This broker has also been regulated by CySEC 143/11 and FSC (BVI) SIBA/L/13/1060.
Extensive Review
iFOREX was founded in 1996 by a group of bankers and forex traders. It claims to be one of the largest and most respected firms in the industry. The company is licensed by the BVI FSC, while the iFOREX Group's European subsidiary is an investment firm licensed and regulated by CySEC.
The company tries to offer traders innovative and user-friendly platforms, constantly updated financial news, and 24-hour support. Clients who open accounts in iFOREX are therefore able to trade whenever they choose, using the system they prefer while receiving instant professional support when needed.
iFOREX also says it has hedging capabilities not offered by all brokers with real-time margin protection, ensuring limits and automatically executing risk management precautions to prevent a negative account balance.
On another positive note, the company takes cybersecurity seriously, by enforcing firewalls and Secure Socket Layering (SSL) as encryption services to funnel sensitive information such as clients' personal data and passwords.
This broker advertises direct access to global markets, including 90 currency pairs, commodities, indices, shares, ETFs, and cryptocurrencies. Furthermore, trading in iFOREX offers a range of soft commodities including soybeans, wheat, corn, cocoa, coffee, and cotton. Product pricing and service offered are also quite transparent with enough information available on the company's website.
After choosing an instrument, traders can enter the deal size and click Buy or Sell in the trading platform. iFOREX tries to provide a comfortable environment for trading by presentling leverage up to 1:400. They also offer traders to practice with a demo account.
iFOREX provides clients with easy-to-use trading platforms customized to meet clients' experience and needs. Their platform accommodates trading functionalities with live and historical data about clients' account balance and open positions. Their platform is available on mobile and Web.
Unlike some brokers, iFOREX does not seem to offer trading with MT4 and MT5 platforms. With their web-based platforms, traders can access a variety of features directly from traders' computers, such as opening and closing deals, depositing and withdrawing funds and viewing account history without any downloading necessary. Based on the review of their clients, the web-based platform is ideal for traders who travel often and need full accessibility anytime and anywhere.
iForex also shows trading sentiment on their mobile app. This is a quick and easy way for a trader to see which way the market may be leaning. Traders will get a respectable mobile charting package. The information is displayed, and various technical studies can be easily added to help make trading decisions. The mobile app has advanced security measures such as fingerprint match identification to open the app for trading.
Furthermore, iFOREX has very few special features commonly found in other brokers. For example, there is no automated trading algorithms, or an ability to engage in social trading. Other services like VPS are also not offered.
If traders need a broker with satisfying customer support, iFOREX might be a good option. Online chat is available for both new and existing clients. All clients can receive customer support and technical assistance 24/7 globally, with offices located around the world and immediate service in clients' native language.
iFOREX scores very well in terms of educational products. Traders can easily find information for major trading products such as CFDs and forex. There is also information about analysis and several videos that beginners will find especially helpful.
Furthermore, They accept any method of payment, including VISA, Mastercard, Skrill, Wire Transfer, Neteller, and many more. iFOREX does not charge commissions.
Based on the review above, iFOREX has some unique features. Traders can choose a range of products besides forex. iFOREX also has good customer support available 24/7 globally. But, it is important to consider that they do not use platform MT4 and MT5 which is often found in other brokers.