IFX Brokers vs TopFX

IFX Brokers vs. TopFX

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

Which offers better pricing – IFX Brokers or TopFX?

IFX Brokers provides a highly competitive spread of 0.2 pips for the EUR/USD currency pair. With TopFX’s the spread on EUR/USD is 0.0 pips.

IFX Brokers charge commission which apply on certain accounts. TopFX offers only two live account types and commission is charged on the RAW Account of $2.75 per side per lot.

Which broker offers more security when trading Forex and CFDs?

IFX Brokers is a South African broker that is fully 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.

TopFX Global Ltd. is a forex broker situated in the Seychelles on Mahe Island. The broker is authorised and regulated by the Seychelles Financial Services Authority (FSA). On the website the broker states that it is committed to providing clients with the highest level of security for their funds and have implemented all necessary procedures to ensure investor protection.

In addition, Top FX Ltd is registered as a Cyprus investment firm (CIF) and licensed by the Cyprus Securities and Exchange Commission (CySEC).

Although the broker accepts clients from South Africa it does not fall under the regulation of the South African Financial Sector Conduct Authority (FSCA). It is not regulated in South Africa.

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.

TopFX offers trading on MetaTrader4 and cTrader.

Do these brokers both offer MetaTrader?

No, although IFX Brokers offer trading on MetaTrader4 and 5, TopFX only offers trading on MetaTrader4.

How many Forex pairs can I expect from these brokers?

IFX Brokers as well as TopFX offers trading in about 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 TopFX?

TopFX headquarters on the island of Mahe in the Seychelles and falls under the watchful eye of Seychelles Financial Services Authority (FSA). The broker is also regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySEC).

Through both these regulatory bodies, TopFX falls under their strict security procedures in place in respect of both the storage and the disclosure of any information shared with the company. It also abides by the regulation that all funds must be kept in segregated accounts.

TopFX is not registered in South Africa under the regulation of the South African Financial Sector Conduct Authority (FSCA).

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 TopFX?

TopFX is an STP Forex Broker with high standards of secure trading environment, due to the strict regulations it adheres too. The broker has an active customer base across Europe, Asia and Africa, including Indonesia, Thailand, Malaysia, Vietnam and Nigeria. Due to the fact that it offers the same or even more investment alternatives to the international trade community, the offering to clients is broad and comprehensive.

Since 2010, the broker has offered brokers and other financial firms liquidity solutions. With the tightest spreads on the market and pinpoint accuracy, they offer leveraged trading of more than 1000 assets including Forex, Shares, Indices, Commodities, Energies, ETFs, and other CFDs.

With its subsidiary, TopFX offers clients from around the world a good trading environment. Its company is based in Seychelles and is accredited by the Financial Services Authority (FSA). In the midst of regulatory changes made by the Cyprus Securities and Exchange Commission (CySEC), this entity began operations in 2020.

All client monies are stored safely and are kept entirely separated from TopFX’s own funds. TopFX abides by stringent policies and has done everything in its power to secure its customers’ funds by taking any and all essential precautions. In addition, both internal and external auditors are responsible for doing comprehensive audits on the company’s activities on a consistent basis.

MT4 and cTrader, widely regarded as the two premier retail trading platforms, are available to traders through TopFX. Both of these trading platforms offer automated trading solutions. Both platforms provide copy trading through their built-in functions in an identical manner.

While cTrader offers the greatest out-of-the-box solution for ECN trading, TopFX improves upon the mediocre core MT4 by including a free copy of the MQL Suite of Trading Tools.

TopFX offer clients a choice between two live account types. The Raw Account is the preferred choice of day traders and scalpers, while beginners and some advanced traders would opt for the Zero Account as they prefer the commission being calculated into the spread. On the Raw Account commission of $2.75 per side per lot is charged.

Besides bank wires and credit or debit cards, TopFX supports 23 cryptocurrencies and five online payment processors, including PayTrust, PlusDebit and UnionPay. Most deposits reflect instantly. Withdrawal timeframes are typically within one business day, with the exception of wired bank transfers and credit/debit card withdrawals. The minimum deposit amount is still determined by the mode of deposit or withdrawal that the player chooses. Transaction fees for financial dealings are not levied by TopFX, however, third parties may assess their own fees. In general, TopFX offers an outstanding and cutting-edge assortment of deposit and withdrawal options, notably in the realm of cryptocurrency.

Overall, TopFX offers a good deal and a decent variety of financial instruments to trade in. The biggest drawback is market research which is practically non-existent on the TopFX platform, and it lacks meaningful educational content. Last but not least, providing its average spread statistics each month would bring attention to the underlying value of its price across both of its primary account categories.