IForex Forex Trade Platform and Broker Review

IForex Forex Trade Platform and Broker Review

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iForex Broker Review

iForex is one of the biggest and most well-regarded forex brokers in the industry, offering traders over 750 tradable instruments with high leverage and tight spreads, plus education and analytics.  

IForex was first founded in 1996 as an international group of countries, and today has headquarters in Cyprus. IForex has 222 employees. 

Is IForex Regulated?

Yes, iForex has various entities that are regulated in different regions and by different regulators.  The iForex parent company, Formula Investment House Ltd, is licensed and supervised by the British Virgin Islands Financial Services Commission.

The broker’s European subsidiary, Vestle, is regulated by the Cypress Securities and Exchange Commission (CySEC), and iFOREX UK is authorized and regulated by the UK Financial Conduct Authority (FCA).

According to the official website, IForex is under regulation for the offering of retail investment and brokerage services in non-EU regions. The EU-regulated subsidiary, Vestle, does not form part of this review. 

IForex’s regulations guarantee important client protection measures, including securely stored deposits in segregated accounts, regular financial auditing, and transparent financial statements. 

Is IForex Regulated in the United States?

No, iForex is not regulated in Virginia or any other US state. 

Is IForex Regulated in Europe?

No. iForex is not regulated in Europe. The iForex Group’s European subsidiary, Vestle, is regulated by the Cypress Securities and Exchange Commission (CySEC) but does not form part of this review. 

Is IForex regulated in a Tier-1 Jurisdiction?

According to the iForex website, iForex is not regulated under Tier-1 jurisdiction. 

Such Tier-1 jurisdiction would give the broker licensing to operate in several listed countries, which consist of Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is IForex regulated in Tier-2 Jurisdiction?

According to the official iForex sources, iForex is regulated under Tier-2 jurisdiction. Tier-2 jurisdiction provides iForex with the licensing to operate in British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in IForex?

iForex offers traders its proprietary iForex trading platform. This in-house developed software provides for a fully customizable trading experience. No other platforms are offered by iForex.  

  1. The iForex platform is specially designed to be mobile-friendly, and offers hundreds of tradable CFDs, and comes equipped with trading signals, advanced live charts and indicators, and a secure trading environment. 

Does IForex Have a News Blog for Forex News?

Yes. iForex has a News blog that is available directly from the official website and which does not require a subscription. 

The news blog features the latest financial news and market updates, along with market analysis and an economic calendar, all in one convenient location.  

Does IForex Have a Traders Dashboard?

No, iForex does not have a Traders Dashboard. Some brokers provide a Trader’s Dashboard as a centralized tool that consists of a platform from which traders can monitor economic events, analysis, and currency price fluctuations. 

Does IForex Have an Educational Section?

Yes, iForex has an education section for Forex Traders. To use the Education Package traders must sign up through the iForex website with a simple registration process that involves providing your full name and contact details. 

What is the content of IForex Forex Education?

There are a total of 5 lectures or categories in the IForex educational series, which each provide forex lectures through different training resources. These resources are listed below. 

  1. 1-on-1 training with a trading coach
  2. An exclusive trading guide, which is a PDF set up to help absolute beginner traders in an easy, step-by-step training manual
  3. Video tutorials, which provide comprehensive lessons on investment strategies and other important trading topics
  4. Education articles, which provide detailed insight into different CFD products, global markets, trading tactics, and more

The education offering from iForex is a comprehensive resource that should be used by all beginner traders in order to improve their Forex trading skills. 

Is IForex Legit?

Yes, iForex is a legit Forex Broker and Trade Platform. IForex has CySEC, FCA, and FSC legal certificates to perform Forex Broker and trading services.

Is IForex Safe?

iForex is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • The FCA regulates IForex UK in the United Kingdom
  • CySEC regulates the iForex European subsidiary, Vestle, within the cross-border European Economic Area 
  • The FSC regulates iForex non-EU operations in the British Virgin Islands. 

In terms of its safety protocols, iForex stores all client deposits in segregated accounts, and sensitive information is passed through encryption services such as firewalls and Secure Socket Layering (SSL).

Is IForex a Good Broker?

Yes. According to the Forex Suggest review, for security, trading speed, online support, and cryptocurrencies, IForex is a good broker. 

  1. In terms of trading speed, the iForex proprietary platform uses fast execution trading software in order to fulfill positions efficiently. 
  2. In terms of security, iForex uses a number of different security measures, including SSL Encryption and negative balance protection, while the broker’s regulation ensures comprehensive client protection measures. 
  3. In terms of online support, iForex offers fast email submission query forms which can be accessed from a permanent button on the broker’s landing page. 
  4. In terms of cryptocurrencies, clients have access to coins such as Bitcoin, Litecoin, and Ripple in the form of CFDs, so that traders have the opportunity to invest in their price without having to actually buy them.

What is the Offering of Investment in IForex?

Offerings of Forex can be found below.

Feature IForex
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does IForex have Nasdaq?

No, iForex does not offer traders the option of trading CFDs on the Nasdaq 100 Stock Index. This American stock exchange is the second largest in the world and lists the stocks of the 100 largest companies globally. 

What are the Awards of IForex?

According to the official sources and Forex Trading platforms, iForex does not have any awards listed to date. 

How to Use IForex for Forex trading?

To use iForex, a forex trader should have the necessities below:

  1. A copy of their identification documents
  2. They should be 18 years or older
  3. They should be able to afford the minimum deposit of $100

If a Forex Trader has the conditions above, they can open a forex trading account to use IForex. 

How to open a Forex trading account with IForex?

To open a Forex Trading account with IForex, a trader should follow the steps below.

  1. Go to the iForex website
  2. Click on the “Register” link located at the top of the page
  3. Complete the form by filling in your details (Email, first and last name, phone, and country)
  4. Click “Continue”. You will then see a “please wait for” message and after a few seconds you will be redirected to the next page
  5. Fill in the Captcha Code
  6. Read and agree to the Trading Agreement
  7. Click “Accept and Continue”
  8. Thereafter you will see your Username and Password. Click on the “Login” button to enter the trading platform

What is the Forex Trader Account Types with IForex?

Forex Trading Platform and Financial Asset Management Institution iForex have 4 different account types. Every Forex trading account type has different features and conditions with IForex. 

IForex Account Types are listed below. 

  1. Demo Account

  2. Mini Account 

  3. VIP Account

  4. Islamic Account 

  • Demo Account

The Demo Account from iForex is only available to traders who have already signed up for a real account. This means that the demo account can be used for testing out trading strategies in a risk-free environment and practicing with the broker’s trading conditions. 

However, the demo account cannot be used to test out the broker’s trading features before signing up for a real account, which is an option made possible by most other brokers. 

  • Mini Account

The Mini Account from iForex can be opened with a minimum deposit of $100 and allows users to trade in micro-lots. This account is a good option for beginner traders who do not wish to risk their money in larger trade positions. 

The Mini Account is also a good option for smaller retail traders, as it allows them to profit off of smaller initial investments. 

  • VIP Account

The VIP Account from iForex has a minimum transaction of $2 500. This account is specially designed for high net-worth traders who require tailored account features and management in order to execute their trades. 

  • Islamic Account

The Islamic Account from iForex is designed to be used by Muslim traders. Account users will not incur rollover fees on positions held overnight. 

Such fees are charged as interest and can be either debited to or credited from the trader, depending on the position. However, interest is strictly prohibited by Sharia law, and so this account is tailored for traders of the Muslim faith. 

How to Withdraw Money from IForex?

To withdraw money from iForex, the following should be done:

  • Login to your account.
  • Click on ‘Withdrawal' in the ‘My Account' tab of the upper Menu bar.
  • Fill in the Withdrawal Request fields, and click on ‘Continue'.
  • The details of your Withdrawal Request will appear on a form. You are required to print the document, sign it and send it to iFOREX (you can use our secured ‘Upload Document' system on the platform to send the signed document).
  • Once the completed form is received, your funds will be returned to the credit card you used or to your bank account. Please note that the receipt of the requested withdrawal funds may take up to 28 working days, depending on the clearing solution you funded your account with.  
  • Important notes:
    • The withdrawal will be processed only if you fulfill all the registration conditions, in particular the sending of the required identification documents and completion of the questionnaires.
    • iForex refunds the money back to the card/s you initially deposited with.
    • Any additional funds you withdraw (profits), will be wired back to a bank account of your choice that is in your name. 
    • Please note that back charges of up to $20 may be applied and deducted from the withdrawals wired to your bank account.

How many days do deposits take with IForex?

Deposits times will differ with iForex depending on the chosen deposit method. Bank transfers can take up to 7 working days, depending on your location. E-payments should not take more than 10 minutes to reflect in your account. 

What are the costs and fees with IForex?

There are three types of costs with iForex. Spreads are charged to all account users, inactivity fees are charged to users whose accounts remain dormant, and swap costs are for users that do not hold a swap-free account. 

A Forex Trading Cost is charged to traders for using the broker’s services and is essentially the way in which the broker makes a profit. These costs generally consist of commissions, spreads, swaps, and inactivity fees. 

iForex does not charge commissions, while spreads are the difference between the bid and the asking price. Inactivity fees are charged to dormant accounts, and swap fees are charged to positions held open overnight.  

The Forex Trading Fees with IForex are below. 

  • Commissions: None
  • Spread: from 1 pip on major currency pairs, like the USD/EUR
  • Inactivity fees: charged to accounts that have been dormant for 12 months
  • Swap fees: 5% per annum for indices and 2.5% for commodities and cryptocurrencies. 

What are the Trading Fees with IForex?

Deposits are free of charge from iForex, as well as withdrawals. Muslim traders can apply for a swap-free account, while all traders will be charged inactivity fees on accounts that have been dormant for 12 months. 

What is the minimum deposit in IForex?

The minimum deposit required in order to open a Trader Account with iForex is $100.  

What are the contract specifications in IForex?

Feature IForex
Forex Trading Yes
CFDs 100+
Forex Pairs +- 100
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 6
Social Trading  No

Does IForex have promotional offers?

Yes, iForex does have promotional offers. These different bonuses are listed below. 

  1. Trading bonus
  2. CashBack Program

Does IForex have a welcome bonus?

No, iForex does not have a welcome bonus.

However, the broker does offer comprehensive trading tools and excellent educational resources which can be used by beginners and professional traders. 

Does IForex have a deposit bonus?

Yes, iForex does offer a deposit bonus.  Advertised as a trading bonus, it is offered as a percentage of the number of funds deposited in a client’s trading account.

The trading bonus is designated for purposes of margin trading only, thus can only be used as an extra margin (i.e. the Client will not be able to withdraw the Bonus granted) and shall not be allowed to be used for the purposes of trading in Stock Derivatives.

Any profit made by utilizing the Trading Bonus may be withdrawn by the Eligible Client subject to the Company’s withdrawal policy and applicable law. The withdrawable profits made out of the Trading Bonus will be visible under the section “Balance” of the client’s account.

Is there a commission-free trade bonus in IForex?

No, iForex does not offer a commission-free trade bonus. The broker does however offer commission-free trading as well as tight spreads on certain instruments.  

Is there a VIP bonus in IForex?

No, iForex does not offer a VIP bonus. VIP clients can apply for a specially tailored account directly with the broker’s customer support team, to benefit from enhanced trading conditions and specialized account management services. 

Can you start trading with no money at IForex?

No, you cannot start trading with no money at iForex. This is because iForex does not offer any deposit bonus, therefore traders will need to deposit their own funds when opening a Trader Account.

How does leverage work with IForex?

Leverage is basically funds that are borrowed from the broker and which give a trader the opportunity to increase their trading position. This allows them to open larger positions. While leverage can increase potential profits, it can also increase losses. 

Traders can use leverage with IForex by setting their leverage ratio within their account settings. The broker offers maximum leverage of 1:400 on commodities, and 1:200 on CFDs. European traders can only access maximum leverage of 1:30.  

Where are the headquarters of IForex?

iForex is headquartered in Limassol, Cyprus. iForex also has a main office in the British Virgin Isles.  

Who is IForex’s CEO?

The CEO of IForex is Rawia Adel Elias. iForex does not divulge any further information regarding the company’s CEO

What are the social media accounts of IForex?

Traders can follow IForex on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube

How many employees do work for IForex?

According to the official LinkedIn profile, iForex has 222 employees. 

What are the opinions about IForex?

iForex has numerous advantages for forex traders. The broker is well regulated in several jurisdictions and also offers several key benefits such as a wide asset selection, negative balance protection, multiple accounts, and attractive bonuses. 

While iForex does not offer MetaTrader, the proprietary iForex platform has positive reviews for its easy interface and multiple charting functions.  

What are IForex Contests?

iForex does not run any kind of Forex Trading Contests. Forex Contests can be performed for brokers who offer them to traders to profit on contest winnings. 

iForex didn't perform any Forex Contest in the past. For future forex exchange contests and competitions, IForex didn't perform any official announcements yet.

Does IForex have online support?

No, iForex does not have a live online support team. However, the broker does offer a permanent button on its landing page which allows users to submit short-form queries. 

These are answered by dedicated support team members directly to your email, promptly and efficiently. 

Does IForex offer demo accounts for Forex trading?

Yes, iForex offers a free demo account for all new traders, which can only be accessed after registering for a real account. The demo account will only be granted after activating a real account. 

Does IForex have a mobile app for Forex trading?

Yes, iForex offers the mobile version of its proprietary iForex trader. 

The iForex platform provides an enhanced mobile trading experience, ensuring that traders can access their accounts from any mobile device, whenever they choose. 

Traders should download the iForex app, which is available for free on the App Store and Google Play.

The mobile app offers hundreds of tradable CFDs from multiple regions and industries. The selection of tradable instruments allows traders to easily diversify their trading portfolio while being able to select different instruments quickly. 

Does IForex publish an economic calendar?

An economic calendar is a productive resource that allows Forex traders to keep updated on relevant economic information that is scheduled to be released, which may impact the currency markets and therefore their upcoming trade. 

iForex does offer an economic calendar. iForex’s economic calendar provides information on financial events, forecasts, and historical data.

What is the communication information of IForex?

iForex has five telephone numbers and two local addresses. 

iForex’s main telephone number is: +30-210-374-2599

iForex’s main local address is: Corner of Agiou Andreou & Venizelou Streets, Vashiotos Agiou Andreou Building, Second Floor, P.O.B 54216, Agiou Andreou, Limassol, Cyprus

Alternate phone numbers are:

Technical Support:
+30-210-374-2504 | Fax: +30-210-374-2576

Compliance and Documentation:
Fax: +30-210-374-2536

Customer Service:
+30-210-374-2599

Management:
+1-855-845-5883