Introduction
The iForex broker originates from Formula Investment House Ltd., established in 1996 by a team of bankers and Forex dealers. Their main office is located in Tortola, BVI, with additional offices in Greece, Cyprus, and the UAE. This forex broker offers various assets and tools through its web platform and mobile app. Currently, it operates in 15 languages and serves over 100 countries.
With over two decades of industry experience, iFOREX claims to have over 8 million clients worldwide. They provide a unique trading platform, mainly catering to mobile traders, offering access to more than 750 assets. Education is a central aspect of this platform, allowing users to trade not only forex but also other asset classes such as CFDs on stocks, stock indexes, precious metals, and cryptocurrencies like Bitcoin.
In this iForex broker review, we'll assess the online trading services provided, including investment options, deposit and withdrawal methods, educational resources, and customer support.
Supported Countries
iForex is a global trading platform that welcomes clients from various countries worldwide. They accept traders from Argentina, Austria, Bahamas, Bangladesh, Botswana, Chile, China, Colombia, Costa Rica, Croatia, Czech Republic, Denmark, Ecuador, Egypt, Estonia, Finland, France, Germany, Ghana, Greece, Guatemala, Honduras, Hungary, Iceland, India, Indonesia, Ireland, Italy, Jamaica, Japan, Kenya, South Korea, Latvia, Lithuania, Luxembourg, Malaysia, Malta, Mexico, Morocco, Nepal, Netherlands, Nigeria, Norway, Pakistan, Panama, Peru, Philippines, Poland, Portugal, Romania, Saudi Arabia, Senegal, Serbia, Slovakia, Slovenia, and South Africa. Others are Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Tanzania, Thailand, Trinidad and Tobago, Tunisia, Uganda, Ukraine, United Arab Emirates, United Kingdom, Uruguay, Venezuela, Vietnam, Zambia, Zimbabwe, Albania, Algeria, Angola, Armenia, Azerbaijan, Bahrain, Barbados, Belize, Benin, Bhutan, Bolivia, Brunei, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Cyprus, Djibouti, Dominica, Dominican Republic, East Timor, El Salvador, Equatorial Guinea, Eritrea, Eswatini, Ethiopia, Fiji, Gabon, Gambia, Georgia, Grenada, Guinea-Bissau, Guyana, India, Iraq, Ivory Coast, Jordan, Kazakhstan, Kiribati, Kosovo, Kuwait, Kyrgyzstan.
However, it's essential to understand that iForex does not offer its services to several countries. These countries include Afghanistan, American Samoa, Australia, Belgium, Brazil, British Indian Ocean Territory, British Virgin Islands, Canada, Christmas Island, Cocos Islands, Congo the Democratic Rep., Crimea, Cuba, Guam, Guinea, Haiti, Iran, Israel, Lebanon, Libya, Mali, Myanmar, New Zealand, North Korea (DPRK), Northern Mariana Islands, Puerto Rico, Russian Federation, Singapore, Somalia, South Sudan, Sudan, Syria, Turkey, the United States of America, US Minor Outlying Islands, and US Virgin Islands.
Customer Service Rating
iForex has accumulated over 60 reviews on Trustpilot, resulting in an average TrustScore of 3.7 stars out of 5. One reviewer who gave iForex a thumbs-up mentioned that the platform lived up to its advertised promises. Others praised the brokerage firm for its conscientious approach and provision of an educational center tailored to beginners. Some reviewers appreciated the simplicity of iForex's approach, finding complex concepts easy to understand.
However, like any forex broker, iForex has downsides, as some reviewers have expressed.
iFOREX Trading Platforms
iForex uses its trading platform instead of third-party interfaces like MT4, MT5, or cTrader. This means users won't find those popular platforms available. The iForex web-based platform caters to both desktop and mobile users.
iForex Web Trader: For the web version, iForex provides a fully customizable and user-friendly platform accessible from various devices. It features live trading charts, multiple indicators, trading signals, and an economic calendar. This platform ensures traders can swiftly execute deals and offers a secure trading environment.
iForex Mobile App: As for the mobile app, it's designed for modern investors, allowing access to accounts anytime and anywhere. Traders can enjoy charting packages, sentiment indicators, market news, and trading signals. The mobile app is available for free on both Android and iOS devices. Notably, iForex supports only manual trading, distinguishing it from platforms like MT4, which offer algorithmic and copy trading functionalities.
Type of Trading Accounts on iFOREX
iForex doesn't provide multiple account types. Instead, they offer only one real account and a demo account.
Real Account: To learn about available account details, users must register first and then contact iFOREX's customer service team. This lack of upfront information can be frustrating for potential clients. Nevertheless, iForex states that no fees are involved in opening or closing an account.
Demo Account: iForex offers traders a personal demo account as part of their educational package. This virtual platform allows users to refine their trading strategies and enhance their skills without risk. Additionally, the package includes one-on-one training sessions and educational resources covering various aspects of online trading.
Trading Denominations on iFOREX
iForex permits its clients to choose only USD, EUR, and GBP as the denomination for their accounts.
Company Structure
iFOREX, a trademark owned by an entity within the iFOREX Group, has its headquarters in Tortola, British Virgin Islands, with additional offices in Greece, Cyprus, and the UAE. The iFOREX Group encompasses various brokers and brands, including iFOREX and iFOREX Europe.
iFOREX: Operated by Formula Investment House Ltd., an investment firm licensed and supervised by the British Virgin Islands Financial Services Commission.
iFOREX Europe: This subsidiary of the iFOREX Group is a licensed investment firm regulated by the Cyprus Securities and Exchange Commission (CySEC) under license #143/11. Treasury and back office services are managed by Formula Investment House BOS Ltd., which also oversees the broker's website.
iForex believes in combining advanced technology with exceptional customer service to meet the evolving needs of modern traders in the online environment. Their website is available in 11 versions, with information presented in simple language for accessibility to beginners. The broker offers direct access to international financial markets, including Forex, stocks, commodities, and indices.
Notably, iFOREX allows hedging and enables the addition, modification, and removal of stop-limit orders for all instruments, even when the market is closed. Despite its long-standing presence in the industry, iForex does not showcase any awards or recognition on its website.
iFOREX Licenses and Regulatory Compliance
iForex holds regulatory licenses from various jurisdictions, which adds credibility to its operations.
For iFOREX: Formula Investment House Ltd. is an investment firm licensed and supervised by the British Virgin Islands Financial Services Commission, with license number SIBA/L/13/1060.
As for iFOREX Europe: The European subsidiary of the iFOREX Group is an investment firm licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 143/11.
iFOREX Customer Protection
As iForex operates under regulatory oversight, the broker adheres to established guidelines to safeguard its customers.
iForex offers negative balance protection, ensuring that clients' accounts do not fall into negative balance. This prevents traders from losing more than their initial investment, even during periods of extreme market volatility.
To further enhance protection, iForex maintains segregated bank accounts, storing all client funds with reputable banks. These funds are kept separate from the company's capital, reducing the risk of loss.
Prudent risk management practices are employed by iForex, utilizing professional teams to mitigate exposure to financial disruptions for both clients and the business.
Sensitive information is safeguarded through encryption services such as firewalls and Secure Socket Layering (SSL), ensuring the security of client data.
Customer Service
iForex presents itself as a customer-focused platform, offering various channels for clients to reach out for support. Customer service is available in English from Monday to Friday between 04:00 and 20:00 GMT, reachable at +30-210-374-2599. For common inquiries, the FAQ section aims to provide answers. For more personalized assistance, clients can utilize one of the fifteen phone numbers listed on the support page or send an email to Customer Service ([email protected]) or Technical Support ([email protected]).
Additionally, iFOREX offers support and guidance on trading conditions, live rates, platform downloads, and more through its live chat function. To access live chat, users can visit the iFOREX trading platform login page and locate the chat icon at the bottom of the screen.
Trading Information
The trading conditions offered by iFOREX cater primarily to professional traders. The minimum deposit required to start trading is $100, and there are no cent accounts or options for copying other traders' transactions.
iFOREX's trading platform operates 24/7, although certain markets may have restrictions during specific hours. Details about changes to standard trading hours can be found in the 'Holidays' section on the Trading Conditions page. While the broker doesn't charge commissions on trades, it profits from relatively competitive spreads. However, there are no promotional discount for large trading accounts, but traders are encouraged to inquire with their account manager.
Clients should know a $15 quarterly inactivity fee for accounts dormant for 12 months. Additionally, trading shares, ETFs, and CFDs with leverage incur an overnight financing charge, beginning at 5% per annum for indices and 2.5% for commodities and cryptocurrencies. Overall, trading fees with iFOREX are generally in line with industry standards. One advantage is the relatively low minimum investment requirement of $100, making it competitive with other brokers that may demand initial deposits as high as $500.
Tradable Instruments
iFOREX boasts a wide range of tradable assets, with traders gaining access to over 750 assets spanning six categories. The coverage of the forex market surpasses many competitors, featuring over 93 currency pairs. Other asset categories include:
Forex Pairs
Commodities
Indices
ETFs
Shares
Cryptocurrencies, including popular options like Bitcoin, Ethereum, and Ripple.
Overall, the selection is impressive, with iFOREX standing out as a rare broker offering more direct equities than CFDs. This diverse array of options benefits both retail traders and asset management firms alike, providing ample opportunities for investment across various markets.
iFOREX Leverage
When trading forex or commodities, iFOREX offers leverage up to 1:400, while CFDs come with leverage of 1:200. However, European traders are subject to ESMA regulations, which limit the leverage available to 1:30. It's important to understand that leverage can magnify both profits and losses. While it can significantly increase potential gains, it can also equally amplify losses.
Deposits and Withdrawals
Deposits
iFOREX emphasizes customer convenience by offering a wide range of payment methods for both online and offline transactions. For deposits, iFOREX accepts bank transfers, credit and debit cards, as well as eWallets like CashU, Neteller, Skrill, and PayPal. The broker does not charge any commission fees on transactions.
To cater to the diverse financial landscapes of its global clientele, iFOREX offers payment methods tailored to various countries. Clients can select their country of financial management to view the most compatible payment options.
It's important to note that funds transferred via bank transfer may take between 3-5 days to reflect in the account, and there is a minimum deposit requirement of $100.
Withdrawals
When it comes to withdrawals, iFOREX does not charge a fee, a charge of up to $20 may be incurred by the chosen payment method provider. To initiate a withdrawal, users need to complete a withdrawal request form. Credit card withdrawals can take up to 28 days, depending on the local credit card provider.
Wire transfers typically take between 3 and 5 business days. Additionally, third-party charges will vary depending on the payment processor used. It's worth noting that iFOREX does not process withdrawal requests from unidentified accounts.
iFOREX Trading Education and Training
iFOREX provides comprehensive educational resources, offering easy-to-access information on major trading products like CFDs and forex. The Education Center offers numerous articles covering various topics, each containing well-written content with clear explanations and examples. Additionally, there are instructional videos available, particularly beneficial for beginner traders. A handy glossary is also provided to assist users in navigating trading terminology.
The educational content is divided into basic and advanced categories, catering to traders of different experience levels. Upon registration, beginners can access a free PDF guide, and personalized 1-on-1 training sessions are available, adding further value to this section.
In terms of research, iForex offers clients news and analysis through an iForex blog, covering thematic topics in detail. While research webinars, videos, and real-time news are not provided, iFOREX does offer an economic calendar highlighting significant macroeconomic events that could impact markets.
FAQs
Is iFOREX a Scam?
iForex is a legitimate forex broker with regulatory licenses from multiple jurisdictions. For instance, its parent company, Formula Investment House Ltd., holds a license from the British Virgin Islands Financial Services Commission with license number SIBA/L/13/1060. Additionally, its European subsidiary, iFOREX Europe, is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 143/11.
Despite its regulatory standing, iForex has received mixed reviews on platforms like Trustpilot.
How do I open an iFOREX trading account?
Opening an iForex trading account is a straightforward process that can be completed online. Here are the general steps to follow:
Navigate to the official iForex website using your web browser.
Look for the "Register" button on the homepage and click on it to begin the account opening process.
You'll be asked to provide personal information such as your name, email address, phone number, and country of residence. Make sure to enter accurate information.
After completing the registration form, iForex will send you a verification email. Click on the verification link in the email to confirm your email address.
Depending on regulatory requirements, you may need to provide additional documentation to verify your identity and address. This typically involves uploading copies of a government-issued ID (such as a passport or driver's license) and a proof of address document (such as a utility bill or bank statement).
Once your account is verified, you can fund it by depositing money using one of the available payment methods. iFOREX supports various deposit options, including bank transfers, credit/debit cards, and e-wallets.
After your account is funded, you can access the iFOREX trading platform and begin trading a wide range of financial instruments, including forex, commodities, stocks, indices, and cryptocurrencies.
Conclusion
iForex is a forex broker that offers a singular trading account that caters to both novice and experienced traders. The broker provides a proprietary trading platform accessible via desktop and mobile devices, ensuring flexibility and convenience for users.
Supported in various countries worldwide, iForex holds regulatory licenses from reputable authorities, including the British Virgin Islands Financial Services Commission, with license number SIBA/L/13/1060, and the Cyprus Securities and Exchange Commission (CySEC) under license number 143/11. This ensures compliance with industry standards and provides a level of trust and security for traders.
IForex implements customer protection policies such as negative balance protection and segregated bank accounts to protect its customers. With diverse trading instruments, including forex, commodities, stocks, indices, and cryptocurrencies, traders have ample opportunities to diversify their portfolios.
The broker offers competitive leverage options, enabling traders to amplify potential profits while being mindful of the risks involved. Deposits and withdrawals can be made using a variety of payment methods, although withdrawal processing times may vary depending on the chosen method.
iForex also provides comprehensive educational resources, including articles, videos, and personalized training sessions, empowering traders with the knowledge and skills needed to succeed in the financial markets.
