IFX Brokers vs. Scope Markets SA

IFX Brokers vs. Scope Markets SA

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

Which offers better pricing – IFX Brokers or Scope Markets SA?

IFX Brokers offers an average spread of 0.2 pips for the EUR/USD currency pairs, and charges competitive commissions depending on the instrument traded. While Scope Markets is a hybrid STP and ECN broker that does not charge commissions, spreads are somewhat higher at 1.0 pips for the same currency pairs.

Which broker offers more security when trading Forex and CFDs?

Both IFX Brokers and Scope Markets SA are regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, which is the main regulator of the financial markets in the country. As such, both brokers provide traders with a high degree of deposit security in a thoroughly regulated and transparent environment.

Which broker offers the superior trading platform?

Both IFX Brokers and Scope Markets provide access to the full range of platforms from MetaQuotes, consisting of MetaTrader 4 and MetaTrader 5. These are considered the leading trading platforms amongst Forex traders today, which are preferred for their strong selection of trading tools, analytical features and ultra-fast trade executions.

Do these brokers both offer MetaTrader?

Yes, both IFX Brokers and Scope Markets SA provide access to both MetaTrader 4 and MetaTrader 5.

How many Forex pairs can I expect from these brokers?

IFX Brokers provides access to a wide range of 60 currency pairs, while Scope Markets SA provides access to more than 70 currency pairs.

Is it safe to trade with IFX Brokers?

Yes, IFX Brokers is a regulated Forex broker based in South Africa which is fully licensed by the FSCA. As such, the Financial Sector Conduct Authority (FSCA) is in charge of regulating the country’s various financial institutions.

The Financial Sector Conduct Authority’s (FSCA) mission is to improve and maintain the efficiency and integrity of financial markets, as well as to safeguard investors by fostering equitable treatment and delivering education on a variety of topics pertaining to finance.

Is it safe to trade with Scope Markets SA?

Yes, Scope Markets SA is regulated by the FSCA, providing South African traders with a high degree of transparency and deposit security.

Furthermore, Scope Markets is also regulated by the FSC. While this is a decent regulatory agency, it is not a tier-1 organisation, although South African traders will be onboarded via the FSCA-regulated entity.

Who is IFX Brokers?

CFDs on more than 150 underlying assets, including major and minor currency pairings and the top five cryptocurrencies, are available through IFX Brokers (including Bitcoin and Ethereum).

The South African Financial Sector Conduct Authority has authorized IFX Brokers as a regulated Crypto and Forex CFD broker (FSCA). They provide their day traders and investors with the popular MT4 or MT5 trading platforms.

Apps for trading are available for both desktop computers and mobile devices. In comparison to the 500:1 leverage they have on normal Forex trading, the CFDs on cryptocurrencies they offer have a margin rate of only 10:1.

IFX Brokers supports the following currencies in your trading account for your convenience: GBP, EUR, ZAR, and USD. You can fund your account using a credit card, ETFPay, or Ozow.

Customers can pay with wire transfers, credit cards, debit cards, and other payment options such as PayFast, iPAY, and PayU.

The minimum initial deposit may range from $100 to $250 depending on the type of account you have and the manner of payment you choose. All deposit service fees are paid for by the broker.

When withdrawing funds, customers must use the same payment method that was used to fund their trading account.

Credit card deposits have a maximum withdrawal amount of the initial deposit amount. If you need to make a withdrawal that is greater than that amount, you must use a different withdrawal method.

If you withdraw money from your account within the first sixty days after funding it with a credit card, you can only use the same credit card that you used to make the deposit.

Who is Scope Markets SA?

Scope Markets is a global online trading broker that provides leveraged and investing products in forex, commodities, stocks, and indices. The company offers MetaTrader 5 access as well as a variety of account types, payment methods, and educational materials that should satisfy the demands of most traders from Nigeria and Kenya to Mexico and beyond.

Founded in 2014 as a Kenyan broker, the firm has since extended into global markets, with one foreign and one Kenyan website now hosting. Kevin Ng’ang’a, the company’s CEO, is also a shareholder in EGM Securities. To cover all of its jurisdictions, the firm currently has three entities: Belize, Cyprus, and Kenya.

The MetaTrader 5 (MT5) trading platform is accessible as a desktop client or as a web-based application. MT5 is an all-in-one platform that brings together numerous asset types, including forex, equities, and futures.

MT5 is widely used because it provides clients with a smooth, fluid, and intuitive platform that is simple to use while still providing extensive charting capabilities, quick order trade execution, and access to a variety of technical indicators and timeframes.

Similar to its predecessor, MT4, automated trading is also supported through the use of EAs. The MT5 platform can be downloaded from the Scope Markets website. The broker also provides access to MT4.

The desktop application of MT5 has 21 periods, real-time symbol quotations, 38 technical indicators, four pending orders, and an economic calendar that provides macroeconomic news from various nations that may affect financial instrument prices.

Clients can also use the MQL5 language to develop new indicators and algorithms, as well as analyze sophisticated charts and graphical objects.

With leveraged derivatives and spot investment products, Scope Markets provides both short-term and long-term trading strategies. Clients can trade 44 currency pairs as well as 19 CFDs on commodities, equities, and indices. In addition, the broker provides 200 ETFs and stock investment products.

Clients of Scope Markets can open either a CFD or an Investment account. The first gives you access to leveraged instruments for shorter-term trading strategies, whereas the second allows you to trade equity shares. CFD accounts are divided into three categories, with fixed, variable, and raw spreads.

Each retail CFD account has a 50% stop-out level, can be opened as an Islam-friendly account, and has a maximum leverage rate of 1:30, while clients can choose a professional account for leverage rates up to 1:100 if they qualify as such.

The Scope Markets website includes a blog area that covers financial market movements as well as analyses of various instruments and sectors.

Scope Markets is a multiregulated forex and CFD broker that operates globally. Originating in Kenya, the firm now holds licenses with the CMA, FSCA, and CySEC, and provides retail and professional clients with leveraged derivatives and spot equities investment products.

Accounts include free MT5 access, competitive trading conditions, and multilingual, round-the-clock customer service. On the broker’s website, there is a good selection of instructional content, as well as a blog and a YouTube channel.

Customers, however, cannot open a demo account to test Scope Markets’ services, and minimum deposits are not readily available.