IFIC Bank Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Their server freezes and there was no access for more than 35 minutes-several times! I just had placed an order and could not place a stop loss. But their customer support is not helpful at all, not giving me any response.
In this comprehensive review of IFIC Bank, we delve into the bank's overall reputation, user experiences, and key features based on multiple sources. While IFIC Bank boasts a long-standing history and offers a range of financial products, concerns about its regulatory status and service limitations have been raised. This review aims to provide an objective overview of what potential customers should know.
Note: Its important to recognize that IFIC Bank operates under different regulatory frameworks depending on the region, and the information presented here is intended for fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 5 |
| User Experience | 6 |
How We Rate Brokers: Ratings are derived from a careful analysis of user feedback, expert opinions, and factual data.
Established in 1976, IFIC Bank is a private commercial bank based in Bangladesh. It provides a variety of banking services, including deposit accounts, loans, and foreign exchange services. The bank operates its own trading platform and offers access to various financial instruments, although it does not support popular trading platforms like MT4 or MT5. Notably, IFIC Bank currently lacks valid regulatory oversight, which raises concerns for potential clients.
IFIC Bank is primarily regulated by the Bangladesh Bank, but it has been noted that it lacks valid regulatory information in certain contexts, which raises potential risk factors for traders and investors. According to sources, the bank has not established itself firmly in the forex and CFD industry, leading to warnings regarding its legitimacy as a trading platform (WikiFX).
Deposits can be made through bank wire transfers and cash, while withdrawals can be processed via ATMs or online transfers. However, the specifics regarding supported currencies and potential cryptocurrency transactions remain unclear, which could be a drawback for users seeking flexibility in their transactions.
The minimum deposit requirement for opening an account with IFIC Bank is not explicitly mentioned in the available resources. This lack of transparency could deter potential clients who are looking for clear entry points to begin their banking relationship.
There is no mention of any active promotions or bonuses offered by IFIC Bank, which is a common practice among many financial institutions to attract new customers. The absence of such incentives could impact the bank's competitiveness in the market.
IFIC Bank offers a variety of financial instruments, including forex and commodities. However, the lack of advanced trading platforms and features may limit the trading experience for more seasoned traders looking for robust tools.
While IFIC Bank maintains a transparent fee structure for its banking services, the specifics regarding spreads, commissions, and other costs associated with trading are not well-defined. This lack of clarity is a concern for potential clients who need to understand the full cost of trading.
The bank does not appear to offer leverage or margin trading services, which may limit the appeal for traders who are accustomed to using leverage to amplify their trading potential.
IFIC Bank does not support well-known trading platforms like MT4 or MT5, which may alienate users who prefer these platforms for their trading activities. Instead, it operates its own platform, which may not offer the same level of functionality or user experience.
There is no clear information regarding regions where IFIC Banks services may be restricted, but the lack of regulatory oversight could suggest a cautious approach for international clients.
Customer service is reportedly available via phone and email, but the specific languages supported are not detailed. This could be a limitation for non-Bengali speaking clients looking for assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 5 |
| User Experience | 6 |
Account Conditions: IFIC Bank's account conditions are average, with no clear minimum deposit requirement mentioned. This lack of transparency can be a deterrent for potential clients, affecting their decision to open an account.
Tools and Resources: The bank offers a basic set of financial tools but lacks advanced trading platforms like MT4 or MT5. This could limit the trading experience for many users, especially those looking for sophisticated trading options.
Customer Service and Support: Customer service is available through phone and email, but specific details about response times and language support are lacking. This could lead to frustration for users needing timely assistance.
Trading Setup (Experience): The trading experience at IFIC Bank appears to be limited due to its own platform and lack of leverage options. This may not attract seasoned traders who prefer more dynamic trading environments.
Trustworthiness: The bank has a long history, but its lack of proper regulation raises questions about its trustworthiness. Users should be cautious and conduct thorough research before engaging with the bank.
User Experience: The overall user experience is rated as average, with mixed reviews about the bank's services and offerings. This inconsistency may lead potential clients to seek alternatives.
In conclusion, while IFIC Bank has established itself as a significant player in the Bangladeshi banking sector, potential clients should weigh the pros and cons carefully. The lack of robust regulatory oversight and clear trading conditions could hinder its appeal in the competitive financial landscape. As always, thorough research and consideration of personal financial needs are essential when choosing a banking partner.
