IFX Brokers vs Spread Co

IFX Brokers vs. Spread Co

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

Which offers better pricing – IFX Brokers or Spread Co?

IFX Brokers provides a highly competitive spread of 0.2 pips for the EUR/USD currency pair. Spread Co offers a spread of 0.8 pips, which is still very competitive.

IFX Brokers charge commission which apply on certain accounts. Spread Co only charge commissions for equities trading, starting at 0.05% for UK trades.

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.

Spread Co holds a Financial Conduct Authority (FCA) license and the broker complies with established legal requirements. In the financial markets, the FCA is a very reputable organization. If the broker becomes insolvent, the FSCS will cover up to £85,000 of client funds that are segregated in top-tier banks. The broker is not regulated in South Africa although it does accept traders from the country.

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.

Spread Co provides simple solutions that let customers monitor and trade positions from any location. Every platform is designed to perform as well as possible across the thousands of stocks, indexes, commodities, and forex pairs.

The platform is a proprietary Web-based platform that does not require downloading and allows users to personalize all aspects of their trading experiences by choosing the most popular and practical features.

Do these brokers both offer MetaTrader?

IFX Brokers offers trading on MT4 and MT5 where Spread Co only offer trading on a proprietary web-based platform.

How many Forex pairs can I expect from these brokers?

IFX Brokers offers trading in about 60 forex pairs, where Spread Co offers trading in 38 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 Spread Co?

Spread Co is a UK trading company using the latest online security features with its trading platform. It is regulated by the UK Financial Conduct Authority (FCA) and all credits of Spread Co accounts are held by a top-tier bank in segregated accounts as per regulation by the FCA.

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 Spread Co?

Spread Co is an online spread betting and CFD broker that specialises in forex, commodities, equities and indices. The broker offers spread betting on major markets, stocks and shares, plus CFDs and forex.

Spread Co was founded in 2005, and headquarters in London. The broker is authorised by the Financial Conduct Authority (FCA), which is a highly respectable regulator. Today, there are over 10,000 live traders using the broker’s services.

The broker provides TradingView-powered customized trading platform to accommodate the demands of all clients. Spread Co advises trading through popular web browsers without the need to download any software. Customers can also use the free iPad app or smartphone application.

Spread Co also provides the option to trade Micro Markets, which start at just 10p and offer smaller investment quantities. The most liquid markets are those where spread betting is most commonly practiced by traders. Spread betting offers 24-hour access, margin trading, no hidden costs, and the ability to go short in declining markets.

With Spread Co there are two live account types to choose from, namely spread betting or CFD. Both accounts support EUR, USD, and GBP currencies.

Spreads are fixed and as low as 0.8 pips but differ between spread betting and CFD accounts. The broker offers the tightest spreads up to a maximum of $50 a point before this increases on a sliding scale. Spreads on majors are 0.8 pips on EUR/USD and 1.0 pip on GBP/USD and EUR/GBP. Spreads on leading indices, such as the FTSE 100, start at 0.8 pips. Commissions are only charged for equities trading, starting at 0.05% for UK trades.

The broker’s website has a variety of tools for trading support. This consists of Market Watch live news updates, an economic calendar, and a financial trading blog. The website also offers some training guides and educational materials, including information on the fundamentals of CFD and spread betting, how to use technical indicators and techniques, and a glossary and comprehensive FAQ page.