IFX Brokers vs London Capital Group(LCG)

best forex brokers for south african traders

Overall Comparison

FEATURE

IFX Brokers

LCG

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

4/5

Analytical Tools

4/5

4/5

Educational Resources

5/5

4/5

Trust Score

93

80

Best in class

x

 

Regulation Comparison

FEATURE

IFX Brokers

LCG

Trust score

93

80

Year Founded

2018

1996

Publically Traded

No

No

Licensed in South Africa

Yes

No

Assets Comparison

FEATURE

IFX Brokers

LCG

Forex

Yes

Yes

CFDs

Yes

Yes

Number of Forex pairs

60

60

US Stock Trading

No

No

International Stock Trading

No

Yes

Cryptocurrency CFDs

Yes

No

Fees Comparison

FEATURE

IFX Brokers

LCG

Average Spread for EUR/USD

0.2 pips

Variable

Commissions Charged

Yes

Yes

ECN Execution

Yes

Yes

Market Maker Execution

No

Yes

Deposit Options Comparison

FEATURE

IFX Brokers

LCG

Deposit fees

No

Yes

Bank wire

Yes

Yes

MasterCard

Yes

Yes

PayPal

No

No

Skrill

Yes

No

Minimum Deposit

$100

$1

Trading Platforms Comparison

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IFX Brokers

LCG

Desktop Platform

Yes

Yes

Mobile App

Yes

Yes

Social Trading

Yes

Yes

MetaTrader 4

Yes

Yes

MetaTrader 5

Yes

No

cTrader

No

No

DupliTrade

No

No

ZuluTrade

No

No

Proprietary Platform

No

No

Analytical Tools Comparison

FEATURE

IFX Brokers

LCG

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

LCG

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

LCG

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. LCG

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

 

Which offers better pricing – IFX Brokers or LCG?

IFX Brokers and LCG both offer tight, competitive spreads. IFX Brokers provides spreads of 0.2 pips on the EUR/USD currency pair. LCG has variable spreads which differ according to the asset being traded and the account, but can start as low as 0 pips.

Both brokers charge commission, with IFX Brokers charging a commission of USD6 per round turn. LCG charges a commission of $45 for each $1,000,000 traded on all symbols using LCG Trader and $10 per standard lot if you use MT4.

 

Which broker offers more security when trading Forex and CFDs?

IFX Brokers, a Forex broker with full legal authority and regulation, is based in South Africa. Consequently, the Financial Sector Conduct Authority (FSCA) of South Africa, the nation’s primary financial markets regulator, is responsible for regulating IFX Brokers.

LCG is more of a UK-based and orientated broker which is regulated by the Financial Conduct Authority (FCA), the primary financial regulator in the UK and one of the most esteemed financial regulatory bodies in the industry.

However, South African traders will not enjoy any regulatory protection when trading with LCG, as it is not regulated by the FSCA.

 

Which broker offers the superior trading platform?

MetaTrader 4 and MetaTrader 5, which are widely thought to be the best trading platforms on the market, are both available through IFX Brokers. So, traders will be able to trade quickly, have access to many markets, and use a wide range of tools.

Because LCG supports MetaTrader 4, the most widely used and advanced trading platform, which is available for free from its developer MetaQuotes, the company has earned a spot at the top of any list of trading platforms.

There are web-based and mobile versions of MT4 for both iOS and Android, in addition to the desktop platform. The broker’s website has some good video guides on how to access and use the various trading platforms it supports.

 

Do these brokers both offer MetaTrader?

Yes, however IFX Brokers provides access to both MT4 and MT5, while LCG only provides access to MT4.

 

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while LCG has somewhat fewer currency pairs at 60.

 

Is it safe to trade with IFX Brokers?

If you are looking for a Forex broker that operates out of South Africa and possesses a full FSCA licence, IFX Brokers is your best bet because they meet both of these requirements. The Financial Sector Conduct Authority is in charge of overseeing all of the nation’s banks and other financial institutions, which number in the thousands.

The Financial Sector Conduct Authority (FSCA) was established to protect investors by promoting fairness in business practises, disseminating pertinent financial information, and advancing and maintaining the effectiveness and integrity of financial markets.

 

Is it safe to trade with LCG?

Yes, LCG is highly regulated in both the UK and in Europe by the Financial Conduct Authority and the Cypress Securities and Exchange Commission, respectively. However, these protections will not extend to South African traders, as the broker is not regulated in South Africa.

That said, LCG has an excellent industry standing and a reputation for sound business dealings and transparency.

 

Who is IFX Brokers?

Established in 2018, IFX Brokers is a well-known South African broker. They provide a variety of ZAR account types, the MetaTrader 4 and 5 trading interfaces, and a vast array of foreign currency pairs.

Among IFX’s five live accounts, which need varying minimum deposits, traders of various experience levels can pick an account that meets their demands. With deposits between $10 and $1,000, traders pay a spread of 1 pip or more (EUR/USD).

IFX Brokers offers more main, minor, and exotic currencies than many other brokers with 70 pairs.Minimum deposits at IFX Brokers coincide with an increase in account features and a reduction in trading fees.

Spreads on the EUR/USD start at 1.3 pips with the commission-free Standard Account, while the Raw Account needs a $1,000 initial deposit in exchange for spreads of 0.5 pips (EUR/USD) and a $6 USD commission.

 

At IFX Brokers, numerous deposit and withdrawal options are available. IFX Brokers adheres to the industry standard by not accepting funds or transactions from non-clients. When withdrawing funds from a trading account, the funds must be deposited into an account bearing the trader’s name.

Traders in South Africa can open accounts with IFX Brokers in ZAR, EUR, USD, or GBP, which is excellent news.

One account holder must pay currency conversion fees when trading instruments denominated in multiple currencies, such as the Euro versus the US Dollar, because they are restricted to opening only one account.

 

Who is LCG?

London Capital Group (LCG) was established in 1996 as a supplier of internet trading services with headquarters in London and other locations in Cyprus and the Bahamas.

The company facilitates CFD trading and spread betting using a hybrid broker model, meaning it both executes and transmits client orders to the market as a market maker.

LCG provides access to a vast selection of underlying assets for CFD trading. There are nine main asset classes, and the broker claims to provide access to markets in over 7,000 instruments. Vanilla options can be traded on a wide variety of equities, indexes, and currencies.

Although it also functions as a market maker, the broker primarily uses a straight-through-processing (STP) broker approach to facilitate trade executions. A trading account on an ECN (Electronic Communication Network) is at your disposal.

The broker provides access to 60 currency CFDs, which is a decent number for currency trading. You’ll find here not just the major and minor currency pairs but also some more exotic ones. Without having to wait for contract expiration, you can easily trade gold and silver on the spot market.

Moreover, on all account types, LCG allows forex trading with micro lot sizes as tiny as 0.01. For clients based in the United Kingdom, the maximum leverage ratios are between 30:1 for retail clients and 500:1 for professional traders.

Trading Contracts for Difference (CFDs) on 31 indexes and over 3,500 individual equities traded on the leading UK, U.S., and EU listed equity markets is available to those interested in the stock market. Also accessible are ETFs, or exchange-traded funds. Keep in mind that while trading these CFD products, a small spread is added on top of the exchange-quoted pricing.

CFDs are available on a wide variety of bond and money market instruments, including 10- and 30-year U.S. treasuries, German bunds, British gilts, short sterling, Swiss euroswiss contracts, and European interbank offered rates (Euribor).

The broker’s support for MT4’s Trading Signals service is the extent of its social trading offerings. This massive social trading network is made up of a group of knowledgeable MT4 traders who have made it possible for other investors to automatically imitate their trades. The quality and cost of this service varies widely amongst providers.

Customers should budget for the dealing spread to be subtracted from their profits each time they open or close a position. LCG’s dealing spreads fluctuate according on the state of the market.

 

In addition, the terms and conditions page makes clear that Classic CFD Trading account holders will see changeable spreads that are wider than the underlying market pricing since the company marks up and marks down the prices it receives.