IFIC Bank

QM Trader

1-2 years

Are there any payment methods at IFIC Bank that allow for immediate withdrawals?

WikiFX Reply

Based on my review of IFIC Bank as a forex participant, I have exercised particular caution regarding their payment and withdrawal frameworks. The information presented about IFIC Bank highlights their focus on traditional banking products, such as various savings accounts, fixed deposits, and digital banking features via their app. While the digital banking platform is designed for convenience and supports both Android and iOS devices, no explicit details are provided regarding the existence of immediate withdrawal methods for trading-related funds. From my practical understanding, a lack of regulatory oversight and transparent process documentation substantially increases operational risk, especially for time-sensitive transactions like instant withdrawals. IFIC Bank’s unregulated status and reports of unreliable service—including a user citing prolonged server inaccessibility and unresponsive customer support—are further reasons why I approach their payment processing timelines conservatively. In my experience, brokers that are unregulated and do not publicly outline their withdrawal mechanisms or timelines present a significant risk when it comes to quick access to funds. In summary, I have not found any concrete evidence or official process from IFIC Bank guaranteeing immediate withdrawals. Until the bank can demonstrate clarity and reliability in both regulation and transactional speed, I personally would be wary of relying on them for instant payment solutions.

Broker Issues

IFIC Bank

Withdrawal

Deposit

08-31

United States

mohdfazlan

1-2 years

Is automated trading with Expert Advisors (EAs) available on IFIC Bank’s trading platforms?

WikiFX Reply

In my experience as a forex trader, I always pay close attention to the trading platforms a broker offers, especially when evaluating options for automated strategies like Expert Advisors (EAs). IFIC Bank’s available platform is the IFIC Digital Banking App, which supports both Android and iOS devices. However, when I looked closely at the features and specifications, I found no mention or clear support for third-party platforms such as MetaTrader 4 or MetaTrader 5—these platforms are typically necessary for reliable EA functionality. This is a significant consideration for me, as the ability to implement and monitor automated trading strategies requires integration with established trading software that supports scripting and backtesting. Furthermore, it’s important to highlight that IFIC Bank is unregulated and has a very low regulatory score, indicating substantial risk. The platform appears focused on banking products, savings schemes, and income deposit accounts rather than specialized forex trading. For these reasons, I have not seen any evidence or indication that automated trading or EA deployment is possible on their digital app. For any trader who, like me, relies on automated strategies, this absence is a crucial limitation. I would be extremely cautious and would not assume compatibility with EAs unless there is clear, official confirmation—it could result in operational and risk management challenges.

Broker Issues

IFIC Bank

Leverage

Account

Instruments

Platform

08-31

United States

Darren Ross

1-2 years

How much is the least amount you need to deposit in order to open a live trading account with IFIC Bank?

WikiFX Reply

As an experienced trader, I approached IFIC Bank out of curiosity about their forex and deposit offerings, hoping to evaluate their suitability for live trading. My first concern was finding clear information on the minimum deposit required to open a live trading account. After carefully reviewing their publicly available materials, I could not find any explicit mention of a required minimum deposit for starting a trading account. This lack of transparent disclosure on such a fundamental detail makes me cautious. In my experience, reputable and client-focused financial service providers are upfront about minimum deposit requirements, especially in trading or investment accounts. With IFIC Bank, the focus appears to be on savings and deposit schemes, including fixed deposits and other domestic banking products, rather than on true leveraged forex trading accounts as offered by regulated brokers. In addition, IFIC Bank is unregulated within the forex sector, and this elevates my concerns about both safety and oversight for traders. Without clear, published guidance from the broker, I cannot confidently state the bare minimum amount required to begin live trading with IFIC Bank. For me, this lack of transparency is a significant risk factor, and I would advise against depositing any funds unless the minimum requirements, terms, and account protections are received in writing and fully understood. This caution is especially important given the bank’s unregulated status and the high potential risks highlighted by independent assessments.

Broker Issues

IFIC Bank

Deposit

Withdrawal

07-31

United States

ritzyshona

1-2 years

Based on your experience, what do you consider to be the three main benefits of banking with IFIC Bank?

WikiFX Reply

Having evaluated IFIC Bank and compared its features to what I consider essential in the forex and banking landscape, I can see that there are a few noteworthy benefits. Firstly, the variety of savings and fixed income products is significant. For someone like me who values diversified savings options, their range—including schemes like IFIC Aamar Bhobishawt, Pension Savings Scheme, and the Monthly Income Scheme—means there are tailored solutions to fit different risk appetites and savings goals. The competitive interest rates, especially for fixed deposits and specific schemes, stand out; for instance, the Monthly Income Scheme offers rates up to 12%, which is considerably above the base rate of traditional savings accounts in many banks. Secondly, the convenience factor is hard to overlook. Their digital banking app accessible on both Android and iOS platforms provides me the flexibility to manage accounts, initiate transfers, and monitor balances without the need to visit a physical branch. As a trader who often needs quick, real-time access to funds and banking tools, having a robust digital platform is invaluable for operational efficiency. Thirdly, the bank supports a wide range of account types, from general and current accounts to specialized accounts for women, students, and freelancers. This inclusivity has the potential to address specific customer needs more precisely than generic account offerings at other institutions. However, in my experience, the lack of regulatory oversight is a fundamental weakness, so anyone considering IFIC Bank should weigh these benefits against the higher risk and exercise due diligence before making long-term commitments.

Broker Issues

IFIC Bank

Regulation

07-19

United States