Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
iFOREX Pros & Cons
- 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.
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.
TU Expert Verdict
iFOREX demonstrates moderate stability and can suit certain traders. Its conditions are acceptable, and feedback is mixed but reasonable. In my own tests, it performed adequately, though it lacks the consistency of higher-rated companies.
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iFOREX User Reviews
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5-star
2%
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4-star
4%
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3-star
37%
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2-star
34%
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1-star
22%
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria7 /10The trading and non-trading commissions of iFOREX have been analyzed and rated as having Medium fees, with a fees score of 7/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No deposit fee
- No withdrawal fee
- Inactivity fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of iFOREX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, iFOREX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
iFOREX Standard spreads iFOREX OANDA FOREX.com EUR/USD min, pips 0.6 0.1 0.7 EUR/USD max, pips 0.9 0.5 1.2 GPB/USD min, pips 0.6 0.1 0.9 GPB/USD max, pips 1 0.5 1.4 RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
iFOREX RAW/ECN spreads iFOREX OANDA FOREX.com Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 5 3.5 5 EUR/USD avg spread 0.1 0.15 0.2 GBP/USD avg spread 0.15 0.2 0.4 Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with iFOREX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
iFOREX Non-Trading Fees iFOREX OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0-20 0-15 0 Inactivity fee ($, per month) 5 0 15 -
Is iFOREX Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria9.3 /10iFOREX has a safety score of 9.3/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Negative balance protection
- Track record over 30 years
- Strict requirements and extensive documentation to open an account
iFOREX Regulators and Investor Protection Abbreviation Full Name Country of regulation Investor Protection Fund Regulation Level 
BVI FSC Full Name British Virgin Islands Financial Services Commission Country of regulation British Virgin Islands Investor Protection Fund No specific fund Regulation Level Tier-2 
CySec Full Name Cyprus Securities and Exchange Commission Country of regulation Cyprus Investor Protection Fund Up to €20,000 Regulation Level Tier-1 iFOREX Security Factors Foundation date 1996 Negative balance protection YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.2.5 /10iFOREX offers the following account options: Demo, Standard, ECN/Raw spread, Swap Free.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Tight spread ECN account
- Demo account
- Low minimum deposit
- No Cent account
- Micro lots are not available
iFOREX account types vs top competitors iFOREX Trading.com Plus500 Standard YesYesYesECN/Raw spread YesNoNoDemo YesYesYesCent NoNoNoMicro NoNoNoSwap Free YesNoNoVIP NoNoNoManaged NoNoNoiFOREX accounts trading conditions
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:
Account Type Description Real account A real account is a standard account with a minimum deposit of $100. Leverage: 1:400. Spreads for the EUR / USD pair start at 1.8 pips. If a client deposits $5000, the broker reduces the spreads. There is no commission per lot. Demo account A demo account can only be opened after activating a live trading account. Their conditions are entirely identical. 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.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology7.8 /10iFOREX received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
iFOREX provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- No deposit fee
- Supports 5+ base account currencies
- Low minimum withdrawal requirement
- Minimum deposit below industry average
- Wise not supported
- Limited deposit and withdrawal flexibility, leading to higher costs
- BTC not available as a base account currency
What are iFOREX deposit and withdrawal options?
iFOREX provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, Skrill, Neteller, BTC, USDT, Ethereum.
iFOREX Deposit and Withdrawal Methods vs Competitors iFOREX Trading.com Plus500 Bank Wire YesYesYesBank card YesYesYesPayPal NoNoYesWise NoNoNoBTC YesNoNoWhat are iFOREX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. iFOREX supports the following base account currencies: USD, EUR, GBP, JPY, AUD, CHF, INR.
What are iFOREX's minimum deposit and withdrawal amounts?
The minimum deposit on iFOREX is $100, while the minimum withdrawal amount is $100. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact iFOREX’s support team.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria7.8 /10iFOREX provides a standard range of trading assets in line with the market average. The platform includes 750 assets in total and 90 Forex currency pairs.
- ETFs investing
- 750 assets for trading
- Indices trading
- Copy trading not available
- Futures not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by iFOREX with its competitors, making it easier for you to find the perfect fit.
iFOREX Trading.com Plus500 Currency pairs 90 69 60 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 750 69 2800 Stocks YesNoYesCommodity futures YesNoYesCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. YesNoYesStock indices YesNoYesOptions NoNoYesInvestment options
We also explored the trading assets and products iFOREX offers for beginner traders and investors who prefer not to engage in active trading.
iFOREX Trading.com Plus500 Bonds NoNoNoETFs YesNoYesCopy trading NoNoNoPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at iFOREX by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.8 /10We successfully registered an account with iFOREX in 20 minutes. The KYC verification was completed within 2 business days. The minimum deposit amount at iFOREX is $100. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Fully online account opening process
- Low minimum deposit requirement
- Registration process may take longer than expected
- Account approval may require extra time depending on the documentation.
iFOREX account opening iFOREX Trading.com Plus500 Online Registration YesYesYesMinimum deposit $100 $50 $100 Mandatory KYC YesYesYesRegistration time (min) 20 20 KYC time (days) 2 2 3 Is iFOREX available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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:
- Account replenishment and withdrawal.
- Video tutorials for training.
In the personal account, the user will find:
- real-time quotes;
- charts and trading signals;
- price alerts for selected financial instruments;
- account statements and activity log.
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Customer Support
Score:We evaluated Customer Support at iFOREX by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria5.2 /10Customer support at iFOREX is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.
During testing, response times were moderate, and communication depended on the complexity of the request. iFOREX provides basic support functionality but does not stand out in overall service performance.
InformationSupport specialists are available 24 hours a day, five days a week.
- Opportunity to get help from technical support through the remote access program
- Multilingual support
- 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:
- Ability to communicate directly with support is provided:
- by local phone numbers as indicated on the website;
- by email;
- 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 Contacts support@iforex.com info@iforex.com partnership@iforex.com +91-33-7127-9140
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FAQs
What commissions and non-trading fees does iFOREX charge on its forex accounts?
The review notes that iFOREX has medium overall fees, with low forex trading costs, tight EUR/USD spreads, and no deposit or withdrawal fee stated as a percentage. For Standard accounts, spreads on EUR/USD typically range from 0.6 to 0.9 pips and GBP/USD from 0.6 to 1 pip, while ECN accounts show an average EUR/USD spread of 0.1 pips and GBP/USD of 0.15 pips plus a $5 commission per lot. Non-trading fees include a monthly inactivity fee of $5 and a withdrawal fee that can range from $0 to $20.
What account types and trading conditions are available with iFOREX?
According to the section, iFOREX offers Demo, Standard, ECN/Raw spread, and Swap Free accounts, but does not provide Cent or Micro accounts, and there is only one live account type in practice. The real account has a $100 minimum deposit, leverage of 1:400, EUR/USD spreads starting from 1.8 pips with no commission per lot, and spreads may be reduced for deposits from $5,000. The broker is described as professional with a wide range of instruments, but it also imposes some restrictions on popular trading strategies.
What do user reviews and feedback say about overall satisfaction with iFOREX?
The user satisfaction score for iFOREX is 4.6/10 based on 134 reviews, with most ratings clustered in the 2- and 3-star range. Only a small share of users left 4- or 5-star ratings, and the review summary states that overall, user reviews are mostly negative. According to user reviews, this indicates a generally low level of reported satisfaction.
What markets and tradable assets are available on iFOREX according to reviews?
The review states that iFOREX offers 750 total tradable assets, including 90 forex currency pairs, which is described as a standard range in line with the market average. Available instruments include stocks, commodity futures, cryptocurrencies, stock indices, and ETFs, while options, bonds, copy trading, PAMM investing, and managed accounts are not offered. Feedback in the section highlights the breadth of assets but also notes the absence of certain investment and copy-trading features.
How do reviews describe the iFOREX trading account opening process?
The account opening process at iFOREX is fully online, with registration reportedly taking about 20 minutes and KYC verification around 2 business days, and the minimum deposit is $100. The section describes the onboarding as relatively accessible, while also noting that registration and approval times can be longer depending on documentation. Based on user feedback in the review, the personal account area provides functions such as funding and withdrawals, video tutorials, real-time quotes, charts, trading signals, price alerts, and account statements.
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