Foreign trades are on-trend these days. People are so engrossed in exchanging their currencies with foreign currencies that they have almost lost their originality. The reason behind such havoc is the profit factor that comes along with foreign exchanges. Hence, to aid in the new hobby of people, many trading platforms have created their way to the market. Though one can not trust all the trading platforms, there are some that have proven their worth for years. IFX brokers are one of those names that are creating a difference in the trading market.
What is IFX?
IFX brokers are one of the top-rated trading platforms in the foreign exchange market. This trading platform is winning hearts due to the minimum deposit amount it allows to the new account holders. If someone is a beginner to the trading market and seeks a platform to open an account, this trading platform can be the top priority. It allows a minimum deposit of $100 to new account holders and traders. At IFX brokers, the minimum deposit amount might vary based on the type of trading account the traders selected. Besides, the minimum deposit amount takes at least 72 hours for activation, which the account holders must note.
Do they accept all currencies?
IFX brokers have their own set of currencies that the traders can use. They do not accept all the currencies types across the globe but include the maximum of them. The currency types in their list are AUD, NZ, USD, CAD, ZAR, Rand, JPY. However, the traders looking forward to using an option not on the list of IFX brokers need not worry. They can convert it into a supported currency by paying a small fee and enjoy trading without any discrepancies.
What deposit methods can one choose?
Flexible deposit methods are a must for trading platforms, and they must allow as many transaction options as possible. IFX brokers somewhat fail to excel in this field as they have a limited list of deposit methods. They accept Visa, PayFast, and Wire transfers. Each payment method has its own processing time. The traders might struggle to find a quick transaction method on this platform that forms the only disadvantage for IFX brokers. It proves to be even more disadvantageous for South African traders as the processing time may extend up to 3 to 4 hours for withdrawals, of which wire transfer can consume up to 4 to 5 working days.
Does one need to pay extra charges?
Apart from deposit or withdrawal amount, the traders need not pay any extra fee to IFX brokers. It does not charge any additional charges to its customers unless the transaction is international. In the case of international payments, the traders will have to pay some extra fees on both sides of the transaction.
What benefits come with an IFX VIP account?
The traders are already at an advantage as there is no extra charge with IFX brokers minimum deposit or withdrawal amount. However, the charges they incur during international transactions fall upon their bank accounts, and they look forward to avoiding it as much as possible. IFX VIP account has the solution to these extra charges. With a VIP account, the traders need not incur the international transaction charges, and the brokers cover these costs at their expense.
Steps to deposit the minimum amount
As a beginner, the traders must wonder how to deposit and withdraw funds from an IFX trading account. The method is simple and secure, and the traders probably would not face any technical issues during the process. Here are the steps to follow while funding IFX brokers’ minimum deposit amount.
- On the official site of IFX brokers, the traders must access the accounts portal.
- The next step is to opt for the login option using the proper credentials.
- There will be an option for a fund account, which the traders need to click and choose the ideal deposit method.
- Lastly, they must enter the deposit amount and confirm the transaction.
With the above step-by-step procedure, the traders can deposit or withdraw funds from their trading accounts without technicalities or discrepancies. Hence, trading is simple and secure with IFX brokers.