IFX Brokers vs HYCM

IFX Brokers vs. HYCM

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

Which offers better pricing – IFX Brokers or HYCM?

IFX Brokers is an excellent option for retail traders, as it offers highly competitive spreads, starting at 0.5 pips on the VIP Account.

Furthermore, four IFX Brokers’ account options are commission-free, meaning that traders only pay the spread, which ranges from 1 pip to 1.6 pips, and a trade fee of $10 to $16 per trade.

As opposed to other brokers, HYCM does not share its typical spreads with the public. In addition, since HYCM spreads are not fixed (except on the Fixed Account), traders should be aware that they may widen or contract depending on the volume of trades and the market volatility.

While the Raw Account is based on a flat commission, the Fixed Account and Classic Account both have trading costs embedded in the spread.

Trading costs at most good brokers tend to be around USD 9 per lot of EUR/USD, so even on the commission-free Fixed and Classic accounts, HYCM is more expensive than average.

Raw Account trading fees are significantly lower than the industry standard, and the required opening deposit is manageable.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a South African-based brokerage firm that utilizes Electronic Communication Network (ECN) and Straight Through Processing (STP) technology to execute trades for its clients.

They are fully regulated and authorized by the Financial Sector Conduct Authority (FSCA) as a Financial Service Provider (FSP) under license number 48021.

This means that the company adheres to strict guidelines and regulations set forth by the FSCA to ensure the safety and security of its client’s funds.

Additionally, IFX Brokers maintains strict segregation of client funds, keeping them separate from any other funds in the company’s possession to protect clients’ assets.

Established as one of the leading providers of online Forex and CFD services, HYCM has become a household name in the foreign exchange market. HYCM is a household name in the foreign exchange market thanks to its 40 years of experience.

HYCM has a proven history of providing its global clientele with a superior and reliable trading experience and providing its customers with all the tools they could need to make profitable trades.

With offices in the UK, Hong Kong, Cyprus, and Dubai, and oversight from the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), and the Chartered Institute of Management Accountants (CIMA), customers can feel safe placing trades with this firm.

Which broker offers the superior trading platform?

IFX Brokers offers MetaTrader 4 and MetaTrader 5 to its clients, developed and launched by MetaQuotes. These systems can be accessed through desktop computers, web browsers, and mobile devices using Android and iOS operating systems.

Regarding CFD and Forex trading, HYCM gives its clients access to both the MT4 and MT5 platforms, considered industry standards forex.

The broker’s website features downloadable and straightforward installation instructions for both platforms. Trading products like Forex and CFDs require cautious execution of trading strategies to ensure that no retail investor accounts incur losses.

Do these brokers both offer MetaTrader?

Yes, IFX Brokers and HYCM offer MetaTrader 4 and 5 on mobile, web, and desktop.

How many Forex pairs can I expect from these brokers?

IFX Brokers and HYCM offer access to 70 forex pairs that can be traded via MetaTrader 4 and 5. Furthermore, traders can use leverage up to 1:500 on IFX Brokers and HYCM when they trade major forex pairs such as EUR/USD.

Is it safe to trade with IFX Brokers?

With a high degree of confidence, one can engage in trading activities with IFX Brokers. This entity is located in South Africa and holds a full license issued by the Financial Sector Conduct Authority (FSCA).

The FSCA, established to protect investors, promotes fair business practices, ensures the provision of accurate financial information, and works to maintain the efficiency and integrity of financial markets.

As a reputable and well-regulated Financial Service Provider (FSP), individuals can trust that their funds are secure when trading with IFX Brokers.

Is it safe to trade with HYCM?

HYCM is regulated by three of the world’s leading financial jurisdictions, providing clients with the assurance that they are trading with a safe and secure company.

Specifically, HYCM Capital Markets (UK) is authorized and regulated by the UK’s Financial Conduct Authority (FCA) with company reference number 186171.

HYCM (Europe) Ltd is also authorized and regulated under the Cyprus Securities and Exchange Commission with license number 259/14. Furthermore, HYCM Ltd is authorized and regulated under the Cayman Islands Monetary Authority with reference number 1442313.

HYCM Capital Markets (DIFC) Limited is also authorized and regulated by the Dubai Financial Services Authority with license number F000048. HYCM Limited is a Business Company registered in Saint Vincent and the Grenadines, number 25228 (BC 2018).

The client’s funds are considered a top priority for HYCM, which employs segregated accounts for FCA, CySEC, and CIMA clients with Tier-1 Banks.

Furthermore, FCA and CySEC clients are protected by the Financial Services Compensation Scheme (FSCS) and the Investors Compensation Fund (ICF), respectively, as compensation funds of last resort if the firm cannot settle claims against them.

HYCM has formed partnerships with reputable Tier-1 banking institutions such as Barclays Bank and Eurobank to safeguard client funds through segregated accounts.

The company also adheres to the strict guidelines set by the Markets in Financial Instruments Directive (MiFID), designed to improve financial markets’ efficiency, stability, and transparency while enhancing investor protection.

To ensure transparency, the company must legally submit financial reports and display its capital adequacy.

Furthermore, HYCM has appointed Moore Stephens and BDO Ltd (part of BDO International, the fifth largest accountancy network in the world) as their independent external auditors to perform their annual audit.

Who is IFX Brokers?

IFX Brokers is a well-known forex and CFD broker in South Africa, established in 2018. It offers a variety of options for traders of all skill levels with its five live accounts, each with a different minimum deposit requirement catering to different types of traders.

Additionally, the low minimum deposit requirement of IFX Brokers makes it accessible for new and casual traders looking for a low barrier to entry into competitive markets.

South African traders also have the added benefit of opening accounts in ZAR, EUR, USD, or GBP, thus reducing the costs associated with currency conversion while depositing and withdrawing funds.

Who is HYCM?

Clients can feel safe with market maker broker HYCM because it is a division of the Henyep Group, which has been in the asset trading business for over 40 years.

The Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission in Europe, and the Dubai Financial Services Authority in Dubai all oversee its subsidiaries.

Unlike most brokers, HYCM allows trading on a wider variety of instruments (over 300) than its competitors, including Forex, commodities, stocks, ETFs, indices, and over 21 cryptocurrencies.

Three diverse types of live accounts are available at HYCM, each of which is suitable for novice and seasoned traders.

The minimum deposit for commission-free Fixed and Classic accounts is just $100 but spreads start at 1.8 pips (EUR/USD) and 1.2 pips (GBP/USD) — wider than those offered by some other brokers.