IFX Brokers vs Interactive Brokers

forex trading demo account

Overall Comparison

FEATURE

IFX Brokers

INTERACTIVE BROKERS

General comparison

4/5

4/5

Regulation

5/5

4/5

Spreads and fees

4/5

4/5

Trading Platforms

4/5

3/5

Trading Apps

4/5

3/5

Analytical Tools

4/5

4/5

Educational Resources

5/5

4/5

Trust Score

93

85

Best in class

x

 

Regulation Comparison

FEATURE

IFX Brokers

INTERACTIVE BROKERS

Trust score

93

90

Year Founded

2018

1977

Publically Traded

No

Yes

Licensed in South Africa

Yes

No

Assets Comparison

FEATURE

IFX Brokers

INTERACTIVE BROKERS

Forex

Yes

Yes

CFDs

Yes

Yes

Number of Forex pairs

60

91

US Stock Trading

No

Yes

International Stock Trading

No

Yes

Cryptocurrency CFDs

Yes

No

Fees Comparison

FEATURE

IFX Brokers

INTERACTIVE BROKERS

Average Spread for EUR/USD

0.2 pips

0.6 pips

Commissions Charged

Yes

Yes

ECN Execution

Yes

Yes

Market Maker Execution

No

No

Deposit Options Comparison

FEATURE

IFX Brokers

INTERACTIVE BROKERS

Deposit fees

No

No

Bank wire

Yes

Yes

MasterCard

Yes

No

PayPal

No

No

Skrill

Yes

No

Minimum Deposit

$100

None

Trading Platforms Comparison

FEATURE

IFX Brokers

INTERACTIVE BROKERS

Desktop Platform

Yes

Yes

Mobile App

Yes

Yes

Social Trading

Yes

No

MetaTrader 4

Yes

No

MetaTrader 5

Yes

No

cTrader

No

No

DupliTrade

No

No

ZuluTrade

No

No

Proprietary Platform

No

Yes

Analytical Tools Comparison

FEATURE

IFX Brokers

INTERACTIVE BROKERS

Economic Calendar

Yes

Yes

Social Sentiment

Yes

Yes

Trading Central

No

Yes

AutoChartist

No

No

Forex News Sources

Yes

Yes

Daily Market Commentary

Yes

Yes

Educational Resources Comparison

FEATURE

IFX Brokers

INTERACTIVE BROKERS

Offers education

Yes

Yes

Webinars

Yes

Yes

Beginner training videos

Yes

Yes

Advanced training videos

Yes

Yes

Glossary

No

Yes

Majors Offered

FEATURE

IFX Brokers

INTERACTIVE BROKERS

GBP/USD

Yes

Yes

USD/JPY

Yes

Yes

EUR/USD

Yes

Yes

USD/CHF

Yes

Yes

USD/CAD

Yes

Yes

NZD/USD

Yes

Yes

AUD/USD

Yes

Yes

IFX Brokers vs. Interactive Brokers

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

 

Which offers better pricing – IFX Brokers or Interactive Brokers?

IFX Brokers and Interactive Brokers both offer tight, competitive spreads. IFX Brokers provides spreads of 0.2 pips on the EUR/USD currency pair, while Interactive Brokers offers a similar spread of 0.6 pips for the same currency pairs.

 

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a regulated and authorised foreign exchange broker situated in South Africa. Because of this, IFX Brokers is governed by the Financial Sector Conduct Authority (FSCA), the country’s major financial markets regulator.

Interactive Brokers is a US-based broker which is also regulated by these leading institutions as well as by the primary US regulators, the CFTC.

 

Which broker offers the superior trading platform?

IFX Brokers provides access to the industry-leading trading platforms MetaTrader 4 and MetaTrader 5, which are both highly regarded by traders. This means that traders will have instantaneous access to numerous trading markets and a comprehensive set of instruments with which to conduct their business.

Interactive Brokers offers its renowned proprietary trading platform, IB Trader, which is favoured by advanced traders for its wealth of trading tools, analytical features, and fast execution. However, traders will be limited to this platform, as Interactive Brokers does not offer MetaTrader or any social trading software.

 

Do these brokers both offer MetaTrader?

No, only IFX Brokers offers MetaTrader 4 and MetaTrader 5. Interactive Brokers only provides access to its own proprietary trading platform, which is not beginner-friendly.

 

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while Interactive Brokers provides access to 91 currency pairs.

 

Is it safe to trade with IFX Brokers?

Yes, IFX Brokers is a South African Forex broker that is highly regulated by the Financial Sector Conduct Authority (FSCA), which is the primary regulator in South Africa.

As such, all client funds are held in segregated accounts, and the broker offers a transparent trading environment with trading security measures in place.

 

Is it safe to trade with Interactive Brokers?

Yes, Interactive Brokers is a well-established US Forex broker that has a long operational history spanning back to 1977. The broker is CFTC-regulated, and is also regulated in other regional jurisdictions.

That said, South African brokers will not be able to enjoy the security of FSCA regulation from Interactive Brokers, which is yet to be licensed in South Africa. However, traders can rest assured that their accounts are protected, with segregated deposits, and a high level of transparency and security from the broker.

 

Who is IFX Brokers?

IFX Brokers, a major broker in South Africa, has just been in business since the year 2018, though. Traders have access to a large choice of currency pairs, can utilise either MetaTrader 4 or 5, and can choose from among several different types of ZAR accounts.

To accommodate traders with differing levels of expertise and experience, IFX provides a total of five distinct live accounts, each of which has a different minimum deposit requirement. The lowest deposit is ten dollars, and the maximum is one thousand dollars, when trading EUR/USD spreads of one pip or more.

The 70 different currency pairings that are made available by IFX Brokers cover a greater selection of major, minor, and exotic alternatives than those that are made available by the majority of the company’s competitors.

If you meet the requirements for opening an account with IFX Brokers, which include a minimum deposit requirement, you will see an improvement in both your trading costs and advantages.

When trading EUR/USD, the minimum spread for a Standard Account is 1.3 pips, and there is no commission charged. In contrast, the minimum spread for a Raw Account is 0.5 pips, and there is a $6 USD initial cost. Standard accounts are eligible for commission-free trading.

You have a lot of alternatives available to you when it comes to making deposits and withdrawals with IFX Brokers. To maintain compliance with the requirements of the industry, IFX Brokers does not conduct business with or accept funds from anyone who is not a client of the company. It is only possible to withdraw funds belonging to a trader to an account held at a financial institution that bears the trader’s name.

The following is welcome news for South African traders: The South African Rand, the Euro, the United States Dollar, and the British Pound are some of the currencies that are now supported by IFX Brokers.

Due to the fact that a single trader cannot open multiple accounts in different currencies when dealing with assets denominated in different currencies, such as the Euro and the US Dollar, the single trader must pay extra.

 

Who is Interactive Brokers??

Because trading with Interactive Brokers is so user-friendly, the company has built up a strong reputation among financial market participants.

Shares, foreign exchange, commodities, cryptocurrencies, options, exchange traded funds (ETFs), and indices are just some of the many financial instruments that can be traded using Interactive Brokers. In addition, there is a vast selection of additional financial instruments available.

Traders who use Interactive Brokers may take use of a wide number of comprehensive trading services. These features, which include an award-winning trading platform, free instructional resources, reasonable commissions and financing rates, and more, are all available to them.

Interactive Brokers is fully licenced and regulated by a large number of authorities throughout the world, including the Hong Kong Securities and Futures Commission, the Financial Conduct Authority, and the Australian Securities and Investments Commission, to name just a few of these authorities.

With Interactive Brokers, you may open a trading account with as little as one dollar in your account balance when you first get started. However, due to the many different account options available, there will be some with lower minimum deposit requirements than others.

Interactive Brokers has a number of different account structures, from which individual traders and investors can select the one that best suits their needs. This encompasses both regular and Roth individual retirement accounts (IRAs), in addition to UGMA and UTMA savings accounts.

Traders can use a demo account that does not incur any risk to analyse the competitive commissions, margins, and minimal financing charges offered by Interactive Brokers (free trial).

The user will have access to a large range of cutting-edge trading tools, such as methods, items, exchanges, and order types, among other things. Trading tools that can be useful include those referred to as the Probability Lab, the Volatility Lab, the Option Strategy Lab, the Charts, the Market Scanner, and the IB Risk Navigator.

In addition, the demo account at Interactive Brokers comes with free subscriptions to research services and access to market data for all of the company’s products.

Using the market maker-designed IB Trader Workstation, customers may trade stocks, options, futures, currencies, bonds, and funds across 135 markets from a single integrated account (TWS).

Overall, Interactive Brokers provides compelling features for advanced traders, but absolute beginners will find it difficult to adapt to the advanced trading software, despite the user-friendly nature of the overall Interactive Brokers platform setup.