There are over 200 registered Forex broker houses operating in the world. Some of them provide their services in all countries, while others are restricted to specific regions. Other than that, there are also unlicensed brokerage companies as well.
Among the most popular ones, IFX brokers is one of the biggest names. They are considered the top choice of many people, but mainly due to convenience. They offer a variety of account types for all kinds of traders. Want to know more about them? Well, here is all you need to know about IFX Brokers Account Types.
All Different Account Types of IFX Brokers
Let’s start with the basics. IFX is a Forex brokerage house based in South Africa. It is a trading name for the company FX Brokers Holdings (Pty) Ltd. It is regulated by Financial Sector Conduct Authority (FSCA).IFX offers more than 100 Forex pairs, including a wide range of currencies, such as South African Rand, Singaporean Dollar, Mexican Peso, Chinese Yuan, Danish Krone, Turkish Lira, and much more.
The broker also provides CRD for indices, stocks, natural gases, and valuable metals. IFX brokers use Meta Trader 4 (MT 4) as their primary trading platform. With that said, let’s look at IFX brokers account Types. There are three live trading accounts, namely IFX RAW, IFX Standard, and IFX Islamic.
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IFX Standard Account
The Standard Account is suitable for both beginners and advanced traders. It requires a minimum deposit of $100. Using this type, you can trade in all instruments. There are no commissions, and the spreads are as low as 0.8 pips.
You can deal in various currencies using the standard account. They include USD, EUR, GBR, and ZAR.
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IFX Raw Account
In all of the IFX Account types, this one is aimed towards experienced traders. There are limited instruments, such as all currencies and metals. Plus, you can only deal in one currency, USD.
However, it requires an initial deposit of $250. While there is a 3 USD one-way commission, the spreads are as low as 0.3 pips. Moreover, the minimum trade size is 0.01 lot.
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IFX Islamic Account
IFX brokers also offer convenience for their Muslim traders. Just like an Islamic bank account, this one involves no commission. You can trade in all instruments with a minimum deposit of $100.
Using this account, you can trade in only USD currency. The spreads are same as the standard account, 0.8 pips. In addition to that, the minimum trade size is also 0.01 lot.
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Demo Account
Although Demo Account can not be classified as one of the IFX brokers account types, it is essential to mention. It is for newcomers who want to explore how the brokerage house functions.
It is free to open, and you can trade with virtual funds with it. This way, you can check the conditions of IFX brokers to decide whether you will work with them or not.
Conclusion
This article has explored all the various IFX brokers account types. We have also mentioned the necessary information you need to know about them. After going through the details mentioned above, you can decide which one suits you.
