IFX Brokers vs MiTrade

IFX Brokers vs. MiTrade

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

Which offers better pricing – IFX Brokers or MiTrade?

IFX Brokers provides a highly competitive spread of 0.2 pips for the EUR/USD currency pair. MiTrade offers a spread of 1.0 pips, which is still very competitive.

IFX Brokers charge commission which apply on certain accounts, where MiTrade does not charge any commission.

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.

MiTrade is a forex broker company in Australia and as such regulated and authorised by the ASIC (Australian Securities and Investments Commission). It is the only regulatory body.

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.

MiTrade on the other hand, only provides trading on its own proprietary platform. It does not have the option of trading with MT4 or MT5.

Do these brokers both offer MetaTrader?

IFX Brokers offer MetaTrader but MiTrade does not.

How many Forex pairs can I expect from these brokers?

IFX Brokers as well as MiTrade provides access to 60 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 MiTrade?

Yes, it is safe to trade with MiTrade although the broker is from Australia. The company is regulated by the Australian Securities and Investments Commission (ASIC). It also keeps its client’s money separated in institutions and away from the company’s funds. This is a crucial security indicator.

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 MiTrade?

MiTrade is a financial technology company that headquarters in Sydney, Australia and adheres to strict regulatory standards. The broker is committed to providing investors with a simple and convenient trading experience.

Several regulatory organizations have approved and tightly controlled MiTrade. The Mauritius Financial Services Commission has authorized and regulated MiTrade International Ltd. (FSC). The Australian Securities and Investments Commission (ASIC) has authorized and regulated MiTrade Global, and the company is in possession of an Australian Financial Services Licence. Cayman Islands Monetary Authority has authorized and regulated MiTrade Holding (CIMA). All transactions and operations comply with the applicable rules.

Although MiTrade does not offer the popular option of trading through the MetaTrader 4 or MetaTrader 5 platform, the broker’s proprietary trading platform has received high acclaim and won many international awards. This include the Most Transparent Forex Broker Global in 2022, Best Mobile Trading Platform and the Most Innovative Brokerage Firm in 2021 and 2020 respectively.

Where other brokers offer a variety of trading accounts, MiTrade only offer one live account. You can access international financial markets and trade hundreds of well-liked types, including equities, indices, commodities, and currencies, on MiTrade’s user-friendly mobile and web platform through the one account type.

Along with letting you take advantage of investing and trading opportunities, MiTrade also provides affordable transaction costs, quick order execution, first-rate customer support, and the most recent, cutting-edge professional tools.

MiTrade offers consumers a clear, affordable trading service with no additional fees or hidden costs as part of the improved customer experience. The buy-sell spread and any potential overnight funding fees are the primary trading expenses.

The buy-sell spread is used by MiTrade as a service fee. As soon as you set up the position, the difference has already been paid because this portion of the cost is already included in the product quotation. Trading platform access is required to view the spread because the price differential is not set.

There are no fees for deposits or withdrawals at MiTrade. Other withdrawal fees from other parties, such as those imposed by intermediary banks, are, however, beyond MiTrade’s control. The main issue is that only USA and AUS currency is allowed, which means there will be currency translation costs, despite the fact that it offers a variety of payment ways for depositing and withdrawing money.

On its website, MiTrade provides a variety of educational materials. They often target beginners and concentrate on fundamental trading ideas. A variety of publications are available that discuss risk management, leverage, and contract for differences (CFDs). In addition, the broker offers a thorough FAQ area with information on a variety of subjects.

There are also a number of research tools to assist traders in their day to day trading. Overall, MiTrade proves to be a broker that can be trusted to offer you the best trading solutions.