Confused about forex trading? Don’t let fancy terms like “pips” and “leverage” drown you! This iForex Review 2024 is your life jacket, giving you the straight-up scoop on whether iForex is the platform to sail towards your financial goals. Think of iForex as your potential trading ship. We’ll inspect every corner, from the shiny sails (trading tools and spreads) to the comfy captain’s cabin (customer support). We’ll even check for hidden leaks (fees and regulations) to make sure you’re not left treading water!
When you invest in foreign currency or any other CFDs, you look for a reliable platform to start your journey, a platform known for its credibility and reliability. Since many such platforms are available online, choosing the ideal one can be tricky.
Features of iForex
|The British Virgin Islands
|CFDs, Forex, Indices, Metals
|Minimum Initial Deposit
|MetaTrader 4 (MT4)
|MetaTrader 5 (MT5)
|Yes, after a year of inactivity
|Email, Phone, & FAQs Support
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
If you are exploring options for the iForex trading platform, this write-up is an excellent read for you. We are here to present an iforex review that will help you decide in no time. So let’s discuss the iForex website in detail.
iForex Review: Pros and Cons
|There are no social or automatic trading robots available.
|Customer support service is dependable.
|Due to the slow procedure and costs, there have been some negative reports about withdrawals issues.
|A diverse selection of investment options is available.
|An extensive collection of instructional materials.
What Is iForex?
iForex is a renowned forex and CFD broker that offers various tradable assets, products, and tools. One can trade forex on this platform using the website or iforex mobile app. This write-up will help you go through its reviews, including how the platform was built and the different investing options available on this platform.
iForex is part of the iForex Group, formula investment house ltd, and was founded in 1996. This currency trading platform is popular for generating trading volume and liquidity in mass numbers. iForex is home to over 8 million clients from more than 100 countries investing in the forex market.
The firm claims to execute more than 35,000 money transactions in a single day from all across the world. In the year 2004, iForex launched an internet-based trading website to help clients with a better understanding of online trading and trading signals. This move helped the company attract users from around the globe using a digital platform and produce mass trading capacity.
Features of iForex
Clients can choose from a variety of trading software provided by brokers. This is sometimes referred to as a trading platform, and it is utilized to execute deals.
This multi-asset platform allows customers to trade not just forex but also other asset classes such as CFDs on stocks, stock indexes, precious metals, and cryptocurrencies like Bitcoin.
The platform a customer chooses is mostly determined by the type of trading they want to do; it is also one of the criteria used to select the best forex broker under valid restrictions in the industry.
iForex’s platform provides the greatest mobile trading experience for its clients, allowing them to access their accounts from any mobile device, anytime and wherever they choose. So they must have the app to enjoy all its features.
In addition, the app is available for free on the App Store and Google Play. This useful platform may also be used on any conventional computer without the need for a download. iForex login is quite simple, and we will learn about it in the iForex review.
Is iForex Regulated?
The formula investment house ltd and its European subsidiary is regulated and licensed by Cyprus Securities and exchange commission while it serves offices in the British Virgin Islands.
The company was recently put under scrutiny because of many violations on the websites. The broker received a fine of EUR 138,000 for offering unlicensed services and for not acting in the best interest of the client when regulators received customer complaints.
Although it wasn’t a scam, the broker was also accused of failing to define high-risk investments and offering investment advice to the client against their license.
The fine was realized after a tough audit by CySEC that banned the broker in Cyprus. The company is still operated under the regulation from BVI FSC.
iForex Account Opening Process
Opening an account with iforex is quite simple, and not much research is required. The account opening process is two simple steps; the first step requires you to submit certain documents to start the operations.
Traders must enter their valid name, email ID, and valid phone number to generate more confidence from the trading platforms. This information feature the AML or Identity document verification, which is required by the limited Financial Service Commission. The difference or mismatch in the documentation may lead to the cancellation of your account.
To go to the second step to make the registration happen, traders must submit the photocopy of their trader’s ID to mention their track records to operate further. Traders will also be required to submit proof of residency document not older than three months.
One must be aware that these documents are required for withdrawals from your invested amount on the platform. Once the documents are submitted, the verification is processed, which generally takes a week.
Submitting valid documents helps the platform to check for any fraud statement or scam, and users can perform their trades with a reliable broker.
Types of iForex Accounts
iForex offer two account types:-
Standard Mini Account
Most of the traders, on average sign in for a standard mini account that allows a minimum deposit of $100 on the first money transaction. If you are a first-time trader, you can contact the customer care team to help you with the registration process if you search for the same.
Please note that there is no brokerage fees involved with opening the account, just the spread it operates.
Many corporates and professional investor can opt for VIP accounts that require a minimum transaction or deposits of $2,500 to operate further.
Services Offered by iForex
Before you select any platform to start trading on your favorite instruments in the industry, you always look for their services and demo account for free. What kind of service do they offer? How will that benefit you? When dealing with iforex, you can stop your search for their services.
Following is the list of same:-
Virtual Trading Account
To add funds to your account, you will need a virtual trading account. iForex offers a free-of-cost trading account for clients where you start your journey immediately with instruments, like futures, by adding money. One can compare the price of commodities in the account and accordingly make the trading decision in different countries.
iForex Demo Account
If you are new traders at the iForex notes, you can also opt for demo account service under their license before putting in more money. You will receive a similar experience at the real trading account and practice your trade strategies from India, China, and many other countries or Vatican state. You will also find live rates on the demo account platforms that are suitable to make a profit with your funds.
When you give access to your payment details and documents, you want to be rest assured that your details are secure with the broker and not lost to any third-party bankers or services. Not just that, but your deposits and withdrawals must be safe too, under new strategies of trades.
iForex is very serious about providing high-level security iforex among the instruments to their traders. You can be rest assured that your deposits in credit and debit are completely safe with iForex when you trade in different complex instruments.
Knowing what your trade along with the payment process is provided by trading resources on the website. iForex offers several trade resources that clients can utilize for ideal payment processor techniques and understand the latest market analysis and news. iForex regulated resources help in achieving the best profits in the market returns.
If you are looking for investment options in the units of equity of a company in retail, for example; our advice is that you can opt for social trading or scalping of shares at the iForex platform with the best brokers.
It is a trustworthy broker that helps you understand the market trends and how to follow the financial stability even when paying tight spreads to the forex broker.
iForex offers to teach you how to opt for maximum leverage on the proprietary platform.
If you are an investor in a primary retail range of products like gold, rubber, oil, or soft commodities like corn or coffee, iForex offers a range of commodities you can trade-in.
When in search for user reviews of iForex, we found out that commodity trading of the broker is quite popular in a business. Commodity trading is known to be quite profitable, with guaranteed limit orders in the long run.
Forex markets, indeed, are a popular range of choices among investors, especially if they operate an export/import business. You can also get free signals from the broker while you trade in currency pairs and similar operations search.
It is one of the rare broker that offers investment advice at every point of automated trading to its traders for better research-based decision.
No internal costs apply to the currency trading with forex dealers. If you are not using a free demo account, you can start proprietary trading in the currency markets with real money and real account.
Sometimes clients consider indices and group of shares as one of the complex instruments. But the truth after the research is that indices offer smaller risk than just shares as the capping is decided by the group of shares under one umbrella.
It is one of the safest investment products available in the markets. Traders often prefer trading in indices rather than just shares. Of course, it is not risk-free, but margin trading is known to be more profitable with indices. If not confident, you can always start with a demo account.
Since cryptocurrency has become very popular in recent times, iforex offers clients an option to trade in popular cryptocurrencies like Bitcoin, Ethereum, and many other coins operated under a regulatory body.
All you have to do is fill out an online application and start mobile devices trading on this popular brand name using android devices or just a website.
The iforex withdrawal size differs in trading assets. You can opt for a demo account first and register for e-wallets to get a free experience in crypto before you make the actual transfer.
iForex Trading Tools
iForex proprietary trading platform follows the trend of licensed marketing tools and instruments to attract a trader to the portal. One such new trend that iForex brokers are picking momentum is cryptocurrency.
Broker’s another popular tool is mobile trading platforms in commodities where a trader is offered several retail asset opportunities to trade-in.
At the time of inflation or market uncertainty, traders can also invest in contract-based tradable goods to minimize their risk. Precious metals also share the same league of operates on the iforex trading platform. Other than these tools, iForex brokers are also popular for investment articles in forex trading.
Equity and stock indices are also popular choices to choose from on iForex broker’s list. Overall, more than 85 currency pairs and commodities are available on the broker’s platform, along with equities, cryptocurrencies, and ETFs.
Leverage of up to 1:400 is offered when trading forex and commodities, while leverage of 1:200 is available when trading CFDs. Traders can use maximum leverage to investigate large money transactions with a little initial commitment.
Although leverage might potentially improve benefits, it can also raise risk and potential losses. Don’t forget about the fees and interest charged under fixed spreads to the platform.
The European Securities and Markets Authority (ESMA) regulations limit the leverage permissible to European traders to 1:30.
The iFOREX company is popular for not charging a commission or trading fees on trades. The spread, on the other hand, generates a profit. Although spread is competitive, there is no reduction for bigger trading volumes while you trade forex.
Spread on key currency pairings like the EUR/USD starts at one pip, and spreads differ for each instrument in trading fees.
Accounts that have been idle for 12 months will be charged a $15 quarterly inactivity fee to wave off negative balance protection along with spreads.
There is also an overnight financing charge and spread when trading shares, ETFs, and CFDs with leverage, which starts at 5% per year for indices and 2.5% for commodities and cryptocurrencies. Spreads might differ later, as we learned in the review.
There is no deposit fee or deals charged at the first and any other subsequent suitable deposit. One can trade with a minimum deposit of $100 at the first instance.
After a minimum trade of 0.01 lots, traders can withdraw their returns. As mentioned before, iForex is a regulated broker that does not charge any fees on the withdrawal process.
iForex Deposit & Withdrawal Options
When iForex was founded in 1996, the fair deposit methods and withdrawal options were limited to bank wire and bank transfer. With digital technology growing every day, iForex brokers support money transactions with a debit card, credit card, and e-wallets, even for the segregated account.
Traders can also pay fund through different platforms like PayPal, Skrill, Alipay, and Neteller with third-party charges on trade. You might be interested in knowing that an additional fee of $20 for bank wires is charged.
iForex Bonuses & Promotions
In the honest review ratings, we found out that iForex brokers offer a range of two primary educational training and promotional packages and bonuses. If you are a new client with no market experience, iForex offers you a retail 1-on-1 online training program.
It is also the manual traders guide on newcomers. The second promotion is the Pro package that includes 1-on-1 training on popular CFDs. Another promotion offered by iForex is a refer-a-friend option.
iForex Loyalty Program
When you have been into forex trading for many years with iForex, there is a chance that you might become part of the loyalty program. The loyalty program is majorly for those investors who have been committed to the forex brokers for years and have made a good number of investments in currency trading and other service.
These traders keep a look at the trading signals to analyze the markets and eventually, not lose money. Once you become part of the loyalty program, you are rewarded with much bigger bonus points that can be used in the trade.
Formula investment house ltd also rewards you with trip coins in a loyalty program that can be used to travel for selected airlines, so you lose nothing.
Resources Offered by iForex
Knowledge and operation about the markets are not enough for successful trades and earning profits in the forex market and other CFDs.
There are lists of resources required to evaluate the trading conditions page in your favor. iForex broker offers the following resources and trading tools to help benefit the traded users.
Trading charts & Technical Analysis
iForex brokerage company helps a trader with useful resources like trading charts and analysis of the market. These charts help in reading the bearish and bullish zone of currencies and other CFDs. Once you create an international fixed interest account, you can avail this resource.
Financial News to Analyze Trading Conditions
Whether you access the iforex mobile version or the site, both portals have included the latest financial news that has a huge impact on the volatility of the market. This helps in the analysis of companies when economic growth is working or against the assets you invest.
You will also find all the license and regulation-related resources when you trade with iforex website and mobile app. The broker is regulated and licensed by Cyprus Securities and exchange commission, cysec.
It is advised to the users that do not make any iforex minimum deposit to the broker if they are not convinced with the regulation terms and accounts information. One must actively use the trading account once they are completely satisfied with the licensing terms.
Sharing regulation and licensing information is a must of any and every forex broker. We learned that from the iforex review.
Under licensing formula investment house, the broker offers a forex signal provider, as we learned from the iforex review. When you have a real trading account, forex brokers help you provide information regarding 24-hour intraday and trading signals based on companies movement and currencies.
These signals help in making the right decision in the market, and users lose minimal money. Whether the trend follows a bullish and bearish zone and when to trade the indices is what you learn from market forecasts and indicators.
iForex Affiliate Program
We found out during the iforex review that you can earn through this portal with the iForex safe affiliate program. When you introduce more users and investors to the brokers, you receive different bonuses and leverages on your platform under expert advisors.
This option is generally not available with other brokers. An affiliate program helps you earn an advantage as the capital you put in becomes more profitable after introducing others to the broker.
Please note that according to the industry experience, all the trades are subjected to market risk.
Trading with iForex offers a great opportunity through mobile apps compared to other brokers, even for beginners. Users can trade on different assets on a free available mobile app or their accounts available on android, Google Play, and iOS.
The application is quite simple to navigate, and you can find all the assets mentioned in your account. There are no time restrictions on the application, and users can easily trade according to their convenient time and review.
iForex Security Measures
iFOREX.com is a legitimate organization that values safety under clients’ review. Sensitive data, especially withdrawal, is protected by encryption services such as firewalls and SSL under professional review.
Negative balance protection is also available, which prevents customers from losing more than they have in their account. iForex is a brokerage firm that prioritizes safety over anything else. They transmit sensitive data via encryption services such as the Secure Socket Layers (SSL) firewall. They also safeguard you from having a negative balance.
iForex Customer Support
The most robust section of iForex company appears to be customer care support. Typically, both old and new clients may seek assistance and support using an online chat system that is available 24 hours a day, 7 days a week, all over the world.Yes, iForex is a legit platform described in reviews and the website
In countries like India, China, Egypt, Indonesia, Malaysia, Mexico, the Philippines, Russia, South Africa, Switzerland, and the United Arab Emirates location, telephonic help is offered.
- Support may be reached at [email protected] by email.
- +36 1 808 9140 is the phone number to call
- These are available from 04:00 to 20:00 GMT Monday through Friday
To conclude, clients are quite satisfied with their user-friendly experience at the iforex as the company has more than 20 years of experience in the industrial vertical. One of the biggest assets of trading in forex with these brokers is the BVIFSC regulated entity that we learned from different user reviews.
Whether it is stocks or choosing binary options in different markets, the company takes security of their users very crucially. All the sensitive information of the trader is not disclosed to any other third-party firm.
Operated under exchange commission cysec, users feel confident about the markets and iforex web-based platform.
Your capital is in safe hands that offers guaranteed stop loss as well. Many traders wrote the same in their respective iforex reviews.
You can trade with iforex and make successful credit as the site is regulated under jurisdiction norms.
Is iForex Safe and Legit?
Is iForex Broker Regulated?
Can I Trust iForex?
Is iForex Legal in India?
You can also lookup the conditions page to check the list of accepted countries. However, not much information is available about the iForex office in India.
How Do I Withdraw Money From iForex?
What Is iForex Online Trading?
The account types will be generated digitally, and users can enjoy trading on their respective mobile applications and desktop.