IUX is a broker in constant evolution and growth, providing the possibility to trade CFDs on Forex, stocks, indices, commodities, cryptocurrencies, and thematic indices. It offers alternatives for beginners and for more professional traders through its various types of accounts, providing competitive spreads and loyalty programs to establish a long-term relationship.
IUX offers three types of accounts to accommodate different preferences of traders. It provides competitive conditions regarding costs, with low spreads for Forex CFDs. Regarding swaps, it has an innovative structure that allows traders to save money. It has a proprietary platform and the popular MT5, allowing trading on mobile devices. It offers customer service 24/7, although during the review, it was not expedient in resolving important issues.
The client portal is modern and intuitive. Opening accounts is a straightforward process, as are deposits, for which it offers many local payment alternatives, but few of the more well-known options. IUX does not charge fees for deposits, withdrawals, or inactivity. Accounts are denominated in USD and do not have a general wallet.
Considering the small number of countries where it is currently available, IUX reflects a broker that is evolving and growing. It is registered with various regulatory bodies, including Australia, although it does not yet offer services from that jurisdiction. For its global clients, it is regulated in less strict jurisdictions, allowing it to offer high levels of leverage, which can be customized when opening an account.
In terms of security, it offers negative balance protection and is a member of the Financial Commission. Still, during the review, we encountered some problems that took a long time to be addressed, raising concerns about the broker's reputation and trust.
Note: This review was written with the contribution of FXStreet Editor Gerard Soler.
Account Conditions: Withdrawal problems overshadow a very competitive offering
IUX offers three types of accounts suitable for both those just starting out and those trading a significantly larger volume. The Standard account requires a low minimum deposit and brings competitive conditions, while the Pro account requires a larger minimum deposit and provides access to lower spreads. The Raw account has the tightest spreads, with an average of 0 pips for Forex majors, and charges a competitive commission. The deposit options include a variety of local payment alternatives, but traditional options are limited. The process of making deposits is easy and fast; however, we experienced problems while making a withdrawal.
Competitive costs, particularly for Pro and Raw accounts
Options for both beginners and experienced traders
Withdrawal issues weigh
Account Types
- Standard: Appropriate for all types of traders and recommended for beginners. It has a minimum deposit of $35, with spreads for Forex majors of around 0.8 pips on average and no commissions. It allows traders to use a maximum leverage of 3000:1 for Forex while also enabling them to trade with small (micro) positions, making it suitable for traders who want to build experience.
- Pro: It is more appropriate for experienced traders looking for lower spreads and more precision. The maximum leverage is up to 3000:1. The average spread for Forex majors is 0.6 pips. It does not charge commissions. The minimum deposit is $200.
- Raw: This account is designed for professional traders, allowing access to Forex majors with 0 pips spreads and a commission of $7 per round lot. The minimum deposit is $200. This account works well for professional traders, scalpers, and news traders who require direct market access. At the same time, it allows high leverage of up to 3000:1 for Forex.
Account Types | Details |
Standard | ● Spreads from 0.5 pips ● No commission ● Minimum deposit $35 ● Minimum trade size: 0.01 lots ● Leverage up to 3000:1 ● Swap-free account available |
Pro | ● Spreads from 0.3 pips ● No commission ● Minimum deposit $200 ● Minimum trade size: 0.01 lots ● Leverage up to 3000:1 ● Swap-free account available |
Raw | ● Spreads from 0.0 pips ● Commission: $7 per round lot ● Minimum deposit $200 ● Minimum trade size: 0.01 lots ● Leverage up to: 3000:1 ● Swap-free account available |
- Demo Account: IUX offers the possibility to test its platforms using demo accounts. To test all services, clients must complete a registration process that includes address verification. So, only residents from around a dozen countries can test IUX services with full demo accounts. The demo account mirrors real trading conditions and is customizable in terms of amounts, leverage, and visual settings.
- Islamic (Swap-Free) Account: IUX offers Swap-Free accounts for residents of Islamic countries who observe Sharia law. IUX stated that their automated system identifies clients residing in countries where Islam is the predominant religion and designates their accounts as swap-free.
Cost and fees
Costs and fees vary depending on the account selected and the instrument that is traded.
- Spreads and/ or Commission:
The Standard and Pro accounts have a spread-only model, with no commissions. The Pro account offers better trading conditions than the Standard accounts, with lower spreads, which in some instances are half of those of the Standard account. The Raw account offers even lower spreads, but it charges a commission, which is $7 per lot per round turn. Even including this commission, the cost is competitive. Spreads for certain major pairs start at 0.
The following information (see table below) was gathered from IUX, adjusted with the data obtained during the review, excluding certain assets (outliers), and considering those that allow for a compatible comparison between accounts.
Account Types | Asset Class | Average Spreads from | Commissions |
Standard | Forex - Majors | 0.8 pips | Commission-free |
Forex - Minors | 3.0 pips | ||
Metals & Energies | 7.1 pips | ||
Stocks | 2.2 pips | ||
Indices | 24.9 pips | ||
Cryptocurrencies | 53.7 pips | ||
Thematic Indices | 1,344 pips | ||
Pro | Forex - Majors | 0.6 pips | Commission-free
|
Forex - Minors | 2.4 pips | ||
Metals & Energies | 3.8 pips | ||
Stocks | 2.0 pips | ||
Indices | 15.7 pips | ||
Cryptocurrencies | 38.0 pips | ||
Thematic Indices | 1,345 pips | ||
Raw | Forex - Majors | 0.1 pips | $7 per lot, per round turn |
Forex - Minors | 1.8 pips | ||
Metals & Energies | 1.3 pips | ||
Stocks | 1.6 pips | ||
Indices | 1.9 pips | ||
Cryptocurrencies | 28.0 pips | ||
Thematic Indices | 1,344 pips |
- Swap/Rollover fees: Rollover fees apply to overnight positions and vary depending on the traded instrument and the day of the week. IUX by default opens an account with a Swap-Free status feature. This means that for certain specific instruments, IUX does not charge (nor pay) for positions held overnight.
Still, even for those assets that do not incur a swap, if held for many days – meaning if the trader engages in swap situations for an extended period – fees will apply as they will lose “Swap Life Points,” which will then be restored as long as the trader does not incur more swap cases. The Client Portal displays the client’s current status as either “Swap-Free” or “Non Swap-Free,” along with relevant information regarding Swap Life Points and applicable charges. In the case that a client holds multiple accounts, the allocation of Swap Life Points will be shared across all such accounts.
Note: The instruments that are not eligible for the swap-free program, and for which swaps are charged, include the currency pair USD/JPY (only on Wednesdays), AUD/CAD, CAD/CHF, CAD/JPY, CHF/JPY, GBP/AUD, GBP/CAD, NZD/CHF, and USD/HKD; all metals and oils (except XAU/USD); DXY; all stocks; thematic indices; and thematic minors.
The swap costs charged are higher for most of the instruments than the industry average. The swap cost information can be found at IUX Swap Information, and also in the MT5 specifications for each instrument. - Inactivity fees: IUX does not charge inactivity fees.
- Deposit Fees: IUX does not charge for deposits, but clarifies that there may be costs associated with the intermediary or bank service rates, and these rates may change over time or depend solely on the conditions of the intermediary or bank.
- Withdrawal Fees: IUX does not charge for withdrawals, but similarly to deposits, intermediaries or banks may apply fees that the broker is not involved in.
Depositing ease
IUX offers a limited range of deposit methods. It indicates that it accepts credit and debit cards, electronic payment systems, local bank transfers, and additional methods specific to each region. This means that the options may vary depending on the country of residence of the client. During our review, credit and debit card deposits were not functioning, and we did not have access to wallets like Skrill and Neteller, which are promoted as methods. On a positive note, we have a wide range of options to make deposits in local currency. IUX does not offer popular instruments like cryptocurrencies. Deposits are made directly into the trading accounts, as there is no general wallet.
Minimum deposit: The minimum deposit for the Standard account is $35, while for the Pro and Raw accounts, the minimum deposit is $200.
Currencies accepted for deposits (and withdrawals):
- Deposits can be made in local currencies in each of the countries where IUX is available. These currencies are then converted to USD before being deposited into the account.
- Crypto deposits are not supported.
Processing times:
- Local methods: The processing time will vary depending on each local method and can vary from practically instant to a few hours.
User Experience: The process of depositing was simple and straightforward. Once the account opening was completed, the process flowed smoothly, and the steps were clear. Among the negative aspects is the lack of availability of popular methods, such as cryptocurrencies. We also could not make transfers or use credit and debit cards. The limitation in traditional or popular methods is somewhat offset by a wide range of alternatives for making domestic deposits. These domestic deposits were completed very quickly, in less than 25 minutes from the initiation of the process to the fund being credited in the account.
Withdrawal ease
Just like with deposits, withdrawal times vary by region. With local methods, the alternatives do not necessarily have to be the same as those for deposits and can be modified accordingly. The withdrawal process has considerably more bureaucracy and delays than the deposit process.
Minimum withdrawal: All types of accounts require a minimum withdrawal of $5 per transaction.
Processing times: IUX states that withdrawals usually take no longer than 24 hours, depending on the method. When using local methods, after the initial request, a verification by IUX is required of banking details, which could take hours. Once the transaction is approved and processed, it could take up to 24 hours to be credited to the user's account. The withdrawal process is a bit more bureaucratic than deposits and could offer fewer available methods.
User Experience: For our initial withdrawal, we encountered the need to re-enter some data, which added a bit of extra bureaucracy. Additionally, the same alternative methods were not available, resulting in fewer options. We had to opt for the only available method, which was not very favorable since it had a higher exchange rate. In terms of speed, after approval, the funds were credited quickly to our bank account.
In the next withdrawal, we ran into problems. The first issue was an unknown and uncommunicated restriction when withdrawing from the Pro account. Upon submitting the request, we were informed that it was rejected because it did not meet a trading volume requirement, which was not disclosed anywhere in the account overview or in the client agreement. Still, the requirement was 0.25 lots, which was easily achievable.
The second problem was that, after initiating the withdrawal, the funds did not arrive in our bank account. When we contacted customer service, they initially responded promptly, but then started replying with almost automated messages, providing little additional information. The problem was solved after several weeks.
IUX attributed the withdrawal-related woes to a “rare technical problem” that has already been fixed. The withdrawal process could benefit from greater clarity around restrictions and faster customer support resolution, as these factors can damage client confidence and overall perception of the broker.
Bonuses and promotions
No bonuses are offered on the website, but in some regions, it is possible that IUX does provide bonuses, as two active programs appear on the site: the 25% Deposit Bonus and the 35% Deposit Bonus.
IUX offers a loyalty program that provides cash rewards based on trading activity. It is the LotBack Program. Unlike bonus points, LotBack rewards are paid in real cash directly to the trading account.
IUX organized contests in the past, with the most recent being Trade and Win, which ended in June 2025, offering a maximum prize of $3,000 plus exclusive rewards.
The broker has an IB and Affiliate Program.
- Key Considerations: For the latest information on bonuses and promotions at IUX, check the official terms and conditions applicable. Note that bonus programs and promotions can change without notice and are subject to specific trading volume and account eligibility requirements.
Trading Settings: Good execution within a hybrid model
IUX has access to more than 120 instruments across multiple asset classes available for trading. It offers a high level of leverage up to 3000:1 that traders must use cautiously while providing great opportunities at the same time. The broker operates under a hybrid model (acting as a counterparty in certain assets) and, during our review, trades were executed properly without any major issues when using MT5. Using the proprietary IUX Web Terminal wasn’t very efficient, and certain delays caused problems.
Ultra-high leverage up to 3000:1
Hybrid execution model
More than 120 tradable instruments
Assets and instruments
Assets (CFDs) | Number of Instruments |
Forex | 39 |
Cryptocurrencies | 15 |
Stocks | 48 |
Thematic Indices | 6 |
Indices | 10 |
Commodities | 5 |
Lot sizes
All assets allow for micro lots, so the minimum size is 0.01 lots.
Leverage
IUX offers a maximum leverage of 3000:1 for each of the account types. The level is set manually by the trader when the account is opened, and can be modified later. The actual leverage also varies by asset type:
- Forex (Major & Minor) and commodities: Uses your account's specified leverage, up to 3000:1.
- Indices: Uses the leverage set by liquidity providers.
- Stocks: Uses the leverage specified by liquidity providers.
- Cryptocurrencies: Up to 1000:1 as it uses your account leverage divided by a margin rate of 3.
IUX warns that leverage can be automatically reduced during high-risk periods, such as 2 hours before market close and 1 hour after market open, where it may be limited to 400:1 or lower.
The maximum leverage also changes depending on the account capital level. There is an inverse relationship: the more capital there is, the lower the maximum leverage allowed. For example, when the capital exceeds USD 2,000, the maximum leverage is 2000:1; when it exceeds USD 20,000, it is 500:1; and when it exceeds USD 120,000, it is 20:1.
Execution quality
IUX states that it operates on a hybrid model across all accounts, which means that at times it acts as a Market Maker and at others it does not, providing direct market access. For certain assets, such as thematic indices that are exclusively developed for IUX, it is assumed that they always act as a Market Maker. This hybrid model implies that at certain moments, IUX is the counterparty for the trades, while at other times, the orders are passed to liquidity providers.
User Experience: During the review, trades were executed across all types of assets at different times. The operations did not show any issues; the executions occurred as anticipated, with some minor slippage, mostly against the position. There were no limitations or requotes. The main problems were delays when trading with the IUX Web Terminal and also the inability to use the IUX App. These issues raised concerns about the speed and quality of connections, leading to reduced reliability. Spreads remained stable throughout the review.
Regarding platforms, the MT5 has more features and is more user-friendly than the IUX platform. For example, in MT5, we were able to use trailing stops, whereas this feature was not available on the IUX WebTerminal. For mobile trading, we used the MT5 app with its features. As for the IUX proprietary app, it isn’t available in Mexico, Colombia, Nigeria, Ghana and South Africa due to the internal system development, so we were unable to test it.
IUX sends a Margin Call notification to the client when the margin drops below 30%. When the Margin falls below 0%, IUX has the right to close any or all of the client’s open positions.
- Hedging is allowed, but it has some restrictions. Hedging across multiple accounts is not allowed, as it is considered bonus abuse and can result in immediate account suspension. However, within a single account, traders are free to hedge positions.
- Scalping is permitted.
- Algorithmic trading is supported only on the MT5 platform.
Tools and Resources: Limited platforms with some resources to help with the trading experience
IUX offers educational resources and trading tools on its website, suitable for beginner and intermediate traders, but not for advanced ones. Users will find videos, graphs, and hundreds of articles, though some may fall below the quality and quantity of other brokers. Additionally, in the same section, there is a wide range of trading tools, including a comprehensive calculator and sentiment indicators. IUX also provides a complete economic calendar but lacks a news feed and does not offer daily market analysis. It features the IUX WebTerminal, which presents some connectivity issues, and the MT5 platform with full capabilities.
MetaTrader 5 and proprietary trading platform
Basic educational resources
No copy trading options
Trading platforms
IUX offers its own trading platform through the IUX WebTerminal and the well-known MT5. IUX's terminal allows users to view charts in 9 timeframes and provides over 100 technical indicators. Through this platform, traders can use one-click trading for quick transactions. It is powered by TradingView.
Additionally, the MT5 platform, with all its features, includes everything available on the IUX platform and more, including Expert Advisors (EAs), advanced orders, and more timeframes. MT5 is available in its web, desktop, and mobile versions. The MT5 platform responds more quickly and has a clearer visual layout compared to IUX. On the other hand, the IUX WebTerminal can only be used for web trading, as the app is not working in some countries.
Platform | Main takes |
MetaTrader 5 (MT5) | ● 21 standard timeframes with multi-chart layouts ● More than 80 built-in indicators and analysis tools ● Advanced orders including OCO, trailing stops, and brackets ● One-click trading with alerts and notifications ● Expert Advisors (EAs) for algorithmic strategies ● Market depth (DOM) for liquidity visibility ● Available on desktop, web, and mobile devices. |
IUX WebTerminal | ● Powered by TradingView ● 9 timeframes ● More than 100 built-in indicators and analysis tools ● 7 types of orders (market, buy limit, sell limit, buy stop, sell stop, buy stop limit, sell stop limit) ● One-click trading |
Additional trading tools
- Copy trading is not currently available as a service on the IUX platform. You can trade manually or use automated trading systems (EAs) with MT5, but direct copy trading features are not currently supported.
- IUX does not offer PAMM/MAM accounts.
Education
- IUX has an Education section that includes Articles and an Academy. In the Articles section, there is a Forex guide distributed across 242 quality articles, featuring charts and illustrations, but no videos. It covers different levels – beginner, intermediate, and advanced – but seems more suitable for new traders rather than experienced ones.
- In the Academy section, there are 10 courses for beginners and intermediates, created between 2024 and 2025. The content is up-to-date or partially so, including a type of podcast that is not periodic, as well as videos. IUX does not offer ebooks. In the dashboard, there is a section called "Webinars," but it states, "IUX Webinar Coming Soon. Stay tuned for details."
Other tools
- IUX has an economic calendar that can be accessed on the webpage as well as in the dashboard. It is clear and of good quality. It shows event, impact level, country, and historical data comparisons; although it has limited filter options. Traders can add any event to their personal calendar.
- IUX has a blog, where they publish market news, analysis, and updates about IUX. The articles are of decent quality and are not very lengthy. They publish three to four posts per week. The broker also covers market activity in X.
- IUX offers a calculator tool that includes information about leverage, swap, pips, margin requirements, position risk, size, and more. It is available on the website.
- In the Education section under Analysis, IUX presents a series of analysis tools such as the Market Screener Tool, Currency Heatmap, and Trending Technical Analysis that could be helpful for traders.
- IUX does not offer VPS.
Trust: Many regulators do not necessarily mean stricter oversight
IUX presents itself as regulated by four different organizations, one of which is a Tier 1 authority, the Australian Securities and Investments Commission (ASIC). However, it is clear that under this jurisdiction, IUX does not offer retail trading services for global clients.
Global clients are under the jurisdiction of bodies that offer minimal protection. An innovative aspect is that clients in some of the countries where the service is available have the option to choose between the Financial Services Authority (FSA) of Saint Vincent and the Grenadines and the Financial Services Commission (FSC) of Mauritius. IUX offers mechanisms to protect clients, who can appeal to the Financial Commission. However, various factors, such as withdrawal issues, limited answers from customer services, user reviews, and contradictory information, require clients to exercise caution.
Effective licenses in South Africa, Mauritius and Saint Vincent
Negative balance protection
Member of the Financial Commission
Regulation tiers and alerts
Regulation tier | Country-entity | Specifics |
High-tier regulation (strong investor protection) | Australia, Australian Securities and Investments Commission (ASIC) – Not applicable | IUX Markets AU Pty Ltd, license number 529610 |
Mid-tier regulation (moderate investor protection) | South Africa, Financial Sector Conduct Authority (FSCA) | IUX Markets ZA Pty Ltd, FSP No. 53103 |
Low-tier regulation (minimal investor protection) | Mauritius, Financial Services Commission (FSC) | IUX Markets (MU) Ltd., Investment Dealer license No. GB22200605 |
Saint Vincent and the Grenadines, Financial Services Authority (FSA) | IUX Markets Limited, registered number 26183 BC 2021 |
Other protection
- IUX offers Negative Balance Protection, meaning that traders cannot lose more money than they have invested. This applies to all accounts. If the balance drops to a negative due to market volatility or any other event, it is automatically reset to zero. In the dashboard, there is a special area that indicates the times when the Negative Balance Protection has been activated and the amount that has been favored (or protected) for the client.
- IUX affirms that they “shall deposit all clients’ funds with a segregated account held with reputed financial institutions within the Republic of Mauritius or in an equivalent country.”
- In November 2024, IUX became a member of the Financial Commission. This provides clients access to services, including the option to file complaints for amounts up to USD 20,000. The institution also works as an independent platform for resolving disputes with clients.
Reputation
Despite presenting itself as a company regulated by various organizations, including a Tier 1 regulator, this does not seem to enhance trust in the company. The fact that there are four regulatory bodies, but they are only available in around a dozen countries, doesn’t seem to make much sense. The mere fact of being available only for citizens of so few countries is a factor that can generate uncertainty.
Transparency and confidence are also somewhat compromised by presenting contradictory information, with some official sources indicating that headquarters are in Australia and others in Mauritius, providing contact numbers for Mauritius. This gives the impression that rather than being a company with a global presence, it is still in formation, with small parts located in different places around the world.
Online reviews of IUX are mixed. In some sources, there are various complaints, while in others, positive reviews support the ratings. Generally, good comments refer to low spreads, which were corroborated during the review. Complaints regarding customer service were also validated.
During the review, we encountered several issues affecting confidence and calling the broker's reliability into question. Firstly, the responses from customer service, although intended to be honest, were often incorrect, and when the questions were specific, responses were not provided, either by chatbot or email. The broker offers a product that is not available in certain countries, the IUX App, but there is no clear information about it, leading clients to waste time wanting to download it in jurisdictions where it isn’t available yet. This is somewhat disconcerting.
The main credibility concern identified during the review relates to the withdrawal process. We encountered certain achievable restrictions that were not clearly communicated in advance. Additionally, there was a considerable delay in receiving the funds withdrawn due to a technical problem. While the initial customer support responses were prompt, subsequent follow-ups became more automated and, at times, lacked clear resolution.
IUX still needs to improve its reputation, which it could do more by focusing on real attention to clients rather than just social media messages. They should provide clearer information regarding functions like withdrawals and provide more information to clients.
Customer Service and Support: Much availability but little resolution
IUX has a customer service department available through three channels (phone, chatbot, and email). A real agent is available 24/7. Additionally, there is an automated chatbot that is quite advanced and responds comprehensively to inquiries. However, in specific issues or when problems arise, customer service tends to be less efficient and sometimes absent.
Availability 24/7
Support via phone, chatbot and email
Lack of responsiveness when major problems arise
Support availability
IUX offers customer support 24/7 through the chatbot. They are also available by phone for 8 hours a day and provide customer service via email.
The website and the chatbot are available in seven languages: English, Spanish, Indonesian, Portuguese, Thai, Vietnamese, and Chinese.
IUX has an FAQ section on its website.
Usefulness
The distinction of having a real agent available 24/7 in Live chat is useful; however, many times, the answers from the chatbot were more satisfactory than those from a human agent. When chatting with a human agent, initial responses were quick, but when we later asked about something specific, the answers became repetitive, failing to address the essence of the question and often not providing a proper answer.
Emails were sometimes responded to within minutes, but at other times, they went unanswered. Customer service often replied in a different language than what we requested, even when we asked in English. The FAQ section provides useful information, although at times it can also be contradictory or not applicable to various regions.
During the review, it caught our attention that the chatbot justified its responses by quoting sources that were not from the official website but from external websites, leaving us uncertain about whether the answers were accurate or reliable.
Overall, the experience with customer service was poor. While there were clear and quick responses, the lack of solutions to our problems, the automated replies, and the absence of responses in other circumstances make this service not very reliable. IUX attributed the customer service mishaps to the broker’s rapid expansion into new regions and added that it has recently hired additional staff and is working to improve support quality.
User Experience: Nice design, fragile structure
The IUX website, including the dashboard, looks modern. The site is easy to navigate, although at times you may need to search to find the requested information. The sections are not entirely clear, and they mix content related to trading with educational or market analysis materials. The process of opening an account is smooth and straightforward, without issues. The MT5 platform offers an intuitive and conducive environment for trading in all its versions, while the IUX Web Terminal shows some shortcomings. The IUX mobile app was not available for download.
Modern, easy to navigate website
Fast account opening
Proprietary app not fully deployed
Web design and navigation
IUX’s website features a modern, sleek design with a black background and innovative colors that align with the logo and branding. The navigation is intuitive, with various menus, though the organization of the site can be somewhat extensive, requiring users to search to find specific information.
The loading speed is rapid, with no delays. Some pages contain more design elements and backgrounds than actual content, but overall, it is a clean website without complications. Accessing the client account through the website is straightforward. The dashboard includes several sections, although not all of them are fully populated with content.
The website does offer a filter, but it is not universally applied; it is available only in specific areas like education and help. This separation makes sense for each section, and the filtering functions correctly. However, once the initial filter is applied, further filtering options are not available. There is no advanced search option.
Mobile App friendliness
IUX’s mobile app is currently unavailable in Mexico, Colombia, Nigeria, Ghana and South Africa due to the internal system development, so we weren’t able to test it during the review. When searching to download it through the App Store, users are redirected to download the MT5 app. In the Android store, it can be downloaded; however, once installed and opened, it freezes on an image and cannot proceed. Despite being published, it still cannot be used in some countries.
However, traders still have the option to operate through mobile devices using the MT5 app, which offers all the necessary functionalities. The MT5 app allows traders to open, edit, and close positions, watch charts, draw lines, and set up technical indicators. For functions on the dashboard, such as deposits, withdrawals, or internal transfers, users can access the dashboard through the mobile device's browser.
Account opening process
The account opening process at IUX is easy to follow. The system acts as a guide and progresses quickly. The requested information is simple to upload, including the verification of address and ID. The questions are also answered easily. The verification of documents takes some minutes, and this approval is necessary to fully utilize the services. Opening another account is relatively instantaneous, with no issues. Overall, the account opening process is smooth and intuitive.
Final Thoughts
IUX is a broker that draws attention right from the account opening process, as it is available only for residents of around a dozen countries. Despite this limitation, the account opening procedure is relatively straightforward compared to other brokers. In terms of depositing funds, the methods are fewer than other brokers, but it stands out for its alternatives for deposits in local currencies.
The shortcomings in trust are somewhat mitigated by the protective tools it offers clients, such as Negative Balance Protection and its membership of the Financial Commission. However, issues with withdrawals and the slow and limited responses from customer service raise renewed concerns about trust and reliability. This reflects the impression of IUX as a broker in expansion, with a fragile and still-undetermined structure.
The MT5 platform is available in all its versions, which is beneficial for traders and helps to resolve issues with the IUX platform, as the web version is slow and has fewer functionalities, and the IUX app does not work in certain countries despite being published on the website. More information regarding this would have saved us time. In terms of trading, the execution experience did not encounter any issues.
IUX offers competitive conditions regarding costs: competitive spreads, no fees on deposits, and no fees on withdrawals. It also presents an innovative proposal for not charging swaps for certain assets, up to a certain limit. While it could be a positive broker in terms of costs, any problems arising could ultimately prove costly to clients in terms of both money and time lost.
One area for improvement is customer support. While the chatbot is available and provides some assistance, it is not always accurate, and the performance of real agents is even less accurate at times. Although initial response times are quick, there is often no follow-up to address the client's concerns, especially when problems arise. Additionally, we experienced delays and a lack of care for the client. The quality of customer service for more significant issues is unsatisfactory, as it feels like there isn’t a commitment to resolving the problem. In this regard, IUX said it is enhancing its customer services by hiring more staff and improving its quality.
Overall, it resembles a broker under construction, where many aspects are still missing. These limitations are recurrent in various areas, including the number of instruments, customer service, deposit and withdrawal alternatives, and countries enabled for account opening, among others. This image is further reinforced by some contradictory information provided by IUX.
The broker is ideal for traders seeking low costs, local deposit and withdrawal methods, who like MT5, and who are looking to be rewarded by long-term loyalty programs.
