Each day thousands of people step into the Forex trading market. Surprisingly, a large number of people are from South Africa. Hence, it is safe to assume that South Africa is one of the largest Forex trading markets in the world.
There are several brokers in South Africa to choose from. New traders are often confused about picking a broker. IFX brokers have always been amongst the top contenders in South Africa due to their wide range of functionality and versatility.
In this article, we will review IFX brokers completely. Our review will be unbiased and based on honest opinions and reviews.
IFX brokers history
IFX brokers has been a well-established broker for many years. IFX brokers has made it to the top 10 list of all Forex brokers reviews.
Regulation is the most important characteristic of a broker. It allows you to trade freely without any worries, and you have the protection of law authorities. Since Forex trading is done on mobile platforms globally, local authorities must manage brokers and secure their citizens.
Several unauthorized and scamming brokers take advantage of naïve and new brokers and lure them into paying unnecessary fees. Hence, law authorities are governmental institutes and departments who lookout to save the citizens from any scams.
FSCA is South Africa’s watchdog authority that looks over financial companies such as Forex brokers. IFX brokers is also regulated and licensed by FSCA. Hence, it gets full marks from us in the regulation department.
Regulated brokers also have to company with national laws about finance and investments. Thus, you can continue to trade without any worries of someone stealing your money.
FSCA also requires brokers to advertise their promotional offers and terms & conditions fully. The funds of the users are also required to be kept separately and segregated from the company funds. Users can request the withdrawal of their funds at any desired time.
Local regulation advantage
IFX brokers is regulated locally; thus, the local laws, financial conditions, and justice system is also familiar to all traders. Similarly, if you file a case against your broker, you will not have to bear large fees from international courts and lawyers.
Segregation of funds
The best thing about regulated brokers is the security of funds in case of bankruptcy. If a broker goes bankrupt and loses all its money, FSCA will restore your funds since it is segregated. Additionally, FSCA requires the brokers to keep local funds in ZAR.
FSCA doesn’t carry any responsibility if you lose your money in trading. Hence, IFX brokers will not be liable to pay or recover any losses you endure in Forex trading.
In simple terms, leverage means exposure to the trading platform. If a broker offers high leverage, a trader can open a bigger trade than the invested money. However, you are also prone to higher losses.
IFX brokers offer a medium amount of exposure which is a good option for all traders.
IFX brokers are an attractive option for South African traders for their functionality and user-friendly options. Make sure to visit the website if you want a more in-depth review of IFX brokers.