IFX Brokers vs IGM FX

IFX Brokers vs. IGM FX

We devoted several hours to a comprehensive analysis of the top Forex brokers for 2023. This article compares IFX Brokers and IGM FX.

Which offers better pricing – IFX Brokers or IGM FX?

IFX Brokers provides a highly competitive spread of 0.2 pips for the EUR/USD currency pair. IGM FX offers its lowest spread at 0.7 pips.

IFX Brokers charge commission which apply on certain accounts. IGM FX does not charge any commission on its accounts.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a South African broker that is full regulated by the Financial Sector Conduct Authority (FSCA). This is the primary financial regulator in the country, allowing traders with IFX Brokers to enjoy a high level of deposit security and fully transparent trading conditions.

IGM FX is a CFD and forex broker that was founded in 2016 and headquarters in Limassol, Cyprus. Cyprus Securities and Exchange Commission (CySEC) is the financial regulatory body that it is registered with, and it is also in accordance with Markets in Financial Instruments Directive (MiFID). All retail client’s funds are insured by the Investor Compensation Fund.

Which broker offers the superior trading platform?

IFX Brokers gives users access to MetaTrader4 and MetaTrader5, comprising the whole MetaQuotes suite. These are regarded as the most well-liked and varied trading platforms in the market, and they provide social trading, a plethora of indicators, and strong charting tools.

IGM FX also offers trading on MT4 but the most popular platform with IGM FX is its web-based proprietary IGM FX Webtrader. Both platforms offer a range of features that include technical indicators, intuitive interface, trading analysis tools and multiple execution options.

Do these brokers both offer MetaTrader?

IFX Brokers offer trading on the MetaTrader4 and MetaTrader5 platforms. IGM FX only offers trading on the MetaTrader4 platform.

How many Forex pairs can I expect from these brokers?

IFX Brokers offers trading in about 60 forex pairs, where IGM FX offers trading in 40+ forex pairs.

Is it safe to trade with IFX Brokers?

Yes. The main regulatory authority in South Africa is the Financial Sector Conduct Authority (FSCA). They are in charge of overseeing IFX Brokers, ensuring that traders have access to transparent markets and a fair Ombudsman in the event that they run into any problems.

Is it safe to trade with IGM FX?

Although IGM FX is not regulated by the Financial Sector Conduct Authority (FSCA) in South Africa it is regulated in the other countries it operates in, which ensures that it is safe to trade with this broker.

IGM FX is authorised and regulated in Cyprus by Cyprus Securities and Exchange Commission (CySEC) which is the financial regulatory body operating in Cyprus. The company also closely follows the laws and rules by the European Directive MiFID II.

In addition, IGM Forex Ltd. is a member of the Investor Compensation Fund for the Clients of Cyprus Investment Firms. The objective of the CIF is to protect eligible retail clients by providing compensation in the event that a company does not meet its financial obligations.

Who is IFX Brokers?

The South African foreign exchange broker, IFX Brokers is subject to the oversight of the Financial Sector Conduct Authority. The ability of any broker firm to continue operating is significantly impacted by the various regulations and limits they must adhere to. Because businesses have legal safeguards in place, there is less of a chance that they will become victims of fraud or other financial misdeeds.

IFX Brokers give its customers access to the MetaTrader 4 and MetaTrader 5 platforms, which are considered to be two of the most widely used and well-known platforms in the foreign exchange market. This is done in order to facilitate the speedy completion of foreign currency transactions.

These systems give its users access to an extensive variety of charting capabilities, a user-friendly interface that is able to handle many chart layouts and is available in two languages, and efficient order administration software.

MetaTrader versions 4 and 5 can not only be used on personal computers, but they are also compatible with mobile devices that run the iOS and Android operating systems and do not require the installation of any additional software.

The clients of IFX Brokers have access to an incredibly wide variety of trading alternatives and financial marketplaces to trade in. Products such as spot metals, energy, commodities, contracts for difference, stock indices, foreign currency, and virtual currencies are included in this category.

In addition to providing access to sixty different currency pairings, IFX brokers provide its customers with the opportunity to trade in natural gas, oil, and precious metals such as gold, silver, platinum, and palladium.

The lowest amount of money that must be deposited into a regular account is $100, and the smallest possible trade size is one hundredth of a lot. The U.S. dollar, the euro, and the South African rand are the primary currencies that can be used with this account.

In addition, the organization provides a demo account for potential customers to test out.

Customers of IFX brokers have access to a variety of easy methods, such as Pay Quick, Visa, and MasterCard credit cards, for depositing funds into and withdrawing funds from their accounts.

The fact that there are no costs associated with either deposits or withdrawals is the best aspect. Customers who are located in South Africa normally need between two and five hours to finish the withdrawal process.

On the other hand, it is common practice for businesses serving foreign customers to require a period of four or five working days to finish the withdrawal process.

Who is IGM FX?

IGM FX is a Forex and CFD trading broker who started out in 2016 in Cyprus. It headquarters in Limassol, Cyprus. Operating from Cyprus, IGM FX fall under the regulations and is registered by the Cyprus Securities and Exchange Commission (CySEC). The broker offers trading opportunities to both beginner and experienced traders in various global markets.

IGM FX offer quite a variety of financial products to trade in, such as over 160 CFDs on assets like as forex, indices, stocks, metals, commodities, and cryptocurrencies. IGM FX offers competitive pricing with low spreads, as well as the opportunity to select leverage up to 1:400 for professional traders.

Traders have the option to choose between retail and professional account types, namely Classic Account, Silver Account, Gold Account and a VIP Account. The different in features of the account types come in when you register for either a retail or a professional account.

IGM FX offers the usual and familiar payment methods when depositing or withdrawing funds, like bank wire transfer, debit and credit cards, skrill and neteller.

The IGM FX Webtrader is a proprietary trading platform that gives manual traders a straightforward interface and a set of essential functionality. It provides enough for novice investors to get their feet wet. It’s also accessible as a smartphone app, providing traders with a convenient way to manage their accounts and execute trades on the go.

IGM FX also provides access to the industry-standard, automated trading platform, MT4, right out of the box. The MT4 trading platform can be upgraded to a more sophisticated trading platform with the help of third-party extensions.

Reviews indicated that IGM FX offers educational material but it seems that it is only available when you are a registered client with the broker. There is no indication of any educational or research material on the website of the broker.

In conclusion, IGM FX is a well-established forex trading company that allows both retail and business clients to access a diverse range of financial products. The broker’s presence in Cyprus and regulation by CySEC ensures a trustworthy trading environment. Overall, the company offers secure trading platforms and competitive trading conditions.