IFX Brokers Minimum Deposit
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Do you want to know what the IFX Brokers minimum deposit is? If you plan to start trading with IFX Brokers, then your priority should be learning about the minimum deposit and deposit methods.
IFX Brokers is one of the best and leading trading platforms that offer minimum deposit requirements for new traders. What else do they have to offer? Let’s get into the discussion below:
Introduction about IFX Brokers minimum deposit
A minimum deposit of $1 is required to open an account with IFX Brokers. In the case of first-time traders, the minimum deposit amount will vary depending on the type of trading account you select. The deposit can be activated within 72 hours. IFX Brokers have different trading accounts, and each account is available with its own requirement of minimum deposit.
Depositing the minimum amount: step by step guide
To start funding with IFX Brokers, you need to follow the below-mentioned steps:
- Open the accounts portal by visiting the official site of IFX Brokers.
- Log into your account.
- Click the option “fund account.”
- Choose the preferred method of deposit.
- Enter your deposit amount
- Confirm the deposit.
Do IFX Brokers charge any deposit fees?
Brokers are not charged any deposit or withdrawal fees throughout the transaction. But the payments made from and to the international banks will incur some charges from both parties.
All such costs are for your account unless you are the holder of the VIP account. In that case, the broker has to cover all these costs.
Which currencies are accepted by IFX Brokers?
The broker accepts various currencies, including AUD, USD, NZ, JPY, CAD, and ZAR/Rand.
If you are using any non-supported currency, you have to, first of all, get it converted into a supported currency for which a small fee will be charged.
Which deposit methods are available with IFX Brokers?
The deposit methods offered by IFX Broker are limited, among which are the following:
- Wire Transfer
If you make any withdrawals as a South African customer, the processing time will be around 3-4 hours. Withdrawals made through the bank wire transfer method will take 4-5 working days. Make sure your selected payment method has a quick completion time.
IFX Brokers minimum deposit vs other brokers: Comparison table
In the below table, we will compare the minimum deposit details of IFX Brokers with other top famous forex brokers:
|IFX Brokers||AvaTrade||IC Markets|
|Number of deposit methods||17||11||9|
Minimum deposit according to IFX Brokers account types
Minimum deposit with IFX Brokers varies based on the account type you have selected. There are three main types of trading accounts available on this platform. These accounts are:
- IFX standard account
- IFX raw account
- IFX Islamic account
Let’s discuss each one of these accounts in detail below:
1. IFX Standard account
The IFX standard account has a minimum deposit of 100 US Dollars. In addition, the account is commission-free and comes with various market instruments.
2. IFX Raw account
The minimum deposit for the raw account of this IFX account is higher than the standard account, which is 250 US dollars. In terms of the instruments, this account possesses all the basic currencies and silver and gold.
Possible trade size for the IFX Raw account is starting from 0.01 lots with the lower spread of 0.3 pips. This account is not commission-free.
3. IFX Islamic account
Finally, we have the IFX Islamic account, which is based entirely on Islamic customs. This account is for all those Islamic traders who don’t want to get involved in the interest system approaches.
This account is free from the interest system. The minimum deposit of this account is 100 US Dollars in which you can trade on a variety of instruments. Trade sizes for the IFX Islamic account start at 0.01 lots with a lower spread of 0.8 pips.
Islamic account is also commission-free, and it uses the USD as its base currency. You can create an account here to keep yourself away from interest requirements.
Differences between each one of these three live trading accounts are highlighted in the table below:
|Platform||MT4” href=”https://tradefx.co.za/metatrader-4-what-is-mt4/” data-wpil-keyword-link=”linked”>MT4||MT4||MT4|
|Minimum Deposit||100 USD||250 USD||100 USD|
|Minimum Trade Size||0.01||0.01||0.01|
|Commission from||Null||3 USD||Null|
Pros and cons of IFX Brokers
- Wide variety of deposit currencies
- Does not charge a deposit fee
- Does not have withdrawal fees
- Bonus Promotion
- Limited deposit methods
IFX Brokers: FAQs
1. What is the minimum deposit requirement for IFX Brokers?
A minimum deposit of $100 is required to open an account with IFX Brokers. As compared to other brokers on the market, this is a very low minimum deposit.
2. How can you make deposits with IFX Brokers?
IFX brokers are available with limited deposit methods for the traders. They offer:
- Wire Transfer
3. Do they charge any withdrawal fees?
IFX Brokers are free from withdrawal or deposit fees.
4. In how much time can you finish your withdrawal or deposit processing?
Withdrawals from clients in South Africa will take 4 hours to process. However, bank wire transfers will take a maximum of 3-5 working days.
IFX Broker is a good choice for new or retail traders who have just stepped into the trading market. However, this isn’t an excellent option for clients in South Africa. Nevertheless, traders of all levels can use this platform, from beginners to advanced.
This platform offers advanced trading features, significant assets, tight spreads, and a safe trading environment.
Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 13+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.
Forex Content Writer | Market Analyst