IFX Brokers vs FXGT

IFX Brokers vs. FXGT

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

Which offers better pricing – IFX Brokers or FXGT?

IFX Brokers and FXGT both offer competitive spreads. IFX Brokers has a tight spread of 0.2 pips on the EUR/USD currency pair, while FXGT offers 0.0 pips for the same currency pair.

IFX Brokers charges competitive commissions of USD6 per round turn, while FXGT does not appear to charge commissions but works these charges into the spread.

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.

FXGT is part of the 360 Degrees Markets Ltd company which is a registered company in Seychelles, and regulated by the Seychelles Financial Services Authority (SFSA).

It also operates and is a registered company in South Africa, regulated by the South African Financial Services Conduct Authority (FSCA) under the Financial Services Provider (FSP).

In addition, FXGT is also registered in Vanuatu and licensed and regulated by the Vanuatu Financial Services Commission (VFSC). It is also a registered broker in Cyprus and licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) operating in accordance with the Markets in Financial Instruments Directive (MiFID II).

Which broker offers the superior trading platform?

IFX Brokers provides access to both MetaTrader 4 and MetaTrader 5, which are widely regarded as the best trading platforms in the industry. As such, traders will have access to a wide range of tools, diverse market access, and fast execution.

FXGT also offers trading on both MT4 and MT5, and trading conditions differ depending on which platform you use. 

Do these brokers both offer MetaTrader?

Yes, IFX Brokers and FXGT offers access to both MT4 and MT5.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 60 currency pairs, while FXGT provides access to 52 currency pairs.

Is it safe to trade with IFX Brokers?

Yes, IFX Brokers is a regulated Forex broker with a South African basis that possesses a complete FSCA licence. The numerous financial institutions in the nation are under the direction of the Financial Sector Conduct Authority (FSCA).

The Financial Sector Conduct Authority (FSCA) was established with the aim of protecting investors by promoting fair treatment and educating people on various financial matters, as well as to promote and maintain the efficiency and integrity of financial markets.

Is it safe to trade with FXGT?

Yes, FXGT is also regulated by the FSCA in South Africa, so that local traders will receive full deposit security and a transparent trading environment.

The broker is part of 360 Degrees Markets Ltd company which is a registered company in Seychelles, and regulated by the Seychelles Financial Services Authority (SFSA).

In addition, FXGT is also registered in Vanuatu and licensed and regulated by the Vanuatu Financial Services Commission (VFSC) as well as in Cyprus where the broker is and regulated by the Cyprus Securities and Exchange Commission (CySEC) operating in accordance with the Markets in Financial Instruments Directive (MiFID II).

Who is IFX Brokers?

South African Forex broker IFX Brokers is well-regulated and has a lot of clients. Customers of IFX brokers can use the MetaTrader 4 and MetaTrader 5 trading platforms, which are some of the most popular and successful in the world.

These platforms have better charting features, state-of-the-art order management programmes, and a bilingual user interface that lets charts be laid out in different ways.

MetaTrader 4 or 5 can also be used on iOS and Android devices without having to install any extra software.

Customers of IFX Brokers can trade on a wide variety of trading instruments. Some of these financial products are currencies, indices, contracts for difference (CFDs), spot metals, energy, commodities, and virtual currencies.

Clients of IFX brokers can also trade in 60 different currency pairs, precious metals (gold, silver, platinum, and palladium), natural gas, and oil.

The smallest deal size is 0.01 lot, but a standard account requires a minimum deposit of $100 in US dollars. South African Rand, US Dollars, and Euros are the account base currencies, in that order.

You can also use a “practise account” instead of a real account.

Customers of IFX brokers can easily add money to and take money out of their accounts by using Pay Quick, Visa, or MasterCard credit cards, among other options.

The best thing about the whole thing is that there are no fees for deposits or withdrawals. The withdrawal process can be done in as little as two to five hours for South African customers.

On the other hand, it takes four to five working days to finish the withdrawal process for customers outside of the country.

Who is FXGT?

FXGT was established in 2019 and is a brand name and registered trademark duly authorized to be operated by various companies in accordance with legislations and obtained licenses in the respective countries.

360 Degrees Markets Ltd is a registered company in Seychelles, licensed and regulated by the Seychelles Financial Services Authority (FSA).

GT IO Markets (Pty) Ltd is a registered company in South Africa, and is an authorized FSP and is regulated by the Financial Sector Conduct Authority (FSCA).

GT Global Markets Ltd is a registered company in Vanuatu licensed and regulated by the Vanuatu Financial Services Commission (VFSC).

TEC International (Cyprus) Ltd is a registered company in Cyprus licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).

FXGT offers the option to choose between four account types, namely a Pro, ECN, Mini or Standard+ account. On all the account types, clients have the option to trade on the MetaTrader4 or MetaTrader5 platforms.

The MT4 and MT5 trading platforms are straight out of the box and are updated with unique tools to aid in automating crucial steps in the trading process. This includes data collecting and display, price and data analysis, and trade management execution. The replacement for MT4 is MT5, but MT4 is not backward compatible with MT5.

Both trading platforms feature incorporated copy trading services and facilitate algorithmic trading. Traders have access to robust desktop clients, lightweight web-based substitutes, and well-regarded mobile applications.

For traders seeking different sorts of rewards and large leverage (up to 1:1000), Standard+ is a good option. For traders who can implement their trading techniques using minimal spreads and no commission for establishing or closing positions, Pro is a good option.

Clients can trade in Forex, Cryptocurrencies, Precious Metals, Energies, Equity Indices, Stocks, NFTs, DeFi Tokens, Synthetic Pairs, and GTi12 Index.

There are no deposit or withdrawal fees charge and the broker doesn’t charge commission fees. It is built into spreads, with the exception of the ECN Account, where the broker has a $6 commission fee for trading transactions. The broker proposes a floating spread or variable spread basis, where the spread is dependent on the market conditions.

The only assistance the broker offers to beginner traders is a demo account. It does offer a glossary as well as some eBooks, but not sufficient to assist the novice trader. FXGT does offer some research took like MQL5 Trading Signals, trader insights, technical analysis, and an economic and holiday calendar.

FXGT offers a number of bonuses and promotions, which can change monthly and vary across geographical jurisdictions. This include a no-deposit bonus, a welcome bonus, a loyalty bonus, a tiered loyalty bonus, a loyalty reset bonus, a cashback promo, and a VPS sponsorship program. For the current promotions visit the website of the broker.

FXGT is the new kid on the block and has already received a few rewards of which one is the UF AWARD in 2022 for the best Hybrid Broker. The broker stands on a good record and sustainability of its mother-company trading brand. Most importantly, the company obtained necessary regulations from FSCA, FSA, FVSC and CySEC allowing it to expand its proposal legally and trustworthy.

FXGT offers a vast instrument range to trader in and allows you to deposit and withdraw in Bitcoin or other Cryptos. It also proposes a variety of account types, most of them tradable with no commissions and with access to high leverage lever up to 1:1000 allowing you to capitalize on opportunities.