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An extensive review of IFX brokers minimum deposit limits and deposit fee

IFX brokers has gotten the attention of several traders over the last couple of years. IFX brokers runs a very effective promotional program. A large part of IFX brokers’ popularity goes to its bonus program.

If you are looking forward to opening an account with IFX brokers, you should read this article. It is recommended to scout information about a broker’s deposit limits and methods beforehand. Hence, we would be explaining everything about the deposit program of IFX brokers. Visit now to get more information about Forex Trading in South Africa.

IFX Brokers highlighting features

Before moving ahead with our review of IFX brokers min deposit, we would like to showcase some key features of IFX brokers;

  • Regulation
  • Locality
  • Spreads 
  • Bonus

IFX brokers is regulated and monitored broker. FSCA, which is South African’s authority that looks over financial companies. FSCA ensures no illegal activity, frauds or scams going through. Hence, IFX brokers is a legit and safe broker to trade within South Africa. 

IFX brokers is based in South Africa. Thus, South African traders will be more comfortable trading with a locally based broker. A local broker operates on familiar local laws, so that’s always a plus. 

The spread rate offered by IFX brokers is variable. For standard accounts, spread rates are set at 0.8 pips, and spread rates are at 0.3 pips for Raw accounts. Again, nothing out of the ordinary when it comes to spreading rates. 

The bonus scheme of IFX brokers is a great marketing strategy. IFX brokers offers a 100 per cent bonus return on deposit money for new traders. There are a few strings attached to IFX brokers’ bonus program. The minimum deposit amount to deposit to get the bonus is set at 250 USD. 

IFX brokers minimum deposit

IFX brokers’ minimum deposit rates are higher than the market. When we say higher, we don’t mean a slight price bump. IFX brokers’ minimum deposit rates are very higher on the spectrum. 

IFX brokers offer three types of accounts, and the minimum deposit differs for these accounts. 

  • IFX Standard account
  • IFX Raw account
  • IFX Islamic account

IFX standard and Islamic accounts are very similar to each other. Islamic account has the exception of interest rates. IFX raw accounts are targeted for professional traders; Raw accounts have tighter spreads and higher deposit limits. 

The minimum deposit rates of these accounts are as follows;

  • Standard account – 100 USD
  • RAW account – 250 USD
  • Islamic account – 100 USD

Deposit methods

IFX brokers have the standard deposit methods that most South African brokers currently offer. Some of the most used deposit methods are;

  • Bank transfer
  • Wire transfer
  • Credit card
  • Debit card/ A
  • Skrill 

IFX brokers sadly doesn’t support PayPal services yet.

Deposit fee

IFX brokers doesn’t charge any deposit fee to traders. However, in some cases, users may be charged a small fee by their service provider. For instance, VISA charges its users a small fee when transferring funds online. 

Summary 

IFX brokers minimum deposit limit is more than average market rates. However, people who wish to pursue is forex legit trading should be fine trading with IFX brokers in the long term. 

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