IFX brokers is probably the option that stands out the most who want to start forex trading in South Africa. This IFX brokers review will go over why it is so and how much of it is true. Is it all too good to be true? And what are the trade-offs that you have to make if you go with IFX brokers?

IFX Brokers review – background

Based in South Africa, IFX brokers is a retail trader’s go-to option. It has been working under the name of CBFX.com since 2012. It has all the basic facilities that most brokers offer. This review will go over those features and review the effectiveness of IFX brokers.

Following are some of the highlighting features of IFX brokers review followed by some details of them 

Licensed by FSCA

It is licensed and regulated by the South African government’s department FSCA acting as a watchdog to keep all the financial companies and users safe from scams, and it makes them operate under the law


  • Security over money: FSCA regulated brokers provide the consumer the peace of mind that whatever mishap is happening, their money is safe
  • Even in case of bankruptcy, the FSCA will restore your funds
  • Brokers can’t scam: It doesn’t make you a full proof to scams, but the FSCA regulations are strict and keep the brokers in check


This is not a disadvantage per se, but the FSCA’s regulations are not as strict as the authorities in Europe and England. FSCA does its best, but brokers still pull out some stunts to make extra bucks from their clients. The FSCA doesn’t take very strict action against the brokers on the customer complaints either.

Different account options

IFX brokers have something for every trader. It has three major account types

  • IFX Standard
  • IFX raw
  • IFX Islamic

This table compares the account types in a general way

  Standard Raw Islamic
Platform MT4 MT4 MT4
Minimum deposit USD 100 USD 250 USD 100
Minimum trade size 0.01 0.01 0.01
Spread from 0.8< 0.3< 0.8<
Commission from Null 3 USD  Null


The Islamic account is interest-free.


IFX brokers is fairly easily accessible to the users


  • Users can make an account from anywhere
  • The account opening process is simpler
    • Provide your information
    • Upload your document details
    • Deposit some funds
  • Users can open accounts from anywhere around the world.


  • Even though users can open accounts from anywhere around the world, they can’t access the full features
  • They can only access features that the laws of the resident countries allow
  • Users from the USA cannot use IFX brokers


The IFX brokers offer standard transaction options


  • Users can use VISA, MasterCard, and PayFast for online transactions
  • These are the widely used services around the world
  • There is no withdrawal fee
  • Users can add money using these methods from anywhere around the world


  • There aren’t transaction options like PayPal or Skrill
  • Only South African users can send money using wire transfer
  • The wire transfer takes a few days to process
  • The transactions generally are sometimes slow and less efficient

Trading platform and tools


  • IFX brokers uses the MT4 platform, which can be used on any smart device
  • Users are provided with private service connections for security


  • It doesn’t run on the latest MT5 platform



  • For retail users, the IFX brokers spreads are attractive and useable
  • The IFX raw offers even tighter spreads to customers


  • The spreads are not so good when compared to the other brokers in the market


Leverage is how much higher you can go on your trading than your deposited amount. It offers 1:500 respectable leverage numbers.


  • New users are attracted to higher leverage numbers
  • Nonserious users can try their luck by trading with higher numbers
  • Higher leverage numbers are good for retail customers
  • It does offer variable leverage rates



  • High leverage rates mean higher risk


IFX brokers offer bonuses to users


  • IFX brokers offer a 100% deposit bonus to all new users
  • Anyone who opens a real account can avail of the bonus
  • Bonus is an attractive option for the new user to start trading at a lower risk


  • Deposit bonuses are a great way to help you start trading
  • The terms to benefit from it often require trading with such a high volume before you can withdraw profits that it may not be worthwhile


IFX brokers several markets and commodities to trade with


Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies at floating rates.


As with currency exchange markets, commodity markets offer trading in contract-based tradable goods


Equity or stock indices can represent a specific set of the largest companies of a nation or represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.


The high volatility of energy prices due to political, environmental, and several other factors is a typical feature of this product, making it a popular trading choice.


Tradable cryptocurrencies on IFX brokers include the following:

Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is like Bitcoin but differs in terms of scalability

It offers several more options.

Customer support


  • The customer support is friendly
  • It is responsive
  • It is available 24/5
  • It is available on every major social platform


  • It is not available 24/7
  • There is no live support system

Frequently asked questions

What is the minimum deposit for IFX Brokers?

The minimum deposit amount required to open a broker account with IFX Brokers is $100. This is a low minimum deposit compared to most other brokers in the industry and should be accessible to most new traders.

What are the available deposit currencies for a live trading account?

With regards to deposit currencies, the broker accepts a broad selection of major currencies, including AUD, USD, NZ, JPY, CAD, and ZAR/Rand.

For how long is the demo account valid?

The demo account does not appear to expire.

Does IFX Brokers offer the option of an Islamic Account?



In our IFX brokers review, we’ll rate it at 3.7/5. It is not the best option for Forex trading in South Africa, but it is a very good option for new and retail customers. IFX Brokers is also a well-rounded choice for traders of all levels, from beginner to advanced. The broker offers a feature-rich trading platform, a wide range of assets, tight spreads and competitive commissions, and a secure trading environment.