Forex trading is trending in the world as a leading business, and many people are taking an interest in it. But it is not convenient at all, and there are a lot of complications involved in it.Therefore, before starting, it is significant to understand all the risk factors linked with forex trading. Many forex brokers are offering top-notch services, and in this article, we are going to review one of them named IFX markets.
What are IFX Markets?
In South Africa, IFX markets are the service provider of margined Forex. They offer commission-free services with tight spreads for 24 hours. You can get the opportunity to trade virtually via IFX Directors through telephone. Additionally, IFX markets provide flexible trading solutions having low margins and competitive spreads.
Is it Scam or Legit?
The global currencies fluctuate to a great extent daily. That’s why the forex market is extremely volatile. Therefore, to ensure profitability, it is imperative to have a certain level of security.
We all know that forex trading is not linked to any government; therefore, forex brokers must be authorized by authentic regulatory bodies such as FCA, ASIC, FSCA etc. These regulatory bodies have the right to enforce some restrictions on forex traders, such as leverage.
If we particularly talk about IFC markets, they are regulated by the Financial Conduct Authority (FCA).
Pros and Cons of IFX Markets
In this section, we will talk about some of the bright and dark sides of the IFX markets. So, let’s begin with the pros.
- Availability of demo account
- Around the clock trading
- Limited research and educational tools
Accounts Types at IFX markets
Forex trading is one of the leading industries in the world, so a lot of people depend upon it. Therefore, it is highly significant that forex brokers should provide diversified features to their clients to ease their trading.
IFX markets give primary importance to the clients. That’s why they have designed some account types considering their client’s traders and their respective experience in the field. For instance, if you are a beginner, then a demo account can be an ideal choice. On the flip side for veteran traders, standard accounts can do well.
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Deposit and Withdrawal of IFX Markets
Before creating an account, most of the clients are anxious to know the deposit and withdrawal of the broker because they know that will directly affect their trading. Furthermore, traders usually prefer a broker that offers an extensive range of withdrawal and deposit options.
When it comes to IFX Markets, you need a minimum deposit of $500 that is high but less than multiple other forex traders. You can deposit this amount with the help of a bank check, and it takes almost five trading days. But if you want to deposit more than $15000, you must go for a wire transaction. Sadly, unlike various other forex brokers, they do not provide information about credit cards for depositing funds.
To sum up the article, I would like to say that IFX markets are one of the finest forex brokers. Nowadays, a massive number of people are entering the forex trading world. It is crucial to keep in mind that it’s not everyone’s cup of tea. Therefore before starting, it is essential to gather complete information about forex brokers. That’s all from our side now it’s your turn.