Min. Deposit: $100
EUR/USD Spread: Variable
Regulation: CySEC, PSZAF
Accepts US Clients: No
Platforms: iForex trading platform
Web trading: Yes
Mobile trading: Yes
Live chat: Yes
Currencies accepted: USD and several others
Overall Rating: 4.04/5
iForex is a leading forex brokerage firm that has gained popularity in recent years. The company was originally formed in 1996 by forex experts and bankers. It was only in 2004 that the company launched its multi-lingual online forex trading platform to become a full-fledged forex broker. iForex is purely a broker for traders and it doesn’t manage investment portfolio. Traders can choose from a variety of trading products such as CFDs on commodities, shares and indices. You can also do forward and spot trading of precious metals and currencies. iForex also provides binary options trading in certain jurisdictions.
LICENSING AND REGULATION
The operating company Formula Investment House Ltd is licensed by the British Virgin Islands’ Financial Services Commission with the license no SIBA/L/13/1060. iCFD limited is regulated by Cyprus Securities and Exchange Commission (CySEC) with license number 143/11. National Bank of Hungary authorizes eBrókerház Befektetési Szolgáltató Zrt with license numbers III/73.059-4/2002 and II/73.059/2000. CySEC is one of the authoritative bodies for licensing brokerage firms and the regulatory body ensures safe business practices of the brokerage firm.
License from authoritative bodies is an indication of reliability of the forex brokers. iForex is registered in the Cyprus and it is a trustable forex broker. However, it doesn’t accept clients from the US because it lacks CFTC or NFA registration.
The iForex is a completely online trading platform. When you trade currencies and commodities, you have to understand that the market conditions are extremely volatile. Even with a tighter spread, there is a potential to lose money due to slippage. iForex allows full margin trading allowing you to use your trading funds without any inhibition. Also, it provides negative balance protection which provides money protection. With this guarantee, you won't lose more than what you have in your forex account. Guaranteed stop loss is also an important tool to minimize losses.
iForex provides a $5000 demo account. You can start trading using real money with a low deposit of $100. Advanced users can use advanced trading account that has a minimum deposit requirement of $2500. iForex also provides an Islamic accounts for staunch practitioners of Islam. The Islamic accounts are free of interest and it is provided to users from all over the world. iForex allows you to create an account and enjoy added benefits depending on your trading experience. If you are a newbie, you need proper guidance from an experienced trader. iForex provides a free 1 on 1 session for newbie traders. When you sign up for this package, you will enjoy the benefits of communicating with an expert trader. It is easier to learn trading practices from a professional trader who actually trades currencies on his own. If you are relatively new, you will benefit from the all-inclusive education package. You will have complete and unrestricted access to the online resources and educational materials. This package is useful if you need advice and help on trading, but you can manage it on your own. If you have an extensive trading experience and want a professional forex brokerage service without any fuss, you can open a full-fledged advanced trading account with iForex. This is useful to get into trading immediately once you open a trading account. Traders who are interested in trading in large volumes can use the VIP trading account called the diamond package which requires you to deposit $5000 to start.
BONUS AND OFFERS
iForex announces promotions and offers from time to time. Currently, the education package is available on promotion. When you sign up with iForex, you will get access to the educational materials along with a free one-on-one training session. The online courses and PDF tutorials will help you to get started. iForex also provides a weekly cashback option for active traders. Using this option, you will get cashback bonus every week. The bonus is credited directly into your account. This bonus is credited as equity bonus, which means that it is available for withdrawal. The cash back bonus is credited according to the trading volume. If you trade commodities such as coffee, gas, silver and platinum, you can earn as much 150% as cashback bonus. One of the greatest offers of iForex is the diamond package. Traders looking for a hassle free trading experience can enjoy better benefits with the diamond package. VIP clients of iForex receive an enhanced bonus plan that is not available for standard traders. iForex also offers lower spread for diamond clients. This will help you to increase your profit potential. VIP members will also gain unlimited access to various market alert instruments. Daily market analysis and update is also an important feature of the diamond package. VIP customers are also entitled to obtain services from an account manager to help you to manage your trading account in a much better way. The interactive video tutorials and advanced trading tools are available for VIP clients at no additional charge.
iForex provides a proprietary trading platform called as FXnet Trader. This is a downloadable Windows platform that can be used alongside other applications. This trading platform is suitable for all types of traders. Relevant trading information is provided in one screen to enhance trading convenience. One click deals is a specialty of this trading platform. The trading station can be customized and personalized according to your preference. Advanced integrated charts are also provided to ensure that traders are well informed to make profitable trading decisions. The web based trading platform can be accessed from anywhere without the need to download any application. It helps you to start trading quickly when you have internet access. You can open and close positions, deposit and withdraw funds and view complete history using the web trader. iForex also provides a mobile trading platform using which you can trade more than 200 commodities, stocks, indices and currency pairs. It also provides full wallet access and margin details. The layout is also customizable to enable you to trade quickly without any hassle.
DEPOSIT AND WITHDRAWAL OPTIONS
iForex provides a variety of options to deposit funds and withdraw money to your account. You can use your credit or debit cards and deposit funds through wire transfer. You can also transfer funds using Neteller, Skrill, and Web Money. Withdrawal is allowed to your cards and bank accounts. Before the first withdrawal, you have to verify your identity. You have to register with the iForex website to see the deposit and withdrawal options available in your country.
COMMISSIONS AND SPREADS
You don’t have to pay any commission for the opening trade positions. iForex makes its profit through spread, which is a difference between buy and sell rates. For spot and forward positions, iForex provides spread varying from 0.02% to 0.05% depending on the currencies traded. You can also trade some exotic currency pairs.
iForex provides a full fledged customer support in many local languages. You can contact the support staff through phone, email or live chat. The customer support is available 24 hours a day for five days a week.
The demo account comes with $5000 which may not be sufficient for newbie traders who want to practice a lot before trading with real money. Educational materials are available based on the account type. iForex doesn’t provide Margin calls which can be troublesome for traders without a strong money management policy. The ability to use automated trading is also limited. Traders who want to trade with confidence getting help directly from trading experts will find the services of iForex to be supremely beneficial. iForex provides full margin usage which will benefit traders to have complete control on their account balance so that they can use future profits for opening positions.
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