iFOREX Review 2022

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iFOREX is a multi-regulated forex & CFD broker with millions of clients worldwide

InstrumentsForex, CFDs, indices, shares, commodities, cryptocurrencies, ETFs
Demo AccountYes
Min. Deposit$100
Payment Methods
Min. Trade0.01 lots
Regulated ByCySEC, FCA, BVI
MetaTrader 4No
MetaTrader 5No
Trading CentralNo
STP AccountNo
ECN AccountNo
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsYes
Margin TradingNo
Volatility IndexNo
Spot TradingNo
Perpetual SwapsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Social TradingNo
Copy TradingNo
Trade SignalsYes
Islamic AccountYes
Guaranteed Stop LossNo
  • Gold
CFD TradingiFOREX offers hundreds of CFDs on FX, indices, shares, commodities, and cryptocurrencies
CFD FTSE Spread2.4
CFD GBPUSD Spread2.8
CFD Oil Spread5.4 pips
CFD Stocks SpreadVariable
CFD Leverage1:30
Forex TradingiFOREX offers trading on approaching 100 currencies from around the world
Forex GBPUSD Spread1.8
Forex EURUSD Spread1.8
Forex EURGBP Spread2.8
Forex Assets90
Crypto TradingiFOREX offers trading on popular cryptocurrency coins
Crypto SpreadVariable
Crypto LendingNo
Crypto StakingNo
Crypto MiningNo
Crypto Auto Market MakerNo
Crypto Coins
  • BTC
  • DASH
  • EOS
  • ETH
  • LTC
  • XMR
  • XRP
Risk Warning – Your capital is at risk

iFOREX is a reputable CFD and forex broker offering a range of tradeable assets and tools through its proprietary web platform and mobile app. This broker review will evaluate the online trading services offered, including investment options, deposit and withdrawal methods, training and tutorials, plus customer care.

iFOREX Overview

iFOREX was founded in 1996 by a group of forex dealers and bankers. Today, it operates in 15 languages and 159 countries worldwide, including India, the Philippines, Venezuela, and Greece.

The company boasts over 20 years of industry experience and 6.4 million clients.

The company’s head office is in Limassol, Cyprus.

iFOREX is the brand name of Formula Investment House Ltd. The group also owns and operates Vestle, its European subsidiary, iFOREX Holding Limited, and iFOREX Prime.

iFOREX Trading Platform

iFOREX offers a proprietary trading platform, rather than using a third-party interface such as MT4 or MT5. The web-based platform is designed for use on both desktop and mobile devices.

User reviews of the iFOREX platform are generally positive.

iFOREX review trading platform
iFOREX trading platform

The platform is fully customisable, easy to navigate and supports trading from multiple devices. It includes live trading charts, multiple indicators, and is equipped with trading signals and an economic calendar.

The only downside is that it doesn’t facilitate access to many of the functions offered on a platform such as MT4. For example, EAs and social trading are not available and users are not able to trade with a VPS.

Assets & Markets

iFOREX prides itself on a diverse range of tradeable assets including shares & indices, such as the Dax and VIX, in addition to ETFs and commodities. Currency trading is available on over 90 currencies. Popular crypto pairs including, Bitcoin, Ethereum, and Ripple are also available.

iFOREX trading assets lists review
iFOREX trading assets

Spreads & Commissions

iFOREX does not charge a commission on trades. It does, however, make a profit from the spread. Spreads are relatively competitive but there is no discount offered for large trading volumes. Spreads on major currency pairs, such as the EUR/USD, start from 1 pip.

A $15 quarterly inactivity fee is charged to accounts that have been dormant for 12 months. Also, when trading shares, ETFs, and CFDs with leverage, there is an overnight financing charge, which starts at 5% per annum for indices and 2.5% for commodities and cryptocurrencies. But for the most part, trading fees are around the industry norm and there aren’t hidden additional costs to be wary of.


When trading forex or commodities, leverage up to 1:400 is available while CFDs come with leverage of 1:200. Leverage enables traders to explore sizeable deals using a relatively small investment. However, whilst it can increase potential returns, it can also increase risk and potential losses.

Note, ESMA regulations limit the leverage available to European traders to 1:30.

Mobile App

iFOREX offers users the option to trade on their mobile through the iFOREX mobile app. The app is downloadable free of charge and compatible with both iOS and Android devices. It’s easy to navigate and offers all the features and tools available on the web platform. Detailed reviews about iFOREX’s online mobile trading app and ratings can be found on the App Store or Google Play Store.

Payment Methods

For deposits, iFOREX permits payment via bank transfer, credit and debit cards, plus eWallets, such as CashU, Neteller, Skrill, and PayPal. Funds transferred via bank transfer may take between 3-5 days to show in your account. There is a minimum deposit of $100.

For withdrawals, a charge up to $20 may be applied, depending on the payment method and withdrawal size. To make a withdrawal, users must fill out a withdrawal request form. Withdrawals can take up to 28 working days to be processed, which has unsurprisingly led to customer complaints online.

Demo Account

A demo account is available to users but only once a real trading account has been activated. There are also time restrictions on how long the demo account can be used. A demo account is a great way to test new strategies and get to grips with a market without the risk of incurring a loss.

Deals & Promotions

At the time of writing, iFOREX was offering two primary promotions:

There is also a friend referral promotion available to specific regions, details of which can be found on the broker’s website.

Note, the no deposit bonus of 25 Euro is no longer available.

Regulation & Licensing

Formula Investment House Ltd is licensed and supervised by the British Virgin Islands’ Financial Services Commission. The iFOREX Group’s European subsidiary is licensed and regulated by the Cyprus Securities & Exchange Commission (CySEC). iFOREX UK is authorised and regulated by the UK Financial Conduct Authority (FCA). iFOREX is also legally allowed to operate in India and many other countries.

Additional Features

iFOREX offers a range of free informative resources to assist traders, including free 1-on-1 training, education resources, news, and market analysis. Resources are split into basic and advanced levels ensuring a spread of information accessible to traders with a range of experience levels. The company also runs a popular YouTube channel; content is available in English and multiple other languages.

iFOREX also provides a range of decision assisting tools such as an economic calendar, live charts, trading signals, and trading sentiment.

iFOREX economic calendar features
iFOREX economic calendar

Account Types

iFOREX offers a standard Mini account and a VIP account. The minimum transaction for a VIP account is $2,500. To access information regarding account types users will have to first register an account. You should then contact the customer care team where they will discuss the account options in more detail. There are no fees involved with opening or closing an account.

iFOREX also offers an Islamic account; an interest-free account that adheres to Sharia law concerning trading.



Trading Hours

The online trading platform is open for use 24/7. However, when trading in certain markets, restrictions may apply. Information regarding changes to the standard hours can be found in the ‘Holidays’ section in the Trading Conditions page. We would also recommend that users keep in mind the server time where they are based.

Customer Support

iFOREX provides insight and advice on trading conditions, live rates, platform downloads, and much more via the live chat function. To access live chat, go to the iFOREX trading platform login page and you’ll find a chat icon at the bottom of the screen.

Customer care and support are available via helplines and on email, Monday- Friday, 04:00-20:00 GMT:

Safety & Security

iFOREX.com is a genuine company that takes security seriously, sensitive information passes through encryption services including, firewalls and SSL. The company also offers negative balance protection which protects clients against losing more than they have deposited.

iFOREX Verdict

iFOREX is an established brokerage able to offer clients years of industry experience. The proprietary platform is generally pleasant to use but traders familiar with the additional features of an MT4/5 platform may be disappointed.

When evaluating the broker vs XM, Plus500 and other brokers, iFOREX has a credible history trading forex and CFDs, but traders should be aware of the lengthy and costly withdrawal process, as highlighted in user reviews.

Accepted Countries

iFOREX accepts traders from Thailand, United Kingdom, South Africa, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use iFOREX from Afghanistan, American Samoa, Argentina, Australia, Belgium, Brazil, British Indian Ocean Territory, Canada, Christmas Island, Cocos (Keeling) Islands, Congo, Cyprus, French Southern Territories, Guam, Guernsey, Guinea, Haiti, Vatican State, Iran, Israel, Jersey, Korea, Lebanon, Libya, Netherlands, New Zealand, Puerto Rico, Rwanda, Samoa, Sudan, Singapore, Somalia, Syria, Turkey, United States.

Compare iFOREX

Compare iFOREX with similar brokers that accept traders from your location. Among available brokers these are the most similar to iFOREX:

  1. AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
  2. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  3. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
  4. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.

iFOREX Comparison Table

Compare iFOREX With Similar Brokers
Rating 4.7 4.4
Markets Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto
Demo Account Yes Yes Yes Yes Yes
Minimum Deposit $100 $10 $20 $10 £250
Minimum Trade 0.01 lots 0.01 lots 0.01 lots $10 0.1 lots
Bonus 100% Deposit Bonus available for Global clients 100% deposit bonus up to $20,000
Education No No Yes Yes Yes
Platforms MT4, MT5 MT4 MT4
Leverage 1:30 1:30 EU, 1:500 Global 1:100 – 1:500 1:30 EU 1:30
Payment Methods 6 8 8 14 6
Detailed Comparison iFOREX vs AAAFx iFOREX vs LQDFX iFOREX vs eToro iFOREX vs IG Group
Review iFOREX
IG Group

Compare Trading Instruments

Compare iFOREX Trading Instruments
CFD Yes Yes Yes Yes Yes
Forex Yes Yes Yes Yes Yes
Stocks Yes Yes Yes Yes Yes
Commodities Yes Yes Yes Yes Yes
Oil No No Yes Yes Yes
Gold Yes Yes Yes Yes Yes
Copper No No Yes Yes Yes
Silver No No Yes Yes Yes
Corn No No No Yes No
Crypto Yes Yes Yes Yes Yes
Futures No No No No Yes
Options No No No No Yes
ETFs No No No Yes Yes
Bonds No No No No Yes
Warrants No No No No No
Spreadbetting No No No No Yes
Volatility Index No No No Yes Yes

iFOREX vs Other Brokers

Compare iFOREX with any other broker by selecting the other broker below.



Where is iFOREX regulated?

Formula Investment House Ltd is licensed and supervised by the British Virgin Islands’ Financial Services Commission. The iFOREX Group’s European subsidiary is licensed and regulated by the CySEC (Cyprus Securities and Exchange Commission). The broker is also FCA regulated.

Does iFOREX offer a demo account?

Yes, a demo account is available to users for a finite amount of time. The practice account is a great way to test strategies and the broker’s platform.

How much capital do I need to trade with iFOREX?

The minimum deposit amount is $100 while the minimum stake size is 0.01 lots. Traders should not risk more than they are prepared to lose.

Can I trade with iFOREX on my mobile device?

Yes, iFOREX offers users the option to trade on desktop or mobile devices. The app is available to download free of charge from Google Play or the Apple App Store.

Is iFOREX a trustworthy broker?

iFOREX has a credible reputation and adheres to appropriate safety measures. However, there are many complaints and mixed reviews online from users in 2022, particularly around withdrawal problems.

iFOREX is a multi-regulated forex & CFD broker with millions of clients worldwide