IFX Brokers vs LegacyFX

IFX Brokers vs. LegacyFX

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

Which offers better pricing – IFX Brokers or LegacyFX?

IFX Brokers provides a highly competitive spread of 0.2 pips for the EUR/USD currency pair. LegacyFX offers a spread of 1.6 pips, which is still fairly competitive.

IFX Brokers charge commission which apply on certain accounts. LegacyFX does not charge commission with the exception of stock trading where charges range from 0.15% to 0.45% depending on the account type being used.

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.

LegacyFX is regulated by the Vanuatu Financial Services Commission (VFSC). In addition to this, the holding company, A.N. Allnew Investments Limited, is regulated by the Cyprus Securities and Exchange Commission (CySEC). The company also holds licenses with the Financial Conduct Authority (FCA) in the UK and the Federal Financial Supervisory Authority (BaFIN) of Germany. According to an article published on the internet, the broker has opened an office in South Africa in 2020 and applied to the South African Financial Sector Conduct Authority (FSCA) for a license.

Which broker offers the superior trading platform?

IFX Brokers gives users access to MT4 and MT5, 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.

LegacyFX offers both the web-based and downloadable desktop versions of MetaTrader 5, the successor to the popular MetaTrader 4. The software complements all levels of experience but is a particular favourite among advanced traders.

Do these brokers both offer MetaTrader?

IFX Brokers offers trading on MT4 and MT5 where LegacyFX only offer trading on MT5.

How many Forex pairs can I expect from these brokers?

IFX Brokers offers trading in about 60 forex pairs, where LegacyFX offers trading in 44 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 LegacyFX?

LegacyFX is part of the holding company A.N. Allnew Investments Ltd., which is authorised and regulated by the Vanuatu Financial Services Commission (VFSC) as well as the Cyprus Securities and Investment Commission (CySEC). In addition, it also has offices in the United Kingdom and Germany and thus falls under the authority of the Financial Conduct Authority (FCA) in the UK and the Federal Financial Supervisory Authority (BaFIN) in Germany.

The broker delivers monthly financial reports to an outside accounting firm in accordance with regulatory standards. Additionally, the broker guarantees that all client funds are segregated at reputable institutions and that negative balance protection is in place.

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 LegacyFX?

LegacyFX is an international financial assets broker that has been providing financial services since 2017. The company is now owned and operated by All New Investments Ltd. (AN), a financial investment firm based in Larnaca, Cyprus.

With its office in Larnaca, Cyprus, LegacyFX is regulated by CySEC, and well as Vanuatu Financial Services Commission (VFSC), where the holding company is registered. In addition, the broker is also registered in the United Kingdom with the FCA and in Germany by BaFin. With these strict regulations it provides extensive security for clients’ funds. LegacyFX is a corporate operator that is registered as a CIF and also is a member of the Investor Compensation Scheme.

LegacyFX provide excellent trading condition for both beginners and professional traders, and the company’s clients can trade in 250+ instruments across several asset classes, such as Forex, Indices, Precious Metals, Cryptocurrencies, Commodities, and Stocks.

The broker offers both independent trading and opportunities to invest, trading signals, and automated trading programs.

LegacyFX offers a choice to open four different live account types, namely Silver, Gold, Platinum, and VIP accounts. The minimum deposit required to open an account is $ 500.

The accounts offer the same basic features, including swap-free trading which is a benefit to traders especially those for qualify for Islamic Swap Free accounts. Unfortunately, traders can only benefit from mobile trading when they hold a Platinum account. Technical analysis and educational tools are available for all types of accounts.

The only trading platform available is MetaTrader 5 which is similar to the traditional MetaTrader 4, but faster and supports more types of orders. It also has a larger number of indicators and other features.

Since its inception LegacyFX has received 19 awards, including “Best STP/ECN Forex Broker” (by AtoZ Markets magazine, 2020), “Best Education & Training Modules” (by the Middle East magazine, 2020), and “Fastest Growing Broker” (by Europe magazine, 2021).