iFOREX Review 2021
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Attention!
Due to the large number of negative reviews about this company and because it occupies the low position of number 20 on our Ratings List of Forex brokers, the Traders Union does not recommend cooperating with this broker.
Instead, our experts strongly advise you to select a brokerage from among the Top 5 on our objectively ranked list:
Summary of iFOREX Trading Company
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, 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.
We work only with accounts opened by referral links of Trading Union. The rebate is not paid on accounts opened in any other way.
👍 Advantages of trading with iFOREX:
- license availability from the international regulator BVI FSC;
- a wide range of 800+ financial instruments;
- trading platform, website, and support in 11 languages.
👎 Disadvantages of iFOREX:
- 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.
Overall
iFOREX is a regulated broker for professional traders with capital reserves who independently trade on the Forex market.
Visit iFOREXTop 3 iFOREX Customer Reviews
I started working with iFOREX a few years ago. I tried to get used to their trading platform for three months, but it didn't work out. And why can't you provide a Metatrader? As for me, the number of clients will immediately increase significantly after this add-on. After trading with the broker for some time, I realized that the unfinished author's platform is not their main problem. I can hardly call them real aces because their advice only led to the deposit drain. I started earning money without listening to the manager. But the spreads are still high, so I‘ve made big money. You can work in principle, but I still opted for another broker.
I have been trading with iFOREX for about six months. The broker's conditions are not the best, but there are many assets. I do not have enough passive earnings options, so in parallel, I work with Roboforex, where there are RAMM (Risk Allocation Management Model) accounts. The trading platform is quite convenient. Separately, I would like to note the training from iFOREX: everything is clearly stated, there are no too abstruse words. However, I didn't subscribe to one-on-one training.
The iFOREX broker ultimately disappointed me. The declared spreads for EUR / USD were extended to 4 pips. When I registered, I was counting on cashback. It was necessary to read the conditions more carefully because cashback is available only to VIP clients. I will not replenish my account for 5,000 dollars, so I lost my cashback. The broker offers only one standard account, so either you accept its terms or look for another intermediary on Forex. I chose the second option since there are enough worthy companies on the market.
iFOREX Latest Comments for 2021
The reviews by customers of the iFOREX indicate that it is a reliable brokerage company. Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.
Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of iFOREX published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.
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Expert Review of iFOREX
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.
Analysis of the Main Features of the Forex Broker
Dynamics of the Popularity of iFOREX
in 2020 among the Users of the Traders Union
Investment Programs, Available Markets and Products of the Broker
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 [email protected] or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal 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.
Rebate and Discount Programs of the Traders Union for iFOREX
The Traders Union rebate service compensates all partners for the spread of iFOREX's trading operations. Go through a free registration on the Traders Union website to receive a reward. After that, follow the referral link to the broker's website and open an account. The rebate is charged regardless of the results of the transaction: you will receive spread compensation (up to 100%) not only for profitable trades but also for unprofitable ones.
Try it! You’ll like this!Trading Conditions for iFOREX Users
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.
$100
Minimum
deposit
Up to 1:400
Leverage
24/7
Support
| 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 |
Comparison of iFOREX with other Brokers
| iFOREX | FxPro | XM Group | Admiral Markets UK | AvaTrade | |
| Trading platform |
No | MT4, MobileTrading, MT5, cTrader | MT4, MT5, MobileTrading | MT4, MT5, iPhone, iPad, Android, MT4 Supreme Edition | MT4, MobileTrading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option |
| Min deposit | No | $100 | $5 | $200 | $100 |
| Leverage | No |
From 1:1 to 1:500 |
From 1:1 to 1:30 |
From 1:25 to 1:500 |
From 1:200 to 1:400 |
| Trust management | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No |
| Spread | No | From 1 point | From 1 point | From 0 points | From 0 points |
| Level of margin call / stop out |
No | 25% / 20% | 100% / 50% | 100% / 30% | 25% / 10% |
| Execution of orders | No | Market Execution, Instant Execution | Market Execution | Market Execution | Instant Execution |
| No deposit bonus | No | No | $30 | No | No |
| Cent accounts | No | No | Yes | No | Yes |
Broker comparison table of trading instruments
| iFOREX | FxPro | XM Group | Admiral Markets UK | AvaTrade | |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Metalls | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | No | No | Yes | Yes |
| CFD | Yes | Yes | Yes | Yes | Yes |
| indexes | Yes | Yes | Yes | Yes | Yes |
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | No | No | Yes | No |
| Options | No | No | Yes | No | No |
Commissions & Fees iFOREX
Traders Union specialists analyzed the iFOREX trading conditions to reveal the size of the spread and commissions for withdrawing funds. The broker does not deduct a withdrawal fee from clients. However, payment systems may charge for withdrawals. For example, bank transfer fees are $20 per transaction. There is no broker commission per lot.
| 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 |
| iFOREX | $18 | High |
| FxPro | $13.2 | Medium |
| Admiral Markets UK | $5 | Low |
The iFOREX broker offers fairly high spreads, so you should choose brokers with lower trading commissions for cooperation.
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.
How to Start Making Profits — Guide for Traders
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.
Bonuses Paid by the Broker
Trading Bonus
Trading Bonus is a bonus up to 50% of the first deposit, which can be used as additional margin or to open/hold positions. If a withdrawal request is submitted and the client is inactive for seven weeks, the bonus will be canceled.
Cashback
Cashback is a rebate up to 40% of the deposit amount upon reaching a certain trading volume by a VIP client. After the cashback is credited to the liquid funds, the trader can withdraw them or use them for trading.
Demo Account Bonus
Demo Account Bonus is a $25 bonus for trading financial instruments with a total volume of up to $3000.
Three percent Interest bonus
Three percent Interest bonus represents the accrual of 3% of the income to the account during trading. The bonus is available when depositing $1000 or more.
Traders Union bonus
All traders who have registered on the Traders Union website have the opportunity to receive compensation on the spread (rebate). Partner reward, open an account with a broker using the Traders Union referral link to get this bonus. In the case of a partner reward, the association will pay you a rebate for each completed transaction. Existing traders can also receive spread compensation, regardless of the trade outcome. Here you will find instructions on linking a trading account with a Traders Union account.
Investment Education Online
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.
Security (Protection for Investors)
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
Withdrawal Options and Fees
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).
Customer Support Service
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
| Registration address | 1 Wickham's Cay, Road Town, Tortola, BVI VG1110, Limassol, Cyprus |
Review of the Personal Cabinet of iFOREX
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.
Tags:
iFOREXThe Oldest Reviews of the iFOREX
The reviews by customers of the iFOREX indicate that it is a reliable brokerage company. Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.
Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of iFOREX published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.
No entries yet.
Author of this Review
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FAQs
Do reviews by traders influence the iFOREX rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about iFOREX you need to go to the broker's profile.
How to leave a review about iFOREX on the Traders Union website?
To leave a review about iFOREX, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about iFOREX on a non-Traders Union client?
Anyone can leave feedback about iFOREX on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
Why is it more profitable to work with iFOREX through Traders Union?
Because you will receive additional payments from Traders Union every month while all other functions on your chosen trading platform remain the same.
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