all tradable assets under a single market strategy to reduce long-term risk and generate diversified investments.

Do these brokers both offer MetaTrader?

IFX Brokers offers MetaTrader, while eToro only offers its in-house trading platforms.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while eToro offers 49 pairs.

Is it safe to trade with IFX Brokers?

It is safe to trade with IFX Brokers. IFX Brokers is situated in South Africa and is fully licensed by the FSCA. The Financial Sector Conduct Authority oversees the country’s many banks and non-bank financial firms such as Forex and CFD brokers.

The Financial Sector Conduct Authority (FSCA) was founded to protect investors by encouraging fair business practices, providing accurate financial information, and enhancing and maintaining the efficacy and integrity of financial markets.

As a recognized and well-regulated Financial Service Provider (FSP), traders may confidently trade with IFX Brokers, knowing that their money is protected.

Is it safe to trade with eToro?

It is safe to trade with eToro.

Even though eToro is not publicly listed and does not presently run a bank, the broker is regarded as low-risk, with an overall Trust Score of 93 out of 100.

Four Tier-1 regulators (high trust), one Tier-2 regulator (medium trust), and one Tier-3 regulator license eToro (low trust).

Traders may be certain that their money is always safe with eToro. This is because the information you send to eToro is safeguarded by robust and innovative cybersecurity procedures.

Client monies are kept separate from the company’s operational finances in separate accounts at top-tier European banks. In addition, the Financial Services Compensation Scheme (FSCS) protects investors in the case of a broker’s insolvency or liquidation.

If a client has a legitimate claim against eToro’s services or products, they could be entitled to up to €20,000 in compensation via the Cyprus Investor Compensation Fund (ICF), of which eToro is a member.

In addition, the eToro wallet is a digital wallet supplied by eToro for storing digital money. Transferring bitcoin from the eToro platform to a user’s digital wallet is possible.

However, users should know that this is a one-way process, and that the cryptocurrency cannot be returned to the eToro trading platform.

Who is IFX Brokers?

IFX Brokers is a prominent forex and CFD broker in South Africa that opened its doors in 2018.

IFX Brokers has created a reputation in the South African futures market over the last four years by offering five adaptable ZAR accounts, MetaTrader 4 and 5 trading software, and a good selection of currency pairings.

Traders of all skill levels can quickly get started with IFX Brokers’ five live accounts, each with a different minimum deposit requirement based on the type of trader the account is meant for.

For example, on the Premium Account, traders deposit between $10 and $1,000 and pay a spread of 0.5 pips.

Most IFX Brokers provide commission-free trading, which means traders pay the spread. This indicates that traders may anticipate trading expenses per lot to fluctuate between 10 and 16 USD.

IFX Brokers offers more major, minor, and exotic currency pairs than other brokers. Furthermore, since IFX Brokers has a low minimum deposit, it provides a low entry hurdle for new and casual traders looking for exposure to competitive markets.

EUR/USD spreads start at 1.3 pips on the commission-free Standard Account. In comparison, the Raw Account demands a $1,000 initial deposit in exchange for EUR/USD spreads beginning at 0.5 pips and a USD 6 commission cost for each lot traded (which works out to 3 USD per side).

Furthermore, South African traders benefit from the fact that they can create trading accounts with IFX Brokers in ZAR, EUR, USD, or GBP, which reduces currency conversion costs when depositing and withdrawing cash.

Who is eToro?

Since launching in 2007, eToro has grown to become one of the largest social networks in the world, serving users in more than 140 countries and having more than 13 million registered members on its cutting-edge platform, which is continually being improved.

The Financial Services Commission of Gibraltar has granted the eToroX cryptocurrency exchange a license. Furthermore, it is listed with the US Financial Crimes Enforcement Network as a Money Service Business (MSB).

Depending on factors like the eToro company managing your account, eToro may function as a market-maker or an agency broker.

Over 3,056 trading options are available on eToro, and the company’s quoted variable spread on the EUR/USD is 1 pip, which is more than the industry standard.

Furthermore, while deciding between eToro and another broker, retail traders choose the social copy trading features of the site above low spreads.