IFX licences

IFX publishes no prices. There is no fee page on its site, the pricing item in its navigation does not lead anywhere, and its contracts place every charge in a pricing schedule that is not published or state that charges will be agreed between the client and IFX. Two charging terms are published: IFX may revise its charges on email notice, with 10 business days in which a client may terminate, and late payment carries interest at 4 per cent a year above the Bank of England base rate.

IFX publishes no minimum deposit and no minimum opening balance. Its multi-currency business account page sets out what the account does without putting a figure on what is needed to open or hold it, and its client contracts leave charges and terms to be agreed with each client.

IFX (UK) Ltd, registered in England and Wales under company number 05422718, with its registered office at The Carter, 11 Pilgrim Street, London EC4V 6RN. It trades as IFX Payments. Its Dubai business runs through a separate company, IFX Payments (DIFC) Limited, registered in the Dubai International Financial Centre under company number CL8834.

IFX is a payments company. Trading as IFX Payments, IFX (UK) Ltd provides cross-border payments, multi-currency business accounts and currency exchange for companies, fintechs and institutions, and it publishes no trading accounts, spreads or leverage. Its currency products are spot contracts, forward contracts, limit orders and stop-loss orders used to settle commercial payments rather than to speculate.

Yes. Accounts are opened through an enquiry and onboarding process rather than instantly online, and the company presents that onboarding as a specialist review of the business, its structure and its sector before it takes a client on. As a regulated electronic money institution it carries out customer due diligence on the business and the people behind it.

Funds move over three payment rails: SWIFT for international transfers, SEPA for euro payments across the EU and EEA, and Faster Payments for sterling in the United Kingdom. No fee, minimum or maximum is published for any of them, because the client contracts place all charges in a pricing schedule the site does not publish or state that charges are agreed with the client. The corporate trading terms add that any card or bank transfer method offered for moving settlement funds is provided by third parties and is not part of the IFX service.

IFX offers no trading platform. Client access is through ibanq, the company's own web platform, and through a cross-border payments API with published developer documentation for businesses that want to connect their own systems. MetaTrader 4, MetaTrader 5 and cTrader are named nowhere on its website.

IFX (UK) Ltd states that it is authorised and regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011, firm reference number 900517, for issuing electronic money, and that it is authorised by the Dubai Financial Services Authority under reference F001814 to operate a representative office in the Dubai International Financial Centre. Those are payments and electronic money permissions rather than a trading licence. On client money, the company states that it is an electronic money institution and not a bank, that it cannot pay interest on balances, and that client funds are safeguarded by segregation in accounts at authorised credit institutions or in secure liquid assets approved by the Financial Conduct Authority, with an insurance method used for certain funds. Safeguarding of that kind is not the same as bank deposit protection.