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IFC Markets Broker Review

IFC Markets is an online broker that offers CFDs and forex trading. It is the trade name used by the business IFC Markets Corp. The British Virgin Islands are listed as the company’s address. The broker keeps their Financial Services Commission registration up to date. Brokers frequently register in this jurisdiction in order to escape the tougher regulations of other authorities. The broker is a member of a bigger organization known as the IFCM Group, which also comprises brokers from other countries.

Unreasonably Low Micro Deposit IFC

IFC Markets officially offers a Micro account with a $1 minimum deposit, but a Standard account requires a $1000 minimum deposit in order to access the majority of the services. Most brokers that are similar just ask for $100, however some need as much as $250.

The broker offers fixed spreads with the EUR/USD pair running at 1.8 pip, which are generally in the middle of the road. 

Leverage is accessible up to 1:400, a risky high level that could cause novice traders to lose everything without ever realizing it. Brokers are only permitted to use a maximum leverage of 1:30 by the ESMA.

IFC Markets Trading Platforms

IFC Markets offers a variety of platforms for investors to choose from. Both MetaTrader 4 and MetaTrader 5 are available. For online FX and CFD brokers, these two are considered the industry standard. The vast majority of dealers are familiar with these features. 

The broker also has a platform of its own, known as NetTradeX. The first launch of this platform took place in 2006. There is a Windows version as well as apps for iOS and Android smartphones.

Canadian regulatory warnings

In April 2020, the MSC, the provincial financial inspector for the Canadian province of Manitoba, issued a warning against doing trade with IFC Markets. The broker lacks the necessary registration to provide Canadian customers with financial services. Despite this, the regulator asserts that the broker has been specifically aiming its advertising towards Manitobans.

A similar caution was issued by the BCSC, British Columbia’s provincial regulatory body, in May 2020. They emphasize that IFC Markets is not registered in Canada to trade in or provide advice on securities or derivatives. Despite not being registered, the regulator claims to be aware that the broker has been taking on Canadian residents as clients.

Traditional approaches won’t be much use in dealing with an offshore broker. Most likely, banks and payment processors won’t be able to assist. It would take years for the courts to handle any foreign cases.
We do not recommend trading with IFC Markets. You run the risk of losing your funds or of losing your income.

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