As the popularity of Forex is growing, more and more scams are being reported. Since it is online trading, frauds can easily get in your way. If you are a beginner, you will find a number of unregistered brokers who will ask you to invest your money. That is why Forex Trading has already red-flagged those brokerage houses operating without a license. The brokers vary with different regions as well as with online platforms. There are reviews on the internet for almost all of them. You can decide which to choose, depending on the reviews.
Since South Africa is one of the largest regions for Forex, the rate of scams is also higher there. There are many unregistered brokerage houses in the region. One of the most popular is IFX Brokers. However, new traders would not know much about them. So, the question is, are they safe to trade with?
Well, you do not need to look any further. We have the answer to your question. This article will answer, should I trust IFX brokers? And how you can trade with it. So, let’s get started.
What is IFX Brokers?
Let’s start with the basics. IFX is one of the leading brokerage houses in South Africa. Just like all other brokers, it is also regulated by Financial Sector Conduct Authority. It offers a good trading environment for beginners as well as experienced traders.
The reason it is considered safe for beginners is due to its starting amount. You can trade with IFX with the minimum amount of $100. Although it might seem much, it is a fairly normal price as compared to many other brokers that ask for an even higher starting price. So, it is a good start.
Is IFX Brokers Trusted?
Although it is very popular, people still have questions about its credibility. Usually, newcomers to Forex are looking for a broker. So, they are looking for reviews of all the popular ones. In simple words, Yes, IFX is a legit brokerage house. You can trade with them without any worries in your mind. One of the biggest pieces of evidence of their reputation is the number of traders. IFX houses some of the largest South African traders. Since there are so many users trading with it, you can too, without any hesitation.
However, IFX has its own regulations to deal with traders. While many people found them to be suitable, some can have problems. That is because every broker has its conditions. Understanding them is better before investing. This way, you can find the best broker that meets your requirements. Plus, your money will also be safe.
So, If you want to know the regulations of IFX, you are right to do so. Here, we have all the conditions that you should know before investing in it.
Regulations of IFX Brokers You Should Know
In Forex Trading, every broker is regulated by several organizations. These can be both national as well as international. In South Africa, FSCA (Financial Sector Conduct Authority) is responsible for regulations at the national level. Hence, IFX also works under FSCA.
While FSCA is a popular organization, it is not as reputable as ASIC or FCA. These are international level regulatory bodies operated by UK and Australia, respectively. All the brokers are on their list of certifications. Those brokers or traders who are not registered are not allowed to trade. IFX is no exception. It is a regulated and certified broker that makes it a reliable option, among others.
Since all the regulatory bodies supervise the broker, there are no chances of scams. However, you can find many imposter brokerage houses. These would have a similar name to IFX to trick people. The best way to ensure the right one is to check its users and certificate. If it has fewer or no users and no registration, it is best to avoid such scammers.
How to Trade With IFX Brokers
In Forex, first you have to set up an account. And for that, you need a broker to help you in the process. IFX brokers have their own account types. It offers two types of accounts, IFX Standard and IFX VIP. Let’s discuss the difference.
The standard requires only a $100 minimum deposit. It is the average price in the market and is affordable for most people too. However, The IFX VIP account requires $20,000, as you may have guessed by the name. While the price is high, the profits will also be more rewarding, but the risks are also higher. If you are a beginner, the standard account is recommended as you will be risking less as you are in the learning stage.
Once you have set up an account, you will need to download a platform for trading. You can use a PC, laptop, or even a smartphone. But, a stable internet connection is very much recommended. Some brokers use different platforms. For IFX, you will need to download MetaTrader4. It is the most common trading platform with the largest number of users. All of its tools are easy to use, and even someone with no experience can learn how to use it in no time.
Well, now you are all set up. Now, it is the time to start investing with the broker and trade.
Should You Choose IFX Brokers?
It is a frequently asked question that should I choose IFX? Well, as mentioned earlier, you need to know all the conditions of a broker. If they suit you, you should go for that broker. However, it is also important to consider a popular option as it will be much safer. But, the choice is yours. You can find reviews for almost all the famous brokers to make the final decision.
It is safe to say that IFX is a trusted and reliable broker. It is a choice of most South African traders and has fairly supportive regulations. The starting amount is also reasonable. It is a better option to trade with such brokers that are regulated at both national and international levels.