IFX Brokers vs. GT247

IFX Brokers vs. GT247

We spent many hours thoroughly examining the best-in-class Forex brokers for 2022. Here, we take a closer look at IFX Brokers vs. GT247.

Which offers better pricing – IFX Brokers or GT247?

IFX Brokers offers the better pricing overall. While GT247 claims not to charge commission, they do work in higher costs for the spread, which averages at 1.7 pips for the EUR/USD pair, while IFX Brokers offers a very competitive spread of 0.2 pips for the same currency pair.

Which broker offers more security when trading Forex and CFDs?

Both IFX Brokers and GT247 are South African online Forex brokers which are regulated by the Financial Sector Conduct Authority (FSCA), which is the primary regulator of the financial markets in South Africa.

As such, both brokers offer deposit security and due recourse to the Ombudsman regarding any disputes.

Which broker offers the superior trading platform?

IFX Brokers provides access to both MetaTrader 4 and MetaTrader 5, while GT247 only provides access to MetaTrader 5. While MT5 is a well-regarded trading platform, the lack of MT4 from this broker means that many beginner or intermediate traders may not have sufficient trading software for their needs, as is the case with MT4 as offered by IFX Brokers.

Do these brokers both offer MetaTrader?

Yes, both IFX Brokers and GT247 offer MetaTrader. However, GT247 only offers MetaTrader 5, while IFX Brokers offers both MetaTrader 4 and MetaTrader 5.

How many Forex pairs can I expect from these brokers?

IFX Brokers provides access to 60 currency pairs, while GT247 provides access to slightly more with 65 currency pairs.

Is it safe to trade with IFX Brokers?

Yes, Forex trading with IFX Brokers, a company established in South Africa, is risk-free because the company carries a license issued by the Financial Sector Conduct Authority (FSCA). The Financial Sector Conduct Authority is responsible for overseeing the financial institutions operating within the country.

By promoting fair treatment and providing education on a wide range of financial topics, the Financial Sector Conduct Authority (FSCA) works to develop and maintain the efficiency and integrity of financial markets and to protect investors.

Is it safe to trade with GT247?

Yes, GT247 is also a South Africa-based Forex broker that is regulated by the FSCA, and therefore offers a similar degree of regulation and security to traders in South Africa.

Who is IFX Brokers?

IFX brokers is a foreign exchange firm in South Africa whose name derives from “IFX brokers holding limited.” South Africa’s FSCA has authority over the company.

Regulation and restrictions have a significant impact on the viability of any broker firm. Businesses have legal safeguards in place to minimize losses and fraud, hence decreasing their likelihood of being victims.

IFX brokers provide its clients with the MetaTrader 4 and MetaTrader 5 platforms, two of the most prominent and widely used platforms in the industry, to enable foreign currency transactions.

These systems include extensive charting tools, an intuitive user interface that is available in two languages and can accommodate a variety of chart layouts, and effective order management software.

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

The clients of IFX Brokers have access to a variety of financial markets and trading instruments. Foreign exchange, stock indexes, contracts for difference, spot metals, energy, commodities, and crypto currencies are included in this area.

IFX brokers provide access to natural gas, oil, and precious metals such as gold, silver, platinum, and palladium in addition to 60 currency pairs.

The minimum deposit required for a basic account is $100 USD, and the minimum trade size allowed is 0.01 lot. The account foundation currencies are the South African Rand, the US Dollar, and the Euro.

Additionally, the company offers a demo account for testing purposes.

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

There are no fees related with deposits or withdrawals, which is the nicest feature. Typically, South African customers have between two and five hours to complete the withdrawal process.

However, the withdrawal process typically takes four or five business days to complete for consumers located outside of South Africa.

Who is GT247?

Since its inception in 1998, GT247 has been wholly owned and run by Purple Group, Ltd., a business which is listed on the Johannesburg Stock Exchange (JSE) under the ticker JSE: PPE. With over 100 years of expertise between them, the traders at the trading desk can provide their clients with some of the best market conditions available.

GT247’s cutting-edge technology and attentive customer service team allow them to offer competitive spreads and quick trade execution times. GT247 also has a research team that provides frequent fundamental and technical analysis to traders along with the newest market news.

GT247 does not have a minimum deposit requirement. An investor’s trading account can be funded with any amount they like; however, they should check their margin balance before placing any trades. Investors should also monitor the value of the South African Rand relative to the US Dollar.

GT247 is a regulated broker, so it is obligated by law to keep customer funds in a separate account from its own. The funds must be readily available for trading purposes and prohibited from being utilized for any other reason.

Both South African Rand (ZAR) and United States Dollar (USD) accounts are available to traders on GT247. Trading conditions are identical between the ZAR account (for South African traders) and the USD account (for overseas traders).

In addition to these two options, traders can sign up for a demo account that allows them to engage in simulated trading activities without the risk of losing any of their real money while learning about the broker’s services.

There are no other details provided that would provide traders a clearer picture of what to expect from GT247. Before opening a live trading account, traders should check with their broker to make sure they understand the features, fees, and charges they can anticipate.

Trading tools, resources, and materials, aside from the research team providing market news and fundamental and technical analysis, which is highly important when trading different markets, are not specified.

MetaTrader 5, which is available through GT247, is a robust trading platform that provides a wide range of customization options, and can be used to place trades.

 You can download MetaTrader 5 for Windows, Mac, Linux, iOS, or Android. Traders also have the option of using the platform via a web browser.

The minimum price per point on the GT247 spread list is 1 ZAR. Not much is known about the costs associated with trading through GT247, such as commissions, spreads, and other expenses. In order to learn more about the trading fees that will be incurred, traders can speak with the broker.

Commissions and spreads will change with the market and the specific financial item being traded. Traders can utilize the trial account to test out GT247’s trading platform without putting their own money at risk while learning more about the fees and spreads they may encounter.

With high operational standards, relatively low trading costs, and outstanding service delivery, GT247 is a legitimate forex trading company that aids investors in achieving their goals. The broker’s platform designed for investors of all backgrounds and skill levels.