Forex trading is one of the most exponentially growing trading markets in the world. We have witnessed remarkable growth in several countries, such as South Africa, during the pandemic. One of the main reasons is the increase in unemployment rates over the last decade. Additionally, unemployment got even higher during the Covid19.
Hence, if you consider all the above-stated factors, it is no surprise that South African’s are so invested in Forex trading.
South African brokers
In South Africa, several brokers offer competitive trading options and multiple attractive deals as well. Hence, for new traders, it is hard to pick one. IFX brokers is one of the top brokers in South Africa.
In this article, we will present a review of IFX brokers for new and beginner traders. This will allow you to make a calculated decision about choosing IFX brokers as your primary broker.
There are a few things that you should consider when it comes to choosing a broker.
- Local broker
- Deposit limits
If a broker does a decent job in all the departments, you can open an account with it.
Let’s review the basic requirements quickly before seeing how IFX brokers performs.
When it comes to choosing a broker, this is where you should never cut any corners. Regulation is a must-have characteristic that every broker you consider must-have. It has numerous benefits such as,
- Security of funds
- Protection against scams
- Legit trading
Several international authorities offer regulation services. However, it would help if you preferred brokers with local regulations by the FSCA.
IFX brokers Regulation
The FSCA in South Africa regulates IFX brokers. Hence, you will have no problem trading with IFX brokers. You will be immune to potential scams and phishing schemes.
- Scam free trading
- Secure and segregated funds
2. Local broker
When it comes to the locality of the broker, locally based brokers offer more security and benefits. Some of the main advantages include;
- Familiarity with local laws
- Cooperative local authorities
- Less costly
Local brokers often offer accounts in ZAR. Hence, there is much to consider about local brokers.
IFX brokers’ locality
IFX brokers is based in South Africa. Thus, you will be getting all the privileges of trading with a local broker. Additionally, you can contact local authorities such as FSCA in case of any complaints. If you eventually have to take the broker to court in case of an unfortunate event, you will have no trouble coping with the local laws.
3. Deposit limits
The deposit limit is the least amount of money a trader must deposit in their account. For instance, if a broker’s deposit limit is 10 USD, you can’t deposit less than 10 USD. Also, the deposit limit is usually the same as the trading limit.
IFX brokers’ deposit limits
IFX brokers offer low deposit limits, which are very attractive for new traders. Beginners in Forex trading tend to test the waters first by investing low amounts of money.
IFX brokers is a popular and robust broker for all kinds of traders. Specifically, new traders are interested in IFX brokers because of the low trading requirements. If you wish to learn more about IFX brokers take a look at this article,
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