iFOREX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $100
- iFOREX authoring platforms
- BVI FSC
- 1996
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $100
- iFOREX authoring platforms
- BVI FSC
- 1996
Our Evaluation of iFOREX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
iFOREX is a broker with higher-than-average risk and the TU Overall Score of 3.97 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by iFOREX clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
iFOREX is a regulated broker for professional traders with capital reserves who independently trade on the Forex market.
Brief Look at iFOREX
The iFOREX broker (iforex.in) is part of Formula Investment House Ltd., which was created by a group of bankers and Forex dealers in 1996. In 2004, the company introduced its trading platform, and in 2010 received a license from the BVI FSC (SIBA/L/13/1060), the British Virgin Islands Financial Services Commission. Nowadays, the broker seeks to ensure full protection of its clients’ capital and brings to the table the most favorable conditions for active trading.
- license availability from the international regulator BVI FSC;
- a wide range of 800+ financial instruments;
- trading platform, website, and support in 11 languages.
- high spread: from 1.8 pips;
- the minimum deposit is $100;
- there are trading restrictions on scalping and algorithmic trading;
- broker's clients cannot receive passive profit through investments in PAMM accounts and ready-made investment portfolios;
- potential clients can’t test the broker's conditions on cent (micro) accounts.
TU Expert Advice
Financial expert and analyst at Traders Union
The iFOREX broker provides its clients with direct access to international financial markets, including Forex, stocks, commodities, and indices. The broker allows hedging and the addition, modification, and removal of stop-limit orders for all instruments, even when the market is closed. The presence of the company's offices worldwide makes it possible to support traders in more than ten languages.
The brokerage company iFOREX offers traders an innovative platform with a user-friendly interface, constantly updated financial news, and 24/7 support. The company monitors the security of its customers' data. Therefore, the transmission of confidential information is carried out through encryption systems such as firewalls and the SSL (Secure Socket Layering) cryptographic protocol.
The company's website is presented in 11 versions. All information is presented in simple words, so even a beginner can understand it. The company promises to provide customers with interactive support, but, unfortunately, the answers to questions do not appear on the site itself but come by mail within 24 hours.
- You prioritize leverage. iFOREX offers high leverage, reaching up to 1:400 on some instruments. This can be appealing to experienced traders comfortable with margin trading.
- You want a wide range of tradable assets. iFOREX provides access to forex, commodities, indices, shares, ETFs, and cryptocurrencies, offering diversification options for your trading portfolio.
- You value strong regulatory oversight. iFOREX is regulated by the British Virgin Islands' Financial Services Commission (FSC), which is not considered a top-tier financial authority by some investors.
- You are looking for low spreads and low minimum deposit as iFOREX has a relatively high spread, starting from 1. 8 pips, and The minimum deposit with iFOREX is $100.
iFOREX Summary
| 💻 Trading platform: | iFOREX authoring platforms (web terminal and mobile version) |
|---|---|
| 📊 Accounts: | Demo, Real, Swap-free |
| 💰 Account currency: | USD only |
| 💵 Replenishment / Withdrawal: | Bank transfer, VISA / Mastercard, Neteller, Skrill, Bitcoin |
| 🚀 Minimum deposit: | $100 |
| ⚖️ Leverage: | Up to 1:400 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 1.8 pips |
| 🔧 Instruments: | 90 currency pairs, commodities, indices, ETFs, and crypto-based CFDs |
| 💹 Margin Call / Stop Out: | Not indicated |
| 🏛 Liquidity provider: | London Stock Exchange, German Stock Exchange, Italian Stock Exchange |
| 📱 Mobile trading: | yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market execution |
| ⭐ Trading features: | VIP clients trade with reduced spreads |
| 🎁 Contests and bonuses: | Trading bonus, cashback, bonus up to 50% on the first deposit |
The iFOREX trading conditions are adapted for professional traders. There is only one real account so the client cannot choose the best conditions for himself. The deposit starts at $100, and there are no cent accounts or the ability to copy transactions of other traders. The broker does not provide MetaTrader 4 and MetaTrader 5 platforms, which are often preferred by newcomers to Forex. Account currency is in USD only.
iFOREX Key Parameters Evaluation
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Trading Account Opening
To start trading Forex with the iFOREX broker, you must open a real account. This is the procedure:
Register on the broker's website using the "Register" or "Join" buttons. Enter your name, surname, phone number, email in the registration form, enter the generated security code. A password will appear on the screen: save it for authorization.
Enter your Account, enter your login (email) and password. The web terminal is integrated into the personal account. To start trading, make a deposit and click the "Trade" button. Before replenishing the deposit, be sure to provide scanned copies of documents for identification.
The following functions will be available in your personal account:
In the personal account, the user will find:
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real-time quotes;
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charts and trading signals;
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price alerts for selected financial instruments;
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account statements and activity log.
Regulation and safety
The iFOREX broker is part of the Formula Investment House Ltd investment company. It is regulated by the BVI FSC: Financial Services Commission of the British Virgin Islands (license number SIBA / L / 13/1060).
BVI FSC is a reputable regulator with strict requirements. Brokers who have received its license must provide quality services, ensure the transparency of all transactions, and protect their clients' funds.
Advantages
- Keeping customer funds in accounts with leading banks with enhanced security, which are completely separated from the company's capital
- There is a negative balance protection program
Disadvantages
- The regulator does not have its own compensation fund
- A trader cannot check for a license on the official website of the regulator
- Withdrawal of funds is possible only after passing the verification
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Real | From $18 | No |
For the transfer of the position to the next day, the broker holds the swap. We also carried out a comparative analysis of the average value of trading commissions for iFOREX and its competitors. According to this criterion, we assigned a level from low to high to each broker and put the comparison results in a table.
| Broker | Average commission | Level |
|---|---|---|
|
$18 | |
|
$1 | |
|
$8.5 |
Account types
The iFOREX broker offers only one live account. Its conditions are suitable for experienced traders who use medium and long-term trading strategies.
Types of accounts:
The iFOREX broker is a professional trading broker. It is distinguished by its reliability and a wide range of trading instruments. However, it imposes restrictions on the use of popular strategies.
Deposit and Withdrawal
The broker does not charge a commission when withdrawing funds from accounts. However, banks and electronic payment systems may charge separate fees.
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The following withdrawal options are available: international bank transfer, VISA / Mastercard, Neteller, Skrill, Bitcoin.
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You can withdraw funds from the account only after passing the verification.
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For withdrawal, the same method is used that would be used to fund the account. If the withdrawal amount exceeds the initial deposit, it is transferred by wire transfer to a bank account.
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The wire transfer fee is $20.
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Replenishment currencies: EUR, USD, JPY, GBP. Withdrawals are possible in USD (no commission) and the card currency (with an additional conversion fee).
Investment Options
The iFOREX broker aims to cooperate with traders who trade independently. For this reason, the company has no investment programs. Broker's clients cannot copy successful traders or invest in PAMM accounts. The only way to get passive income is to participate in an affiliate program.
If you are a large investor and plan on investments over $ 10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
iFOREX affiliate program:
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"A friend brings a friend": $35 accrual for each attracted client (up to 5 people) who made a deposit and started trading. The bonus can only be used for trading, not withdrawals.
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Introducing Broker (IB): the commission depends on the trading activity of the attracted clients.
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"Own brand": programs for the provision of Forex services under the partner's brand, using iFOREX technologies and operational processes.
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"iFOREX Partners" is a program for affiliate companies with a commission of 5% from payments of connected sub-partners.
The broker pays a reward to all partners for attracting new active clients. The company provides advanced statistics and detailed reporting and provides full technical support.
Customer support
Support specialists are available 24 hours a day, five days a week.
Advantages
- Opportunity to get help from technical support through the remote access program
- Multilingual support
Disadvantages
- Closed on weekends
- Online chat does not allow you to receive a response in real-time. It comes to your email.
- Not all mobile operators support the format of the indicated numbers
- There is no feedback form for ordering a call
The broker offers several ways to contact support:
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Ability to communicate directly with support is provided:
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by local phone numbers as indicated on the website;
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by email;
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in the online chat on the broker's website.
Contacts
| Foundation date | 1996 |
|---|---|
| Registration address | 1 Wickham's Cay, Road Town, Tortola, BVI VG1110, Limassol, Cyprus |
| Regulation | BVI FSC |
| Official site | iforex.com |
Education
The broker's website has several sections that contain training materials, such as: Trading Instruments, general training, and videos on trading. In the iFOREX Support Center section, professionals and beginners will find tons of Forex information in English.
Only users registered on the broker's website can view the Training section.
Comparison of iFOREX with other Brokers
| iFOREX | RoboForex | Pocket Option | Exness | Octa | FxGlory | |
| Trading platform |
iFOREX authoring platforms | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MetaTrader4, MetaTrader5 | MT4, MobileTrading, MT5 |
| Min deposit | $100 | $10 | $5 | $10 | $25 | $1 |
| Leverage |
From 1:1 to 1:400 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:3000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | 8.00% |
| Spread | From 1.8 point | From 0 points | From 1.2 point | From 1 point | From 0.6 points | From 2 points |
| Level of margin call / stop out |
1% / 1% | 60% / 40% | 30% / 50% | No / 60% | 25% / 15% | 20% / 10% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Instant Execution, Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed Review of iFOREX
The iFOREX broker strives to create ideal trading conditions in the financial market for its clients. The company offers innovative proprietary trading platforms, real-time quotes, and high market liquidity. The broker operates under the PCI DSS (Payment Card Industry Data Security Standard) standard, which guarantees the safety of clients' data without transferring them to third-party resources. All iFOREX customers are protected from a negative balance.
A few impressive figures about the iFOREX broker, which are posted on its website:
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the broker has 8 million traders from 120 countries;
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the broker carries out more than 35 thousand trading operations per day;
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it has been working in the international market for over 20 years.
The iFOREX broker caters to active traders.
The iFOREX broker provides various financial products for trading, including spot operations in foreign exchange, CFDs, and commodities. The company's customers get direct, 24/5 access to experienced dealers, competitive prices, and the ability to quickly close transactions. VIP clients who have made a deposit of $5000 or more trade with reduced spreads and receive real-time market signals and cashback for each transaction. All traders have the opportunity to undergo free personal training "one-on-one" and may order a course for a beginner or advanced Forex trader.
The broker's clients work from mobile terminals and the iFOREX proprietary web platform. Their user-friendly interfaces allow you to trade more than 800 instruments, execute transactions in one click, close transactions with one touch and customize the work interface. There is no desktop version of the authoring terminal. The company does not provide the popular MT4 and MT5.
Useful iFOREX services:
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Advanced Trading Signals. Sending the latest news, trends, and information about the market movement directly to the trader's mobile device;
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Economic calendar. Section with information about significant events with the ability to sort by date, country, importance;
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Real quotes. Real-time quotes for all financial instruments.
Advantages:
BVI FSC license: British Virgin Islands Financial Services Commission;
six asset classes: currencies, commodities, indices, stocks, ETFs, and cryptocurrencies;
protection against negative balance;
a wide variety of bonus and affiliate programs;
various types of free training; courses from professional traders, including "one-on-one" instructions;
the site is translated into 11 languages.
Scalping, algorithmic trading using electronic advisors (EAs), automated API trading is prohibited. The possibility of hedging is provided.
User Satisfaction