IFX Brokers vs OctaFX

IFX Brokers vs. OctaFX

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

Which offers better pricing – IFX Brokers or OctaFX?

IFX Brokers and OctaFX, when compared, both provide favourable trading conditions. For instance, on the IFX Brokers VIP Account, the commission per lot traded is US$6, and the spread on instruments like the widely traded EUR/USD pair starts at just 0.5 pips.

Spreads at IFX Brokers are variable, meaning they alter depending on factors, including the underlying asset, the trading account, and the day’s market circumstances.

Therefore, traders should never ignore stop-loss and take-profit orders. Since no commission fees are associated with a retail account, traders using that account type are responsible for covering the spread.

Based on the average spreads and commissions charged, IFX Brokers’ total trading fees range from $10 to $16 across its five trading accounts.

OctaFX offers two low-cost trading accounts. Each account is identical except that it is associated with a unique trading platform. There is no fee on transactions made with an OctaFX MT4 Account with a minimum deposit of USD 100.

Spreads on the EUR/USD pair start at 0.6 and average 0.7 pips, making them narrower than most competing brokers offer.

Commissions are not taken from your profits; the EUR/USD spread ranges from 0.6 to 0.7 pips. The swap rate charged on overnight positions is the last trading fee to consider when using OctaFX.

For the first two nights of trading, OctaFX does not charge swap fees on MT5 positions that are left open overnight. However, a flat rate will be imposed after the third night.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a South African firm that serves as a broker and is authorized by the FSCA. Over the last four years, IFX Brokers has seen a surge in popularity. However, IFX Brokers has not provided any of its clients with a reason to doubt its legitimacy or transparency.

Traders of all experience levels, from beginner to expert, have access to IFX Brokers’ well-regulated and trustworthy trading environment, which allows them to trade a diverse range of financial assets.

All funds belonging to customers are kept in separate accounts, and the Financial Sector Conduct Authority (FSCA) provides security to market participants.

The Financial Services Authority of St. Vincent and the Grenadines (FSA SVG) has given OctaFX permission to offer trading services and solutions to retail traders in the country.

Furthermore, the Tier-2 market regulator, the Cyprus Securities and Exchange Commission (CySEC), a Tier-2 Market Regulator, oversees Octa Markets Cyprus Ltd., headquartered in Cyprus.

Brexit forced OctaFX to move its offices out of the UK and get a license from the Cyprus Securities and Exchange Commission to replace the Financial Conduct Authority (FCA) regulation.

Which broker offers the superior trading platform?

IFX Brokers supports the use of MetaTrader 4 and MetaTrader 5. At the same time, OctaFX offers the same, in addition to providing a proprietary trading app.

Do these brokers both offer MetaTrader?

IFX Brokers and OctaFX offer MetaTrader to their customers, with OctaFX offering specific retail accounts linked to each trading platform.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 70 currency pairs, while OctaFX only offers 32 pairs spread across major, minor, and exotic currency pairs.

Is it safe to trade with IFX Brokers?

You can safely trade with IFX Brokers.

Because of its Financial Services Provider (FSP) license and regulation with the Financial Sector Conduct Authority (FSCA), a recognized Tier-2 market regulator that governs banking and non-banking firms in South Africa, trading with IFX Brokers is completely risk-free.

In addition, you can anticipate IFX Brokers to be transparent and provide competitive trading conditions when you trade with them. Each customer’s cash is stored in separate bank accounts at reputable South African financial institutions.

This money is not accessible to IFX Brokers; therefore, the broker cannot use them for operational reasons or meet its financial commitments. As a result, traders are the only ones who utilize these funds for their trading activity.

Is it safe to trade with OctaFX?

It is safe to trade with OctaFX. According to OctaFX’s official website, the broker takes many safeguards to ensure the security of all client deposits made by Botswanan traders.

All client funds are maintained in separate accounts at respected financial institutions, as mandated by international regulatory standards. This is done to maintain the broker’s balance sheets separate from the customer’s funds.

OctaFX utilizes some of the most secure technology available to ensure the privacy and security of its client’s financial and personal information and their financial transactions. This is achieved by providing an encrypted and secured personal area with SSL.

OctaFX utilizes strong “Know Your Customer” (KYC) standards that authenticate all new traders’ identification and address proof. This helps to ensure that all financial transactions are legal and secure.

Furthermore, OctaFX features safe withdrawal processes that require all transactions to be confirmed by email. Credit and debit card transactions are also processed using 3D secure technology, which ensures the safety and transparency of all Visa and Mastercard transactions.

Who is IFX Brokers?

Since 2018, IFX Brokers has been a reputable and trustworthy South African forex and CFD trading solutions provider. IFX Brokers has already earned a great reputation among investors despite being such a young broker.

IFX Brokers is a financial services provider (FSP) approved by the Financial Sector Conduct Authority (FSCA) to provide derivatives trading to retail and institutional customers in South Africa.

IFX Brokers offers five dynamic trading accounts, each suited to the individual needs and aims of a different skill set.

Spreads on popular instruments such as the EUR/USD begin at 0.5 pips, and traders may expect additional favourable conditions across all accounts.

This is because the maximum leverage that traders may use on forex majors is 1:500. As a result, the average cost of a deal is between $10 and $16.

IFX Brokers accepts a variety of trading strategies, including hedging, scalping, and automated trading robots. Furthermore, 70 alternative currency pairs and a few non-forex assets are accessible for trading.

Financial market traders may choose between MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as a variety of secure deposit and withdrawal options.

Who is OctaFX?

OctaFX was created in 2011 and is a member of a network of multinational organizations. The headquarters of the OctaFX trading platform is in St. Vincent, the Grenadines, and the United Kingdom.

They are suitable for OctaFX to give customers worldwide its Forex/CFD trading services. OctaFX gauges its performance by delivering cost-effective trading conditions, combined with a transparent service globally, regardless of how high its clients’ expectations are.

With minimal beginning balance requirements and tight spreads, OctaFX is well-suited for investors seeking a cost-effective method to begin trading diverse assets.

OctaFX generates money from the spread of the many asset types it provides since it does not charge commissions or fixed fees.

Even with this ECN/STP broker setup, the spreads on currencies and other assets are highly competitive. Furthermore, OctaFX is on par with many online trading platforms.

The extra asset classes, such as US, UK, and Japanese shares, give a fantastic opportunity to diversify your investment portfolio on a single platform, despite the company’s primary focus on currency trading.

Compared to other trading platforms, OctaFX’s Customer Service is superior. Their support crew is always engaging and available and replies to clients’ trading queries in no time.

The fundamental objective of OctaFX is to guarantee that customers have a real and lucrative experience. Moreover, OctaFX provides a 50% direct deposit bonus, a successful loyalty program, and faster deposits and withdrawing cash.