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Do you want to know which is the better broker between Interactive Brokers and IFS Markets ?
In the table below, you can compare the features of Interactive Brokers , IFS Markets side by side to determine the best fit for your needs.
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EURUSD:12.51
XAUUSD:35.17
EURUSD: -6.82 ~ 1.61
XAUUSD: -32.73 ~ 18.03
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of interactive-brokers, ifs-markets lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Aspect | Information |
Company Name | Interactive Brokers |
Registered Country/Area | United States |
Founded year | 1978 |
Regulation | Suspicious Clone under ASIC, FCA, CBI, MAS |
Market Instruments | Stocks, ETFs, forex, bonds, options, futures, CFDs, cryptocurrencies, warrants, structured products |
Minimum Deposit | $0 |
Customer Support | Social media (Twitter, Facebook, Instagram, YouTube, LinkedIn) |
Interactive Brokers, founded in the United States, offers a wide array of trading assets including stocks, ETFs, forex, bonds, options, and futures, providing traders with various opportunities across global markets.
However, risks have been raised about its legitimacy, with reports of the platform being identified as a suspicious clone. Traders are directly impacted by the platform's regulatory status, influencing oversight, transparency, and legal protections. Adherence to regulatory standards instills confidence among traders regarding the platform's reliability and security, while any suspicion or regulatory ambiguity may undermine trust and deter participation, emphasizing the importance of due diligence.
Interactive Brokers is identified as Suspicious Clone under various regulatory bodies such as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the United Kingdom, the Central Bank of Ireland (CBI), and the Monetary Authority of Singapore (MAS).
However, the presence of “Suspicious Clone” designations in some regions suggests potential regulatory risks. Traders on the platform are directly impacted by the regulatory status, as it influences the level of oversight, transparency, and legal protections afforded to their investments.
Adherence to regulatory standards instills confidence among traders regarding the platform's reliability and security, while any suspicion or regulatory ambiguity may undermine trust and deter participation. Thus, traders are likely to favor jurisdictions where Interactive Brokers maintains clear and reputable regulatory standing, ensuring a safer trading environment.
The prevalence of clone brokers is increasingly alarming, as deceptive entities exploit the names of reputable firms to lure unsuspecting clients into believing they are trading with regulated forex firms.
These fraudulent companies go to great lengths, even utilizing the license numbers of legitimate brokers, to deceive traders into opening accounts with them. Remaining vigilant is paramount to avoid falling prey to such scams. Additionally, these unscrupulous entities resort to aggressive tactics, akin to boiler room operations, pressuring clients into opening accounts or increasing their deposits.
It's crucial to heed the adage: if something sounds too good to be true, it likely is. Traders must exercise caution and conduct thorough research before engaging with any brokerage firm to safeguard their investments and financial security.
Pros | Cons |
Wide range of tradable assets | Identify as Suspicious Clone |
Access to global markets | Limited customer support options |
Potential for technical glitches | |
Risk of exposure to scams |
Pros:
Wide range of tradable assets: Interactive Brokers offers an extensive selection of tradable assets, including stocks, ETFs, forex, bonds, options, and futures. This diversity provides traders with ample opportunities to diversify their portfolios and explore various investment strategies, catering to different risk appetites and objectives.
Access to global markets: The platform grants users access to a broad range of global markets, enabling them to trade securities and currencies from around the world. This global reach allows traders to capitalize on international market trends, economic developments, and geopolitical events, enhancing their trading flexibility and potential for profit.
Cons:
Identified as Suspicious Clone: Some users have reported instances where Interactive Brokers was identified as a suspicious clone, potentially raising risks about the platform's legitimacy and trustworthiness. Such allegations can undermine user confidence and deter participation in trading activities.
Limited customer support options: Interactive Brokers may offer limited options for customer support, which can lead to delays in addressing user inquiries, resolving issues, or providing assistance when needed. This lack of robust support channels may frustrate users and hinder their overall trading experience.
Potential for technical glitches: Like any online platform, Interactive Brokers is susceptible to technical glitches or system failures, which can disrupt trading activities, cause delays in order execution, or lead to inaccuracies in account information. These technical issues may impede users' ability to trade effectively and impact their overall experience on the platform.
Risk of exposure to scams: Users may face the risk of exposure to scams or fraudulent activities associated with Interactive Brokers, such as clone brokers attempting to deceive traders. Falling victim to such schemes can result in financial losses and damage to one's reputation, highlighting the importance of vigilance and due diligence when engaging with the platform.
Interactive Brokers offers a wide range of tradable financial instruments on its platform.
Traders can access a variety of assets including Stocks, ETFs, Forex, Funds, Bonds, Options, Futures, CFDs, Cryptocurrencies, Warrants, and Structured Products.
This extensive selection provides traders with opportunities to diversify their investment portfolios and pursue different trading strategies across global markets.
With access to such a broad array of instruments, traders have the flexibility to capitalize on market opportunities and manage risk effectively.
Interactive Brokers offers a variety of payment methods to fund your account:
Bank wire transfer: This is the most common and preferred method. It's free for most currencies.
ACH transfer: This is another electronic transfer option available for US accounts. It's also free.
Check: You can mail a check to Interactive Brokers. However, there may be processing fees and delays associated with this method.
Wire transfer from another brokerage: You can transfer funds from another brokerage account to your Interactive Brokers account. This may be subject to fees from both brokers.
Bill pay: This option is available for US accounts only. It allows you to pay your Interactive Brokers account from your bank's online bill pay service.
Third-party deposits: Interactive Brokers generally discourages and rejects third-party deposits due to potential fraud and money laundering risks.
There is no minimum deposit required to open an Interactive Brokers account. This makes it a good option for beginners who want to start with a small amount of money.
Interactive Brokers provides the following contact information for customer support:
Twitter: @IBKR
Facebook: Interactive Brokers
Instagram: Interactive Brokers
YouTube: Interactive Brokers
LinkedIn: Interactive Brokers
These social media platforms serve as channels for reaching out to Interactive Brokers for support and assistance. However, Interactive Brokers' customer support lacks efficiency and responsiveness. Traders often encounter significant delays in receiving assistance, with support tickets remaining unresolved for extended periods. Communication channels such as Twitter, Facebook, Instagram, YouTube, and LinkedIn are available, but their effectiveness in addressing customer risks is questionable.
Users have reported a single instance of exposure related to a pyramid scheme complaint, which unveiled a potential scam on the Interactive Brokers platform.
The complaint alleges that the platform induced clients to participate in activities, promising withdrawal options upon event completion. However, upon attempting to withdraw profits, users encountered obstacles, including unexpected tax requirements not deducted from the platform. The inability to access funds and unresponsive customer service exacerbates the situation for affected users. Such exposure to fraudulent activities undermines trust and confidence in the platform, potentially dissuading traders from engaging in further transactions.
This instance of Interactive Brokers is suspected to be a clone operated by a company known as Interactive Brokers Group, Inc. Notably, this particular iteration of Interactive Brokers lacks regulation, posing potential risks for traders. Therefore, it is advisable for traders to refrain from engaging with this broker.
Note: IFS Markets's official website: https://www.ifsmarkets.com/ is currently inaccessible normally.
IFS Markets Review Summary | |
Founded | 2023 |
Registered Country/Region | Australia |
Regulation | Suspected Fake Clone |
Market Instruments | Forex, Indices, Commodities |
Demo Account | Not Mentioned |
Leverage | Up to 1:400 |
Spread | Starting from 0.0 pips |
Trading Platform | Meta Trader 4 |
Min Deposit | $100 |
IFS Markets is an online forex and commodities trader, founded in 2008 and is headquartered in Sydney, Australia. IFS Markets offers many tradable instruments including forex, indices, commodities, etc, via its Standard Account or the Professional Account. It has a high leverage of up to 1:400. However, it is a Suspected Fake Clone.
Pros | Cons |
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IFS Markets had a Market Making(MM) regulated by the Australian Securities and Investments Commission (ASIC) in Australia with a license number of 323193, but currently, it is a Suspected Fake Clone.
Regulatory Status | Suspected Fake Clone |
Regulated by | Australia |
Licensed Institution | FTX AUSTRALIA PTY LTD |
Licensed Type | Market Making(MM) |
Licensed Number | 323193 |
The company provides investors with popular tradable instruments including forex (providing 45 pairs of various mainstream and cross-currency exchanges), indices (from 14 popular stock indices on the world's largest stock market), commodities (gold, silver, crude oil), etc.
Tradable Instruments | Supported |
Forex | ✔ |
Commodities | ✔ |
Indices | ✔ |
Cryptocurrency | ❌ |
Shares | ❌ |
Metals | ❌ |
IFS Markets provides two types of accounts, including the Standard Account and the Professional Account for clients. The minimum deposit for Standard Accounts is $100, and the minimum deposit for Professional Accounts is $300.
IFS Markets's maximum leverage available for forex products ranges from 1:1 to 1:400. For gold, the maximum leverage is 1:100, while for silver, it's 1:50.
IFS Markets's standard account does not charge commissions, only the spread fee, and the main spread starts at 1.1 pips. The spread of the pro accounts starts at 0 pips, and $7 will be charged per 10,000 contracts. Swap rates are a cost. See the following swap rates table:
ITEM | LONG | SHORT |
EURUSD | $5.28 | $0.20 |
GBPUSD | $5.27 | $3.86 |
AUDUSD | $3.65 | $2.79 |
USDJPY | $2.12 | $4.50 |
Trading Platform | Supported | Available Devices | Suitable for |
Meta Trader 4 | ✔ | PC and Mobile | Investors of all experience levels |
IFS Markets charges a minimum deposit of $100. The fees of IFS Markets depend on the Deposit/Withdrawal Options you choose. You can refer to the table for details.
Deposit/Withdrawal Options | Fees | Processing Time |
Credit/Debit Cards (AUD, USD, JPY, EUR, NZD, BGP, CAD, SGD) | 2% deposit fee | Instant |
Online Banking (RMB, THB, IDR, MYR, VND) | Free | 1-2 business days |
Wire Transfers (AUD, USD, SGD, BGP, EUR) | Free | 2-5 business days |
E-wallets (Skrill, NETELLER, Fasapay) | Varying fees | Varying processing times |
Bitcoin | 1.5% fee | Instant |
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive interactive-brokers and ifs-markets are, we first considered common fees for standard accounts. On interactive-brokers, the average spread for the EUR/USD currency pair is -- pips, while on ifs-markets the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
interactive-brokers is regulated by ASIC,FCA,CBI,MAS. ifs-markets is regulated by ASIC.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
interactive-brokers provides trading platform including -- and trading variety including --. ifs-markets provides trading platform including Standard,PRO and trading variety including Forex,Indices,Commodities.