iFOREX Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of iFOREX trading signals. You will learn what kinds of trading signals iFOREX offers and what the conditions for using them are.
Short introduction of 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.
| 💰 Account currency: | USD only |
| 🚀 Minimum deposit: | $100 |
| ⚖️ Leverage: | Up to 1:400 |
| 💱 Spread: | From 1.8 pips |
| 🔧 Instruments: | 90 currency pairs, commodities, indices, ETFs, and crypto-based CFDs |
| 💹 Margin Call / Stop Out: | Not indicated |
iFOREX Pros and Cons
👍 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.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
iFOREX Trading Signals
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 |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that iFOREX does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Is automatic position opening based on signals possible?
Yes, it is what copy trading implies. In this case, all trades are copied automatically to the trader’s platform.
Can I lose money by trading signals?
Keep in mind that there are no ideal trading signals and trading signals may lead to a loss of funds. There are always risks.
How do I test the signals if I can’t do it on a demo account?
In this case, it is best to test them using the minimum deposit. You will need to check the minimum deposit level of the broker.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.