A product of the IFCM Group, IFC Markets forex broker offers services for spot forex and CFDs. They are incorporated in the British Virgin Islands. Read our IFC Markets review to find out why not everything is not as it seems with this broker.
Leverage: 1:400 Licences: N/A
Min. Deposit: 100 USD Bonus: 100$
Spreads: from 2 pips US Clients: No
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80.6% of retail CFD accounts lose money
IFC Markets Customer Support Review
The IFC Markets broker offers customer support in five different ways. However it is a shame that their customer service agents are dismissive and treat customers with contempt.
It is also pity that this is actually a problem because there are other forex brokers out there that may not incorporate Skype into their customer service line up but still treat their clients with respect. They also show willingness to do what they can to resolve your issues as quickly as possible. IFC Markets customer service agents on the other hand are the complete opposite of this.
IFC Markets offers customer support through:
- Live Chat
- Call Back
Now many people are familiar with brokers using email, live chat and telephone but not many of them use Skype. This would be good for the IFC Markets broker if they used it properly.
Video chat allows you to see the customer service agent, it helps to build rapport in some instances however it becomes a problem when the customer service agent is obviously expressing disgust and or contempt when you are voicing your issue.
You are important and should be made to feel valued.
Not like a nuisance.
IFC Markets’ opinions of their clients is evident in their customer service. It should be illegal that a broker treats their clients in such a poor manner.
Because this is not acceptable.
IFC Markets Review of Accounts
The IFC Markets forex broker offers four different types of accounts in total. However these accounts are separated based on platform.
The NetTradeX Beginner account is offered in three currencies: USD, EUR and JPY. The minimum deposit is 3000 USD/EUR and 300,000JPY. The maximum equity is 5000USD/EUR and 500,000JPY. The leverage range is 1:1-1:400 and the lowest volume of the deal is 100 units. Beginner account holders can also receive the phone dealing service and market newsline.
NetTradeX Standard account is also offered in three different currencies: USD, EUR and JPY. The minimum deposit is from 1000 USD/EUR and 100000 JPY. The Standard account lacks a maximum equity. The leverage is from 1:1 –1:200. 10,000 units is the minimum volume of the deal. Holders of this account also receive market newsline and have the ability to conduct deals over the phone.
The MT4 Micro account like the NetTraderX accounts is offered in three currencies: USD, EUR and JPY. The minimum deposit for this account is 3000 USD/EUR and 300,000JPY. The maximum equity is 5000USD/EUR and 500,000JPY. The leverage is from 1:1-1:400 and the minimum volume of the deal is 0.01 lot. Beginner account holders can also receive the phone dealing service and market newsline.
The MT4 Standard account is also offered in three different currencies: USD, EUR and JPY. The minimum deposit is from 1000 USD/EUR and 100000 JPY. The maximum equity is nonexistent. The leverage is from 1:1-1:200 and the minimum volume of the deal is 0.01 lot. Standard account holders are also offered the phone dealing service and market newsline.
The IFC Markets broker’s accounts carry a high initial deposit and offer very little in the way of features.
This is not a good sign for you and could result in you losing rather than gaining in the end. You should also remember that leveraging can also be very risky.
IFC Markets Platform
As stated before, the IFC Markets broker offers two platforms to use for trading. These are:
NettraderX is meant to be used for trading CFD and forex. It is exclusive to IFC Markets which explains its poor performance. It lacks easily understood charts and readings and can make trading difficult. This is not surprising because when you view their website, it is extremely confusing and difficult to navigate.This issue is also evident in their trading platform.
Their use of the MT4 platform also leaves a lot to be desired. The platform is known for its technical tools used to assist you in performing analysis. However the IFC Markets broker’s version of the platform lacks the tools necessary for analysis.
IFC Markets Review Conclusion
All things considered, you would be better off avoiding IFC Markets forex broker. Choose only the best Forex brokers to trade with.
80.6% of retail CFD accounts lose money