iFOREX Review

Overview

An excellent Forex broker with its own platform for web and mobile devices and an exclusive educational package.

Read Full Review
Read Users Reviews

Details

BrokeriFOREX
Website URLiforex.com
Founded1996 year
Headquarters1, Wickham's Cay, Road Town, Tortola BVI VG1110, Limassol, Cyprus
Support Number+30-210-374-2505
Support TypesCallback, Phone, Email, Chat
LanguagesEnglish, Spanish, German, Portuguese, French, Arabic, Japanese, etc.
Trading PlatformFxnet
Minimum 1st Deposit$100
Minimum Trade Amount0.5 lot
Leverage1:400
SpreadFrom 0.5 points
Free Demo Account No
Regulated Yes
RegulationCySEC, BVI FSA (№SIBA/L/13/1060), NB of Hungary (№II/73.059/2000, №III/73.059-4/2002)
Account TypesStandard, Interest-Free, Premium, Protected
Deposit MethodsBank cards Visa / MasterCard (credit / debit), bank transfers Western Union, WebMoney, QIWI, Neteller, Skrill (Moneybookers)
Withdrawal MethodsBank cards Visa / MasterCard (credit / debit), bank transfers Western Union, WebMoney, QIWI, Neteller, Skrill (Moneybookers)
Number of Assets800+
Types of AssetsForex currency pairs, indices, commodities, precious metals, stocks, CFDs, cryptocurrencies
Account CurrencyUSD, EUR
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score8.9/10

Full Review


Founded in 1996, iFOREX is an international group of the following brands: Formula Investment House Ltd., investment company from British Virgin Islands, iCFD Limited — a company from Cyprus, eBrókerház Befektetési Szolgáltató Zrt., the company running its business in Hungary.

The customer base of this Forex and CFD broker is growing every year and currently has several tens of thousands of users. The team of project developers makes every effort for the leadership of their brainchild. Still, iFOREX is a scam or an honest broker? We answer this question further.

iforex.com is it a scam?? Reviews

 

iFOREX trading conditions

Though the group of companies of trade mark iFOREX since the moment of the basis in 1996 is one of the largest and most respected firms in the industry of Forex trading, however, the broker renders services since 2004. The project has established itself as a leader in the industry with excellent conditions, its own platform for web and mobile devices and an exclusive educational package that includes one-on-one training.

iFOREX allows traders to invest in more than 800 products, including shares, such as Apple, Facebook and Xiaomi, goods, currencies, cryptocurrencies, indices and ETFs. Users can also trade binary options on many of these products. CFDs from multiple markets and industries allow traders to diversify their portfolio and manage risks better.

In order to open an account here, traders must invest at least $100. This minimum initial amount is the average entry threshold available to many investors in the Forex market. iFOREX does not charge a commission for opening positions, although there is an acceptable spread between buy and sell rates, which is common in all dealing rooms on trading platforms around the world (full truth about Forex). All open positions are conveniently viewed and monitored online. Monitoring options are constantly updated, which significantly improves control and management of funds. The possibility of direct access to charts and indicators allows you to view several time frames and implement advanced technical analysis. If you want, you can view the history of the value of each currency pair and its latest price movements.

Users can choose between 4 account types: Standard, Interest-Free, Premium, Protected. The input threshold for all accounts, except of Premium, is the same of $100. For Premium entrance it’s $2 thousand. It should be noted that the information about accounts is provided only after registration on the website iforex.com. Special privileges for customers investing in the project amounts from $5 thousand – personal manager, special bonuses, cacheback, VIP-training, etc. Such users of the project in many respects make concessions in the form of reducing the spread and providing unique analytical information.

Along with other types of accounts, Islamic accounts are provided, which is interest-free and adheres to Islamic sharia law. However, the project does not provide a demo version that is popular with other Forex brokers. According to the iFOREX negative balance protection policy, its customers will never have to face a debit balance due to trading losses. The potential loss of the customer is limited only by the deposited funds.

The project has a good educational potential and provides users with a lot of useful information that provides invaluable assistance to beginners in managing their portfolios and making responsible decisions. Any tutorial is unique in its own way, easy to read and applicable to speculators with different attainment level (Forex trading training).

Forex Trading Training iforex.com

Some of the video tutorial courses include the information on moving averages, common trading errors and much more. The educational section offers a variety of free educational materials such as e-books, tutorials, personalized video courses, numerous articles on trade topics and individual training. This way of learning allows you to learn the material at an individual pace that is comfortable for the customer. Free educational packages can be ordered simply by filling in the online form on iforex.com. The course for beginners contains full instructions on using the iFOREX platform and the advanced one provides professional Forex strategies for more experienced traders. iForexopedia contains a full glossary of financial words and phrases.

iforex.com training materials on using the platform

The iforex.com support service is available 24 hours a day and in several languages. Here you can contact us by e-mail, free phone and chat. Those wishing to use the «hub» text support service, which explains in detail everything a trader needs to know about account opening, payment options and basic details about CFD trading and Forex. iFOREX traders can stay abreast of market developments by reviewing the daily news and analysis posted on the website. They will also find here a blog full of articles about current market events.

 

iFOREX platform

iFOREX is one of the Forex and CFD brokers who prefer not to use the most popular MetaTrader 4 (MT4) platform, but to rely on their own software. The project offers online trading with a wide range of products on its Fxnet platform, which is developed by in-house specialists of the company. It is available to customers in the form of desktop, web and mobile applications.

iforex.com platform features

The platform is equipped with trading charts with several timeframes, indicators for Forex, customizable tools for each trader. In addition to the basic market orders (open/close), iFOREX customers have special trading tools at their disposal, including the one that allows them to place a limit order at the best rate, which in turn cancels other orders after they are executed. In addition, investors can determine a stop-loss or take-profit in advance. It is also possible to execute a deal «in one click». Continuous account monitoring is available, allowing customers to view their open positions, collateral and exposure values in real time.

There are also Forex trading signals. The Advanced Trading Signals option sends traders live updates on the latest market trends for the hottest currency pairs, stocks, commodities, ETFs, etc. Provided by a third party, the signals are delivered directly to the trader’s mobile device and can be fully customized according to their needs and preferences. The broker captures spreads and warns that they can expand in extreme market conditions. Forex spreads are 2 points for the EUR/USD pair, which is the average for the market.

iforex.com broker quotations

The current quotations of assets significantly affect the result of speculators’ operations. Forex broker iFOREX does everything to improve the quality of communication for its customers around the world. It can be said that it succeeds, because the suppliers of data are reputable stock exchanges: German, London, Italian. Moreover, the project values its reputation and puts users’ transactions on the interbank market, providing them with high liquidity. Orders to open and close a trading position are implemented at the current market rate.

iforex.com broker quotations

 

iFOREX demo-account

The presence of a Forex demo-account with any brokerage company in many ways predetermines the further success of its customers. Testing of certain trading strategies, choice of tools, all this is implemented without the risk of financial losses on the demo account. Unfortunately, iFOREX does not provide a virtual account to its users. The only risk-free opportunity to try out trading strategies is for customers who have chosen the Protected account type – here you can trade without an investment for 14 days.

iforex.com demo-account

 

iforex.com mobile application

The mobile platform iFOREX is very convenient for modern trading and in many ways predetermines the choice of a broker to work with. This product offers many features of the web platform and allows traders to access their accounts even when they are traveling or on a business trip. Trading is realized in any place and at any time, and traders will be able to quickly make transactions and constantly monitor their positions.

iforex.com mobile application

Advantages of a mobile platform:

  • Ability to trade more than 800 tools.
  • Constant monitoring of open positions, full access to customer wallet, balance, capital and margin data.
  • Ability to customize your own layout to your personal preferences for the convenience of trading.

In order to make the most of mobile trading, traders are advised to download a mobile application available in App Store or Google Play. Access to the mobile site is automatic when you log in from your mobile device.

 

iFOREX bonuses

Many different brokerage companies stimulate their users with various rewards in order to attract more users. iFOREX has previously offered its customers €25 as a deposit-free bonus for margin trading. Anyone was given a risk-free opportunity to trade without any personal investment. All profits made using the bonus could be withdrawn if certain trading conditions were met. This bonus was originally designed specifically for traders from Italy. Then it became available to speculators from other countries. At the moment, its validity term has expired.

iforex.com bonuses

Following the recommendations of the authoritative regulators, brokers cannot offer their customers any deposit-free bonuses. Since iFOREX is fully regulated, it currently has no promotions available. Various rewards and privileges can be obtained here by becoming a member of one of the partner programs. One of them, «Bring a friend», entitles the participant to receive $35 after attracting 5 customers. And this reward is given for each trader involved. More detailed information about such bonus is available in the technical support service.

 

Deposit and withdrawal

IFOREX supports different ways of account replenishment: credit/debit cards, bank transfers, e-wallets of payment systems Skrill, Neteller, Diners and Western Union. It should be kept in mind that bank transfers include a commission of 20 USD. There is no commission for other directions.

iforex.com deposit and withdrawal

Withdrawal of capital from the account is done in the same way as it was credited. Withdrawal of funds is requested through the form at iforex.com. The whole process takes 5-7 days. However, it can be significantly accelerated by depositing at least $100 into the account.

 

Complaints against iFOREX

There are various comments about the activity of iFOREX broker in the network. There are both positive and negative reviews. Negative is related to the delay in withdrawal of funds, although it often depends on the lack of operational work of payment systems. iFOREX customers also do not like the absence of a demo account, unavailability of all the tools declared by the company, and certain shortcomings of the trading platform.

But there are obvious advantages of this broker:

  • Protection from negative balance.
  • The company is a member of the International Group with more than 20 years of experience.
  • Available deposit size for trading.
  • Qualitative training department on the website iforex.com.

If we find complaints about iFOREX, we will post it on social media. Follow us to be well informed:

 

iFOREX broker regulator

iFOREX is known as an international group of promising companies, regulated by Formula Investment House Ltd., regulated by BVI FSA, iCFD Limited — CySEC, eBrókerház Befektetési Szolgáltató Zrt. — National Bank of Hungary. iFOREX (eBrokerhouse Ltd.) has the license of HFSA (№III/73.059/2000, III/73.059-4/2002), regulated by Central Bank of Hungary. Also the company follows the rules set by Mifid II and ESMA.

Undoubtedly, the most reliable regulation here is in Cyprus. CySEC applies certain rules and requirements to investment firms. For example, they must have at least 730,000 euros in order to prove their good financial position. In addition, the commission obliges Forex brokers to keep customers’ funds in segregated accounts separated from the company’s operating funds. As an additional guarantee of customer capital, all of these companies are members of the Investor Compensation Fund, which can pay compensation of up to EUR 20,000 if the broker is in default.

iforex.com User agreement

The careful and detailed study of the agreement will help the user to avoid many problems associated with the most important aspects of trading, the possibility of withdrawal of profits from the trading account. In iFOREX this document is called «Customer agreement» and is located in the legal information section of the website iforex.com. In clause 4.2, the broker notifies users that it does not provide investment advice, so any information provided should not be taken by the customer as a guide to action:

iforex.com User agreement

The customer should not use any software for automatic/algorithmic trading on the account:

iforex.com account trading software

The company is not obliged to state the reasons or notify the user of the reasons for refusal, cancellation, suspension, freezing, closure or cancellation of orders or instructions before or after that:

iforex.com broker reviews

All disputes and conflicts shall be resolved in accordance with the jurisdiction of the courts of the British Virgin Islands:

iforex.com dispute resolution

 

Is iFOREX a scam?

IFOREX is a reputable Forex and CFD broker with a long history and strong regulation. Moreover, it provides traders with protection against negative balance, offers them various accounts, bonuses, etc. Unfortunately, MT4 is not available here, but the company offers its own terminal for work.

The author’s multilingual trading platform has proved itself to be a good one, providing profit to many speculators with experience. Users note the convenience of its use when downloading to a computer, and when working in it on the website iforex.com. The mobile version provided by the broker is also quite comfortable. On all these platforms the customer has the opportunity to trade more than 800 tools.

It should be noted that iFOREX does not manage investment portfolios and does not advise users on international currency trading or other investment issues. All information on the site is provided to traders only for technical and fundamental analysis, as well as to assist in making responsible trading decisions. Therefore, all these data should not be perceived by speculators as a guide to action.

Execution of trade orders is provided with almost no delays by high-tech equipment, cooperation of the broker with reputable quotation providers and other organizations. This confirms the high level of liquidity. In addition, iFOREX does not have hidden fees and additional charges, and hedging is possible. Full use of the margin allows for optimal use of the trader’s trading capital, since there are no minimum requirements here. Employees of the company constantly monitor the feedback about the project in the network, trying to immediately eliminate the shortcomings and respond to all customer requests. All this information gives you the right to believe that iFOREX is not a scam and values its reputation for many years.

 

Summary

Forex and CFD broker iforex.com values responsibility, honesty and transparency in its work. Its training materials are extensive and varied, and the choice of several variants of the author’s platform allows you to trade in the markets more conveniently. The company’s platform is impressive, it is simple and convenient to use, and transactions are made without slippage.

There are no bonuses here, but following ESMA, the company does everything to comply with the regulations. The conditions for trading here are not bad, but there is not enough demo account. And even this fact does not affect the reliability of the project, which is not in doubt. Cooperation with iFOREX is recommended by many reputable experts.

Similar Posts:

Visit Broker

Reviews