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IFX Markets Review

IFX Markets rating: 2 votes, average: 2.50 out of 52 votes, average: 2.50 out of 52 votes, average: 2.50 out of 52 votes, average: 2.50 out of 52 votes, average: 2.50 out of 5 (2 votes, average: 2.50 out of 5, rated)
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IFX Markets is a division of City Index Limited which is one of United Kingdom’s leading providers of retail derivative trading services. The registered office of this brokerage company is located in London, UK.
It is a specialist provider of a forex trading platform which offers 24 hour commission-free trading with tight spreads.

Company’s Market Position

This broker functions under Financial Services Authority regulations of United Kingdom and therefore their products are appropriate from an investment point of view.
IFX Markets offer clients the facility of having Individual, Partnership and Institutional accounts. In addition to spot forex trading, IFX provides the facility to do swaps in matched and mismatched amounts and also trade Exchange for physical contracts. (EFPs). You could also trade non-deliverable forwards (NDFs).
IFX also offers a full OTC options service where you can trade both variable and exotic options. This makes this brokerage company’s market position unique in terms of forex offerings.

Types of Services offered

Free demo account is available to the client via downloadable software from the company’s website. Step-by-step instructions to install the software are also provided.
IFX Markets take their price feed directly from the inter-bank market and consequently the currency price quotes offered is highly competitive and accurate.
The spreads on major currencies and their crosses are typically 2-3 pips.
IFX Markets additionally provide a telephone service to interested clients. Using this service, clients can trade options on forex and Bullion in market amounts.
IFX Markets provides stable margin rates that do not fluctuate to reflect increased risks especially when markets remain closed over the weekend.
They provide low margin rates from just 1% and small minimum trading sizes.
An important feature is that IFX pays interest on deposits placed with them for margin purposes.
It also provides the facility to trade in a 24-hour environment without any stoppages.

Trading Platform

The Company’s product is known as the IFX Direct and is the dealing platform for Spot forex and Exchange for physical (EFP) currency futures. It is application-based, and runs securely over the Internet. IFX Direct the electronic trading platform of IFX Markets offer you real time tradable prices in 48 spot currency pairs, apart from Gold, Silver, and 40 different IMM and Finex EFP contracts.
The trading platform has to be downloaded from the company’s site. However as a client you will have to ensure that Microsoft.Net Framework software is installed in your computer. If not, the IFX Direct installation will install the Framework software for you. This could turn out to be a slightly cumbersome process.
Technical analysis and commentaries on the market situations are readily available to the users in the platform.

Trader Support

IFX Markets provides a 24- hour back office and technical support for the dealer. With this broker you can be confident of getting support functions whenever you need them.
It is truly a market leader in the electronic forex trading platform segment, especially from the trader support point of view.

Site design and ease of navigation comments

The IFX Market website is not congested with advertisements and therefore easy to navigate.

Advantages

Free demo account is a welcome feature
2-3 pip spreads on major currencies without variations
Information depicted on the site is easily understood.
The facility of making an online application for opening an account is available.
All contact details of the company are provided. This includes email and telephone numbers.

Disadvantages

Trading fees are levied at $1.25 per 10,000 lot traded.

Write your own review of IFX Markets

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6 Comments»

Comment by rubin
2008-06-08 14:48:34

Solid glitch free platform and the service too. But very expensive as fee plus spreads means a lot.I would like to share comments with anyone who has used this platform for long.

rubin did not rate this post.
 
Comment by ben
2008-06-18 19:01:46

Guys have no analytical support and how would you calculate cost of trade with them? I couldnt figure it out and thats a big grey area.

ben did not rate this post.
 
Comment by sree
2008-06-22 19:35:47

Funny they have no news or fundamentals either, but otherwise solid British company.Worth a try maybe.

sree did not rate this post.
 
Comment by gigs
2008-06-25 18:39:04

Sree,FDIC insured accounts thats comforting to me, but not the fact being plain British.If there is one thing that works great in IFX its the trailing stops.But surely you should give it a try.

gigs did not rate this post.
 
Comment by grover
2009-08-22 13:49:30

IFX is one of those safe, solid and strong brokers working out of U.K. Credentials are pretty good as it comes under FSA. Their speciality is their price feeds, which come from inter-bank sources, and consequently reckoned to be extremely accurate. I wouldn’t know if they were indeed accurate, because when you trade you tend to simply assume that the prices shown to you are the latest and accurate stuff. You don’t tend to think otherwise.

Spreads I am sure were very tight, in the 2-3 pips range for both majors and their crosses. I was trying out all this from the demo and I pretty impressed with the low trading sizes and low margin rates as well in the range of 1%. Didn’t notice any hanky panky in times of market fluctuation, as I always got stable margin rate.

I found the platform technically solid in that it allows you to trade 48 spot forex currencies, gold, silver and a lot more. The only hitch was I had to get Microsoft.Net Framework software first installed in my computer, before downloading and installing IFX Direct platform. And the only disadvantage if you ask me is, they levy a trading fee per 10,000 lot traded.

grover ratings for this post: grover gives a rating of 3grover gives a rating of 3grover gives a rating of 3grover gives a rating of 3grover gives a rating of 3
 
Comment by richmond
2009-08-25 12:35:39

I don’t feel comfortable with guys who charge trading fees, instead of charging on spreads.

richmond ratings for this post: richmond gives a rating of 2richmond gives a rating of 2richmond gives a rating of 2richmond gives a rating of 2richmond gives a rating of 2
 
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