INFINOX Review 2023
For this INFINOX review, we have opened a standard account with the broker and deposited over €4,000.
We traded the popular instrument in each market to get the real spreads and placed a total of 9 trades.
We also reached out to customer support to solve the issues we faced.
Finally, we withdrew our funds to see if there are any issues with the withdrawal process.
What is INFINOX
INFINOX is a United Kingdom-headquartered forex and CFD (contracts for differences) broker, founded in 2009.
INFINOX is a multi-asset broker with offerings of forex, indices, commodities, cryptocurrencies, and stock CFDs instruments. It is regulated in the United Kingdom, South Africa, Bahamas, and Mauritius.
Some of the highlights of INFINOX are:
|🗺️ Authorised & Regulated in||UK, South Africa, Bahamas, Mauritius|
|🛡️ Is INFINOX safe||Yes|
|💰 EUR/USD Spread||1.2|
|💳 Minimum deposit||$0|
|💰 Withdrawal fee||Depends on the payment method|
|🖥️ Trading Platform||MT4, MT5|
|📈 Markets offered||Forex, Indices, Stocks, Commodities, Futures, Cryptocurrencies|
|📉 Number of Products||90 (depends on the jurisdiction)|
Licenses and Regulations
INFINOX holds 4 regulatory licenses.
The broker is regulated in the United Kingdom, Bahamas, South Africa, and Mauritius.
The full list of INFINOX licenses is below:
|Legal entity||Registered in||Regulator||License number||Accepting clients from||Compensation scheme amount|
|Infinox Capital Ltd||United Kingdom||Financial Conduct Authority (FCA)||501057||European Union||£85,000|
|IX Capital Group Limited||Bahamas||Securities Commission of The Bahamas (SCB)||SIA F-188||Global||No compensation scheme|
|INFINOX CAPITAL LIMITED SA (PTY) LTD||South Africa||Financial Sector Conduct Authority (FSCA)||50506||South Africa||No compensation scheme|
|INFINOX Limited||Mauritius||Financial Services Commission (FSC)||GB20025832||Global||No compensation scheme|
Is INFINOX Safe
Yes, INFINOX is a safe broker from a regulatory standpoint.
The broker is regulated in four jurisdictions, including the UK’s FCA, which is deemed as one of the top financial regulators. The FCA also offers a compensation scheme of £85,000 to protect the clients’ funds.
For our tests, we opened an STP MT4 account with Infinox Capital Ltd, which is regulated by FCA in the UK.
Fees and Commissions
INFINOX fees are mostly built into spreads, but it charges commission on trades executed from ECN accounts.
Spreads on our trades were lower than the industry average benchmark.
Spread Charged in Our Trades
For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.
Spreads for our trades varied but remained within a reasonable bound.
Details of our trades are shown below the table.
|Markets||Instruments||1st trade||2nd trade||3rd trade||Avg. spread|
Our testing finds that INFINOX spreads across all assets are much lower than the industry average.
|Markets||Instruments||Avg. spread charged in our trades||Industry avg. spread|
INFINOX does not have any deposit fees. The broker offers one free withdrawal every month but charges fees after that.
Withdrawal fees after the first free withdrawal:
- For USD withdrawals: $15
- For EUR withdrawals: €7
It does not have any inactivity or account maintenance fees.
Infinox Account Types
INFINOX primarily offers two account types to retail traders.
|STP Account||ECN Account|
|Trading Platforms||MetaTrader 4, MetaTrader 5||MetaTrader 4, MetaTrader 5|
|Account Currency||USD, GBP, EUR, AUD||USD, GBP, EUR, AUD|
|Commission||None||£5 or €5.5 or $7.5|
|Order execution||Market Execution||Market Execution|
|Spread||From 0.9||From 0.2|
INFINOX also offers the following accounts:
- Swap-free Islamic account
- Corporate account
- Joint account
Our overall experience of opening a new account with INFINOX was overall positive. But we faced some setbacks.
We opened an STP account with MT4 trading platform for our tests under the FCA-regulated entity.
The process of registration of a new INFINOX account:
- Choose the platform and the account type, and enter details like country of residence, name, email, password, mobile number, account currency, leverage levels, and preferred mode of communication.
- Provide details of place of birth, nationality, date of birth, and national passport number.
- Enter a current residential address.
- Provide details on employment and financial statuses like occupation industry, job title, source of wealth, or the value of savings and assets. Also, declare if you are a US citizen or resident.
- Provide some details on trading experience.
We encountered a small glitch during the registration.
The pages took a while to load and the form was not accepting our passport number. We contacted customer service and they told us to skip that page and the process went smooth after.
We submitted the following documents to verify our INFINOX account:
- Copy of national identification (both front and back)
- Copy of passport
The registration process took around 34 minutes. Our account was verified in 2 working days.
Our account was registered on February 8, 2023, and approved on February 10, 2023.
Our overall account opening experience was positive, only with a minor issue.
Deposit and Withdrawal
Deposits and withdrawals on INFINOX are easy and fast.
The broker offers one free withdrawal every month but charges $15 or €7 after that for each withdrawal request.
Infinox Minimum Deposit
INFINOX does not have a minimum deposit on any account type.
Infinox Deposit Methods
INFINOX allows deposits using bank transfers, credit and debit cards, and other online wallets like Skrill, and Neteller.
We tested the deposit process on INFINOX using a debit card, Skrill, and Neteller.
Details of our fund deposits are shown in the below table.
|Payment Method||Submitted Date||Funded Account Date||Funding Time||Fee|
INFINOX allows withdrawals with bank transfers, credit and debit cards, online wallets, and other methods that are supported for deposits.
Overall, our experience with the INFINOX withdrawal process was positive.
Details of our withdrawal requests are in the table below.
|Payment Method||Submitted Date||Fund Released Date||Fund Arrived Date||Withdrawal Time||Fee|
|Debit card||2023-02-11||2023-02-17||2023-02-17||5 working days||0|
|Skrill||2023-02-11||2023-02-12||2023-02-12||1 working day||€7|
INFINOX offers one free withdrawal every month and charges a flat €7 or $15 for every consecutive withdrawal.
Markets and Products
INFINOX offers CFDs trading services with forex, indices, stocks, and commodities, and cryptocurrencies. The UK entity does not offer trading with stocks and cryptocurrencies.
The complete list of INFINOX’s offerings are:
The markets and the number of offered instruments will depend on the account jurisdiction.
INFINOX offers excellent trading conditions. The broker allows hedging and scalping strategies and traders can change leverage levels as well.
However, the UK-registered entity does not allow scalping and only allows professional traders to change leverage levels.
|Scalping||Yes (Not under the UK entity)|
|Change Leverage||Yes (Only professional traders under the UK entity)|
Leverages offered by the various entities of INFINOX are detailed below:
|Markets||Infinox Capital Ltd||IX Capital Group Limited||INFINOX Limited||INFINOX CAPITAL LIMITED SA (PTY) LTD|
|Major Currency Pairs||30:1||500:1||500:1||500:1|
|Non-Major Currency Pairs||20:1||200:1||500:1||500:1|
|Other Commodities (except Gold)||10:1||200:1||100:1||400:1|
INFINOX offers the two trading platforms:
MetaTrader 4 and MetaTrader 5 are developed by MetaQuotes Software and are used extensively within the trading industry.
MetaTrader 5 platform is not available under the UK entity.
We executed our trades on the MetaTrader 4 trading platform.
INFINOX offers copy trading services with its service called IX Social. This service is not available to traders registered under the UK entity.
Research and Tools
INFINOX offers a decent set of market research and analysis tools
Tools offered by the broker include:
- Charting tools
- Trading signals with Autochartist
- Economic calendar
- Remote VPS servers
- Market analysis by experts
INFINOX offers not-so-great educational resources. Its guides are only limited to very basics.
The broker’s educational materials only include:
- Basic guides on trading
- Guides on trading platforms
- Demo account
INFINOX offers good customer support.
Traders can contact the broker via:
- Live chat
The support staff is available 24/7.
Our experience with INFINOX customer support was overall positive.
|Contact method||Question||Response Time||Quality of reply|
|Live Chat||Asked about the relevant entity for us to open an account.||1 minute||Clear and direct|
|Asked several general information about INFINOX’s regulation, account type, leverage, trading conditions||7 hours||We were redirected to the UK entity as our account was opened under that entity. Overall response was clear and accurate|
|Asked if we are allowed to trade Bitcoin and Apple stock and do we need to open a MT5 account to trade them.||20 minutes||Redirected to a sales representative.|
Live Chat only worked once when we first visit INFINOX’s UK page before our registration. It never worked again after we logged in. The live chat window just kept loading with no response.
The broker also has a detailed FAQ section for frequently faced issues.
Our overall experience with INFINOX was positive, but we found many limitations under the FCA-registered entity.
The spreads charged on our forex and commodities trades were lower than the industry average with fast order execution. Indices for indices were too stable though.
INFINOX allows hedging and scalping, but traders under the UK entity cannot run scalping. The FCA-registered entity only offers an MT4 trading platform without equities trading support, which is a major drawback.
Deposits with the broker were instant and without any fees. Only one withdrawal per month is free, after that the broker charges a flat €7 or $15 for each consecutive withdrawal.
The customer support was also decent, but most of our queries were redirected which we found a bit odd.
We recommend INFINOX to non-European forex traders who run EA and other trading strategies.
We recommend INFINOX for traders who are
- Experienced traders
- Run Scalping
- EAs trading
- Trading through MT4
INFINOX might not be a fit if you are
- Real Stock / Futures Trading
- Commission based trading
- Prefer other platforms rather than MetaTrader
- Looking for wide instrument range
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology