Trading is not everyone’s cup of tea. It includes many aspects which are challenging to understand unless one has the right trading platform on their side. While there are many trading platforms across the globe, not all of them are trustworthy and secure. Besides security, trading platforms differ in many ways, such as the minimum deposit amount to open an account, the ease of transactions, extra charges on trades, and customer support. IFX brokers is a leading trading platform that tops in maximum aspects of an ideal trading site. It has more than enough customers trading every now and then. The fact that IFX brokers’ minimum deposit amount is $100 does a decent job of alluring more and more traders to transact on the platform. Let us focus on some of its aspects.
How does the minimum deposit amount differ from the type of bank account?
The minimum deposit amount on IFX is less than many other trading platforms. However, it might vary depending on the type of bank account the traders selected. The traders must note the three trading accounts available on this platform to trade, namely IFX standard account, IFX raw account, and IFX Islamic account. Various IFX accounts differ based on the minimum deposit amount, trading instruments, and trade size. Before selecting an account, it is beneficial to go through the description below.
- IFX standard account: it has a minimum deposit amount of $100. An IFX standard account has tremendous market instruments and is commission-free. It allows many currencies, including ZAR, USD, EUR, and GBP. Apart from this, the minimum trade size for this account is 0.01 lots with a lower spread of 0.8 pips.
- IFX raw account: unlike IFX standard account, IFX raw account is not commission-free. It has a minimum deposit amount of $250 and advanced marketing instruments. All the basic currencies, including silver and gold, are a part of its market instruments, and the minimum trade size is 0.01 lots with a lower spread of 0.3 pips.
- IFX Islamic account: this trading account is similar to the IFX standard account based on commission, minimum trade size, and the IFX broker’s minimum deposit The uniqueness of this account type is that it includes no interest system and follows Islamic customs. USD forms the base currency for this account, and the traders can use numerous market instruments to trade on this platform using the IFX Islamic account.
How is IFX different from other trading platforms?
The IFX brokers trading platform is much different from other trading platforms in the minimum deposit amount, payment options, bonuses, and promotions. It has a standard minimum deposit amount of $100, which is less than other platforms like IC markets. Moreover, it allows wire transfer methods, credit cards, and PayPal for transactions which many platforms fail to provide. The number of deposit methods on IFX brokers is also higher than many other trading platforms.
Pay not an extra penny with the IFX VIP account!
One of the main advantages of IFX is that it does not charge any extra fees on local deposits or withdrawals. However, for foreign transactions, the traders need to incur an extra cost from both sides, which may prove to be disadvantageous. But IFX provides a VIP account feature where the broker will cover the additional expenses of foreign transactions.
How does it excel in the currency support service?
IFX has many currency options for traders that form a point of attraction for them. It accepts many currency types, including USD, AUS, CAD, NZ, JPY, ZAR, and Rand, that provide enough flexibility for traders to trade on IFX brokers. Apart from this, the traders can even convert any currency type to a supported option by paying a small amount. Hence, the statement that IFX excels in terms of currency exchanges is more than true.
How does it lag in the number of deposit options?
This trading platform has a limited number of deposit methods, including Visa, Wire transfer, and PayFast. The transactions usually consume much time, especially for South African customers. Hence, the traders must choose wisely in terms of deposit methods on this platform.
Apart from its pros and cons, the IFX trading platform provides the simplest way to open and fund an account. Hence, the traders must consider it for foreign trades without second thoughts.