As more individuals are leaning towards online trading, the need for online brokers is getting stronger. With a volatile financial market, trading is something we must be skilled at or risk losing a lot of money. So, to have a smooth and efficient trading procedure, we need the assistance of a professional online broker who is familiar with the shifting market and some of the finest trading instruments. The online brokers are a South African-based internet broker founded in 2012 and regulated by Financial Sector Conduct Authority (FSCA).
A few things you need to know about ifx online brokers
Aside from offering the MT4 platform, which most Forex traders favorably, this online broker also boasts transparency in the trading process. With its FSCA regulation, it offers its clients a dependable and trustworthy platform. But to use this platform, you need first to register and open an account here. Before moving on to the registration process, let’s first check out the advantages of using this platform:
Advantages of using ifx brokers
Once you get to know about the advantages of this platform, it will be easier for you to get your confusion cleared, so here are the advantages of using this platform:
- It provides an MT4 platform for trading which most Forex traders prefer
- FSCA regulates the online broker, so there is no question of any safety issues
- The deposits can be made in ZAR, so the locals need not any have problems while depositing
How to sign in with ifx brokers
Opening an account with this trading platform is easily done, but it may take some time to approve your account. These are the following procedures you need to follow:
- Visit their website and fill in the personal details.
- Fill in the required financial information.
- Inform them about your trading background
- Provide them with proof of your identity and citizenship by uploading any national ID like passport, driver’s license, etc. you can also provide them with your utility bills or bank statements as proof of your residency.
- You will be required to send the documents of verification through email so that the process is secure.
With all this done, you can easily register with this online broker and start with your trade as soon as your account is approved.
The currency you need for opening an account.
This online broker gives you the option of four currencies, and they are:
If you want to open a standard account, you can choose any of the four base currencies. Still, if you want to open an Islamic account, you can only use ZAR and USD, and if you are opening an account with a different currency other than the four base currencies, you need to pay a conversion fee.
About commission and fee charged by ifx
If you are a trader wanting to use this platform, then you need to know the commission and fees they charge, so here’s a brief explanation about it;
- Standard account – starts from 0.8 pips
- Raw account – starts from 0.3 pips
- Islamic account – starts from0.8 pips
The broker provides you with tight spreads and deep liquidity all through the trading process. They also have a competitive commission of $3 on the Raw account. The swap rates of this broker depend a lot on the overnight interest rate. So with all these fluctuations, the broker fees may keep changing, so you need to be aware of all this before you sign in to this platform.
About the leverage offered by the broker
People like to go with margin trade. The maximum leverage is 1:500, and clients also have the advantage of manually change the leverage and to do this, you need to go to the deposit and withdrawal tab and fix your leverage here.
About deposits and withdrawals
To open a broker account in this platform, the client needs to deposit a minimum of $100, and as for withdrawals, the process is completed within 2 to 4 hours for the locals. For international transfer, it may take about 3 to 5 working days. The deposits and withdrawals can be done through debit/credit cards, wire transfer, pay fast.
A reliable platform for a smooth and secure trade
The ifx brokers provide their clients with more than just trading; they offer educational and research materials. Provides excellent customer service and uses the latest trading tools to make the trading process as smooth as possible.