IFX Brokers vs IronFX

IFX Brokers vs. IronFX

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

Which offers better pricing – IFX Brokers or IronFX?

Both IFX Brokers and IronFX offer tight, competitive spreads. IFX Brokers has a tight spread of 0.2 pips on the EUR/USD currency pair, while IronFX offers 1.2 pips for the same currency pair.

IFX Brokers charges competitive commissions of USD6 per round turn, while IronFX does not appear to charge commissions depending on the account traders select. It works these charges into the spread.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a fully licensed and regulated Forex broker that is based in South Africa. As such, IFX Brokers is overseen by the Financial Sector Conduct Authority (FSCA) of South Africa, which is the primary regulator of the financial markets in the country.

IronFX is a trade name of Notesco SA (Pty) Limited. It is also authorised and regulated by the Financial Sector Conduct Authority (FSCA). The Company is authorised to provide the services specified in these Trading Terms and Conditions. In addition, IronFX is also regulated by the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA)

IronFX is not publicly traded and does not operate a bank.

Which broker offers the superior trading platform?

IFX Brokers provides access to both MetaTrader 4 and MetaTrader 5, which are widely regarded as the best trading platforms in the industry. As such, traders will have access to a wide range of tools, diverse market access, and fast execution.

IronFX offers trading only on MT4 on all seven account types, and trading conditions differ depending on which account type your use. 

Do these brokers both offer MetaTrader?

Yes, IFX Brokers offers access to both MT4 and MT5, while IronFX only provides access to MT4.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 60 currency pairs, while IronFX provides access to 83 currency pairs.

Is it safe to trade with IFX Brokers?

Yes, IFX Brokers is a regulated Forex broker with a South African basis that possesses a complete FSCA licence. The numerous financial institutions in the nation are under the direction of the Financial Sector Conduct Authority (FSCA).

The Financial Sector Conduct Authority (FSCA) was established with the aim of protecting investors by promoting fair treatment and educating people on various financial matters, as well as to promote and maintain the efficiency and integrity of financial markets.

Is it safe to trade with IronFX?

Yes, IronFX is also regulated by the FSCA in South Africa, so that local traders will receive full deposit security and a transparent trading environment.

Who is IFX Brokers?

South African Forex broker IFX Brokers is well-regulated and has a many clients. Clients of IFX brokers can use the MetaTrader 4 and MetaTrader 5 trading platforms, which are some of the most popular and well renowned in the world.

Both platforms have better charting features, state-of-the-art order management programmes, and a bilingual user interface that lets charts be laid out in different ways.

MetaTrader 4 or 5 is available on desktop as well as iOS and Android devices without having to install any additional software.

Clients can trade in 60 different currency pairs, natural gas, oil and precious metals (gold, silver, platinum, and palladium).

IFX Brokers’ customers can trade on a wide variety of trading instruments, such as currencies, indices, contracts for difference (CFDs), spot metals, energy, commodities, and virtual currencies.

The smallest deal size with IFX Brokers is 0.01 lot, but $100 is required to open a standard account. South African Rand, US Dollars, and Euros are the account base currencies, in that order.

You also have the option to open a demo account before opening a real live account.

It is relatively easy to deposit and withdraw money from accounts, customers have with IFX brokers and this can be done by using Visa, or MasterCard credit cards, Pay Quick, bank wire transfer and others.

IFS Brokers does not charge any fees for deposits or withdrawals and the withdrawal process can be done in as little as two to five hours for South African customers.

Clients outside of South Africa, however, will have to wait four to five working days to finish the withdrawal process.

Who is IronFX?

IronFX opened for business in Cyprus in 2010 and has since expanded into more than 180 countries. In South African, the company is regulated through the Financial Sector Conduct Authority (FSCA).

In addition to EU regulation through the Cyprus Securities and Exchange Commission (CySEC), they are also licensed as a registered investment firm in the United Kingdom and Australia.

South African traders who are looking for a well-regulated MT4 broker that offers a low-deposit Cent Account and a large selection of Forex pairs will find what they’re looking for at IronFX.

Trading is available on a wide variety of assets, including commodities, indices, metals, futures, shares, and over 80 Forex pairs. This is a greater choice of assets than is generally provided by other brokers.

IronFX has recently included coverage of cryptocurrencies in their extensive range of financial trading products. In 2018, the company announced a partnership with EmurgoHK to open a cryptocurrency exchange, but the launch date hasn’t been announced yet.

Traders have access to seven different live accounts that offer varying degrees of flexibility, including a Cent Account that requires a minimal initial investment and is geared toward novices who are interested in placing tiny trades measured in micro-lots. Demo accounts can be opened on all the live account types.

The overall trading costs on all seven accounts are higher than average, though the accounts offer more benefits tied to higher minimum deposits.

The broker’s account diversity is impressive, with a tiered structure that includes floating vs. fixed and commission vs. no commission fee schedules. They complete their offerings by catering to a variety of professional clients, providing branding for introducing brokers (IBs), and offering a program for portfolio management.

IronFX’s trading costs are built into the spread, although the Zero Fixed Account and ECN Zero Spread Accounts carry an 18 USD commission in exchange for spreads of 0 pips on the EUR/USD. Trading costs on all account options at IronFX are significantly higher than average, at between 11 and 22 USD per lot traded.

One huge drawback for traders who are considering using IronFX it that it only offers MetaTrader 4 as the only trading platform. Although this is the top rated platform which is globally preferred by traders, it would have been a better choice if other platforms will also on offer. Fortunately, MT4 offers everything needed in analytical, research and educational tools.

This bring us to the next drawback, there is not many educational tools or market analysis materials available on the website of IronFX, forcing traders to search other means to self-educate. Other than some video material, blog content, and one downloadable e-book, IronFX’s educational materials lack depth and provide only a sweeping overview of the basics of forex trading.

Customer support is available 24/5, in 30 different languages to support clients from all over the world in more than 180 countries in Europe, Asia, the Middle East, Africa, and Latin America. Services is offered on local toll-free phone numbers, live chat, and email.

In conclusion is should be noted that IronFX is an award-winning global CFDs broker with more than 1.5 million clients across more than 180. With years of experience, an increasing number of clients and competitive trading conditions, IronFX has maintained a great reputation.