iFOREX Review and Rating
Name: iFOREX Review
Description: 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.
- Support - 40% 40%
- Platform - 60% 60%
- Insights - 70% 70%
- Leverage - 60% 60%
- Commission - 80% 80%
Summary
iForex operates in multiple jurisdictions with offices in the British Virgin Islands and Cyprus. They licensed and supervised by the British Virgin Islands’ (BVI) Financial Services Commission under license no. SIBA/L/13/1060. iForex offers over 80 currency pairs, cryptocurrencies, indices, shares, ETFs, gold, silver, commodities, and CFDs. 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 significant negative point for this broker. Read iFOREX forex broker review, rating, and detailed information for their services below.
User Review
( vote)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
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.
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 |
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| 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
- Islamic accounts available
- US traders are welcome
Account Types
- Standard Account
- Interest-Free Account
- Premium Account
- Protected Account