IFX Brokers vs IC Markets

IFX Brokers vs. CMC Markets

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

Which offers better pricing – IFX Brokers or IC Markets?

IFX Brokers and IC Markets both have competitive trading conditions. IFX Brokers has spreads that start from 0.5 pips EUR/USD on the VIP Account with commissions of 6 USD per lot traded.

The typical spreads on retail accounts range from 1 to 1.6 pips with zero commission fees, meaning traders only pay the spread. Overall, IFX Brokers’ trading costs range from 10 to 16 USD across its five trading accounts.

IC Markets is a true ECN broker offering zero-pip spreads on two trading accounts. IC Markets charges commissions between 6 to 7 USD, and a commission-free account is offered. Overall, IC Markets’ trading fees range from 6 to 7 USD.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers and IC Markets offer robust security and a transparent trading environment.

IFX Brokers is regulated by just one tier 2 regulator, the South African Financial Sector Conduct Authority (FSCA). South Africa’s FSCA is not the most stringent regulator. However, it is working to become better at what it does so that retail traders are safer.

IC Markets is well-regulated by the Tier-1 ASIC in Australia, Tier-2 CySEC, and Tier-3 FSA and SCB. In addition, negative balance protection is provided to all customers, and IC Markets separates client funds from its general operating capital.

Which broker offers the superior trading platform?

IFX Brokers and IC Markets both offer traders access to the industry-leading trading platforms MetaTrader 4 and MetaTrader 5, which are universally recognized as the best.

This implies that traders will have fast access to a wide range of trading marketplaces and a complete set of tools to conduct their trading activities.

Although neither IFX Brokers nor IC Markets have its own trading program, MetaTrader 4 and MetaTrader 5 are available, and IC Markets offers cTrader with a dedicated account.

Due to its user-friendliness, robust environment, and capacity for automated trading, MetaTrader 4 (MT4) is the most widely used trading platform in the foreign exchange market. However, more investors are switching to MT5, the latest release of the popular MetaTrader trading platform.

All MT4’s essential features are in MT5, plus an EA trading environment optimized for speed and efficiency.

Traders can access several timeframes, in-built and user-created indicators, and dynamic currency charts from any location using the MT4 and MT5 mobile applications from IC Markets and IFX Brokers.

Traders that want additional expert advisors (EAs) to employ and do not mind the old UI might consider adopting one of the MetaTrader products, all of which are available at no cost to the user.

In addition, IC Markets’ cTrader is favoured by new traders because it features a simpler setup process, a more intuitive UI, and more flexible order types.

Do these brokers both offer MetaTrader?

IFX Brokers and IC Markets offer MetaTrader 4 and MetaTrader 5 on mobile, web, and desktop.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while IC Markets offers 64 forex pairs that can be traded.

Is it safe to trade with IFX Brokers?

If you require a Forex broker situated in South Africa who is also fully licensed by the Financial Sector Conduct Authority (FSCA), a tier-2 regulator with a good reputation, IFX Brokers is the best option.

South Africa has hundreds of banks and other non-banking financial institutions, all of which are regulated by the Financial Sector Conduct Authority. To qualify as a Financial Service Providers (FSP), brokers like IFX Markets must comply with stringent regulations and frequent checks.

The Financial Sector Conduct Authority (FSCA) was established to protect investors by promoting honest financial transactions, providing important industry data, and striving to strengthen and preserve financial markets.

Is it safe to trade with IC Markets?

It is safe to trade with IC Markets. IC provides consumers and institutional investors with a fair and transparent trading platform, complete with preferential pricing and high volumes of trading activity.

In addition, the platform ensures the security of online transactions by being governed by regulatory bodies, including:

 The Australian Securities and Investments Commission (ASIC)

 The Seychelles Financial Supervisory Authority (FSA)

 The Cyprus Securities and Exchange Commission (CySEC)

 The Securities Commission of the Bahamas (SCB)

You should feel safe knowing that the broker you are dealing with is honest and forthright because of the rigorous standards in place. When it comes to IC Markets, you can rest assured knowing that they are a highly regulated broker.

Since ASIC oversees IC Markets, the company must meet stringent financial criteria such as capital adequacy and audit requirements to maintain its regulatory compliance. As local rules require, client funds are segregated from company funds in Australian banks.

Who is IFX Brokers?

IFX Brokers is a proudly South African forex and CFD broker offering comprehensive trading solutions since 2018. While IFX Brokers is still young, the broker has built a good reputation in the trading industry.

IFX Brokers is registered as an FSP and regulated by the FSCA, allowing it to provide derivatives trading in South Africa to retail and institutional traders. IFX Brokers offers five trading account types, each designed to cater to the needs and objectives of certain experience levels.

The trading conditions on each account are competitive, and traders can expect spreads from 0.5 pips on major instruments such as EUR/USD. This is because the maximum leverage traders can use 1:500 on forex majors. As a result, the average trading cost is between 10 to 16 USD.

Traders can use various strategies with IFX Brokers, including hedging, scalping, and expert advisors. In addition, 70 forex pairs and a few other non-forex instruments can be traded.

Traders can choose between MT4 and MT5 to trade financial markets, and there are a few reliable options for deposits and withdrawals.

Who is IC Markets?

Established in Australia in 2007, IC Markets is a trusted broker with licenses from some of the world’s most stringent authorities. Traders use IC Markets because of the cheap fees, several platforms, and plenty of trading resources.

IC Markets’ round-the-clock availability for account and technical questions makes it ideal for novice traders. However, while its educational resources are more extensive than those of other brokers, its market analysis tools are severely lacking.

The minimum deposit across all IC Markets accounts is $200, which is average compared to other brokers. In addition to MetaTrader 4, MetaTrader 5, and cTrader, IC Markets offers trading accounts on many more platforms.

In contrast to the Raw Spread and cTrader accounts, which provide narrower spreads in exchange for a fee per lot, the Standard Account does not include trading expenses in the spread.

While IC Markets accepts many different deposit and withdrawal options without charging any fees, withdrawals made by bank wire transfer are pricey.

All traders can use IC Markets’ free virtual private server (VPS) service, MAM/PAMM accounts, Training Central, and innovative MT4 trading tools.

Compared to its rivals, IC Markets’ educational resources are far above that other forex and CFD brokers offer. Furthermore, the contents are organized and thorough, with plenty to offer traders of all skill levels.