Overview of IVY Forex
IVY Forex is an international company based in the UK that has been operating for the past 2-5 years. However, their main website is currently down and listed for sale, which raises doubts about their ongoing operations and stability. The absence of a functional website can hinder potential clients from accessing information about their services and conducting thorough research. It is crucial to approach this broker with caution due to the lack of proper regulation, which raises concerns about the safety and security of funds entrusted to them.
Despite the uncertainties surrounding IVY Forex, they offer a variety of market instruments across different categories. In the Forex category, traders can access major and minor currency pairs, as well as crosses. They also provide market instruments in the form of indices, including major and minor stock indices. In addition, IVY Forex offers commodities such as metals, energy commodities, and agricultural commodities. Cryptocurrencies like Bitcoin, Ethereum, and Tether are also available for trading.
When it comes to account types, IVY Forex offers a Standard Account with a minimum deposit requirement of $100, a VIP Account with a higher minimum deposit of $5000, and a Pro Account that requires a minimum deposit of $10000. However, it is important to note that the spreads, commissions, leverage, minimum deposit, and other specific details are not provided in the given information.
Pros and Cons
IVY Forex offers a range of advantages and disadvantages for traders to consider. On the positive side, IVY Forex provides a wide range of market instruments, including Forex, Indices, Commodities, and Cryptocurrencies, offering traders various options for diversification. Additionally, they offer multiple account types to cater to different trader needs and leverage options up to 1:2000, allowing traders to amplify their positions. The broker also offers spreads starting from 0.2 pips and supports multiple deposit and withdrawal methods. Traders can access the popular MetaTrader 4 platform, known for its user-friendly interface and advanced charting capabilities. IVY Forex also provides a web-based platform. However, there are notable drawbacks to consider. The lack of proper regulation raises safety concerns, as the company operates without oversight. The absence of specific information on the company's history and track record further adds to the uncertainty. The company's website being currently down and for sale raises questions about its stability and reliability. Additionally, there are concerns raised about potential scams and difficulties in withdrawing funds. Customer support appears to be lacking, with reports of unresolved user concerns. It's crucial for traders to carefully weigh these pros and cons before engaging with IVY Forex.
Is IVY Forex Legit？
IVY Forex operates without proper regulation, which raises concerns about the safety and security of funds entrusted to them. The lack of valid regulation exposes traders and investors to significant risks. Caution is advised when dealing with this broker, as the absence of regulatory oversight can potentially lead to unfavorable outcomes and limited avenues for recourse in case of disputes or fraudulent activities.
Market Instruments
1. Forex:
IVY Forex offers a range of market instruments in the Forex category. These include major currency pairs like EUR/USD, USD/JPY, and GBP/USD, which are among the most traded currency pairs globally. In addition, they provide minors such as AUD/USD, NZD/USD, and USD/CAD, which are less traded currency pairs. Crosses, another type of Forex instrument, involve currency pairs that do not include the US dollar, such as EUR/GBP and AUD/NZD.
2. Indices:
IVY Forex also offers market instruments in the form of indices. They provide major stock indices that are widely followed, including the S&P 500, NASDAQ 100, and Dow Jones Industrial Average. Additionally, they offer minor stock indices like the FTSE 100 and Nikkei 225, which are less popular but still of interest to certain traders.
3. Commodities:
IVY Forex provides market instruments in the commodities category. Under metals, traders can access instruments like gold, silver, and platinum. Energy commodities available include oil, natural gas, and coal. For those interested in agricultural commodities, IVY Forex offers instruments such as wheat, corn, and soybeans.
4. Cryptocurrencies:
IVY Forex includes cryptocurrencies as part of their market instruments. Traders can engage in trading popular cryptocurrencies like Bitcoin, Ethereum, and Tether. These digital currencies offer an alternative investment option for those interested in the cryptocurrency market.
Pros and Cons
Account Types
Standard Account: The Standard Account is the basic account type offered by IVY Forex. It caters to both novice and experienced traders with a minimum deposit requirement of $100. The spreads in this account start from 1.0 pips, which may be wider compared to other account types. However, traders have access to leverage of up to 1:500, allowing them to amplify their trading positions.
VIP Account: The VIP Account is designed for traders looking for more favorable trading conditions. It requires a higher minimum deposit of $5000. The spreads in this account start from 0.5 pips. Traders with a VIP Account also benefit from higher leverage of up to 1:1000.
Pro Account: The Pro Account is a premium account type aimed at experienced and professional traders. To open a Pro Account, a minimum deposit of $10000 is required. This account offers the spreads, starting from 0.2 pips. Traders with a Pro Account also have access to higher leverage of up to 1:2000, enabling them to potentially amplify their trading positions even further.
Pros and Cons
Leverage
IVY Forex offers leverage options of up to 1:500 for the Standard Account, up to 1:1000 for the VIP Account, and up to 1:2000 for the Pro Account, enabling traders to amplify their trading positions accordingly.
Spreads & Commissions
IVY Forex offers spreads that vary depending on the account type and instrument. The Standard Account features spreads starting from 1.0 pips, while the VIP Account offers spreads starting from 0.5 pips. For the Pro Account, spreads begin at 0.2 pips. As for commissions, IVY Forex operates on a commission-free model, meaning traders do not incur additional charges on top of the spreads for their trades.
Minimum Deposit
IVY Forex has varying minimum deposit requirements. The Standard Account has a minimum deposit of $100, the VIP Account requires $5000, and the Pro Account has a minimum deposit of $10000.
Deposit & Withdrawal
IVY Forex offers multiple deposit and withdrawal methods, including credit card, debit card, wire transfer, such as Apple Pay, Bitcoin, American Express, Visa and Mastercard. The minimum deposit amount is $100, and both deposits and withdrawals are typically processed within 1-3 business days.
Trading Platforms
MetaTrader 4 (MT4): MetaTrader 4 is a widely recognized and popular trading platform in the industry. It offers a user-friendly interface, advanced charting capabilities, and a wide range of technical indicators for in-depth analysis. Traders can execute trades, manage positions, and access real-time market data. MT4 also supports automated trading through Expert Advisors (EAs) for those interested in algorithmic trading.
WebTrader: IVY Forex offers a web-based trading platform, accessible directly through a web browser. WebTrader provides traders with access from any device with an internet connection. The platform offers a range of trading tools, real-time quotes, and a user-friendly interface for seamless trading experiences.
Reviews
A user named Voon Kai expressed concerns about IVY Forex on Wikifx, stating that they feel worried about potentially being scammed by the broker. They mentioned making a deposit, receiving numerous calls, and attempting to close their account and withdraw funds without success. The user expressed a desire for contact and resolution regarding their situation.
Conclusion
In conclusion, IVY Forex operates without proper regulation, which raises concerns about the safety and security of funds. Traders and investors should exercise caution when dealing with this broker due to the absence of regulatory oversight, which may result in unfavorable outcomes and limited avenues for recourse. IVY Forex offers a variety of market instruments, including Forex, indices, commodities, and cryptocurrencies. They provide different account types with varying minimum deposit requirements and leverage options. The spreads vary depending on the account type, starting from 1.0 pips for the Standard Account. IVY Forex supports multiple deposit and withdrawal methods and offers the MetaTrader 4 and WebTrader trading platforms. However, a user's feedback on Wikifx expressed concerns about potential scams and difficulties in account closure and fund withdrawal.
FAQs
Q: Is IVY Forex a legitimate broker？
A: IVY Forex operates without proper regulation, raising concerns about the safety and security of funds.
Q: What market instruments does IVY Forex offer？
A: IVY Forex offers Forex, indices, commodities, and cryptocurrencies as market instruments.
Q: What are the account types offered by IVY Forex？
A: IVY Forex offers Standard, VIP, and Pro accounts with varying features and requirements.
Q: What leverage options are available at IVY Forex？
A: IVY Forex offers leverage of up to 1:500 for Standard Account, 1:1000 for VIP Account, and 1:2000 for Pro Account.
Q: What are the spreads and commissions at IVY Forex？
A: Spreads start from 1.0 pips for Standard Account, 0.5 pips for VIP Account, and 0.2 pips for Pro Account. IVY Forex operates on a commission-free model.
Q: What is the minimum deposit requirement at IVY Forex？
A: The minimum deposit is $100 for Standard Account, $5000 for VIP Account, and $10000 for Pro Account.
Q: What are the deposit and withdrawal methods at IVY Forex？
A: IVY Forex supports various methods, including credit card, debit card, wire transfer, and cryptocurrencies like Bitcoin.
Q: What trading platforms are available at IVY Forex？
A: IVY Forex offers MetaTrader 4 (MT4) and WebTrader as trading platforms.
Q: What customer support concerns have been raised about IVY Forex？
A: A user expressed concerns about potential scams, difficulties in withdrawing funds, and a desire for resolution.
