IFX Brokers vs FP Markets

Overall Comparison

FEATURE

IFX Brokers

FP MARKETS

General comparison

4/5

4/5

Regulation

5/5

2/5

Spreads and fees

4/5

4/5

Trading Platforms

4/5

4/5

Trading Apps

4/5

4/5

Analytical Tools

4/5

4/5

Educational Resources

5/5

5/5

Trust Score

93

70

Best in class

x

 

Regulation Comparison

FEATURE

IFX Brokers

FP MARKETS

Trust score

93

70

Year Founded

2018

2005

Publically Traded

No

No

Licensed in South Africa

Yes

No

Assets Comparison

FEATURE

IFX Brokers

FP MARKETS

Forex

Yes

Yes

CFDs

Yes

Yes

Number of Forex pairs

60

63

US Stock Trading

No

Yes

International Stock Trading

No

Yes

Cryptocurrency CFDs

Yes

Yes

Fees Comparison

FEATURE

IFX Brokers

FP MARKETS

Average Spread for EUR/USD

0.2 pips

1.2 pips

Commissions Charged

Yes

Yes

ECN Execution

Yes

Yes

Market Maker Execution

No

Yes

Deposit Options Comparison

FEATURE

IFX Brokers

FP MARKETS

Deposit fees

No

No

Bank wire

Yes

Yes

MasterCard

Yes

Yes

PayPal

No

Yes

Skrill

Yes

Yes

Minimum Deposit

$100

$100

Trading Platforms Comparison

FEATURE

IFX Brokers

FP MARKETS

Desktop Platform

Yes

Yes

Mobile App

Yes

Yes

Social Trading

Yes

Yes

MetaTrader 4

Yes

Yes

MetaTrader 5

Yes

Yes

cTrader

No

No

DupliTrade

No

No

ZuluTrade

No

No

Proprietary Platform

No

Yes

Analytical Tools Comparison

FEATURE

IFX Brokers

FP MARKETS

Economic Calendar

Yes

Yes

Social Sentiment

Yes

Yes

Trading Central

No

No

AutoChartist

No

Yes

Forex News Sources

Yes

Yes

Daily Market Commentary

Yes

Yes

Educational Resources Comparison

FEATURE

IFX Brokers

FP MARKETS

Offers education

Yes

Yes

Webinars

Yes

Yes

Beginner training videos

Yes

Yes

Advanced training videos

Yes

Yes

Glossary

No

Yes

Majors Offered

FEATURE

IFX Brokers

FP MARKETS

GBP/USD

Yes

Yes

USD/JPY

Yes

Yes

EUR/USD

Yes

Yes

USD/CHF

Yes

Yes

USD/CAD

Yes

Yes

NZD/USD

Yes

Yes

AUD/USD

Yes

Yes

IFX Brokers vs. FP Markets

We spent many hours thoroughly examining the best-in-class Forex brokers for 2024. Here, we take a closer look at IFX Brokers vs. FP Markets.

 

Which offers better pricing – IFX Brokers or FP Markets?

IFX Brokers has a very competitive spread offering, averaging at 0.2 pips for the EUR/USD currency pair, with competitive commissions of USD6 per round turn depending on the asset traded.

FP Markets’ spread offering is disappointingly higher than that of IFX Brokers, averaging at 1.2 pips for the same currency pair.

 

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a fully licensed and regulated Forex broker that is based in South Africa. As such, IFX Brokers is overseen by the Financial Sector Conduct Authority (FSCA) of South Africa, which is the primary regulator of the financial markets in the country.

FP Markets, established in 2005, has been a trusted trading partner for South African investors thanks to its popularity and good regulatory standing.

The BVA FSC does not supervise any CFD trading activity and should not be viewed as a forex broker regulator. Clients are completely at the mercy of FP Markets’ good name, as no other safeguards are in place.

 

Which broker offers the superior trading platform?

Both IFX Brokers and FP Markets provide access to both MetaTrader 4 and MetaTrader 5, which are by far the most popular trading platforms in the industry. FP Markets also provides access to its own proprietary trading platform for additional software options.

 

Do these brokers both offer MetaTrader?

Yes, both IFX Brokers and FP Markets provide access to the full MetaTrader suite from MetaQuotes.

 

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 60 currency pairs, while FP Markets provides slightly more at 63 currency pairs, while both brokers offer the same selection of majors.

 

Is it safe to trade with IFX Brokers?

Yes, IFX Brokers is a legitimate Forex broker that has been approved by the Financial Sector Conduct Authority (FSCA) in South Africa. The FSCA is responsible for regulating the country’s extensive financial sector.

The Financial Sector Conduct Authority (FSCA) was established to promote and protect investors through promoting fair treatment and offering education on a variety of financial themes, as well as to build and preserve the efficiency and integrity of financial markets.

 

Is it safe to trade with FP Markets?

Yes and no. FP Markets, established in 2005, has been a trusted trading partner for South African investors thanks to its popularity and good regulatory standing.

The BVA FSC does not supervise any CFD trading activity and should not be viewed as a forex broker regulator. Clients are completely at the mercy of FP Markets’ good name, as no other safeguards are in place.

 

Who is IFX Brokers?

IFX Brokers is a South African forex trading firm. The FSCA regulates the business.

Laws and constraints affect a broker firm’s stability. These regulations and laws protect the company from financial loss and fraud.

Customers of IFX brokers get access to the popular MetaTrader 4 and MetaTrader 5 platforms.

These platforms include enhanced charting, advanced order management, and a bilingual user interface with many chart layouts.

MetaTrader 4 or 5 can be used on iOS and Android smartphones without installing any software.

IFX Brokers customers can trade on many instruments. CFDs, spot metals, energy, commodities, and virtual currencies are among these financial products.

IFX brokers offer 60 currency pairs, precious metals (gold, silver, platinum, and palladium), natural gas, and oil.

0.01 lot is the smallest trade size, although a regular account requires $100. South African Rand, Dollars, and Euros are account bases.

The broke offers practise accounts.

IFX customers can fund their accounts with Pay Quick, Visa, and MasterCard credit cards.

The best aspect is that deposits and withdrawals are free. South Africans can withdraw in two to five hours.

For users outside the South, the withdrawal process takes four to five days.

 

 

Who is FP Markets?

With two low-cost accounts and a low-required initial deposit, as well as a variety of high-quality trading tools, FP Markets is a well regarded Forex broker that complies with all relevant regulatory requirements. The quality of FP Markets’ customer service and the intuitiveness of their Trading App were noteworthy highlights.

FP Markets uses a “ECN pricing” mechanism that it says results in “very competitive” prices. Regrettably, we discovered that its MT4 and MT5 trading accounts had higher fees than the majority of its ECN rivals. With a 100 AUD minimum investment and an unlimited sample account, FP Markets makes it simple for newcomers to get started.

P Markets protects its customers from negative balances by keeping their money in separate accounts at AA-rated Australian banks.

Traders in South Africa may feel uncomfortable doing business with an essentially uncontrolled subsidiary, but FP Markets is also regulated by ASIC in Australia and CySEC in Europe. Also, FP Markets provides clients with account statements that are reviewed on a regular basis by independent auditors.

FP Markets’ MT4 and MT5 trading platforms only support a small selection of available instruments. However, the IRESS trading platform offers a vastly broader selection. FP Markets also offers a wider selection of Forex pairings than is common at other brokers.

Minimum deposits for the Standard and Raw MetaTrader accounts are set at $100 USD, and trading fees are comparable to or lower than the market standard.

Minimum deposits for the three IRESS Accounts are significantly greater, ranging from $1,000 for the Standard Account to a jaw-dropping $50,000 for the Premier Account. Commissions on trades will be charged in these accounts, making them suitable only for serious investors.

As compared to other brokers, FP Markets’ withdrawal costs are greater while their deposit fees are lower.

FP Markets’ Anti-Money Laundering standards require that all trading account money come directly from the trading account holder themselves, hence we cannot accept payments from anyone other than the account holder.

Withdrawals can be made online, but the first time you do so, you’ll need to print off a form and bring it in along with a photo ID.

Both the MT4 and MT5 mobile trading apps for Android and iOS are supported by FP Markets. Traders can still close and alter orders, compute profit and loss, and trade on the charts, but they should be aware that some functionality is lost when compared to the desktop trading platforms, such as lower time frames and fewer charting options.

Traders who use FP Markets’ third-party platforms like MT4 and MT5 have the option of moving their settings and data to another broker should they so desire. Both MetaTrader platforms also have access to thousands of additional plugins and tools.

 

While MT4’s flexibility is unrivalled, the platform’s antiquated aesthetic and obtuse organisation make it difficult to use.

When it comes to back-testing capabilities for automated trading algorithms, MT5 outperforms MT4 in both power and speed. In addition to allowing trading directly from the charts, it also includes a news feed, a market depth indicator, and an economic calendar.

On the whole, FP Markets is a competitive Forex broker that offers an industry-standard range of tools, but South African traders should keep in mind that they will not have the same level of protection as that afforded by an FSCA-regulated Forex broker.