RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
IFX Brokers is a forex brokerage registered in South Africa. It provides the MT4 trading terminal and an extremely generous leverage of up to 1:500. Furthermore, there is a wide range of trading products from which to choose and a required minimum deposit of $100 which is about the industry average. The spread on EUR/USD is 2.3 pips which is а bit high for a forex brokerage.
IFX Brokers regulation & safety of funds
According to the website the company behind the brokerage is registered in South Africa by the name IFX Brokers Holdings (Pty) Ltd. Furthermore, the brokerage claims that it falls under the regulatory oversight of the local FSCA. After checking with the online registry of the South African regulator we did find the broker brand among the list of licensees.
Even though the regulatory body in South Africa cannot compare with the UK’s FCA for example, it is still legitimate and a license by its does carry weight in Forex trading.
We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.
IFX Brokers deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via Visa, MasterCard and PayFast. We could not find any disturbing withdrawal provisions on the brokerage’s website, as a matter of fact the broker states that there are no withdrawal fees.
However, due to the obscene amount of scamming in online Forex trading, we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their rival Visa expected to follow suit in December.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
IFX Brokers are fully regulated by the FSCA in SA. all your info on this website are misleading. They are highly recommended broker in SA.
I wouldn’t recommend you sign up with IFX brokers Bot. It will eventually close out your account.
Without Prejudice. I invested US$ 1300 with them in September 2019 to be placed on the Metatrader. The money grew nicely until they moved it off the metatrader and onto a broker without my permission. My funds fell from $1024 to $300 in 2 days. They “lend” me money to bring my funds back up to $1000, because that is the minimum to be able to trade on the metatrader. On 31 December my trades were on $1024.99, on 2 January 2020 it was on $388. That is a 62% loss overnight. Today (13 January 2020) it is on $107 left on my balance. In other words, 89% of my funds are gone.
Their response was: “you were adequately informed that the EA is not an IFX EA and that we, IFX are the broker only supplying the technology for the EA. Hence to clarify your statement below, IFX did not loose your money per se. Any loss on a client account will by default also implicate a loss on our account”.
I do not recommend investing with them if you are not willing or able to lose the money. It seems that they only supply the platform and have no control over it.
Ifx broker is scam broker i have a account with them last 1 year.i need to withdrew money from my account its almost 2 month now they cant let me withdrew my money. even i can not withdrew my investment forget the profit.they do not reply back my emails, or ring me back to let me know what going on.
and i have missing £837.00 from my account its almost 1 week now the dont reply me were is the money gone.
please stay away from this broker.
I also did contact my bank ask them to charge back my money to my master card they say they cant help me,they cant charge back my money.
STAY AWAY FROM IFXBROKERS.COM – JASON YOU WORK FOR THEM SO DONT TALK SHIT HERE.
I also invested in the Algo got fucked over for $12 000 was also told its not part of IFX but 3rd party delivering the service..what bull!!! Pieter De Necker is a scam artist and runs the show there. I even reported to FSCA and nothing happened they have them in their pocket.
go with XM.COM safest in the world bee with them for just over 8 years now.