IUX Markets Forex broker Reviewed and explained

IUX Broker review — Safety, assets, support, and much more!

IUX Markets is a regulated Forex and CFDs broker that offers several trading accounts and access to Forex and other popular CFDs. The broker has accounts with just a 10 USD minimum deposit requirement. It was established in 2016, which makes it very inexperienced in the Forex brokerage industry. However, despite this experience, we have still found serious issues with this broker, which makes it unsuitable for our readers. The broker offers access to MetaTrader 5, which is advanced trading software. The broker promises very low spreads from 0.2 pips, which we find suspicious, and we will explain why.

The Safety and Security of IUX

The safety of any Forex broker stands upon regulation and licenses. IUX Markets (Mu) Ltd. is overseen by the Financial Services Commission (FSC) in Mauritius. This is an offshore entity and is not very strict with brokers, leaving plenty of room for scams and fraud. The broker is also registered in Saint Vincent and the Grenadines. It is only incorporated in SVG and is not regulated there. The same is true for Cyprus, where the broker is also registered but is not regulated by the local authority.

Despite having these many registrations, IUX is only regulated in Mauritius, which is a downside. The broker does not offer negative balance protection and is not a member of the investor protection fund, which is a major red flag.

IUX Fees and Spreads

IUX advertises itself as a low spread broker. It has spreads from 0.2 pips, and traders can select between four different accounts; all of them offer low spreads. There are no commissions charged for trading except for the Raw account, which offers 0 pip spreads and charges commissions of 6 USD per lot round turn. There are fees charged for withdrawals, which is useful. However, fees might apply from payment providers, and traders should read the terms and conditions very carefully.

Overall, the broker seems pretty competitive when it comes to spreads and commissions, and if it was reliable as well, we would recommend it.

IUX Accounts, Deposits, and Withdrawals 

The broker offers the following trading account types: standard, standard+, raw, and pro. It groups standard and standard+ accounts in the recommended accounts list, while raw and pro are targeted at professionals. Let’s consider each of them and see how competitive they are.

IUX Standard account

The IUX standard account has very attractive conditions with a 10 USD minimum deposit, 0.01 lot minimum lot size, and leverage of up to 1:3000. This leverage level is too high and can cause beginners to blow up their accounts in 1-2 trades. The spreads are very low, starting from 0.2 pips. This is an extremely low spread, especially when the broker has zero commission for this account. This seems more like a marketing gimmick than a real thing, as brokers very rarely offer spreads from 0.1 pips on standard accounts. Swaps are charged for this account.

IUX Standard Plus

The standard+ trading account is similar to the standard account but has spread from 0.5 pips. There are no commissions, the minimum deposit is 10 dollars, and the maximum leverage is capped at 1:3000. There is almost no difference between standard and standard plus trading accounts, and there is no reason why any traders would select standard+ over standard account as the latter has even lower spreads for 0 USD commissions.

IUX Raw

The IUX Raw account does not make sense either when we compare it to the standard accounts. The spreads are from 0 pips, but there are commissions charged, which is 6 USD per lot round turn. The minimum deposit is higher, starting at 500 USD. This account also has 0.01 a minimum lot size and requires swap fees for overnight holding.

IUX Pro

The pro account also has a 500 USD minimum deposit, 1:3000 leverage, and offers 0.1 pips spreads for zero commissions, which is very competitive. If we compare the pro account with the standard account, the conditions are mostly similar, except the standard account has even better conditions with lower minimum deposit requirements.

IUX Deposits and Withdrawals

The broker accepts multiple payment options for both deposits and withdrawals. The accepted methods include wire transfers from multiple banks and e-wallets. However, there are no bank cards accepted, like Visa and Mastercard, and no cryptos are supported either, which is a considerable downside.

IUX Trading Platforms, Assets, and Features

When it comes to trading platforms, the broker only offers MetaTrader 5 (MT5). MT5 is a very capable advanced platform that supports Expert Advisors (EAs) and custom indicators. The broker allows EAs, which is flexible. Mobile trading is available via the MT5 mobile app, which is useful for trading on the go.

Assets

IUX Markets offers traders access to a diverse set of trading assets, including FX pairs (majors, minors, exotics), commodities (metals, energies), popular indices, thematic indices, cryptos, and stocks. This is very diverse, and if the broker was reliable, it would be very attractive. The leverage is also high at 1:3000, and makes it risky to trade with IUX Markets brokers.

Extra Features

When it comes to extra features, IUX Markets offers two bonuses and educational resources. From bonuses, traders can access deposit bonuses and trade bonuses. Both of these features are available for new customers and allow them to increase their trading power with up to a 100% bonus on their first deposit. This bonus is automatically credited to the trader’s account and is removed proportionally to profits withdrawn.

IUX Customer Support Review

The broker offers live chat and email options, which is decent, but there is no phone support available. The live chat is built into the website and includes a help center and FAQs, which is very useful. However, the lack of phone support can not be overlooked and is a big red flag for the broker’s reliability and reputation. There is no multilingual support either, which is also a downside. We recommend our readers to exercise caution when dealing with this broker.

IUX Education

The broker offers educational resources on its website and allows traders to read articles or learn about trading concepts from the Academy, which is useful. While these resources are not top-notch and do not include every crucial concept, they still provide a basic knowledge base for beginners, which is flexible.

Should you consider IUX? 

FAQ on IUX