IFS Markets Review
IFS Markets is quite an experienced Forex broker that is currently operating in Australia, under the regulatory framework of the local Financial watchdog, the ASIC. The company was first registered on June 7th of 2006, under the license number 323 193, as PTY LTD. This IFS Markets review has concluded that the company is offering: max leverage of 1:400, an unknown spread ratio, does indeed have commissions, features fees on both Deposits and Withdrawals and comes with a variety of 50+ trading instruments.
IFS Markets Overview
The brokerage has a sophisticated website, to say the least. The transparency about their general state of affairs is commendable and raises the IFS Markets rating for us just a bit. Their display of the license number and address is also nothing to smirk at, especially considering the fact that the company has been active for nearly 13 years now. By activity, we mean the first notice of a license from a regulator.
The info-gathering process was quite easy as the website is well inter-linked and laid out. All of the information that we needed for this IFS Markets review was just one click away. off to a great start, but unfortunately, it started to go downhill from this point.
The maximum leverage with the company is relatively high considering the market and the competition. A 1:400 ratio is nothing to smirk at as well. Naturally, this is the maximum leverage available for major currency pairs and not other instruments. It can be adjusted so that it fits the user accordingly.
Spreads & Commission
These two words are quite controversial, even for IFS Markets Forex broker. In fact, those two words should never be present on a company’s website at the same time. If they are, then they need to be contradictory, meaning that trading is either spread-based or commission-based.
With IFS Markets we get two bites of the apple in terms of Spreads & Commissions. They are both present but are under the guise of “anonymity”, which was the first sign of a potential IFS Markets scam for us, but the 13 years of operation history, quickly made us brush the idea off.
Neither the spreads nor the commissions are fully disclosed, they are only mentioned to exist on the platform. The place they are mentioned is the Account Types section.
IFS Markets Accounts
The brokerage has quite a “unique” way of offering Account Types to its customers. Currently, there are only 2 types available, which are hardly different. You see, both of them have the same benefits, the same deposit, and even the same withdrawal processes. The only difference is that the Standard Account is spread-based, and the Pro Account is commission-based.
Weird right? You would imagine that the IFS Markets FX brokerage would have a completely opposite system, but unfortunately no. The only conclusion we could draw out of this was that, the spread is so high on the Standard Account, that it would prompt most users to switch to the Pro Account, even though it is commission-based.
IFS Markets Withdrawal and Deposit
The Withdrawal process with IFS Markets is quite nice in terms of variety. There are a bunch of ways to apply for withdrawal and even the deposit. For example, a trader will have the option to withdraw through Credit/Debit Cards, Bank Transfers, Skrill, Neteller, and FasaPay. Although some of these options may seem redundant, it is still good to have some variety.
However, the IFS Markets Withdrawal system has one huge flaw accompanying it. It has fees, well most of the options have fees. Pretty much every option that helps you receive the funds within maximum a day has a 2% fee on it. Sure, it may seem microscopic, but once you start withdrawing large amounts, is when you’ll start seeing it hit the hardest. Sure you can apply for a Bank Transfer, but that would take at least 1 week to be credited. If you’re withdrawing large sums like $10,000 and $20,000 then I guess it would be worth it to wait for 1 week, but for any other sum, it is completely redundant.
The best thing about the IFS Markets deposit system is the amount of it. There is no minimum deposit with the broker, you can open an account with $0, which is a great way to introduce newcomers to the market. But that’s where the advantage ends, unfortunately.
Should you trade with IFS Markets?
This is the big question here. We have already confirmed the fact that IFS Markets scam is not possible because of the years of experience. However, this doesn’t mean that the company can be trusted. Considering all of the features mentioned above, can IFS Markets be trusted in terms of trading with them? Well, no not really. Sure they won’t scam you and steal your funds, however the features you will be getting with a plethora of fees and commissions is not worth the hassle. Even if the minimum deposit is 0$, you’ll still have disadvantages.
So the final answer to these to questions. Is IFS Markets trustworthy? Yes, yes they are. Should you trade with them? No, there are way better options.