IFX Brokers vs TopTrader

IFX Brokers vs. TopTrader

We spent many hours thoroughly examining the best-in-class Forex brokers for 2023. Here, we take a closer look at IFX Brokers and TopTrader.

Which offers better pricing – IFX Brokers or TopTrader?

IFX Brokers and TopTrader both offer competitive spreads. IFX Brokers has a tight spread of 0.2 pips on the EUR/USD currency. TopTrader, on the other hand, offers floating spreads, with an average spread of 0.7 pips on the EUR/USD currency pair.

IFX Brokers charges competitive commissions of USD6 per round turn, while TopTrader does not appear to charge any commissions on any of its trading options. No indication of commission charges is indicated on the broker’s website.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a fully licensed and regulated Forex broker that is based in South Africa. As such, IFX Brokers is overseen by the Financial Sector Conduct Authority (FSCA) of South Africa, which is the primary regulator of the financial markets in the country.

TopTrader is a Cyprus based broker and authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).

Although it accepts clients from South Africa to trade through the broker, it is not regulated in South African by the Financial Sector Conduct Authority (FSCA).

Which broker offers the superior trading platform?

IFX Brokers provides access to both MetaTrader 4 and MetaTrader 5, which are widely regarded as the best trading platforms in the industry. As such, traders will have access to a wide range of tools, diverse market access, and fast execution.

TopTrader provides its own in-house TopTrader platform in addition to MetaTrader5. 

Do these brokers both offer MetaTrader?

IFX Brokers offers access to both MetaTrader4 and MetaTrader5. TopTrader also makes provision for MetaTrader5 together with its own in-house TopTrader platform.

How many Forex pairs can I expect from these brokers?

IFX brokers provides access to 60 currency pairs. TopTrader offers access to over 300 CFDs on currency pairs.

Is it safe to trade with IFX Brokers?

Yes, IFX Brokers is a regulated Forex broker with a South African basis that possesses a complete FSCA licence. The numerous financial institutions in the nation are under the direction of the Financial Sector Conduct Authority (FSCA).

The Financial Sector Conduct Authority (FSCA) was established with the aim of protecting investors by promoting fair treatment and educating people on various financial matters, as well as to promote and maintain the efficiency and integrity of financial markets.

Is it safe to trade with TopTrader?

TopTrader is also a regulated broker with its headquarters in Limassol, Cyprus. TopTrader is the registered brand name of Goldenburg Group Limited, who in turn is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) which is the top regulatory and recognized body in this region.

In addition, the broker offers its services to residents of the European Economic, with the exception of the UK. It also trades in some third countries such as South Africa and Labuan, while overall providing quite competitive trading conditions and solutions that might suit and be safe for various traders.

Who is IFX Brokers?

South African Forex broker IFX Brokers is well-regulated and has a lot of clients. Customers of IFX brokers can use the MetaTrader 4 and MetaTrader 5 trading platforms, which are some of the most popular and successful in the world.

These platforms have better charting features, state-of-the-art order management programmes, and a bilingual user interface that lets charts be laid out in different ways.

MetaTrader 4 or 5 can also be used on iOS and Android devices without having to install any extra software.

Customers of IFX Brokers can trade on a wide variety of trading instruments. Some of these financial products are currencies, indices, contracts for difference (CFDs), spot metals, energy, commodities, and virtual currencies.

Clients of IFX brokers can also trade in 60 different currency pairs, precious metals (gold, silver, platinum, and palladium), natural gas, and oil.

The smallest deal size is 0.01 lot, but a standard account requires a minimum deposit of $100 in US dollars. South African Rand, US Dollars, and Euros are the account base currencies, in that order.

You can also use a “practise account” instead of a real account.

Customers of IFX brokers can easily add money to and take money out of their accounts by using Pay Quick, Visa, or MasterCard credit cards, among other options.

The best thing about the whole thing is that there are no fees for deposits or withdrawals. The withdrawal process can be done in as little as two to five hours for South African customers.

On the other hand, it takes four to five working days to finish the withdrawal process for customers outside of the country.

Who is TopTrader?

TopTrader is a Cyprus-based brokerage company that headquarters in Limassol and has been operational since 2014. It is the registered brand name of Goldenburg Group Limited. Through TopTrader, traders have access to over 2 000 financial assets such as Stocks, ETFs, Indices, Commodities Crypto, Forex and Treasuries.

TopTrader puts its clients’ money first, keeping it separate from the company’s accounts and not using it for business operations. Additionally, TopTrader offers a number of safeguards that further assure the security of traders’ accounts, such as negative balance protection during periods of market turbulence and Investor Compensation Fund Protection.

TopTrader offers trading on both the MT5 platform and its proprietary TopTrader platform. These platforms are accessible through desktop, web, or mobile devices, such as iOS and Android, allowing traders to stay connected to the markets and trade anytime, anywhere.

The MT5 platform, which provides traders more features and tools like advanced charting capabilities and a wider selection of financial instruments, is an updated and more sophisticated version of the MT4 platform. Trading on the site gives users access to a variety of chart formats, numerous timeframes, and technical indicators to aid in market analysis.

TopTrader’s in-house platform is user-friendly, providing traders with advanced trading features, including social and algorithmic trading, as well as various order types.

TopTrader does not charge any deposit or withdrawal fees and neither does it seem to charge any commissions. Traders are offered competitive and floating spreads with an average spread of 0.7 pips available for the popular EUR/USD currency pair.

There are three account types offered by the broker, namely Standard, Pro, and VIP accounts. Various funding option are offered such as bank wire transfers, credit and debit cards, Skrill and Neteller. There is no minimum deposit requirement.

TopTrader also offers a, Learn Center, section on its website that provides various educational resources such as eBooks and Video Academy. This applies to beginner to advanced traders. It also offers Crypto and MetaTrader5 courses.

On the research side, TopTrader only offers Economic and Crypto calendars as well as a free demo account to help traders practice their skills and test their strategies in a risk-free environment. It lacks provision of seminars, webinars, or research materials.

Overall, TopTrader is a reputable online broker that provides traders with access to a wide variety of trading instruments, fees and spreads that are among the most competitive in the industry, several options for funding accounts, and cutting-edge trading platforms. Both the broker’s proprietary trading platform and the MT5 platform give traders access to advanced trading capabilities and a user-friendly interface. These features include algorithmic trading, social trading, and a variety of order types.