Wikilix
Contract reading

What iFX Brokers legally published, but does not want you to read

Every clause below is published by iFX Brokers itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: iFX Brokers Holdings (Pty) Ltd

sole discretionwithdrawalshidden feemarketing gapaccount freezebonus lockcomplaint windowdeemed acceptanceforum waiverkyc freeze

iFX Brokers publishes a complete document set, and one fee sits in the downloadable contract only. Clause 37.5 charges 10% to withdraw money you did not trade with. The funding policy on the same site says the company charges no withdrawal fee, and the web version of the agreement does not contain the clause at all. You get two business days to dispute a statement, the company's own server logs count as indisputable proof, and its complaint decision is final with no appeal.

Back to iFX Brokers

Contract risk

Money at risk
6.8/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
19
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
26
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 19 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning11
Notice2

section 38 of 43is where the deepest clause sits, 88% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical10%Fee you were not shown. Jump to the clause this comes from.A 10% fee to withdraw money you never tradedCritical2 working daysTime to complain. Jump to the clause this comes from.Two business days to dispute a statement, then silence is agreementCritical1Bonus requirement. Jump to the clause this comes from.Profits reversed for accounts sharing one IP address60 daysFee on an unused account. Jump to the clause this comes from.Small balances are removed after 60 days without a trade

What the documents say

19 clauses worth knowing about, worst first, each quoted from iFX Brokers's own files

01

Deposit money, change your mind, and taking it back costs you a 10% handling fee. Clause 37.5 of the downloadable client agreement charges it on any withdrawal where there was no trading. The funding policy on the same site says iFX Brokers charges you nothing to send your money back.

Why this matters

You lose a tenth of your own deposit for deciding not to trade. The fee is in the PDF contract only, so a reader who used the web version of the agreement or the funding policy would never find it.

Exhibit 1CriticalRarely seen10%

Any withdrawals, where no trading activity is present shall be subject to a 10% handling fee.
Clause 37.5 in Client Agreement, p.35
Read from the broker's site on Open the reference

Buried at section 36 of 43 in the Client Agreement, 84% of the way through.

What it costsDeposit $1,000, place no trades, and withdraw it. You get $900 back.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must tell a retail client the costs of a service before the client is bound by it. This fee appears in one version of the agreement, and the policy covering withdrawals says the company charges no fee at all.

iFX Brokers is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingCharging a percentage of the balance to return an untraded deposit is unusual. Brokers normally refund to the original payment method, because an untraded deposit was never at risk and the broker earned nothing on it. This mechanism charges exactly the client who decided the product was not for them.

  • Worse together with Exhibit 3The handling fee comes off the balance, then the rate adjustment takes another slice on the way out in Rand.
02

iFX Brokers can go back through your closed trades, cancel them and take the profit off your account. Clause 15.8 lets it review your account without notice at any time and remove profit it decides, on its own, was gained inappropriately.

Why this matters

Money you already won can be pulled out of your balance afterwards. The contract defines no test for abusive trading, gives no notice and no appeal, and says the company owes you nothing for what the cancellation costs.

Exhibit 4CriticalHarder than usual

Under such circumstances, the Company is entitled to review the client's account without notice at any time and withdraw any profits and charge any costs which it deems, in its sole discretion, to have been inappropriately gained and shall not be liable for the cancellation of any transaction or profits or in the event of any damages or losses which may result from the suspension, closure or unwinding.
Clause 15.8 in Client Agreement, p.23
Read from the broker's site on Open the reference

Where it sits: section 23 of 43 in the Client Agreement, 53% of the way through.

  • Worse together with Exhibit 16The bonus terms supply a ready made trigger: trading from an address another client also used.
  • Worse together with Exhibit 6The company decides your profit was inappropriate, and its own records then settle any complaint about that decision.
03

In a dispute, iFX Brokers treats its own server records as absolute and indisputable proof. If its log did not record what you are describing, the complaints policy says your complaint may not be considered, and the company's decision is final with no appeal.

Why this matters

Your screenshots and your platform logs count for nothing against the company's own. You are complaining to the firm that took the other side of your trade, and it decides.

Exhibit 6CriticalHarder than usual

The Company’s records of the Client’s Trading Account, including and without limitation the server log files, shall be the absolute and indisputable proof in respect of any complaint.
Quoted in Complaints Policy, Principles of the process
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA and CySEC must give a retail client an independent complaints scheme whose decision binds the firm. iFX Brokers does name the FAIS Ombud, and its own policy still calls its internal decision final and its own logs indisputable.

iFX Brokers is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 8While you argue with the decision maker, your trading instructions can be refused.
04

The security of funds page tells you that you cannot lose more than you deposited. The risk disclosure statement says your losses may be unlimited, and that you are liable for any deficit left after your positions are closed.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

You could end up owing iFX Brokers money after a gap in the market, which is the opposite of what the website promises. The bonus terms go further and let the company reverse a negative balance correction where it suspects bonus abuse.

Exhibit 12CriticalHarder than usual

In particular, your losses may be unlimited, and no deposit or other amount you have paid will limit your losses.
Clause 3.1 in Risk Disclosure Statement, p.4
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), FCA (UK), CySEC (Cyprus)

Under ESMA rules, and for firms licensed by the FCA and CySEC, retail clients get negative balance protection per account and the firm cannot claw it back. Here the promise sits on the website while the risk disclosure keeps you liable for the deficit.

iFX Brokers is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

05

Statements arrive daily, and you get two business days to object in writing to anything on one. Miss that and clause 20.6 treats you as having agreed to it. The complaints policy shortens the window again, to 48 hours after the statement is issued.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A wrong charge or a bad fill becomes your agreed position within two business days, whether or not you opened the email. Two documents give two different deadlines, and the shorter one wins if the company applies it.

Exhibit 5CriticalHarder than usual2 working days

Unless there is a manifest error, each confirmation and statement will be considered final and binding on you. If you have any objections or notice an error, you must notify us in writing within two business days of receiving the confirmation/statement.
Clause 20.4 in Client Agreement, p.26
Read from the broker's site on Open the reference

Buried at section 26 of 43 in the Client Agreement, 60% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC work to complaint windows measured in months, and must judge a complaint on its merits rather than read a client's silence as consent. This contract closes the point in two business days.

iFX Brokers is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
DailyA statement is emailed to you at market break.20.2
48 hoursThe complaints policy makes you responsible for reporting any mistake on the account.
Two business daysThe window to object in writing closes.20.4
After the windowThe statement is final and binding, and your silence counts as agreement.20.6
  • Worse together with Exhibit 6You have two days to object, and the only evidence that counts belongs to the company.
06

iFX Brokers allows 1 bonus per IP address, and the bonus terms let it reverse profits from trading on multiple accounts at the same address. The clause covers accounts belonging to different account holders.

Why this matters

Two people trading from the same home, office or campus connection meet this test without doing anything wrong. Your profit can be reversed because of someone else's account.

Exhibit 15CriticalRarely seen1

Trading conducted on multiple accounts, whether belonging to the same or different account holders, but originating from the same IP address
Clause 3.20 in Deposit bonus terms & conditions, p.6
Read from the broker's site on Open the reference

Buried at section 28 of 35 in the Deposit bonus terms & conditions, 80% of the way through.

Our readingBonus terms commonly bar one person from opening several accounts. Reversing profits on the basis of a shared IP address, expressly including accounts held by different people, punishes a client for a connection they share rather than for anything they did.

  • Worse together with Exhibit 16One promotion per household and one bonus per address point at the same families, and a breach ends the promotion without notice.

The website's promises on speed and losses do not survive the documents

The iFX Brokers deposits page advertises withdrawals in two to four hours, and the funding policy allows 3 working days above ZAR100,000 and office hours only. The security of funds page says you cannot lose more than you deposited, while the risk disclosure says your losses may be unlimited and you are liable for any deficit.

Promise against clause1 clause flagged

The deposits page promises South African clients a withdrawal in two to four hours. The funding policy gives iFX Brokers up to 3 working days for anything over ZAR100,000, and says withdrawals happen only in office hours, Monday to Friday.

Why this matters

Ask for a large withdrawal on a Friday afternoon and the contract lets it land the following Wednesday. The bigger your balance, the less the advertised speed applies to you.

Exhibit 11WarningStandard wording3 working days

Withdrawals over ZAR100,000 can take up to 3 (Three) working days to complete (3 days from request to payment).
Clause 7 in Client Funding and Withdrawal Policy, p.6
Read from the broker's site on Open the reference

One fee lives in the downloadable contract and nowhere else

A 10% handling fee applies when you withdraw a balance you never traded, and it appears only in the PDF client agreement at clause 37.5. iFX Brokers publishes the same agreement as a web page, and that version has no such clause. Bank transfer deposits cost 2.5%, and every conversion moves the rate against you by 5c each way.

Cost disclosure2 clauses flagged

A bank transfer into your account costs 2.5% of what you send. The funding policy sets this out in a table, two pages after telling you that costs on payments to and from international banks are covered by iFX Brokers.

Why this matters

You start 2.5% down if you funded by bank transfer, which is the route for large amounts and for clients outside South Africa. Every other method in the same table is free.

Exhibit 2WarningHarder than usual2.5%

2.5% of deposit amount
Clause 3 in Client Funding and Withdrawal Policy, p.5
Read from the broker's site on Open the reference

What it costsA R10,000 bank transfer reaches your account as R9,750. The R250 is gone before your first trade.

iFX Brokers pays every withdrawal in South African Rand and moves the rate against you each way, by 5c per unit in and 5c out. The two documents that set the rate do not use the same rate.

Why this matters

You pay the markup twice on a round trip even without trading, and you cannot check it: the client agreement uses the daily rate while the funding policy uses a three day average.

Exhibit 3WarningHarder than usual

Currency conversions for deposits and withdrawals will be conducted at the daily rate provided by the Reserve Bank website, with an adjustment of +5c to the nominated rate for deposits and -5c for withdrawals.
Clause 39.7 in Client Agreement, p.36
Read from the broker's site on Open the reference

What it costsPut $1,000 in and take $1,000 out and the two adjustments cost you R100, at 5c per dollar each way.

Every withdrawal is a decision the company can defer

Clause 39.2 gives iFX Brokers absolute discretion to hold a withdrawal until it decides all requirements are met, with no deadline attached. Paying out to any account other than the one you funded from is discretionary as well. Withdrawals also wait on the yearly document check being validated.

Getting paid1 clause flagged

iFX Brokers can hold your withdrawal until it decides every requirement is met, and clause 39.2 calls that absolute discretion. Paying out to any account other than the one you funded from is discretionary too, and no deadline applies to either decision.

Why this matters

If the bank account you deposited from has closed, getting paid depends on the company accepting your reason. Nothing in the contract says how long that may take.

Exhibit 10WarningHarder than usual

If you submit a withdrawal request without meeting all the requirements, we reserve the right to exercise absolute discretion in executing the request until all legal requirements are fulfilled.
Clause 39.2 in Client Agreement, p.36
Read from the broker's site on Open the reference

The 100% bonus is credit you cannot withdraw, tied to your IP address

iFX Brokers allows 1 bonus per IP address, and reverses profits from trading on multiple accounts at one address, including accounts held by different people. Any withdrawal removes the whole bonus, and moving money between your own accounts counts as a withdrawal. The company accepts no liability for positions stopped out when it removes the credit.

Credit with conditions1 clause flagged

The 100% deposit bonus is trading credit you can never withdraw, and taking any money out removes all of it. Moving funds between your own accounts counts as a withdrawal, and the bonus also goes when your margin level reaches the call level.

Why this matters

Withdrawing a small amount costs you the entire credit and can trigger a stop out on your open trades. iFX Brokers says it accepts no liability for the positions closed that way.

Exhibit 16WarningHarder than usual100%

Full bonus will be removed on withdrawal
Clause 3.17 in Deposit bonus terms & conditions, p.5
Read from the broker's site on Open the reference

Buried at section 26 of 35 in the Deposit bonus terms & conditions, 74% of the way through.

The terms can change by website post, and trading on accepts them

Clause 5.2 lets iFX Brokers meet its notice duty by posting a change on its website, and clause 5.3 makes your continued use acceptance of it. Clause 37.4 says deposit and withdrawal charges may change from time to time, and puts the job of checking on you. Services can be suspended or discontinued with or without notice.

Changing the deal1 clause flagged

iFX Brokers can rewrite the agreement and satisfy its notice duty by posting the change on its website. Clause 5.3 then treats your continued use of the service as acceptance, and clause 2.7 makes checking the site your job.

Why this matters

You can be bound by a term you never saw, including a change to the deposit and withdrawal charges, which clause 37.4 says may change from time to time. The company may also suspend or discontinue any service with or without notice.

Exhibit 14WarningHarder than usual

Your continued use of our services after any changes have been published constitutes your acceptance and agreement to the latest terms and conditions
Clause 5.3 in Client Agreement, p.15
Read from the broker's site on Open the reference

Where it sits: section 15 of 43 in the Client Agreement, 35% of the way through.

Two business days to object, and the broker's logs are the proof

iFX Brokers issues statements daily and gives you two business days to object, after which clause 20.6 treats your silence as agreement. Its complaints policy calls the company's own server logs absolute and indisputable proof, and its decision final with no appeal. Settling means waiving your claims and withdrawing anything negative you posted.

Exit from a dispute2 clauses flagged

To settle a complaint with iFX Brokers you waive past and present claims and withdraw any negative posts about the company. The same policy says that not signing will result in a legal filing against you.

Why this matters

Getting your money back is tied to taking down what you wrote about the problem. The threat of being sued sits inside the policy you are meant to use when something goes wrong.

Exhibit 7WarningRarely seen

In the case where a settlement is reached for a complaint, the Client agrees in writing to waive any rights to past or present claims against the Company and to withdraw any negative postings, announcements, filings, or other publications which a negative effect on the Company by could have signing a settlement agreement.
Quoted in Complaints Policy, Principles of the process
Read from the broker's site on Open the reference

Our readingRetail complaint policies seldom require a client to withdraw public statements as a condition of settlement, and rarer still is one that promises litigation against a client who does not sign. Together they turn a complaints process into a reason not to complain.

While a dispute is open, clause 41.2 lets iFX Brokers refuse any instruction from you except closing an existing trade. The complaints policy adds that it can stop you changing the orders you are complaining about.

Why this matters

Raising a complaint can cost you the ability to trade, and the company sets how long its review takes. Your only permitted move is to close out.

Exhibit 8WarningHarder than usual

However, we retain the absolute right to refuse any trading instructions from you, except for instructions to close-out existing Trades, as long as there are unresolved disputes between us.
Clause 41.2 in Client Agreement, p.37
Read from the broker's site on Open the reference

Buried at section 38 of 43 in the Client Agreement, 88% of the way through.

Miss a document request and your open trades are closed

iFX Brokers re-verifies documents every 12 months, and clause 13.4 closes all positions and suspends the account without further notice if you do not respond. Clause 15.4 lets it ask for more at any time and end the relationship if you do not supply it. Withdrawals only run once the paperwork is validated.

Paperwork deadlines1 clause flagged

iFX Brokers re-verifies your documents every 12 months. Clause 13.4 says that if you do not send what it asks for, all your positions are closed and your account is suspended without further notice.

Why this matters

An email you missed on holiday can close your open trades at whatever price the market is at. Withdrawals are also only processed once the company has validated the paperwork.

Exhibit 17WarningHarder than usual

Anti-Money Laundering verifications are conducted every 12 months. If you fail to submit the required documentation, all positions will be closed, and your account will be suspended without further notice.
Clause 13.4 in Client Agreement, p.20
Read from the broker's site on Open the reference

Where it sits: section 19 of 43 in the Client Agreement, 44% of the way through.

iFX Brokers is the house, not a route to a market

Clause 19.1 says iFX Brokers deals on its own account and resells the contracts to the public, and the risk disclosure states plainly that it is the counterparty to all your trades. Its about page claims full alignment of interest with clients. The conflict of interest policy runs six pages without mentioning that it takes the other side of your trade.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Who takes the other side1 clause flagged

The about page says there is full alignment of interest between iFX Brokers and its clients. Clause 19.1 says the company trades as principal and resells those contracts to the public, and the risk disclosure says it is the counterparty to all your trades.

Why this matters

Your loss is the company's gain on every trade, because it takes the other side rather than passing your order to a market. Its conflict of interest policy runs six pages and never mentions this.

Exhibit 13WarningStandard wording

iFX Brokers Holdings (Pty) Ltd will be both acting as an intermediary in the execution of securities transactions for clients and will also be dealing on own account, i.e. trade in CFD’s as principal with the intention of reselling these CFD’s to the public.
Clause 19.1 in Client Agreement, p.26
Read from the broker's site on Open the reference

Buried at section 26 of 43 in the Client Agreement, 60% of the way through.

A leftover balance vanishes after two months of not trading

After 60 days without a trade, iFX Brokers treats the account as inactive and removes any balance under USD10, EUR10, GBP10 or ZAR50. The rule is in the definitions list on page 8, not in the fees section. No dormancy fee is charged today, and the same definition reserves the right to start one.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Stop trading for 60 days and your account counts as inactive. If less than USD10, EUR10, GBP10 or ZAR50 is left, the client agreement says that balance is automatically removed. The rule sits in the definitions list, not in the fees section.

Why this matters

A small leftover balance disappears with no warning email and no closing statement. iFX Brokers charges no dormancy fee today, and the same definition reserves the right to introduce one whenever it wants.

Exhibit 9WarningHarder than usual60 days

Account balances of less than USD10 / EUR10 / GBP 10 / ZAR 50 is automatically removed on inactive accounts.
Clause Definitions, INACTIVE ACCOUNT in Client Agreement, p.8
Read from the broker's site on Open the reference

Where it sits: section 5 of 43 in the Client Agreement, near the start.

Disputes go to the High Court of South Africa

South African law governs the iFX Brokers agreement, and clause 4.1.2 has you waive any argument that the venue is inconvenient. That is normal for a South African licensed firm, and it still means litigating in Jeffreys Bay's jurisdiction wherever you live. The contract keeps your free route to the FAIS Ombud open.

Where you would sue1 clause flagged

South African law governs the agreement and the High Court of South Africa hears any dispute. Clause 4.1.2 has you agree in advance not to argue that the venue is inconvenient.

Why this matters

Suing iFX Brokers means doing it in South Africa, whichever country you live in. The free route is the FAIS Ombud, and the contract preserves your right to use it.

Exhibit 18NoticeStandard wording

Waives any objection which it may have at any time to the laying of venue in respect of any Proceeding brought in any such court and agrees not to claim that such Proceeding has been brought in an inconvenient forum or that such court does not have jurisdiction over it.
Clause 4.1.2 in Client Agreement, p.14
Read from the broker's site on Open the reference

Where it sits: section 14 of 43 in the Client Agreement, 33% of the way through.

Segregated at South African banks, with no compensation scheme named

Clause 36.2 puts client money in segregated accounts at tier one South African banks, in the name of iFX Brokers Holdings (Pty) Ltd, the FSCA licence holder you contract with. The risk disclosure attributes that duty to the Financial Services Act, 2007, a statute the rest of the document set never uses. No investor compensation scheme is named anywhere.

Who holds your money1 clause flagged

Client money sits in segregated accounts at South African banks under clause 36.2, which is a real protection. The risk disclosure ties that duty to the Financial Services Act, 2007, a statute no other document in the set relies on.

In plain words

Indemnities are money it says you owe it.

Why this matters

No compensation scheme is named anywhere, so segregation and the company's indemnity insurance are the only cover if it fails. Its own risk disclosure adds that segregation may not afford complete protection.

Exhibit 19NoticeStandard wording

The Company is required to hold client funds in segregated trust accounts in accordance with the regulations of Financial Services Act, 2007, but this may not afford complete protection.
Clause 3.8 in Risk Disclosure Statement, p.5
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The policy covering withdrawals says there is no withdrawal fee, while the client agreement charges 10% on an untraded balance.

Said in public, in English

The Company does not charge any fees for transferring the funds to you, but any expenses incurred by the Reserve Bank, Bank, Credit Card Company, Payment Processor or e-Wallet for transferring the funds shall be borne by you.

Client Funding and Withdrawal Policy, withdrawal of client funds section, published as a web page

In the contract · clause 37.5

Any withdrawals, where no trading activity is present shall be subject to a 10% handling fee.

02

The deposits page promises no additional charges, and the funding policy charges 2.5% on a bank transfer deposit.

Said in public, in English

We cover the transaction fees on all instant payment deposits, ensuring that you can fund your account without any additional charges.

Deposits and Withdrawals page, headed ZERO DEPOSIT FEES

In the contract · clause 3

2.5% of deposit amount

03

Two to four hours is advertised, and the policy allows three working days once the amount passes ZAR100,000.

Said in public, in English

We aim to process withdrawals within working hours, and for South African clients, withdrawals are typically processed within 2-4 hours.

Deposits and Withdrawals page, withdrawals section

In the contract · clause 7

Withdrawals over ZAR100,000 can take up to 3 (Three) working days to complete (3 days from request to payment).

04

The website says you cannot lose more than you deposited, and the risk disclosure says your losses may be unlimited.

Said in public, in English

we have implemented a negative balance protection policy to safeguard our clients. This ensures that if your account goes into a negative balance due to market movements, you will not lose more money than what you originally deposited.

Security of Funds page, Negative Balance Protection section

In the contract · clause 3.1

In particular, your losses may be unlimited, and no deposit or other amount you have paid will limit your losses.

05

The about page claims full alignment of interest, while the company takes the other side of every trade you place.

Said in public, in English

We pride ourselves on being at the forefront of industry reform and driving transparency. This demonstrates the full alignment of interest between iFX and our clients.

About page, Our values section

In the contract · clause 3.7

We are the counterparty to all your trades.

The documents this reading is based on

26 files, all published by iFX Brokers. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording iFX Brokers publishes.

How this reading was done

Every clause above was read out of a document iFX Brokers publishes itself

This reading was published on .

Documents
8 of 26downloaded from the broker's site, and 8 read in full
Pages opened
30pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Position measured
11clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

iFX Brokers Holdings (Pty) Ltd

You contract with iFX Brokers Holdings (Pty) Ltd, registration number 2017/027249/07, a South African company. It is the same entity that holds FSCA licence 48021, so the licence on the site belongs to the company on your contract. It is not passing your order to a market: clause 2.1 says it issues the derivatives and acts as your counterparty, and clause 19.1 says it deals on its own account. The client agreement gives its address as 79 Da Gama Road, Jeffreys Bay, while the website footer gives 32 Blaaukrans Street. The agreement also defines the company as a globally operating brand including any affiliated companies, without naming one.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

iFX Brokers is licensed onshore by the FSCA as FSP 48021, not offshore, and it names the FAIS Ombud with a full address and phone number. Every legal document is free to download and also published as a web page, so you can read the contract without opening a PDF. Clause 36.2 puts client money in segregated accounts at South African banks. The risk disclosure is detailed and blunt about leverage. The bonus terms state the margin call and stop out levels as plain numbers, which the client agreement never does.

We read six documents end to end: the client agreement, the terms of use, the client funding and withdrawal policy, the deposit bonus terms, the conflict of interest policy and the risk disclosure statement. The complaints policy PDF would not open, so we read that policy on the broker's own page at ifxbrokers.com/complaint-handling-policy/, and every quotation credited to it comes from there. We read parts of the client identification policy the same way, and part of the company profile. We did not read the introducing broker agreement, the PAIA policy, the client acceptance policy, the best execution policy, the treating customers fairly policy, the privacy policy, the seven statutory disclosure forms or either licence file. The FAIS licence gave up no text at all. Older copies of eight documents could not be reached, so we could not compare anything against an earlier version. The site is English only, so there was no other language version of the marketing to hold against the contract.

How to check any of this yourself

Every quote above links to the iFX Brokers file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document iFX Brokers publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge iFX Brokers on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Aug 22, 2026.

If you represent iFX Brokers and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on iFX Brokers. Whether its licence is real and current is a separate check on the broker profile.

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