iFOREX – Forex Broker review

iFOREX – Forex Broker review
3.5 (70%) 2 votes

Read iFOREX forex broker review, rating and detail information for their services below. iFOREX founded in 1996 as iCFD Ltd. It was founded in 1996 by a group of bankers and Forex dealers. iForex was launched online trading platform in 2004. iFOREX is one of the largest and most respected global forex and CFDs broker. iFOREX has also branch offices in Greece and British Virgin Islands. While traders from some countries including U.S., U.K., and Australia is not allowed to open trading account with iFOREX. The broker offers trading services on a wide selection of products such as Forex, index, commodities, shares, and extensive cryptocurrency.

Regulation

iFOREX is regulated by Cyprus Securities and Exchange Commission(CYSEC). iForex also regulated by the HFSA (Licence # III/73.059/2000) in Hungary.
iFOREX Mobile Trading Platform

Trading Platforms

iFOREX offered a variety of platform for its traders. They have Desktop, mobile and web-based platform.

The Smart Client Platform

iFOREX desktop-based application is The Smart Client Platform which requires a download. Furthermore, this platform includes Advanced integrated charts, Customized View, Full Single Screen Function, One-click deal opening.

Web-Based Trading Platform

iFOREX Web-based application runs in a browser. For this platform, there is nothing to install because the platform runs in a browser, which may be easier for some traders. Order entry was straightforward and advanced order types like buy and sell limits are available.

Mobile Trading Platform

iFOREX Mobile trading platforms offer similar functionality to the desktop applications. Trader can install it onto their smartphones. The app is free and can be downloaded from Google PlayStore and Apple App Store.

Commissions & Spreads

Like other major online Forex brokers, iFOREX has no commission for their traders. They allow traders to fully utilize their margin facilities. iFOREX is not transparent with the spreads which they are charging their traders. Also, the spreads for cryptocurrencies were very vast.

Please find the below list for different kind of Spreads for iFOREX.

Currency Pair Minimum Spread (pips) Minimum Spread (value)
AUD/CAD 6 0.0006
AUD/CHF 6 0.0006
AUD/HUF 60 0.6
AUD/JPY 4 0.04
AUD/NZD 13 0.0013
AUD/USD 4 0.0004
CAD/HUF 60 0.6
CAD/JPY 3 0.03
CHF/CAD 5 0.0005
CHF/HUF 70 0.7
CHF/JPY 4 0.04
CHF/NOK 30 0.003
CHF/PLN 30 0.003
CHF/TRY 20 0.002
CHF/ZAR 300 0.03

Payment options

iFOREX Supports Bank Wire, Credit Card, Skrill, Western Union, Debit Card and eWallets for deposits and withdrawal. Withdrawals are also imitated through the same methods used for depositing the funds.

Support

Customer support at iFOREX is responsive and there are several ways which you can get in touch with the support team such as email, toll free telephone etc. Finally, The searchable FAQ database was very good and easy to use, which may help traders looking for faster answers for some questions.

iFOREX Detail Information

Company iFOREX
Founded in 1996
Online since 2004
Offices in British Virgin Islands, Cyprus
Payment options Credit/debit cards, , Neteller, QIWI, Skrill, WebMoney, Western Union, Wire transfer
Demo platforms FXnet
Account currencies Euro, Great Britain pound, Japanese yen, Swiss franc, United States dollar
Currency pairs
AUD/CAD AUD/CHF
AUD/ILS AUD/JPY
AUD/NZD AUD/USD
CAD/ILS CAD/JPY
CHF/CAD CHF/HUF
CHF/ILS CHF/JPY
CHF/NOK CHF/ZAR
DKK/JPY EUR/AUD
EUR/CAD EUR/CHF
EUR/CZK EUR/DKK
EUR/GBP EUR/HUF
EUR/ILS EUR/JPY
EUR/NOK EUR/NZD
EUR/PLN EUR/SEK
EUR/TRY EUR/USD
EUR/ZAR GBP/AUD
GBP/CAD GBP/CHF
GBP/HUF GBP/ILS
GBP/JPY GBP/NZD
GBP/USD GBP/ZAR
HKD/JPY JPY/ILS
NOK/JPY NOK/SEK
NZD/CAD NZD/CHF
NZD/JPY NZD/USD
NZD/ZAR SEK/JPY
SGD/JPY USD/CAD
USD/CHF USD/CZK
USD/DKK USD/HKD
USD/HUF USD/ILS
USD/JPY USD/MXN
USD/NOK USD/PLN
USD/SEK USD/SGD
USD/TRY USD/ZAR
ZAR/JPY
Regulated by CySEC, 143/11, Hungarian National Bank, II/73.059/2000
Website available in Arabic, Dutch, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Portuguese, Romanian, Russian, Spanish, Turkish
Support available in Arabic, Chinese, English, French, German, Italian, Romanian, Russian, Spanish
Support methods Callback, Email, Live chat, Phone
Trading server time zone GMT

iFOREX Features

Account Types

  • Standard Account
  • Interest-Free Account
  • Premium Account
  • Protected Account

iFOREX Review and Rating

iFOREX is a broker that takes responsibility for its traders. Its educational material is vast and although there is only one standard account, the choice of several different platforms makes trading easy for both novice and experienced investors. More bonuses would be beneficial as well. iForex’s prerogative to charge traders $100 to try out their trading platform, this is not the industry standard. Above all, the lack of a MetaTrader 4 platform is a big negative point for this broker.

Support
40%
Platform
50%
Bonus
90%
Commission
80%
Leverage
60%

Pros

  • Different types of platforms provided
  • Negative balance protection
  • Remote technical assistance available

Cons

  • Demo Account Not Available
  • Known For Soliciting Traders To Make Deposits
  • Poor Customer Service
6.4

Average Score

 

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