Overview of Exness and IFX Brokers
Exness is the brand name of the global brokerage firm that offers its services through offices located around the globe. Exness is a multiple-award-winning broker that provides a variety of account types to meet the needs of each trader.
Exness has been operating since 2008 and is regulated by FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, and FCA. Exness has a trust score of 97 and features a choice between several account types.
IFX Brokers has been operating since 2018 and is well-regulated by the FSCA in South Africa. With a trust score of 93, IFX Brokers is a safe option for South African traders, offering 70 forex pairs and several other CFD instruments across asset classes.
Side-by-Side Comparison of Exness and IFX Brokers
IFX Brokers Exness
Regulation FSCA FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
Trading Platform MetaTrader 4MetaTrader 5 MetaTrader 4MetaTrader 5Exness AppExness Terminal
Withdrawal Fee No No
Demo Account Yes Yes
Min Deposit $10 $10
Leverage 1:500 Unlimited
Spread Variable, from 0.5 pips Variable, from 0.0 pips
Commissions From $6 From $0.1 per side, per lot
Margin Call/Stop-Out M – 40% - 60%S/O – 10% - 30% 60%/0%
Order Execution Market Market
No-Deposit Bonus No No
Cent Accounts Yes Yes
Account Types IFX Cent AccountIFX Standard AccountIFX Premium AccountIFX VIP AccountIFX Islamic Account Standard AccountStandard Cent AccountRaw Spread AccountZero AccountPro Account
FSCA Regulation Yes Yes
ZAR Deposits Yes Yes
ZAR Account Yes Yes
Customer Service Hours 24/5 24/7
Retail Investor Accounts 5 5
Islamic Account Yes Yes
Minimum Trade Size 0.01 lots 0.01 lots
Maximum Trade Size 100 lots Unlimited
Minimum Withdrawal Time Instant Instant
Maximum Estimated Withdrawal Time 5 working days Up to 72 hours
Instant Deposits and Instant Withdrawals? Yes Yes
Spreads and Fees
IFX Brokers
- Minimum deposits range from 10 USD to 1,000 USD.
- Spreads start from 0.5 pips EUR/USD on the IFX VIP Account.
- Commissions start from 6 USD round turn.
- IFX Brokers charges a 2.5% deposit fee on bank wire.
- IFX Brokers charges an inactivity fee on dormant accounts.
- Currency conversion fees are charged if deposit/withdrawal currencies differ from the account base currency.
Exness
- Minimum deposits range from 10 USD to 500 USD.
- Spreads start from 0.0 pips EUR/USD on the Raw Spread and Zero Accounts.
- Commissions start from 0.1 USD on shares.
- Exness does not charge any deposit or withdrawal fees.
- Exness does not charge any inactivity fees.
- Currency conversion fees are charged if deposit/withdrawal currencies differ from the account base currency.
Deposits and Withdrawals
IFX Brokers
IFX Brokers offers these payment methods for deposits and withdrawals:
- Ozow
- PayFast
- Debit/Credit Card
- Wire Transfer
- Skrill
- Neteller
- Cryptocurrencies
Exness
Exness offers these payment methods for deposits and withdrawals:
- Bitcoin
- Debit Card
- Credit Card
- Internet Banking
- Skrill
- Neteller
- Perfect Money
- Tether (USDT OMNI)
- WebMoney
- Mybux
- Ozow
Final Thoughts
IFX Brokers, an FSCA-authorized broker, is a favorite among South African traders thanks to its variety of ZAR accounts and support for trading on MetaTrader 4 and MetaTrader 5.
Exness is a good all-around broker for most traders. It has 24/7 customer assistance, low-cost starter accounts, favorable trading terms for Pro Accounts, and support for the MetaTrader 4, MetaTrader 5, and its unique platform.
Also read: Is it safe to trade forex in South Africa?