IFX Brokers vs FxPro

IFX Brokers vs. FxPro

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

Which offers better pricing – IFX Brokers or FxPro?

IFX Brokers offers tight spreads of 0.2 pips for the EUR/USD pair while FxPro offers 1.5 pips for the same pair. As such, IFX Brokers offers tighter spreads on average than those offered by FxPro.

While both brokers charge commission, IFX brokers charges 6 USD per trade, while FxPro charges variable commissions on some assets and some accounts, depending on whether the trader chooses ECN trading accounts or not.

Which broker offers more security when trading Forex and CFDs?

South African traders who sign up with IFX Brokers will receive regulatory security under the oversight of the Financial Sector Conduct Authority (FSCA), the primary financial regulator in South Africa.

As such, IFX Brokers provides a fully regulated and safe environment for its clients.

FxPro is also regulated by the FSCA in South Africa, and therefore offers South African traders with the same level of security when trading in the country. Elsewhere, FxPro is regulation by CySEC, so that it falls under the MiFID directive of the European Union.

That said, South African traders should bear in mind that they will now be onboarded via the SCB-regulated division of the broker, providing significantly less protection than the FSCA.

Which broker offers the superior trading platform?

IFX Brokers provides traders with access to the full MetaQuotes suite, consisting of MT4 and MT5. These are considered the most popular and diverse trading platforms in the industry, and offer social trading and a wealth of indicators and powerful charting capabilities.

FxPro also provides access to both MT4 and MT5, as well as access to cTrader, which is very popular amongst beginner traders.

Do these brokers both offer MetaTrader?

Yes, both IFX Brokers and FxPro offer full support for both MetaTrader 4 and MetaTrader 5.

How many Forex pairs can I expect from these brokers?

IFX Brokers provides access to 60 forex pairs, while FxPro provides slightly more Forex pairs with 71 available. Both brokers offer access to the same selection of major currency pairs.

Is it safe to trade with IFX Brokers?

Yes. The Financial Sector Conduct Authority (FSCA) is the primary regulating body in South Africa. As such, they are in charge of monitoring IFX Brokers to ensure that traders have access to open and fair markets as well as an impartial Ombudsman in the event that they experience any issues.

Is it safe to trade with FxPro?

FxPro’s customers had the reassurance of FSCA oversight until very recently. For the time being, however, FxPro is only accepting new customers from South Africa through its SCB subsidiary.

This means that depositors of South African banks will not enjoy the protections afforded by local regulation and that their funds will not be kept separate from those of other depositors.

Who is IFX Brokers?

The name “IFX brokers” refers to a foreign exchange brokerage in South Africa called “IFX brokers holding limited.” The business is under the control of the South African FSCA.

Any broker firm’s ability to remain in business is significantly impacted by regulations and constraints. In order to lessen the potential of being a victim, businesses have legal precautions in place to minimise losses and fraud.

The MetaTrader 4 and MetaTrader 5 platforms, two of the most well-liked and commonly used platforms in the business, are made available to clients of IFX brokers in order to expedite foreign exchange transactions.

Users of these systems have access to a wide range of charting capabilities, a user-friendly user interface that is available in two languages and can support different chart layouts, and effective order management software.

Without the need for additional software, MetaTrader 4 and 5 may be used on iOS and Android smartphones in addition to PCs.

Clients of IFX Brokers have access to a wide range of financial markets and trading options. Products in this area include spot metals, energy, commodities, contracts for difference, stock indices, foreign exchange, and virtual currencies.

IFX brokers offer its clients access to natural gas, oil, and precious metals like gold, silver, platinum, and palladium in addition to 60 currency pairings.

The smallest trade size is 0.01 lot, and the minimum deposit for a basic account is $100 USD. The account foundation currencies are the US dollar, the euro, and the South African rand.

For testing purposes, the business also offers a demo account.

Customers of IFX brokers can fund and withdraw money from their accounts using a variety of practical methods, including credit cards like Pay Quick, Visa, and MasterCard.

The nicest thing is that neither deposits nor withdrawals incur any fees of any kind. The withdrawal process normally takes customers from South Africa two to five hours to complete.

Customers outside of South Africa, however, frequently have to wait four or five working days to finish the withdrawal process.

Who is FxPro?

The well-regulated broker FxPro offers a variety of accounts, affordable minimum deposits, and a large range of trading platforms.

Although FxPro is subject to South African FSCA regulation, South African traders should be informed that FxPro will onboard them through a Bahamas-based firm. This implies that in the event of a dispute with the corporation, South African traders have minimal legal rights.

In comparison to other brokers, FxPro offers a wide variety of financial products, such as a variety of cryptocurrencies, share CFDs, and Forex pairings.

Leverage is capped at 200:1 because South African traders are accepted through the SCB. For Forex trading, many other firms provide leverage of up to 500:1. Leverage also decreases as trade volume rises.

FxPro offers five different live account options, each requiring a 100 USD minimum deposit. Depending on the trading platform a trader chooses, trading commissions change.

Trading expenses are included in the spread for the MT4, MT5, and FxPro Edge accounts, however the cTrader Account offers tighter spreads in exchange for a commission.

Although the cTrader Account’s trading fees are lower than those of the other accounts, they are still more than those provided by competing brokers. The gap, which is likewise substantially wider than the industry average, includes the trading expenses of the other three accounts.

Trading fees are around 9 USD for commission-free accounts and around 8 USD for commission-charged accounts with more aggressive brokers.

FxPro offers more trading platforms than other brokers, with support for MT4, MT5, cTrader, and the FX Pro Edge.

FxPro’s mobile platform support is first-rate in comparison to competing brokers, and it’s available on both Android and iOS. T

he biometric login is a nice touch, and users are able to quickly look up and track their investments, transactions, and watchlists. In addition to being able to deposit, withdraw, and transfer funds, the app also features an interactive economic calendar.

Traders can utilise the nine timeframes, 30 indicators, and interactive currency charts of MT4 and MT5 from any location. Tick chart trading, the ability to close and amend open orders, and real-time profit/loss calculations all help mobile traders.