IFX Brokers vs XS

IFX Brokers vs. XS

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

Which offers better pricing – IFX Brokers or XS?

IFX Brokers provides a highly competitive spread of 0.2 pips for the EUR/USD currency pair. XS offers a spread of 0.7 pips, which is quite within the norm compared to other brokers.

IFX Brokers charge commission which apply on certain accounts. XS offers commission-free trading on the Standard accounts, but charges commissions on the Raw accounts of $3 per lot per side.

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.

XS is part of the XS Group that has entities authorized and regulated in different countries around the world, including Australia, Cyprus, and Seychelles.

XS Ltd is registered in Seychelles and is authorized and regulated by the Financial Services Authority of Seychelles (FSA). XS Prime Ltd is registered in Australia and is authorized and regulated by the Australian Securities and Investments Commission (ASIC). XS Markets Ltd is registered in Cyprus and is authorized and regulated 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.

XS also offers trading on both the MT4 and MT5 trading platforms. In addition, it also has the XS Web Trader and the XS Mobile Trader which are the in-house trading platforms.

Do these brokers both offer MetaTrader?

Yes, both IFX Brokers and XS offers trading on both MetaTrader platforms.

How many Forex pairs can I expect from these brokers?

IFX Brokers offers trading in about 60 forex pairs, where XS offers trading in over 55 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 XS?

XS is a trade name of the XS Group. The brand operates three subsidiaries, each with regulatory oversight. In Cyprus the regulatory body is the Cyprus Securities and Exchange Commission (CySEC).

XS also operated in the Seychelles and falls under the watchful eye of the Financial Services. In addition, the broker also operated in Australia where it is authorized and regulated by the Australian Securities and Investments Commission (ASIC).

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

With these strict regulations in place, XS give the assurance that it segregates all client funds from business money and requires all new customers to provide identity verification in accordance with AML and KYC policies.

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 XS?

XS is a multi-regulated brokerage company providing access to traders with over a 100+ asset classes that includes forex, shares, indices, metals, commodities, cryptos, and energies. Through these instruments the broker provides its clients with competitive trading conditions, flexible funding options, and access to the popular MetaTrader trading platforms.

The XS Group has entities that are authorized and regulated in different countries around the world. It has offices in Australia, Cyprus, and Seychelles with the regulatory bodies of that particular countries keeping a watchful eye over the broker. The regulatory bodies in Australia is ASIC, CySEC in Cyprus, and FSA in Seychelles. They oversee the financial services in their respective jurisdictions and ensure that companies operating within their jurisdiction comply with applicable regulations and guidelines.

XS offers its clients a proprietary WebTrader trading platform as well as a WebTrader mobile app platform, alongside the popular and globally known and preferred MetaTrader4 and MetaTrader5. These platforms are renowned for their ease of use, extensive range of features, and automated trading capabilities, allowing traders to trade confidently and at their own pace.

The MT4 and MT5 trading platforms are accessible through desktop, web, or mobile devices, giving traders the flexibility to stay connected to the markets and trade at any time. This is a good trading opportunity that may be suitable for a wide range of traders, whether they are first time traders or experts.

There does not seem to be any hidden fees and the broker offers competitive spreads and commissions. Fees vary between the two live account types which is either a Standard or a Raw account type. The Standard account offers spreads from 0.7 pips, with no commissions charged, while the Raw account, offers tight spreads from 0 pips. There are also commission charges on the Raw account of $6 commission for round lot turn.

Beginner traders have the option to open a demo account and traders of the Muslim faith can also open an Islamic Swap-free account.

XS provides multiple options for funding your trading account, which include bank wire transfers, credit and debit cards, and online payment systems such as Skrill, Neteller, Klarna and Giropay. There is a clear indication on the broker’s website of the specific requirements and limitations for each funding method and this may differ based on the financial institution and your country of residence.

To open a live trading account with the broker, you need to deposit $200 as an initial deposit amount in the Standard account, which is fairly low compared to many other brokers.

One huge drawback with XS is that the broker does not offer any additional trading tools, social trading or educational content. The website indicated that the broker has created an Education Experts Program, which is aimed at partnering with those who specialize in education and training.

It is open to educational centres, websites, or experts who conduct educational seminars or webinars. However, it has not been properly developed and the research materials is not widely available.

Overall, XS is the new kid on the block but has already proven itself as a reputable online broker that offers a good range of financial instruments to trade with competitive spreads offerings.