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iFOREX Review

Edited by: Louis Schoeman

iForex Review

 

Overall, iFOREX is considered trusted, with an overall Trust Score of 80 out of 100. They are licensed by one Tier-1 Regulator (highly trusted), zero Tier-2 Regulators (trusted), zero Tier-3 Regulators (average risk), and one Tier-4 Regulator (high risk). The broker offers two retail accounts to traders: Standard Mini and VIP. 

 

iFOREX Review – 13 key points quick overview:

  1. ☑️Overview
  2. ☑️At a Glance
  3. ☑️iFOREX Account Types
  4. ☑️How To Open an iFOREX Account
  5. ☑️iFOREX Deposit & Withdrawal Options
  6. ☑️Trading Instruments & Products
  7. ☑️iFOREX Trading Platforms and Software
  8. ☑️iFOREX Spreads and Fees
  9. ☑️Leverage and Margin
  10. ☑️Educational Resources
  11. ☑️iFOREX Pros & Cons
  12. ☑️Security Measures
  13. ☑️Conclusion

 

Overview

Overview

 

iFOREX, established in 1996, is a pioneer in the online trading industry, known for its cutting-edge technology, educational opportunities, and dedicated customer service. Founded by banking and financial technology specialists, iFOREX aims to enable traders worldwide through innovation.  

 

The broker, with offices in multiple foreign locations, provides accessible and customized services. Furthermore, it promotes openness and compliance with regulatory authorities, which fosters confidence and security among traders.

 

Furthermore, iFOREX’s commitment to technology innovations and user-centric services solidifies its position as a dominant player in the competitive online trading scene. 

 

Can I use iFOREX services in languages other than English?

Yes, the broker provides services in various languages, including Arabic, Chinese, Japanese, and Spanish, catering to a worldwide audience.

 

What differentiates iFOREX from other online trading platforms?

The broker stands out for its cutting-edge technology, substantial training materials, and dedication to customer support, which ensure traders have a thorough and user-friendly trading experience.

 

At a Glance

🗓 Established Year1996
⚖️ Regulation and LicensesCySEC, BVI FSC
🪪 Ease of Use Rating3/5
📞 Support Hours24/5
💻 Trading PlatformsiFOREX Platform
🛍 Account TypesStandard Mini, VIP
🤝 Base CurrenciesUSD, EUR, GBP, etc.
📊 Spreads1 pip
📈 Leverage1:400
💸 Currency Pairs80; major, minor, and exotic pairs
💳 Minimum Deposit100 USD
🚫 Inactivity FeeYes, 15 USD after 12 months of inactivity
🗣 Website LanguagesArabic, Simplified Chinese, Traditional Chinese, Japanese, Korean, Russian, Spanish, Thai
💰 Fees and CommissionsSpreads from 1 pip, zero commission fees
✅ Affiliate ProgramYes
🏦 Banned CountriesUnited States
✔️ ScalpingYes
📉 HedgingYes
🎉 Trading InstrumentsForex, commodities, indices, shares, ETFs, cryptocurrencies
🎖 Open an AccountOpen Account

 

iFOREX Account Types 

iFOREX Account Types 

 

Standard MiniVIP
✅ AvailabilityAll; ideal for beginners and casual tradersAll; ideal for experienced traders
🛍 MarketsAllAll
💸 CommissionsNone; only the spread is chargedNone; only the spread is charged
💻 PlatformsiFOREX PlatformiFOREX Platform
📊 Trade SizeFrom 0.0 pipsFrom 0.0 pips
📈 Leverage1:4001:400
💰 Minimum Deposit100 USD2,500 USD
🎖 Open an AccountOpen AccountOpen Account

 

iFOREX Standard Mini Account 

The Standard Mini Account is perfect for beginners or those with smaller investment amounts, offering a lower-risk environment in the forex market. Additionally, it allows traders to engage in tiny lot sizes, furthermore offering access to various financial products and marketplaces with minimal financial investment.

 

iFOREX VIP Account 

The VIP Account is intended for advanced traders or those with a bigger capital basis. In addition, it usually provides more competitive spreads, a greater quality of service, and also provides access to sophisticated trading resources.

 

VIP account users can also get specialized trading advice, one-on-one coaching, and unique market updates. This account type is ideal for professional traders seeking an advantage in their trading technique. 

 

iFOREX Demo Account 

The broker offers traders a personal demo account as part of a comprehensive instructional package. In addition, this virtual trading platform allows users to refine their trading methods and improve their skills in a risk-free setting.

 

Additionally, the package includes one-on-one training sessions and educational resources covering online trading principles, platform functionality, available tools, and transaction steps.

 

What are the advantages of utilizing the Standard Mini account at iFOREX for beginners?

The Standard Mini account has a reduced minimum deposit requirement. Furthermore, it is suited for novices or those with modest investment amounts, offering a lower-risk environment to begin trading with iFOREX.

 

What separates the VIP account from the Standard Mini account on iFOREX?

The VIP account at iFOREX provides additional perks like competitive spreads, individual trading guidance, and one-on-one coaching for experienced traders with higher capital bases.

 

How To Open an iFOREX Account 

To register an account, follow these steps: 

 

Step 1 – Click on the Register option.

First, go to the official iFOREX website. You can find it by searching for “iFOREX” on the web. Next, look for a visible button or link labelled “Register” or “Open Account” on the homepage or registration page. These buttons are typically located in the top right corner of the webpage.

How To Open an iFOREX Account Step 1

 

Step 2 – Complete the form.

First, complete the registration form by entering your name, email address, phone number, and preferred password. Make sure you input your information correctly. Then, before continuing, carefully consider the iFOREX terms and conditions. The agreement box confirms that you understand and agree to the rules indicated.

How To Open an iFOREX Account Step 2

 

iFOREX Deposit & Withdrawal Options 

💳 Payment Method🏛 Country⚖️ Currencies Accepted⏰ Processing Time
NetellerVariousMulti-currencyInstant – a few hours
SkrillVariousMulti-currencyInstant – a few hours
CryptocurrencyVariousMulti-currencyInstant – a few hours
Local Credit CardsVariousMulti-currencyInstant – a few days
e-walletsVariousMulti-currencyInstant – a few hours
Bank Wire TransferVariousMulti-currencyInstant – 5 days

 

Deposits 

How to Deposit using Bank Wire Step by Step 

✅Obtain the appropriate bank account information for iFOREX via their website or by calling assistance. 

✅Make a wire transfer from your bank, including the account details and amount. Bank wire transactions typically take 3–5 business days to complete. 

 

How to Deposit using Credit or Debit Card Step by Step 

✅Log into your account and go to the deposit area. 

✅Choose the credit/debit card method and enter the desired deposit amount. 

✅Enter your card information, including the card number, expiration date, and security code (CVV). 

✅Follow the on-screen instructions to verify and finalize the deposit. 

 

How to Deposit using Cryptocurrency Step by Step 

✅Log into your iFOREX account and navigate to the deposit area. 

✅Select your preferred cryptocurrency coin. 

✅Each coin will be assigned a unique deposit address (or QR code). 

✅Use your crypto wallet to transfer the required quantity of cryptocurrency to the specified address. 

 

How to Deposit using e-Wallets or Payment Gateways Step by Step 

✅Choose an e-wallet and enter the amount you want to deposit. 

✅You will be redirected to your e-wallet’s login page to approve the transaction. Once your e-wallet/payment gateway has been approved, funds should be shown in your iFOREX account. 

 

Withdrawals 

How to Withdraw using Bank Wire Step by Step 

✅Log into your account and navigate to the withdrawal area. 

✅Select bank wire transfer and input the desired withdrawal amount. 

✅Please provide your bank account information, including the bank name, account number, routing/SWIFT code, and your name as it appears on the account. 

✅Follow the steps to submit your withdrawal request. 

 

How to Withdraw using Credit or Debit Cards Step by Step 

✅If you have previously deposited using a card, iFOREX will usually reimburse withdrawals to the same card(s) up to the deposit amount. 

✅To withdraw, go to your account’s withdrawal area and choose the card used during your most recent deposit. 

✅Enter the amount you want to withdraw, ensuring it does not exceed the amount deposited using the card. 

✅Complete any required information and follow the instructions to submit the withdrawal. 

 

How to Withdraw using Cryptocurrency Step by Step 

✅Log in to your account and go to the withdrawal area. 

✅Choose the supported cryptocurrency you want to withdraw to. 

✅Provide your external crypto wallet address and desired withdrawal amount. 

✅Follow any further instructions given and submit the withdrawal request. 

 

How to Withdraw using e-Wallets or Payment Gateways Step by Step 

✅Go to the withdrawals area of your iFOREX account. 

✅Choose your e-wallet and enter the amount you want to withdraw. 

✅To submit the withdrawal, provide any other required information for your e-wallet and follow the on-screen instructions. 

 

Is there a deposit fee levied by iFOREX?

iFOREX normally does not impose deposit fees; nevertheless, customers should be informed that some payment methods may incur third-party transaction costs.

 

Does iFOREX impose any withdrawal fees?

While the broker does not mention withdrawal costs, customers should know that withdrawal options, such as bank wire transfers, may result in third-party transaction fees.

 

Trading Instruments & Products 

iFOREX offers the following trading instruments and products: 

➡️Forex – Overall, iForex offers over 80 currency pairings, including major, popular, and unusual currencies, available 24/7. 

➡️Commodities – Gaining access to a wide range of well-known commodities without ownership provides the added benefit of maximum leverage of 400:1 (where authorized by legislation). 

➡️Indices – Additionally, gain access to well-known stock indexes without requiring actual ownership. In this way, Index CFDs provide cheap spreads, allowing you to reduce portfolio expenditures.

➡️Shares – Effortlessly trade major stocks like Apple and Intel, leveraging up to twenty times your capital. Furthermore, diversify your portfolio with CFDs from multiple marketplaces. Finally, capitalize on price changes with take-profit and stop-loss capabilities.

➡️ETFs – ETFs offer balanced long-term investing through similar tradable products, following industries or indexes like the S&P 500, and can be accessed with leverage up to 400:1. 

➡️Cryptocurrencies – In addition to investing in cryptocurrencies using Contracts for Difference (CFDs) to profit from price fluctuations, you can also expand your portfolio to other CFD products like stocks, commodities, indices, currency pairings, and ETFs. The cryptocurrency industry is expanding and offers numerous opportunities, but CFDs allow you to diversify your holdings across a wider range of assets.

 

Does iFOREX allow the trading of commodities other than precious metals?

Yes, iFOREX offers access to various commodities, such as crude oil and natural gas, agricultural commodities, and industrial metals, providing portfolio diversification.

 

Can I trade fractional shares of stock on iFOREX?

Yes, iFOREX enables customers to trade fractional shares of stocks using CFDs, allowing investors to participate in the stock market with a lesser investment.

 

iFOREX Trading Platforms and Software 

Trading Platforms and Software 

 

Overall, iFOREX is a custom trading platform that offers a powerful, user-friendly, and safe solution for traders. It is developed in-house, based on over 25 years of market expertise and real-world customer input.  

 

Overall, the platform is available for mobile and computer trading, with access from any device. It offers hundreds of tradable CFDs from various locations and sectors, providing diversification options.  

 

To focus on the trader experience, the broker provides a safe and regulated environment. Additionally, the platform includes an Economic Calendar, Trading Signals, and live charts and indicators to help traders make informed decisions.

 

Customizability is a key aspect of the iFOREX platform, allowing traders to modify it to their trading preferences and strategies. Furthermore, the simple layout makes it easy for traders of all skill levels to use.  

 

The platform allows traders to trade from multiple devices, offering flexibility and convenience in managing their assets. Consequently, the broker empowers traders to successfully navigate the financial markets with a platform tailored to their changing requirements.

 

Can I access my iFOREX account from many devices at once?

Yes, the broker enables customers to access their accounts from various devices simultaneously, giving them more flexibility and convenience while handling transactions and tracking market movements.

 

Can I personalize the iFOREX trading platform to fit my trading style?

Yes, the iFOREX trading platform allows customers to customize their trading interface, chart layouts, and technical indicators to fit their trading strategy.

 

iFOREX Spreads and Fees 

Spreads and Fees 

 

Spreads 

The broker charges competitive spreads that start at 1 pip and might fluctuate based on the instrument, account type, and market conditions at the trading time. Furthermore, traders can view updated and live spread on the iFOREX website under “Live Rates.” 

 

Commissions 

Additionally, unlike other brokers, the broker does not charge transaction fees; instead, just the spread is charged. 

 

Overnight Fees 

Traders trading leveraged Forex CFDs with iFOREX therefore may face overnight financing costs at the end of each trading day, determined by the applicable interest rates and a markup.  

 

Additionally, the markup typically ranges from 0.75% to 0.75%, depending on the currency pairing. These costs can be accessed on the platform’s Deal and Limit forms.

 

Traders of Index, Commodity, and Crypto CFDs must additionally pay Overnight Financing costs, which are computed identically to Forex CFDs but can differ owing to cryptocurrencies’ extraordinary market conditions. 

 

Deposit and Withdrawal Fees 

While the broker does not reveal exact deposit and withdrawal fees, traders should know these costs may apply, particularly for currency conversion. 

 

Inactivity Fees 

Dormant accounts on the broker may be charged inactivity fees. Accounts with no trading activity for twelve months in a row can be charged a quarterly maintenance fee of US$15, or the account’s total Equity if less than US$15. 

 

Currency Conversion Fees 

Clients could be charged currency conversion costs if they trade financial products in a currency other than their trading account and when they make deposits and withdrawals. 

 

Can I negotiate spreads with iFOREX based on my trading volume?

The broker normally does not provide negotiable spreads; however, customers may be eligible for lower spreads or special incentives depending on trading volume and account activity.

 

How do the spreads at iFOREX compare to those of other brokers in the market?

iFOREX provides competitive spreads beginning at 1 pip, offering customers more cost-effective trading alternatives than other brokers in the sector.

 

Leverage and Margin 

When trading leveraged securities on iFOREX, margin and leverage are crucial factors. Margin acts as collateral, protecting traders from losses and allowing them to maintain positions above their real account worth.  

 

This can lead to substantial earnings proportional to the investment amount. However, leverage can increase earnings and result in significant losses, potentially negating successful transactions.  

 

Leveraged trading has inherent risks and may not be suitable for all investors. the broker offers Negative Balance Protection to account holders, but even small market changes can result in substantial losses. 

 

Is there a margin requirement for trading with iFOREX?

Yes, the broker imposes margin restrictions on trading positions to guarantee that customers have enough funds in their accounts to cover possible losses.

 

Does iFOREX provide different leverage options for various trading instruments?

Yes, the broker offers variable leverage choices for different trading products based on market volatility, liquidity, and regulatory restrictions.

 

Educational Resources 

In addition to offering a comprehensive educational suite for traders, covering fundamental principles like Forex and CFD trading to sophisticated strategies and risk management measures, the platform also provides valuable leverage, stop-loss orders, and market research insights.

 

Overall, iFOREX’s commitment to assisting traders in their trading journeys is evident in its extensive learning materials, demonstrating its dedication to providing valuable insights and improving trading skills. 

 

Can I get iFOREX’s educational materials for free?

Yes, iFOREX offers free educational materials to all customers.

 

Are iFOREX’s instructional materials often updated to reflect market changes?

iFOREX routinely updates its training materials to reflect market developments, new trading methods, and technical improvements.

 

iFOREX Pros & Cons 

✔️ Pros❌ Cons
Client funds are stored in separate accounts from iFOREX's operational fundsCompared to other brokers and specialist exchanges, there are just a few cryptocurrencies accessible for trade
iFOREX is authorized by financial agencies, which provides traders with some level of protection and monitoringEducational materials are not as detailed as those provided by rivals
Provides multilingual customer service via many channelsBonuses and promotions often contain strict terms that may not be appropriate for everyone
Spreads are competitive when compared to other brokers in the marketPhone support is not accessible in all locations
Accepts a variety of deposit and withdrawal options, including bank transfers, cards, and e-walletsCertain types of withdrawals, particularly bank transfers, might have costs
Forex pairings, CFDs on stocks, indices, energy, commodities, and cryptocurrencies are all available for tradingThe variety of instruments and functions can seem intimidating for novices
Offers educational resources such as articles to help traders learn

 

Security Measures 

iFOREX prioritizes customer security and privacy by implementing various safeguards to safeguard their funds and personal information. 

 

Furthermore, iFOREX is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the British Virgin Islands Financial Services Commission, ensuring strong financial and ethical standards.  

 

iFOREX uses encryption technologies like SSL and firewalls to protect customer data and online transactions. Therefore, its privacy rules ensure the confidentiality and integrity of customer data.

 

Additionally, the broker improves financial security by segregating customer funds, separating investments from the company’s operating finances in segregated bank accounts, and ensuring repayment in case of bankruptcy. 

 

How does iFOREX promote fair and transparent trading practices?

The broker promotes fair and transparent trading processes by offering customers real-time market data, competitive spreads, and execution transparency.

 

Does iFOREX do frequent security audits and assessments?

Yes, the broker undertakes regular security audits and assessments to detect and mitigate security threats.

 

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Conclusion 

Overall, iFOREX is a reputable forex and CFD broker offering a wide range of trading products and affordable spreads. Its commitment to trader security is evident through regulatory scrutiny and segregated accounts.  

 

Furthermore, our findings show that the broker offers multilingual customer service and a variety of deposit/withdrawal methods, making trading accessible globally.  However, in our experience, iFOREX might not suit all traders due to limited cryptocurrency and training resources.  

 

For more information on FXLeaders.

Faq

iFOREX provides a maximum leverage of 1:400 for forex trading.

Withdrawal timings at iFOREX vary based on the method used, ranging from quick for e-wallets to several business days for bank wire transfers.

To create a basic micro account at iFOREX, a $100 deposit is required, while a VIP account needs a $2,500 deposit.

You can contact iFOREX support via their website. Email, live chat, and phone help are supported channels for contacting customer support.

Yes, iFOREX is regarded as a secure broker since it is licensed by respected agencies such as CySEC and the British Virgin Islands Financial Services Commission, and it uses cutting-edge encryption technology to safeguard client data. 

No, iFOREX allows scalping and hedging tactics, giving traders more freedom in their trading style. 

iFOREX allows traders to trade various products, including forex, commodities, indices, stocks, ETFs, and cryptocurrencies. 

Yes, iFOREX’s trading platform is available on iOS and Android smartphones.

iFOREX is based in numerous places throughout the globe, with important offices in Cyprus and the British Virgin Islands.

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