iForex Editor’s Verdict
iFOREX was founded in 1996 and is part of the iFOREX Group. This broker prides itself on generating mass trading volume and liquidity; it is able to claim over 8,000,000 clients from over 100 countries and executes over 35,000 transactions per day. Per its own account, the deployment of advanced technology meets the needs of modern traders, and many clients seem to agree. iFOREX presents traders with its proprietary trading platform which focuses on mobile traders. Over 940 assets are available, and education fulfills a central role. This broker states that it neither manages investment funds nor does it offer advice. Rather, by means of its Education Centre, iFOREX aims to build clients’ skills up to the point where they can make informed trading decisions on their own.
Overview
iFOREX has over 25 years of market experience, suggesting financial stability and a well-executed business plan.
British Virgin Islands BVIFSC, CySEC 1996 Market Maker Unspecified Other, Proprietary platform, Web-based
Regulation and Security
While the location of the group headquarters is not specified, the international subsidiary, operated by Formula Investment House Ltd, operates out of the British Virgin Islands (BVI). As such, the British Virgin Islands Financial Services Commission (BVIFSC) authorizes the company; client deposits remain segregated from corporate funds, and negative balance protection applies. Full compliance with all regulatory stipulations is maintained, and Formula Investment House Ltd has a clean regulatory track record.
Formula Investment House B.O.S. Ltd, a Cypriot-based entity, provides payment clearing services. Cyprus is also where the iFOREX Group operates its European subsidiary, iFOREX Europe, with oversight from the Cyprus Securities and Exchange Commission (CySEC).
The international subsidiary of iForex operates out of the British Virgin Islands (BVI).
The British Virgin Islands Financial Services Commission (BVIFSC) granted a license in December 2013.
The BVIFSC website confirms active status as of July 2020.
Formula Investment House B.O.S. Ltd provides payment clearing services out of Cyprus.
Fees
iFOREX derives its revenues from spreads: the difference between the bid and ask price of a quote. The EUR/USD spread can be as low as 0.7 pips, while the minimum deal size is 1,000 units or 0.010 lots. Commission-free equity trading is made possible, as is commonly the case, by the brokerage taking payment on the spread.
Swap rates on leveraged overnight positions apply, and iFOREX passes corporate actions such as dividends, mergers, and splits on to affected portfolios. A quarterly inactivity fee of $15 exists if the account has been dormant for twelve months. This broker waives all internal withdrawal expenses except for bank wires, which are charged at $20. iFOREX is transparent about all applicable trading costs and provides well-explained examples on its website.
iForex explains all applicable costs with examples on its website.
What Can I Trade?
Traders have access to over 750 assets across 6 categories. The coverage of the forex market is superior to many competitors, with 83 currency pairs. Complementing the forex pairs are 20 commodities; of those, 16 are unique and four are variants. Also available to trade are 18 cryptocurrency crosses, but only seven different ones exist, quoted against various fiat currencies. The bulk of the assets at iFOREX consists of 698 equities for direct share dealing, together with over 20 equity CFDs, over 30 index CFDs, and over 50 ETFs. Overall, the choice is excellent, and iFOREX is a rare broker offering more direct equities than CFDs. Given the broad choice, retail traders and asset management firms alike will benefit from the asset selection.
Over 940 assets offer a broad range of trading opportunities.
Account Types
iFOREX asks prospective clients to contact their customer service team to find out about the account types available. We, from our side, would have preferred if the information was readily available on the site.
While this broker maintains its proprietary webtrader, their site doesn’t go into too many details about its functioning. From the website page, it appears that key features include an integrated economic calendar and trading signals, advanced live charts and indicators, and a customizable and user-friendly interface. It seems that the platform does not support automated or social trading and may only be suitable for manual traders.
Trading Platforms
MT4 | |
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MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |
iForex is a rare broker focused on mobile trading via its proprietary mobile app. It is also available as a web-based alternative, accessible from the back office. iForex only supports manual trading, making the absence of MT4 with its algorithmic and copy trading functions notable. The iForex app has 500K+ downloads on the Google Play Store with a 3.8 rating from 3,900+ reviews.
Traders get a charting package, sentiment indicators, market news, and actionable trading signals on request.
Unique Features
The Trading Expert
The Trading Expert channel is available in English. Here traders can connect with two trading experts, Walid Salaheldin Mohamed and Mohamed Abd El Khaleq. The experts actively open CFD trading deals on a variety of assets, including Forex, shares, cryptocurrencies, indices, and more, and provide daily commentary on each deal's various stages.
Today’s Opportunity
iFOREX traders get a daily insight into one market opportunity, presented by video. The videos allow traders to watch and follow every day's opportunity as it goes live at 8am (GMT), including today's hottest deal, the reasons to trade it, a step-by-step breakdown on how to open the deal and in-depth explanations.
Research and Education
Education is where iFOREX has created an excellent service for new traders. The Education Center features many articles that cover various topics. Each one consists of quality written content with proper explanations and examples, while a video is equally available. A basic and advanced category divides the depth of the educational content. A free PDF guide for beginners is available upon registration, and 1-on-1 training lessons exist, increasing the value of this section. This broker offers two promotion packages centered on education, namely, the iFOREX Education Package, and the iFOREX Pro Package. The latter includes free trading signals, while iFOREX does not list any requirements. Overall, this is the best-developed category at this broker.
iForex notes that it does not offer investment advice.
In a different section, this broker prides itself on trading signals.
The Education Center is a must-read for new traders.
The iForex Education Package offers more courses and 1-on-1 trading.
The iForex Pro Package adds free trading signals.
Customer Support
Customer Support Methods |    |
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Support Hours | M-F, 04:00 - 20:00 GMT |
Website Languages |         |
Customer service, in English, is available from Monday to Friday between 04:00 and 20:00 GMT. The FAQ section attempts to answer the most common questions, while those in need of more assistance may either call one of the fifteen phone numbers, write an e-mail, or use live chat.
Bonuses and Promotions
Besides the two educational promotions, iFOREX maintains a refer-a-friend campaign. Referring new traders may earn up to $300. The bonus is applied after the account is verified and funded. While family members count, same-household family members do not.
A refer-a-friend campaign exists at iForex.
Opening an Account
Per established industry standards, an online application will process new accounts. iFOREX merely asks for name, e-mail, and valid phone number to complete the first step. Being a regulated broker, iFOREX must satisfy AML/KYC requirements, as stipulated by the BVIFSC. A copy of the trader’s ID and one proof of residency document (not older than three months) usually completes this second step.
The Account Opening process adheres to AML/KYC requirements.
Deposits and Withdrawals
iFOREX supports bank wires, credit/debit cards, and e-wallets. Per information gathered from the support section, CashU, Alipay, Neteller, PayPal, and Skrill are available. Detailed information regarding processing times and fees does not seem available. This broker notes that no internal costs apply except a fee of $20 for bank wires, while third-party charges will depend on the payment processor.
A question in the support section reveals several supported e-wallets.
iForex applies a $20 fee for all withdrawals via bank wires.
Summary
iFOREX has over 25 years of market experience, and 10 as a BVIFSC-regulated entity, which is its biggest asset, together with an excellent educational section for new traders. Over 940 assets are available for trading. As to their platform, it was built in-house with the aim of excelling in meeting clients’ needs. While it isn’t based on the MT4 or MT5 models, it could possess uniquely useful features of its own, and there are lots of positive customer reviews which seem to testify to this.
New and experienced retail traders may find iFOREX suitable because the platform seems geared to meet the needs of both. The company’s clean regulatory record and substantial store of positive client reviews indicate not only trustworthiness, but also the efficiency of their platform. The fact that they have been in the business so long is surely a good sign on its own.
Yes, it does. The British Virgin Islands Financial Services Commission (BVIFSC) regulates Formula Investment House Ltd, the international subsidiary, and the Cyprus Securities and Exchange Commission (CySEC), regulates the European subsidiary, iFOREX Europe. Go to the “My Account” tab on the website and click “Withdrawal”. Fill in the required fields and click “Continue”. Print, sign, and send the form that then pops up. Yes. iFOREX is a regulated and licensed trading brokerage, licensed and supervised by the British Virgin Islands’ Financial Services Commission. They’ve been operating with a clean record in the business since 1996.FAQs
Does iForex offer a demo account?
Where is iForex regulated?
How do I withdraw money from iForex?
Is iForex safe?