iFOREX Review 2024
United States not accepted.iFOREX Review
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.
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.
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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.
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.
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Leverage
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:
- Education package: 1-on-1 online training for beginners, access to video tutorials and a Trader guide.
- Pro-package: 1-on-1 training, 2 weeks of free signals and tight spreads on popular CFDs.
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.
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.
Benefits
- CySEC licensed
- Reliable customer support team
- A wide range of investment products
- A comprehensive suite of educational resources
Drawbacks
- No social or automated trading robots
- Bad reviews of withdrawal problems due to lengthy process & charges
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:
- Telephone contact number – +36 1 808 9140
- Email – support@iforex.co.uk
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.
Top 3 Alternatives to iFOREX
Compare iFOREX with the top 3 similar brokers that accept traders from your location.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
iFOREX Comparison Table
| iFOREX | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| Rating | 1.5 | 4.4 | 4.3 | 4 |
| Markets | Forex, CFDs, indices, shares, commodities, cryptocurrencies, ETFs | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $100 | $0 | $0 | $1 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | $100 | 0.01 Lots |
| Regulators | CySEC, FCA, BVI | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA | SVGFSA |
| Bonus | – | – | – | 100% Deposit Bonus |
| Education | No | Yes | Yes | No |
| Platforms | Own | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | MT4, MT5 |
| Leverage | 1:30 | 1:30 (Retail), 1:250 (Pro) | 1:50 | 1:1000 |
| Payment Methods | 6 | 6 | 6 | 10 |
| Visit | – | Visit | Visit | Visit |
| Review | – | IG Review |
Interactive Brokers Review |
World Forex Review |
Compare Trading Instruments
Compare the markets and instruments offered by iFOREX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| iFOREX | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | No | Yes | No | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | No | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | Yes | Yes | No |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | Yes | No |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | Yes | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
iFOREX vs Other Brokers
Compare iFOREX with any other broker by selecting the other broker below.
Customer Reviews
4.5 / 5This average customer rating is based on 15 iFOREX customer reviews submitted by our visitors.
If you have traded with iFOREX we would really like to know about your experience - please submit your own review. Thank you.
Submit Your Own Review of iFOREX
FAQ
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 2024, particularly around withdrawal problems.
This is interesting. They have the ability to teach you bout trading with AI. This is some kind of model based on ChatGPT. I asked it a few questions, seems alright. Definitely enough to learn the lingo and start building your own strategy.
They have pretty decent economic calendar here, interesting market info tab. Its not comfortable to use, but you can drag it out onto the 2nd monitor to just keep an eye out. Definitely worthwile. I also like their trading expert, giving you signals and explaining his reasoning.
Over all, seems like a good broker for beginners. Not much missing here.
I started trading recently and lacked confidence but when I joined the iForex company, they helped me a lot and let me tell you how. They offer a free demo account and thanks to this I was able to practice my trading on the financial markets and I was also able to have free 1-on-1 training with a training coach.
I have heard a lot about the metatrader platforms but it turned out that iForex has a proprietary trading platform and I wasn’t ready for that but again I was wrong and I got used to it pretty well. Their support team indeed is competent and their responses are very clear.
Honestly, I was expecting a more versatile trading platform from a broker like iForex, which has been in the business for a long time. However, after I signed up with them and started trading I realised that they have actually created a solid trading platform with excellent terms. Although the choice for trading apps is limited to their custom app, the software is second to none. It has it all.
I have been trading for a long period of time and for all this time I managed to try out all the services. iForex offers a lot of financial instruments and everybody will be able to trade whatever they want. Mainly I trade on the forex market and there are 80 currency pairs available for trading but I think 1:400 is not a high leverage for trading on forex.
Anyway, for those who started trading recently there is a good opportunity to have free 1-on-1 training with a training coach. It will help you to trade better and gain confidence to trade on a real account with real money.
there are many feature of this platform that captivates me.
for instance, their indisputable reliability, since guys are in the bizz for like 30 years.
other than that, I like that this broker besides being quite famous and big, doesn’t try to monetize on the fame as some other platfor are used to do. pricing is okayish here, spreads are quite tight, I have never traded with wider spreads than 3-4 pips…
range of markets is broad, many assets, all of them are easily tradable, so I commend iForex. They really deserve a lot of praise!!
Aah! 100% welcome bonus is quite generous =))
I have worked with many different brokers but iForex is the best one and let me tell you why. They provide a lot of financial instruments and I can trade whatever I want. It helps me to diversify my risks. For example if on the stock market zero volatility, I can just go trade the forex market with immense volatility or trade where there are no strong market fluctuations.
The trading conditions are great, low spreads and commissions, high leverage, the speed of execution orders are ultra fast. I would like to highlight their trading expert Walid Salaheldin Mohamed, what a professional trader and he indeed knows a lot about trading. I like that he publishes his trading ideas everyday and I have used some of them in practice and made a good profit. Raise him a salary guys!
let me give you a short background with artifacts. I was using this platform since 2013 but never made a profit and there is a string reason when i changed to other platform their margin fee is low and spread is great.
These people are liars and scammers. yesterday on 24th of april 2024 i opened 6 deals for US NatGas so the last closing price was $1.64 and it was a contract rollover. When the new contract opened it opened at $1.97 so technically i should have been huge profits because i bought all the six deals not sold, but i lost $1600 when i equired it with my financial advisor he said technically you should be huge profits rather in losses because new contract opened at a high rate. when i inquired same with iForex accounts manager his name is Abhay and you know what was the shocking answer i loss because $1600 is the rollover charges they charged early this year when contract got rolled over in feb that time they said your losses are because you sold and the new contract opened at high rate and when this time it happened they say its a contract roll over charges, that means technically you will never earn profits under this platform.
And when inquired with other platforms how cheaters these are and how much extra they are charging on spreads. I request higher authorities to probe against these crooks.
This is a pretty good broker that offers comfortable conditions for traders. They provide a wide range of financial instruments, more than 750+ CFDs. I like trading on the Forex market and there are 80+ currency pairs available with tight spreads, low commissions and high leverage up to 1:400.
There is also an opportunity to have training 1-on-1 with a training coach and it motivates me to learn more about trading. There are also many ways to make deposits and withdrawals through various payment systems. Nevertheless, the technical support is not great as I thought, the responses are slow.
I chose iFOREX. It has been around since 1996, which indicates the reliability of a broker that has been working for almost 30 years and has experienced global financial disasters during this time. I have already advised my friends to open an account here, I have also downloaded a mobile application that meets all modern trends, it is so easy and simple to trade, it could not be better.
I think it’s important for traders considering trading with iForex to compare the broker’s fee structure and the services offered with their trading strategy.