Information Details Company Name IFX Registered Country/Region United Kingdom Founded Established for 2-5 year Regulation FCA & DFSA Products Solutions for forex trading, bulk payments, and virtual IBAN Trading Platforms A single proprietary platform, IFX Direct Minimum Deposit 500$ Maximum Leverage N/A Account Types Standard account & demo account Spreads From 1 pip Commission Not specific Deposit Methods N/A Education N/A Customer Support live chat, phone, email, social media Additional Features A demo account FAQs No General Information IFX (UK) Ltd (company number: 05422718), trading as IFX Payments, is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900517) for the issuing of electronic money. IFX Payments is subject to the Payment Services Regulations 2017. IFX Payments is also regulated by the Dubai Financial Services Authority as a Representative Office (DFSA Firm Reference Number F001814). IFX operates under the regulation of the Financial Conduct Authority (FCA) and the Dubai Financial Services Authority (DFSA), providing clients with a regulated and secure trading environment. The trading platform provided by IFX is called IFX Direct, which is their proprietary platform. Traders have the option to open a standard account or utilize a demo account for practice and testing strategies. The minimum deposit requirement for opening an account is $500. IFX strives to offer competitive spreads on its platform, with spreads starting from 1 pip. However, specific commission details are not mentioned on their website. IFX does not provide specific details on their website of the maximum leverage and deposit & withdrawal methods. IFX does not have dedicated educational resources or a FAQ section, but it offers customer support through live chat, phone, email, and social media channels. Traders can reach out to their customer support team for assistance and inquiries. Is IFX legit or a scam？ IFX seems to offer one Standard Account, which as a broker positioned more towards forex is tailored towards the investment requirements of most forex traders. The broker also offers a free demo account, which is an excellent means for prospective clients to conduct a test run of the brokers features before signing up for a live trading account. There are simple steps to follow to open an account with IFX. Clients should review any recommendations or special facts that IFX provides regarding the use of their trading platform before actually making the first trade. Pros and Cons IFX is a regulated broker, authorized by the Financial Conduct Authority (FCA) and the Dubai Financial Services Authority (DFSA). This regulatory oversight provides clients with a level of security and trust in the services offered by IFX. On the positive side, IFX offers a wide range of services to cater to different trading needs. They provide various channels of customer support, including phone, email, and live chat, ensuring that clients can seek assistance through their preferred communication method. IFX also offers a demo account, allowing traders to practice and familiarize themselves with the platform and trading environment without risking real money. One notable drawback of IFX is its relatively higher minimum deposit requirement of $500, which may be considered less competitive compared to some other brokers in the market. This higher threshold could pose a challenge for traders with limited initial investment capital. It does not provide 24/7 customer support. Additionally, IFX does not support popular trading platforms like MetaTrader4 (MT4) or MetaTrader5 (MT5), which are widely used and preferred by many traders. Another area for improvement is the lack of educational resources. The leverage information offered by IFX is not specified. Pros Cons Regulated by FCA & DFSA Relatively higher minimum deposit requirement of 500$ Wide range of services No 7/24 customer support Various channels of customer support No MT4/MT5 trading platforms A demo account No educational resources Leverage not specified Core Business IFX offers its clients solutions for forex trading, bulk payments, and virtual IBAN. IFX specializes in managing forex payments for international companies and takes the time to understand the specific requirements, concerns, and priorities of its clients to minimize the impact of currency fluctuations on their bottom line. For private clients, IFX arranges for private expert advisors to ensure they get the most out of their deals possible. For ambitious business partners, IFX can provide clients with strategic support, personalized service, and cost-saving features that banks and other mainstream providers can't match. Account Types IFX specializes in forex trading and offers a single Standard Account designed to cater to the investment requirements of most forex traders. This account type is tailored to provide traders with the necessary features and tools to engage in the forex market effectively. In addition to the Standard Account, IFX offers a free demo account, which serves as a valuable resource for prospective clients. This demo account allows traders to test the broker's platform, features, and trading conditions without the need to commit real funds. It provides an opportunity to familiarize oneself with the platform's functionality and assess the broker's services before making a decision to open a live trading account. How to Open an Account？ To open an account with IFX Payments, you can follow these steps: 1. Visit the IFXs website: Go to the official website of IFX by entering “https://www.ifxpayments.com/” in your web browser. 2. Click on “Open an account”: Look for a button and click on it to initiate the account opening process. 3. Fill out the application form: Provide the necessary information requested in the application form. This may include your personal or business details, contact information, and any additional required information specific to the account type you selected. 4. Submit the application: Review the information you provided and ensure its accuracy. Once you are satisfied, submit the application form. 5. Verification process: After submitting the application, IFX Payments may require you to complete a verification process. This may involve providing additional documentation to confirm your identity or business details. 6. Account approval: Once your application and verification process are complete, IFX Payments will review your application. If approved, you will receive confirmation and instructions on how to access your newly opened account. Commissions & Spreads Each broker charges its own costs when it comes to commissions, spreads, and margins. Traders should be aware of exactly what their broker‘s fees will involve before deciding to trade with them. The following describes what exactly a spread, margin, and commissions are: The spread of a currency pair is the variance between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. A margin means that it is the amount of money essential in your account to open a place. Margin is planned based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account. The commissions are the costs levied by the broker on a client for making trades on the client’s behalf. Some currency pairs spreads offered by IFX are announced on its website. The spread on GBP/EUR starts from 2 pips, GBP/USD from 2 pips, EUR/USD from 1 pip, and GBP/AUD from 2 pips. Moreover, there are no details about whether commission is applied. However, it's important to note that different brokers may offer different spreads depending on their business model, and it's always essential to compare the spreads of different brokers before deciding on one. IFX Leverage In terms of trading leverage, unfortunately, there is no leverage related information shown on the IFX website. Trading Platforms Available IFX does not offer traders the most popular MT4/MT5 trading platforms. Generally speaking, the MT4/MT5 trading platform is the gold standard in the forex trading industry, and traders will feel more comfortable and secure when trading on this platform. Brokers provide different trading software for their clients. A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies. The choice about which platform to choose mostly depends on what a client would like to trade, therefore it will be one of the standards when choosing a broker too. IFX provides trading for their clients on a single proprietary platform, IFX Direct. The platform has saved some positive feedback from users for its fast execution, with instant live access to Forex 24 hours a day. The platform is both desktop and mobile compatible. Thus allowing their clients to trade principal-to-principal instantly with all the liquidity they need and competitive, transparent prices. Mobile access allows their clients access to their accounts when and wherever they are. Deposits & Withdrawals IFX sets a minimum deposit requirement of $500 to open an account, which may be considered less competitive compared to some other brokers in the market. However, they offer the convenience of funding accounts with over ten different currencies, providing flexibility for clients. For clients intending to deposit more than $15,000, IFX requires the use of a wire transaction. It is important to note that there is no clear information available regarding the use of credit cards for completing transactions on their platform, which may differ from other sites. To obtain further details on transaction methods and options, it is recommended to contact IFX directly or refer to their official documentation for the most up-to-date information. Customer Support When it comes to support and assistance, IFX understands the importance of providing reliable and accessible services to their traders. It offers a range of support options to ensure traders feel confident and well-assisted. Notably, IFX provides a live chat function, allowing traders to receive real-time assistance and address their queries promptly. Additionally, it offers support through a telephone number and email, ensuring that traders have multiple channels to reach out for assistance. This comprehensive support system caters to the needs of both novice traders seeking immediate guidance and experienced traders requiring timely assistance. Education Resources While IFX aims to provide a comprehensive trading experience, it is important for clients to recognize that the platform does not offer an extensive range of educational tools and resources specifically tailored for novice traders. Clients can utilize the website to gather insights and gain a basic understanding of the trading processes and functionalities offered by IFX. Although webinars and online tutorials are not currently available, as a responsible trader, it is advisable to explore reputable third-party educational platforms, attend industry conferences, or engage in independent research to enhance trading skills and knowledge. By taking a proactive approach and leveraging external resources, new clients can equip themselves with the necessary expertise to navigate the forex and commodity markets successfully. It is recommended to stay informed, continuously learn, and leverage the information available on website to optimize trading outcomes. Conclusion In summary, IFX is a UK-based financial services company that offers solutions for forex trading, bulk payments, and virtual IBAN. With regulation from the FCA and DFSA, IFX provides a secure trading environment. Traders can access the IFX Direct proprietary platform, open a standard or demo account, and enjoy competitive spreads starting from 1 pip. Customer support is available through various channels, and a demo account is provided for practice purposes. FAQs Q: How do I open an account with IFX？ A: To open an account with IFX, you need to visit their official website and click on the “Open Account” button. Fill out the registration form with the required information, complete the verification process, and fund your account to start trading. Q: What trading instruments are available on IFX？ A: IFX offers a wide range of services, including solutions for forex trading, bulk payments, and virtual IBAN. Q: What trading platforms does IFX support？ A: IFX provides trading for their clients on a single proprietary platform, IFX Direct. Q: What are the minimum deposit requirements on IFX？ A: IFX requires a minimum deposit of $500 to open an account. Q: What are the available deposit and withdrawal methods？ A: Other brokers typically support various deposit and withdrawal methods, including bank transfers, credit/debit cards, and electronic payment systems. However, IFX does not demonstrate its deposit and withdrawal methods clearly on its website.