IFX Brokers vs Forex.com

IFX Brokers vs. FOREX.COM

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

Which offers better pricing – IFX Brokers or FOREX.COM?

IFX Brokers and Forex.com both offer tight, competitive spreads. IFX Brokers has a tight spread of 0.2 pips on the EUR/USD currency pair, while FOREX.COM provides a somewhat higher spread of 1.0 pips for the same currency pair. As such, IFX Brokers does offer better pricing on its spreads.

Both IFX Brokers and Forex.com charge competitive commissions depending on the account and the instrument being traded – in other words, some assets can be traded commission-free with both of these brokers.

Which broker offers more security when trading Forex and CFDs?

A Forex broker with full legal authorization and regulation, IFX Brokers is headquartered in South Africa. As a result, the Financial Sector Conduct Authority (FSCA) of South Africa, the major regulator of the nation’s financial markets, is in charge of overseeing IFX Brokers.

Forex.com is regulated by numerous major agencies, including the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS).

Traders in South Africa will be using a Forex.com subsidiary situated in the Cayman Islands, which offers negative balance protection and segregates customer funds from company funds while being subject to less regulatory monitoring than Forex.com’s UK and Australian operations.

Which broker offers the superior trading platform?

Both MetaTrader 4 and MetaTrader 5, which are largely regarded as the greatest trading platforms in the market, are accessible through IFX Brokers. As a result, traders will have quick execution, access to a variety of markets, and a large range of tools.

Forex.com also offers access to the full MetaTrader suite, as well as its own powerful proprietary platform, which has garnered numerous positive reviews and user feedback.

Do these brokers both offer MetaTrader?

Yes, both IFX Brokers and Forex.com provide access to the full MetaQuotes suite, consisting of MetaTrader 4 and MetaTrader 5.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while Forex.com provides access to 91 currency pairs. Both brokers provide access to the same selection of major currency pairs.

Is it safe to trade with IFX Brokers?

IFX Brokers is your best option if you’re looking for a Forex broker that is based in South Africa and has a complete FSCA licence. The numerous banks and other financial institutions around the nation are governed by the Financial Sector Conduct Authority (FSCA).

The Financial Sector Conduct Authority (FSCA) was established to protect investors by fostering fairness in business practises, disseminating pertinent financial information, and advancing and maintaining the effectiveness and integrity of financial markets.

Is it safe to trade with Forex.com?

Yes, South African traders can trade safely with Forex.com.

Although South African traders will be trading with a subsidiary of Forex.com based in the Cayman Islands, which has less regulatory oversight than Forex.com’s businesses in the UK or Australia, this subsidiary separates its client funds from company funds and offers negative balance protection to all traders.

Who is IFX Brokers?

IFX Brokers is a well-known South African broker that launched in 2018. They offer several different types of ZAR accounts, the MetaTrader 4 and 5 trading platforms, and a comprehensive selection of foreign currency pairs.

Traders of all skill levels can find an account that suits their needs among IFX’s five live accounts, which all need different minimum deposits. With deposits ranging from $10 to $1,000, traders pay a spread of 1 pip (EUR/USD) or more.

With 70 pairz, IFX Brokers offers more major, minor, and exotic currencies than many other brokers

Minimum deposits at IFX Brokers are correlated with increased account features and decreased trading costs.

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 (EUR/USD) and a commission of $6 USD.

A wide variety of deposit and withdrawal options are available at IFX Brokers. IFX Brokers follows the industry standard and does not accept funds from or transfers to non-clients. When making a withdrawal from a trading account, the money must be sent to an account that bears the trader’s name.

Trading accounts with IFX Brokers can be held in ZAR, EUR, USD, or GBP, which is great news for traders in South Africa. One account holder must pay conversion fees when trading instruments denominated in different currencies, such as the Euro against the US Dollar, because they are limited to opening only one account.

Who is FOREX.COM?

Forex.com, which has been around since 2001, is a reputable broker with minimal fees and high minimum deposits, making it ideal for both seasoned pros and those just starting out.

High trading expenses on the Standard and MT5 accounts at Forex.com’s introductory level will deter novices with smaller starting balances.

Commission and DMA accounts, which require a deposit of $100 and $25,000 respectively, are more appealing to seasoned traders. Combined with cheap commissions, the spreads on these accounts are among the lowest in the business (zero pips on the EUR/USD).

Expert traders will appreciate the variety of trading tools available on Forex.com, such as Autochartist, Trading Central, Trading View, SMART Signals, and subsidised VPS hosting, in addition to support for MT4, MT5, and its own trading platform.

Trading assets include more than 91 currency pairs, 4500 share CFDs, commodities, indices, precious metals, and cryptocurrencies; education and market research are both top-notch; and experienced traders will appreciate the breadth of the offering.

If you have a larger trading budget and want access to many trading platforms and a diverse selection of tradable assets, Forex.com is a great option.

Traders from South Africa can feel at ease using Forex.com as their broker. The Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS) all continue to regulate it.

Forex.com’s Cayman Islands subsidiary offers negative balance protection and segregates client cash from business funds, even though it is subject to less regulatory oversight than Forex.com’s UK and Australian subsidiaries.

When compared to other brokers, Forex.com’s commission-free accounts have typical expenses while its commission and DMA Accounts offer cheaper fees; with most brokers, trading one lot of EUR/USD costs around $9.

Different types of Forex.com accounts are available for both novice and seasoned traders. Those who have never traded before, or who have been trading for less than a year, fall under the category of “beginner traders.”

Beginning investors typically cannot devote their full weekdays to trading since they lack the capital to trade huge sums and choose not to take unnecessary risks. The 100 USD minimum deposit for the Standard, MT5, and Commission accounts is low enough that even novice traders can open one. Forex.com also allows its users to trade indices, shares, commodities, precious metals, cryptocurrencies, and oil, in addition to the foreign exchange market. Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum are the tradable cryptocurrencies.

Hedging and scalping are enabled by default for all accounts, but copy trading and automated trading are not available on Forex.com.

The maximum leverage available to a trader varies with factors such as the trading platform, market, asset class, and position size. Contacting Forex.com’s customer care is the best way to boost your leverage from the standard 200:1 available for smaller trades on key pairs.