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Contract reading

What IFX legally published, but does not want you to read

Every clause below is published by IFX 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 (UK) Ltd

hidden feedeemed acceptancesole discretionwithdrawalsdispute waiverclaim deadlinejoint liabilitymarginprice discretionsafeguarding

IFX (UK) Ltd is a genuine FCA e-money firm whose contracts are harder than its website. You get 5 working days to report a payment that went wrong, cut down from the 13 months the law allows. Money you post as margin stops being safeguarded and becomes IFX property. No price is published anywhere, and the schedule that binds you is private and outranks the terms you can read.

Back to IFX

Contract risk

Money at risk
7.0/10

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.
9
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
27
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
14
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
3

How the 27 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.

Critical9
Warning17
Notice1

section 267 of 277is where the deepest clause sits, 96% 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.

Critical5 working daysTime to complain. Jump to the clause this comes from.Five working days to report a payment that went wrongCritical5 working daysWithdrawal limit. Jump to the clause this comes from.A minimum balance IFX can take from, outside safeguardingCritical1 daysProfit at risk. Jump to the clause this comes from.Miss a margin call by a day and you lose the gain$50Fee you were not shown. Jump to the clause this comes from.A £50 charge for each payment that arrives after you leave

What the documents say

27 clauses worth knowing about, worst first, each quoted from IFX's own files

01

Report an unauthorised or mistaken payment more than 5 working days after it happens and IFX says it is not responsible to you. The law allows 13 months. The contract cuts that to five days using the corporate opt-out.

Why this matters

A fraudulent payment you spot on next month's statement is already out of time. Charities and micro-enterprises keep the 13 months, and an ordinary company does not.

Exhibit 1CriticalHarder than usual5 working days

Unless you are a Charity, or Micro-Enterprise, we will not be responsible to you:
Clause 13.1 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Buried at section 203 of 314 in the IFX Trading Terms and Conditions (Corporate), 65% of the way through.

Set against a regulated standard: FCA (UK)

The Payment Services Regulations give a payment user 13 months to report an unauthorised or incorrect transaction. The rules let a firm agree a shorter window with a corporate client. This contract sets that window at five business days.

IFX is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 9One clause closes the window in five days and the other makes the whole statement final after sixty.
02

Money you move across to cover a forward contract stops being e-money the moment it is used as margin. It is no longer safeguarded as client money, and IFX can deal with it as its own property. The private client agreement says this too.

Why this matters

If IFX fails, that money is not protected for you, and you join the queue as an ordinary creditor. The switch happens when the funds are used as margin, not at a moment you choose.

Exhibit 2CriticalRarely seen

When any funds transferred by you to us (including funds transferred to your Wallet are used to pay for Initial Margin or Variation Margin, these funds will no longer be considered e-money and will not be safeguarded as client money and we shall be entitled to use, transfer or otherwise deal with such funds as our own property.
Clause 7.14 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Where it sits: section 137 of 314 in the IFX Trading Terms and Conditions (Corporate), 44% of the way through.

Set against a regulated standard: FCA (UK)

An e-money institution the FCA authorises must safeguard relevant funds, keeping them apart from its own money. This contract takes margin outside that protection and makes it IFX property.

IFX is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Our readingTransferring title to collateral is a wholesale market device, normally used between banks and funds. Here it sits in an agreement for private individuals. The protection an e-money balance normally carries is switched off by the act of trading.

  • Worse together with Exhibit 8The money loses its protection when it is posted, and a missed margin call then forfeits any gain it was holding.
03

When a forward contract is cancelled and the exchange rate has moved your way, IFX keeps the gain. The business agreement and the private client agreement carry the identical clause.

Why this matters

A loss on the same contract is yours to pay, and IFX can invoice you and take it from your wallet. A gain is not yours to collect. The clause runs one way.

Exhibit 3CriticalRarely seen

where we are holding excess funds as a result of foreign exchange currency movements, we reserve the right to retain these excess funds.
Clause 9.6.3 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Where it sits: section 169 of 314 in the IFX Trading Terms and Conditions (Corporate), 54% of the way through.

Our readingA termination clause normally returns whatever is left once the firm has covered its losses, and the earlier limbs of this clause do exactly that. The last limb reverses it. Where the movement produced a surplus, IFX keeps it.

  • Worse together with Exhibit 8One clause lets IFX end the contract when you miss a margin call, and the other lets it keep what the rate movement produced.
04

IFX can stop, delay or send back your money at any time. One of the listed reasons is an instruction from one of its own banking partners. No clause puts a time limit on how long the hold lasts.

Why this matters

Your payroll or supplier run can sit frozen while a bank you have no contract with decides. IFX may also be unable to tell you why, and no date obliges it to release the funds.

Exhibit 4CriticalHarder than usual

suspend, prohibit or delay the release of funds to you or any bene ciary;
Clause 16.7.2 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Buried at section 264 of 314 in the IFX Trading Terms and Conditions (Corporate), 84% of the way through.

Set against a regulated standard: FCA (UK)

Firms the FCA authorises must tell a payment service user when access to funds is blocked, and why, unless the law prevents it. This contract adds an instruction from a banking partner as a ground, and sets no date by which the money comes back.

IFX is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

05

If you owe IFX anything, it can deduct from your balance and from the e-money accounts of any of your group companies it also services. It can do this at any time, with no further notice, for debts that are not yet due.

Why this matters

A sister company's unpaid invoice can be settled out of your working capital overnight. IFX also picks the exchange rate when the two sit in different currencies.

Exhibit 6CriticalRarely seen

deduct, without further notice to you, from any balance in your E-Money Account or an e-money account held by any of your Group Companies that we service (if applicable) against such amounts that you owe to us under the Agreement or pursuant to Applicable Laws or the Regulations; and
Clause 23.6.2 in IFX Corporate IBANQ Terms and Conditions
Read from the broker's site on Open the reference

Buried at section 267 of 277 in the IFX Corporate IBANQ Terms and Conditions, 96% of the way through.

Our readingSet-off against the client's own account is ordinary. Reaching into the accounts of other companies in the group is not. Those are separate legal persons with their own creditors, and the clause needs no notice before it bites.

06

IFX publishes no prices anywhere. What you pay sits in a private Pricing Schedule, agreed one client at a time. The ibanq agreement ranks that unpublished document first, above every term you can actually read.

Why this matters

You cannot compare IFX on price before you sign, because no price exists in public. If the private schedule and the published terms ever disagree, the document you never saw wins.

Exhibit 5WarningHarder than usual

a term contained in a document higher in the list shall have priority over one contained in a document lower in the list:
Clause Part 1 in IFX Corporate IBANQ Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 11 of 277 in the IFX Corporate IBANQ Terms and Conditions, near the start.

Set against a regulated standard: FCA (UK)

Firms the FCA authorises must give a payment service user the charges that will apply before that user is bound by the contract. Here the charges live in a schedule the public cannot see.

IFX is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 11No schedule is published, and where no schedule is agreed IFX picks the figure itself.

Five working days to report a wrong payment, where the law allows 13 months

IFX gives a corporate client 5 working days to report an unauthorised or incorrectly executed payment. The Payment Services Regulations allow 13 months, and the ibanq agreement says in terms that it replaces that period. A statement you do not query within 60 days becomes final and unchallengeable. Any claim against IFX expires 12 months after you should have known about it, and is capped at the fees you paid.

Time limits4 clauses flagged

Spot a mistake on a statement more than 60 days late and the figures are treated as approved by you. The contract then removes your right to object to them at all. This applies to private clients as well as businesses.

Why this matters

An error buried in a batch of payments becomes your error once two months pass. You carry the loss even though IFX made the entry.

Exhibit 9CriticalHarder than usual60 days

If we do not receive any objection from you within 60 days all information mentioned therein is considered as having been approved and con rmed by you and all the information and gures will be considered accurate and nal.
Clause 12.6 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Buried at section 200 of 314 in the IFX Trading Terms and Conditions (Corporate), 64% of the way through.

If IFX can produce evidence of a scam loss connected to your account, you have no right of dispute. The clause says so in those words. It covers losses caused by your own customers too.

Why this matters

IFX decides what the evidence shows, and you cannot challenge the amount it takes from you. The bill can come from a scam you never handled.

Exhibit 10CriticalRarely seen

For the avoidance of doubt, the Client shall have no right of dispute under this provision where IFX can show evidence of the loss relating to the Client’s account, the Client’s End Client or provision of Onward Services;
Clause 6.2(ii) in Financial Institution Addendum
Read from the broker's site on Archived copyOpen the reference

Buried at section 53 of 65 in the Financial Institution Addendum, 82% of the way through.

Our readingContracts usually leave a client free to argue about the size of a loss, even where liability is settled. Removing the right of dispute outright hands one party both the finding and the figure.

A claim against IFX dies 12 months after you should have known about it. Its total liability is also capped at the revenue it earned from you over the previous 12 months.

Why this matters

Your ceiling is the fees you paid IFX, not the size of the payment that went wrong. A single mishandled transfer can be worth many times a year of charges. The cap still leaves whatever the Payment Services Regulations require.

Exhibit 17WarningHarder than usual365 days

The notice period for an event shall start on the day on which the Client became, or ought reasonably to have become aware of having grounds to make a claim in respect of the event and shall expire 12 months from that date.
Clause 15.10 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Buried at section 237 of 314 in the IFX Trading Terms and Conditions (Corporate), 75% of the way through.

The private client agreement never tells you that you can take a complaint to the Financial Ombudsman Service. For advice on your rights it sends you to Citizens Advice or Trading Standards. The Ombudsman appears only as a body IFX may share your information with.

Why this matters

A free, binding route to an independent decision is the strongest right a consumer of a financial service has. IFX does set it out properly on its complaints page, so the gap is in the contract you signed.

Exhibit 18WarningHarder than usual

Advice about your statutory rights is available from your local Citizens' Advice Bureau or Trading Standards Oce.
Clause 14.5 in IFX Trading Terms and Conditions (Private Clients)
Read from the broker's site on Open the reference

Buried at section 188 of 246 in the IFX Trading Terms and Conditions (Private Clients), 76% of the way through.

IFX can hold your money on a partner bank's instruction, with no end date

No clause in any IFX agreement sets a date by which held funds come back. IFX can suspend, delay or return your money on six listed grounds. One of them is an instruction from its own banking partner. Money used as margin leaves safeguarding altogether and becomes IFX property. Payment firm clients can also be made to park a minimum balance that IFX draws on without notice.

Access to funds1 clause flagged

Payment and fintech clients can be told to park a minimum balance with IFX. That money is not safeguarded as client money, and IFX can take from it without notice to cover a scam refund. You then have 5 business days to put it back.

Why this matters

This is your capital, held outside the protection that applies to the rest of your balance. It can shrink because of a scam involving one of your own customers, and the first you know is the statement.

Exhibit 7CriticalRarely seen5 working days

any funds transferred to IFX to maintain the Mandatory Minimum Balance will not be considered e-money and accordingly will not be safeguarded as client money; and
Clause 6.3(iii) in Financial Institution Addendum
Read from the broker's site on Archived copyOpen the reference

Buried at section 55 of 65 in the Financial Institution Addendum, 85% of the way through.

Our readingA security deposit held by a payment provider against its own future losses is not a normal feature of a payment account. The contract puts it outside safeguarding and lets IFX draw on it without asking.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
On requestIFX can require you to park a minimum balance with it.6.3(i)
On transferThose funds stop being e-money and are not safeguarded as client money.6.3(iii)
On any lossIFX deducts from that balance without telling you first.6.3(iv)
5 business daysYou must top the balance back up.6.3(v)
  • Worse together with Exhibit 2Two separate pots of your money sit outside safeguarding, one for margin and one for scam cover.

A currency move in your favour belongs to IFX, a move against you belongs to you

When a forward contract ends and the exchange rate has moved your way, IFX keeps the gain. The corporate and the private client agreements carry the identical clause. Miss a margin call by 24 hours and you are entitled to no benefit from the trade. IFX can also set off what you owe against the accounts of your group companies, at any time and without notice.

One way outcomes1 clause flagged

You have 24 hours to pay a margin call once IFX asks. Miss it and IFX can cancel the trade. Clause 7.18 then leaves you entitled to no benefit from it.

Why this matters

You are deemed to have got the margin call the moment IFX sends the email, answered or not. A forward contract that moved in your favour can be cancelled, and the gain goes with it.

Exhibit 8CriticalHarder than usual1 days

In the event that you fail to satisfy your obligations under this clause 7, and/or we cancel the Order, you will not be entitled to any bene t arising out of or in connection with the Order.
Clause 7.18 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Where it sits: section 141 of 314 in the IFX Trading Terms and Conditions (Corporate), 45% of the way through.

IFX publishes no prices, and the schedule that binds you is private

Not one fee is published on ifxpayments.com. IFX puts your charges in a private Pricing Schedule, agreed client by client. The ibanq agreement ranks that unpublished document above the terms you can read. Where no schedule exists, IFX charges what it decides is appropriate, using your location and sector as inputs. The only figures the contracts name are penalties: £50 for each payment returned after closure, and £500 to investigate a scam.

Cost disclosure5 clauses flagged

With no pre-agreed price, IFX charges what it decides is appropriate for you. Clause 3.2 names the factors it uses. They include where your business is based, your sector, and how long you have been a client.

Why this matters

Two clients buying the same currency on the same day can pay different amounts, and neither can see the other's rate. You have no published number to hold IFX to.

Exhibit 11WarningRarely seen

In the absence of pre-agreed fees between the Client and IFX for foreign exchange trading services (“Forex”) (as set out in a Pricing Schedule or otherwise), IFX will apply such fees and charges for Forex as it deems appropriate for the Client.
Clause 3.2 in IFX Corporate IBANQ Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 75 of 277 in the IFX Corporate IBANQ Terms and Conditions, 27% of the way through.

Our readingMost payment firms set charges in a schedule or a published tariff. This term lets IFX pick the figure afterwards. It names the client's location as one of the inputs, which puts the price inside IFX's judgement rather than in the contract.

Trade outside 08.30 to 17.30 UK time and IFX adds an extra percentage-based fee. The contract never says what the percentage is, and it can change with how often the currency is traded.

Why this matters

You can only avoid this by trading in UK office hours, which is hard if your business sits in another time zone. IFX also keeps the right to cancel an out of hours order if the rate has moved.

Exhibit 12WarningHarder than usual

For certain Out-Of-Hours conversions or trading IFX will apply a reasonable extra percentage-based fee, which may change according to when and how frequently the currencies are traded.
Clause 3.4 in IFX Corporate IBANQ Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 80 of 277 in the IFX Corporate IBANQ Terms and Conditions, 29% of the way through.

Close your ibanq account and IFX charges £50 for every payment that still arrives and has to be sent back. The charge starts once the account has been shut for 10 business days.

Why this matters

A customer who keeps paying your old IBAN costs you £50 a time, and IFX can take it from your balance or invoice you. You cannot stop a payer who has the details saved.

Exhibit 13WarningHarder than usual$50

IFX reserves the right to charge a reasonable administration fee of £50 for each payment returned to the original remitter in each case (in accordance with its internal policies).
Clause 11.10 in IFX Corporate IBANQ Terms and Conditions
Read from the broker's site on Open the reference

Buried at section 214 of 277 in the IFX Corporate IBANQ Terms and Conditions, 77% of the way through.

What it costsThree customers pay your closed IBAN after the 10 business days are up. That is £150 in return charges on money you never got to use.

If IFX investigates a scam and finds you or one of your own customers involved, it charges you £500. It can also shut every account you hold with it.

Why this matters

This sits in the Financial Institution Addendum, so it applies to payment and fintech clients. Your own customer's fraud can trigger the fee on you, and the right to close your accounts.

Exhibit 14WarningHarder than usual$500

The Client acknowledges and agrees that, where the Client is in breach of any provision of this clause 6 or if the Client or its End Clients are found to have been involved in or connected with an APP Scam or other fraudulent activity, IFX (without prejudice any other rights IFX may have) (i) shall have the right to exercise its rights under clause 9.2; and (ii) reserves the right to charge the Client a reasonable case handling fee equal to £500 in order to investigate such APP Scam or other fraudulent activity.
Clause 6.4 in Financial Institution Addendum
Read from the broker's site on Archived copyOpen the reference

Buried at section 57 of 65 in the Financial Institution Addendum, 88% of the way through.

IFX can revise its charges unilaterally and at its own discretion. You then have 10 working days to leave, or you are treated as having accepted the increase. Interest and exchange rate changes need no notice at all.

Why this matters

Your only answer to a price rise is to close the account and move your payments elsewhere. Miss the 10 day window and the new price is yours.

Exhibit 15WarningHarder than usual10 working days

IFX reserves the right to revise the Charges unilaterally and at its discretion.
Clause 10.2 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Where it sits: section 173 of 314 in the IFX Trading Terms and Conditions (Corporate), 55% of the way through.

IFX needs five days to leave, you need thirty

IFX can close a business account without cause on 5 days' written notice, while you must give 30. It can amend the terms on its own with two weeks' notice, and you are bound by whatever version is on its website. The Data Processing Addendum, which outranks everything else in the corporate agreement, changes the day IFX posts it. Private clients, charities and micro-enterprises get 90 days.

Exit and amendment4 clauses flagged

IFX needs 5 days to close your account and wallet without giving a reason. You need 30 days to close it yourself. Private clients, charities and micro-enterprises get 90 days.

Why this matters

Five days is not enough time to move payroll, supplier mandates and your incoming IBAN details to another provider. The contract also requires you to keep a second payment account open at all times.

Exhibit 19WarningHarder than usual5 days

IFX gives the Client ve (5) days’ written notice of its intention to do so; or
Clause 16.1.1 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Buried at section 241 of 314 in the IFX Trading Terms and Conditions (Corporate), 77% of the way through.

Set against a regulated standard: FCA (UK)

The Payment Services Regulations require two months' notice before a firm ends a framework contract with a consumer or a micro-enterprise. A corporate client can agree to less, and this contract sets five days.

IFX is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 22You get five days to find another provider, which is why the contract makes you keep one lined up.

IFX can amend the terms on its own, in its sole discretion, with two weeks of notice. You are bound by whatever version sits on its website at the time. Charities and micro-enterprises get two months.

Why this matters

Checking a web page every fortnight is the only way to know what you have agreed to. If you do not object in time, the new wording is yours.

Exhibit 20WarningHarder than usual

IFX may, in its sole discretion and by notice to the Client, unilaterally amend these Terms from time to time;
Clause 4.1.1 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Where it sits: section 81 of 314 in the IFX Trading Terms and Conditions (Corporate), 26% of the way through.

The Data Processing Addendum sits first in the corporate agreement's order of priority, above the trading terms themselves. IFX can update it whenever it likes, and notice counts as given on the day it appears on the website.

Why this matters

The document that beats all the others can change without an email reaching you. Your agreement to the new version is complete once it is published.

Exhibit 21WarningRarely seen

Notice shall be deemed to have been provided on the date of publication of the Addendum on the Website, and the provisions of the most recent version of this Addendum made accessible on the Website will apply.
Clause 1.11 in Data Processing Addendum
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 40 of 112 in the Data Processing Addendum, 36% of the way through.

Our readingA data processing addendum is normally the most tightly negotiated schedule in a contract and ranks below the commercial terms. Here it ranks above them and can be rewritten by one side, with publication on a website standing in for notice.

You promise IFX, as an ongoing warranty, that you hold payment accounts with other providers as well. The promise runs for the life of the agreement, and the private client terms say the same.

In plain words

Indemnities are money it says you owe it.

Why this matters

Breaking this promise is a breach of warranty, which lets IFX end the agreement and claim under the indemnity. It also tells you how IFX sees the risk of your access stopping.

Exhibit 22WarningRarely seen

you hold, and will continue to hold, alternative banking and payment accounts with other service providers for the duration of this Agreement.
Clause 6.12.4 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Where it sits: section 116 of 314 in the IFX Trading Terms and Conditions (Corporate), 37% of the way through.

Our readingA payment provider asking a client to warrant that it banks elsewhere is unusual. It makes the backup a contractual duty rather than a choice. The cost of a sudden loss of service sits with the client.

Clients outside three countries sign that IFX never approached them

Clients outside the UK, Canada and the UAE agree that IFX did not target them. They also agree there was no prior marketing and that they came to IFX on their own initiative. IFX runs an office in Warsaw and tells visitors it is active in Poland. English law and the courts of England and Wales govern all nine documents.

Reverse solicitation1 clause flagged

If your business sits outside the UK, Canada or the UAE, you agree that IFX did not target you. You also agree there was no prior marketing and that you approached IFX on your own initiative. IFX runs an office in Warsaw.

Why this matters

This wording is what a firm relies on to argue your local consumer and conduct rules do not apply. You sign it whether or not an IFX salesperson contacted you first.

Exhibit 26WarningHarder than usual

By agreeing to receive the Services, any Client outside the United Kingdom, Canada and United Arab Emirates acknowledges and agrees that (i) they have not been targeted by IFX; and (ii) there has been no material prior marketing to the Client, in any jurisdiction where IFX is not locally licenced to do so; and (iii) the Client approached IFX for its Services on their own initiative.
Clause 5.3 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference
Our own capture of ifxpayments.com, taken on Oct 14, 2026The claim, on Contact page section headed Our offices, above a listed Warsaw addressVisit this page on the broker's siteDownload the full size image file

Where it sits: section 86 of 314 in the IFX Trading Terms and Conditions (Corporate), 27% of the way through.

Ten business days to produce papers, or IFX cancels the payment

IFX gives you 10 business days to answer a compliance request, and cancels the payment without further notice if you miss it. You must acknowledge the request within two. Its privacy policy also puts your identity, correspondence and transaction data through generative AI models, on a legitimate interests basis rather than consent.

Documents and data3 clauses flagged

Miss IFX's document deadline by a day and it can cancel your payment with no further notice. You get 10 business days, and you must acknowledge the request within two.

Why this matters

A supplier payment can be pulled while you are still gathering paperwork, and IFX accepts no liability for what that costs you. For scam related requests the deadline can be shorter still.

Exhibit 23WarningHarder than usual10 working days

If the Client fails to provide, within 10 Business Days of a request to do so, any documents or other information IFX may require from the Client to satisfy its compliance checks, IFX may elect (in its sole discretion) to cancel the relevant Payment Instruction without further notice to the Client.
Clause 4.3 in IFX Corporate IBANQ Terms and Conditions
Read from the broker's site on Open the reference

Where it sits: section 115 of 277 in the IFX Corporate IBANQ Terms and Conditions, 42% of the way through.

IFX uses generative AI large language models on your data to improve its services and its fraud checks. The data listed for that purpose includes your identity, your correspondence and your transactions. The basis is IFX's legitimate interests, not your consent.

Why this matters

You cannot refuse this by withholding consent, because consent is not what IFX relies on. You can object, and the privacy policy says IFX may decide its own interests override your objection.

Exhibit 24WarningHarder than usual

To use data analytics or artificial intelligence, including generative AI large language models, to improve our website, products/services, marketing, client relationships and experiences and the efficiency and effectiveness of our services and our financial crime and fraud prevent processes.
Clause 4 in Global Privacy Policy
Read from the broker's site on Open the reference

Where it sits: section 70 of 130 in the Global Privacy Policy, 54% of the way through.

  • Worse together with Exhibit 25IFX runs your data through large language models while the API addendum forbids you from doing the same.

Send data through the IFX API and you grant IFX a perpetual, irrevocable and transferable licence over it. The licence covers your end users' content and lets IFX publish, modify and translate it.

Why this matters

The licence does not end when your contract does. It is perpetual and irrevocable. The same addendum bans you from combining API data with large language models, while IFX runs your data through them.

Exhibit 25WarningRarely seen

The Client grants IFX a royalty-free, perpetual, irrevocable, non-exclusive, transferable licence to use, reproduce, copy, download, view, modify, publish, edit, translate, perform, display and otherwise utilise any data, content or material that the Client provides through the IFX API including end user content or material and any data or analytics generated from the same.
Clause 2.2 in API Licence Addendum
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 22 of 85 in the API Licence Addendum, 26% of the way through.

Our readingAPI terms usually take a licence limited to running the service. A perpetual, irrevocable and transferable right to publish and modify the client's data, including its own customers' content, goes well past that.

Two years of quiet lets IFX start charging an unnamed fee

All three IFX agreements allow an administration fee once a wallet has gone 2 years without a payment or an order. None says what the fee is, how often it runs, or whether it stops at a zero balance. No clause promises you a warning first.

Dormant accounts1 clause flagged

Leave a wallet untouched for 2 years and IFX can start charging an administration fee. The contract never says how much, how often, or whether it stops when your balance runs out.

In plain words

Dormancy means an account left unused.

Why this matters

A small balance you forgot about can be eaten by a fee you were never quoted. Nothing in the three agreements promises you a warning first.

Exhibit 16WarningHarder than usual730 days

We reserve the right to charge a reasonable administration fee if you have not used the Services or your Wallet for a period of 2 years or more calculated from the date the last Payment Instruction or Order (where applicable) was received by us from you.
Clause 10.17 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Buried at section 188 of 314 in the IFX Trading Terms and Conditions (Corporate), 60% of the way through.

Your counterparty is IFX (UK) Ltd, an e-money institution outside the FSCS

All four trading and ibanq agreements name one counterparty: IFX (UK) Ltd, company number 05422718, authorised by the FCA under firm reference 900517. It issues e-money and provides payment services, and it is not a bank. The Financial Services Compensation Scheme does not cover your balance, and IFX says so in clause 10.7 and on its safeguarding page.

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 you contract with1 clause flagged

Your counterparty is IFX (UK) Ltd, an electronic money institution authorised by the FCA under firm reference 900517. It is not a bank. The Financial Services Compensation Scheme does not cover your balance.

Why this matters

If IFX failed, you would claim against the safeguarded pool of client funds, not the deposit protection a bank account carries. IFX states this in the terms and on its safeguarding page.

Exhibit 27NoticeStandard wording

It is important to note that as an EMI we’re not covered by the Financial Services Compensation Scheme.
Clause 10.7 in IFX Trading Terms and Conditions (Corporate)
Read from the broker's site on Open the reference

Where it sits: section 178 of 314 in the IFX Trading Terms and Conditions (Corporate), 57% of the way through.

Set against a regulated standard: FCA (UK)

An e-money institution the FCA authorises must safeguard relevant funds but sits outside the Financial Services Compensation Scheme. This contract says so in clause 10.7.

IFX is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

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

01

The homepage says client funds are safeguarded, while clause 7.14 takes margin out of safeguarding and makes it IFX property.

Said in public, in English

FCA-regulated, with funds being safeguarded with authorised credit institutions.

Homepage section headed Built for businesses the system overlooks

In the contract · clause 7.14

When any funds transferred by you to us (including funds transferred to your Wallet are used to pay for Initial Margin or Variation Margin, these funds will no longer be considered e-money and will not be safeguarded as client money and we shall be entitled to use, transfer or otherwise deal with such funds as our own property.

02

The homepage promises clear pricing, while no price is published anywhere and clause 3.2 lets IFX set the figure itself.

Said in public, in English

Clear pricing, disciplined execution, and expert judgement, so currency decisions are made with a level head, not under pressure.

Homepage FX section headed FX for complex businesses, without the guesswork

In the contract · clause 3.2

In the absence of pre-agreed fees between the Client and IFX for foreign exchange trading services (“Forex”) (as set out in a Pricing Schedule or otherwise), IFX will apply such fees and charges for Forex as it deems appropriate for the Client.

03

IFX advertises an office in Warsaw and says it is active in Poland, while a Polish client has to certify it was never targeted and came on its own initiative.

Said in public, in English

Contact us using the form or speak to us directly using the numbers for each of our offices. We're active in the UK, Poland and UAE.

Contact page section headed Our offices, above a listed Warsaw address

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of ifxpayments.com

In the contract · clause 5.3

By agreeing to receive the Services, any Client outside the United Kingdom, Canada and United Arab Emirates acknowledges and agrees that (i) they have not been targeted by IFX; and (ii) there has been no material prior marketing to the Client, in any jurisdiction where IFX is not locally licenced to do so; and (iii) the Client approached IFX for its Services on their own initiative.

What changed quietly

IFX's documents have not been reviewed before, so no changes are listed.

  • REWRITTENClause · 2021-09-26 to 08.10.26

    IFX moved its registered office from Marylebone Road to Pilgrim Street and reissued the website terms with the new address.

    The Carter, 11 Pilgrim Street, London, EC4V 6RN, United Kingdom.

The documents this reading is based on

14 files, all published by IFX. 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 publishes.

How this reading was done

Every clause above was read out of a document IFX publishes itself

This reading was published on .

Documents
11 of 14downloaded from the broker's site, and 11 read in full
Pages opened
24pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Position measured
27clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

IFX (UK) Ltd

All four trading and ibanq agreements name the same counterparty. It is IFX (UK) Ltd, trading as IFX Payments, company number 05422718, registered at The Carter, 11 Pilgrim Street, London EC4V 6RN. The FCA authorises it under the Electronic Money Regulations 2011, firm reference 900517, to issue e-money and provide payment services. It is not a bank. A second company, IFX Payments (DIFC) Limited, registration CL8834, appears only in the privacy policy, as the controller for UAE residents who take services from it. The regulatory page on IFX's own site names the FCA plus two DFSA registrations, one of them a representative office permission held by IFX (UK) Ltd to market in the DIFC. None of the nine documents mentions South Africa or the FSCA.

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

The document set is complete, dated and readable. Eight agreements and addenda all carry the date 27 August 2026 and all download freely. IFX says in clause 10.7 and on its safeguarding page that as an e-money institution it is not covered by the Financial Services Compensation Scheme. Many payment firms leave a client to work that out. The complaints page names the Financial Ombudsman Service and the Dutch Kifid, with a 15 business day target and a 35 business day backstop. IFX also publishes a named list of 23 sub-processors with the location of each one, which most firms promise and never provide. The Data Processing Addendum commits IFX to telling you about a data breach within 48 hours, sooner than the law requires of it.

This review covers all nine current documents in full, and the 2021 copy of the website terms. The Pricing Schedule decides what you actually pay, and IFX does not publish it. The Credit Terms for forward contracts are not published either. Only the website terms had an earlier published copy, so the other eight documents have no earlier version. The privacy policy sends UAE clients to uae.ifxpayments.com for the detail of international data transfers, and we could read nothing at that address.

How to check any of this yourself

Every quote above links to the IFX 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 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 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 Oct 14, 2026.

If you represent IFX 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. Whether its licence is real and current is a separate check on the broker profile.

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