iFOREX is a reputable CFD and forex broker offering a range of tradeable assets and tools through its proprietary web platform and mobile app. This iForex review will evaluate the online trading services offered, including investment options, deposit and withdrawal methods, training and tutorials, plus customer care.
iFOREX Overview
It was founded in 1996 by a group of forex dealers and bankers. Today, it operates in 15 languages and 159 countries worldwide, including India, the Philippines, Venezuela, and Greece.
The company boasts over 20 years of industry experience and 6.4 million clients. The company’s headquarters are located in Limassol, Cyprus.
iFOREX is the brand name of Formula Investment House Ltd. The group also owns and operates Vestle, its European subsidiary, iFOREX Holding Limited, and iFOREX Prime.
iFOREX Trading Platform
The broker offers a proprietary trading platform, rather than using a third-party interface such as MT4 or MT5. The web-based platform is designed for use on both desktop and mobile devices.
User reviews of the iFOREX platform are generally positive.
The platform is fully customizable, easy to navigate, and supports trading from multiple devices. It includes live trading charts, multiple indicators, and is equipped with trading signals and an economic calendar.
The only downside is that it doesn’t facilitate access to many of the functions offered on a platform such as MT4. For example, EAs and social trading are not available and users are not able to trade with a VPS.
Assets & Markets
iFOREX prides itself on a diverse range of tradeable assets including shares & indices, such as the Dax and VIX, in addition to ETFs and commodities. Currency trading is available on over 90 currencies. Popular crypto pairs including, Bitcoin, Ethereum, and Ripple are also available.
Spreads & Commissions
It does not charge a commission on trades. It does, however, make a profit from the spread. Spreads are relatively competitive but there is no discount offered for large trading volumes. Spreads on major currency pairs, such as the EUR/USD, start from 1 pip.
A $15 quarterly inactivity fee is charged to accounts that have been dormant for 12 months. Also, when trading shares, ETFs, and CFDs with leverage, there is an overnight financing charge, which starts at 5% per annum for indices and 2.5% for commodities and cryptocurrencies. But for the most part, trading fees are around the industry norm and there aren’t hidden additional costs to be wary of.
Leverage
When trading forex or commodities, leverage up to 1:400 is available while CFDs come with leverage of 1:200. Leverage enables traders to explore sizeable deals using a relatively small investment. However, whilst it can increase potential returns, it can also increase risk and potential losses.
Note, ESMA regulations limit the leverage available to European traders to 1:30.
Mobile App
The broker offers users the option to trade on their mobile through the iFOREX mobile app. The app is downloadable free of charge and compatible with both iOS and Android devices. It’s easy to navigate and offers all the features and tools available on the web platform. Detailed reviews about iFOREX’s online mobile trading app and ratings can be found on the App Store or Google Play Store.
Payment Methods
For deposits, iFOREX permits payment via bank transfer, credit and debit cards, plus eWallets, such as CashU, Neteller, Skrill, and PayPal. Funds transferred via bank transfer may take between 3-5 days to show in your account. There is a minimum deposit of $100.
For withdrawals, a charge up to $20 may be applied, depending on the payment method and withdrawal size. To make a withdrawal, users must fill out a withdrawal request form. Withdrawals can take up to 28 working days to be processed, which has unsurprisingly led to customer complaints online.
Demo Account
A demo account is available to users but only once a real trading account has been activated. There are also time restrictions on how long the demo account can be used. A demo account is a great way to test new strategies and get to grips with a market without the risk of incurring a loss.
Deals & Promotions
At the time of writing, iFOREX was offering two primary promotions:
- Education package: 1-on-1 online training for beginners, access to video tutorials, and a Trader guide.
- Pro-package: 1-on-1 training, 2 weeks of free signals, and tight spreads on popular CFDs.
There is also a friend referral promotion available to specific regions, details of which can be found on the broker’s website.
Note, the no deposit bonus of 25 Euro is no longer available.
Regulation & Licensing
Formula Investment House Ltd is licensed and supervised by the British Virgin Islands Financial Services Commission. The iFOREX Group’s European subsidiary is licensed and regulated by the Cyprus Securities & Exchange Commission (CySEC). iFOREX UK is authorized and regulated by the UK Financial Conduct Authority (FCA). iFOREX is also legally allowed to operate in India and many other countries.
Additional Features
iFOREX offers a range of free informative resources to assist traders, including free 1-on-1 training, education resources, news, and market analysis. Resources are split into basic and advanced levels ensuring a spread of information accessible to traders with a range of experience levels. The company also runs a popular YouTube channel; content is available in English and multiple other languages.
iFOREX also provides a range of decision assisting tools such as an economic calendar, live charts, trading signals, and trading sentiment.
Account Types
iFOREX offers a standard Mini account and a VIP account. The minimum transaction for a VIP account is $2,500. To access information regarding account types users will have to first register an account. You should then contact the customer care team where they will discuss the account options in more detail. There are no fees involved with opening or closing an account.
iFOREX also offers an Islamic account; an interest-free account that adheres to Sharia law concerning trading.
Benefits
- CySEC licensed
- Reliable customer support team
- A wide range of investment products
- A comprehensive suite of educational resources
Drawbacks
- No social or automated trading robots
- Bad reviews of withdrawal problems due to lengthy process & charges
Trading Hours
The online trading platform is open for use 24/7. However, when trading in certain markets, restrictions may apply. Information regarding changes to the standard hours can be found in the ‘Holidays’ section on the Trading Conditions page. We would also recommend that users keep in mind the server time where they are based.
Customer Support
iFOREX provides insight and advice on trading conditions, live rates, platform downloads, and much more via the live chat function. To access live chat, go to the iFOREX trading platform login page and you’ll find a chat icon at the bottom of the screen.
Customer care and support are available via helplines and by email, Monday- Friday, 04:00-20:00 GMT:
- Telephone contact number – +36 1 808 9140
- Email – [email protected]
Safety & Security
iFOREX.com is a genuine company that takes security seriously, sensitive information passes through encryption services including, firewalls and SSL. The company also offers negative balance protection which protects clients against losing more than they have deposited.
iFOREX Verdict
iFOREX is an established brokerage able to offer clients years of industry experience. The proprietary platform is generally pleasant to use but traders familiar with the additional features of an MT4/5 platform may be disappointed. When evaluating the broker vs XM, Plus500, and other brokers, iFOREX has a credible history of trading forex and CFDs, but traders should be aware of the lengthy and costly withdrawal process, as highlighted in user reviews.
Accepted Countries
iFOREX accepts traders from Thailand, the United Kingdom, South Africa, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders can not use iFOREX from Afghanistan, American Samoa, Argentina, Australia, Belgium, Brazil, British Indian Ocean Territory, Canada, Christmas Island, Cocos (Keeling) Islands, Congo, Cyprus, French Southern Territories, Guam, Guernsey, Guinea, Haiti, Vatican State, Iran, Israel, Jersey, Korea, Lebanon, Libya, Netherlands, New Zealand, Puerto Rico, Rwanda, Samoa, Sudan, Singapore, Somalia, Syria, Turkey, United States.
Frequently Asked Questions
Where is iFOREX regulated?
Formula Investment House Ltd is licensed and supervised by the British Virgin Islands Financial Services Commission. The iFOREX Group’s European subsidiary is licensed and regulated by the CySEC (Cyprus Securities and Exchange Commission). The broker is also FCA regulated.
Does iFOREX offer a demo account?
Yes, a demo account is available to users for a finite amount of time. The practice account is a great way to test strategies and the broker’s platform.
How much capital do I need to trade with iFOREX?
The minimum deposit amount is $100 while the minimum stake size is 0.01 lots. Traders should not risk more than they are prepared to lose.
Can I trade with iFOREX on my mobile device?
Yes, iFOREX offers users the option to trade on desktop or mobile devices. The app is available to download free of charge from Google Play or the Apple App Store.
Is iFOREX a trustworthy broker?
iFOREX has a credible reputation and adheres to appropriate safety measures. However, there are many complaints and mixed reviews online from users in 2021, particularly around withdrawal problems.
| iFOREX is a multi-regulated forex & CFD broker with millions of clients worldwide |
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
