IFC Markets is an online broker dealing in forex and CFDs. It is the brand name under which the company IFC Markets Corp operates. This company has its address listed as in the British Virgin Islands. The broker maintains current registration with the Financial Services Commission there. This is a common jurisdiction for brokers to register in to avoid the stricter rules of other regulators. The broker is part of a larger group called the IFCM Group, which includes brokers in several different nations.
Misleadingly Low Micro Deposit
While IFC Markets technically offers a Micro account with a minimum deposit of just $1, the minimum deposit to access most features through a Standard account is $1000. Most similar brokers require only $100, with some going as high as $250.
The broker offers fixed spreads that are mostly middle of the road, with the EUR/USD pair running at 1.8 pips. Leverage is available up to 1:400, a dangerously high level that could lead to new traders losing everything before they know it. The ESMA only allows brokers within the EU maximum leverage of 1:30.
Trading Platforms Available with IFC Markets
There are several platforms to choose from when investing with IFC Markets. They have both MetaTrader 4 and MetaTrader 5. These two are the industry standard for online forex and CFD brokers. Most traders are familiar with their extensive range of features. The broker also has its own platform called NetTradeX. This platform was initially launched in 2006. There is a version for Windows and apps available for both iOS and Android devices.
Warnings from Canadian Provincial Regulators
The provincial financial regulator for the Canadian province of Manitoba, the MSC, issued a warning against doing business with IFC Markets in April 2020. The broker does not have the required registration to offer financial services to Canadian services. The regulator claims that, despite this, the broker has been targeting residents of Manitoba through online classifieds.
The provincial regulator for British Columbia, the BCSC, issued a similar warning in May 2020. They stress that IFC Markets does not have the registration to trade or advise on securities or derivatives in Canada. The regulator says that they know that the broker has been accepting Canadian residents as clients, despite having no registration.