iFOREX Review
💲 Min Deposit $100
⌛ Year Established 1996
💼 Regulation
💡 Min Position 0.01 lot
🌐 Website www.iforex.in
🌎 Country
⚖ Max Leverage 1:30
iFOREX is a well-established broker since 1996. iFOREX has headquarters in Cyprus and British Virgin Islands. iFOREX to provide their Forex/CFD trading services to over 4 million clients.
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.
Account Information
Apart from the forex demo account, this broker offers Standard. To successfully navigate your trading account, you also need to consider about leverage and minimum deposit. Talking about leverage in general, the maximum leverage offered by iFOREX is up to 1: 30. Meanwhile, you can open an account with a starting capital of $100.
Min Deposit
$100
Max Leverage
1:30
Spread
Variable
If you want to look for a more simple explanation regarding this broker's account type(s), take a look at the following chart:
💲 Min Deposit $100
💡 Min Position 0.01 lot
🔢 Spread Variable
📉 Scalping
🤖 Expert Advisors
⏳ Pending orders
💸 Commission
Instruments Traded
Besides lots of currency pair, iFOREX also offers some instruments you would like to trade on, such as Forex, CFD and Crypto for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.
As for Standard account, iFOREX specifically provides it with the following instruments and leverage:
Payment Methods
PayPal : Online payment was not a thing back in the early 2000s, but PayPal has been in the market since 1999 and thus deserves to be regarded as one of the first e-payment services in the world. The US-based company is popular across many online platforms, including forex brokers.
Wire transfer : Wire Transfer is the most commonly used payment method. Nearly all brokers in the world provide this method on their service. The reason is wire transfer is basically traditional transfer between banks in the worldwide. So, this method is guaranteed for its safety. This really helps traders who avoid third-party payments or don't have credit cards.
iFOREX also provides payment with Google Pay, Credit/debit cards and Apple Pay
Trading Platforms
Trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitabiliy by placing well-planned trades.
Hereby, iFOREX offers you FXnet.
Customer Support
Do you have any question or find any trouble related to iFOREX? If you do, you should reach iFOREX's support to get the information that you need. Here is the detail of the broker's customer support:
Website Languages
Office Support
Email Support
Call Support
Chat Support
FAQ About iFOREX
A good broker constitutes a good service for traders in terms of many criteria including trading instruments, deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily mean the same thing to you. So the term "a good broker" can vary in meaning. You can decide for yourself if iFOREX is a good broker for you or not by reviewing the criteria. In general, iFOREX provides trading service in Forex , CFD and Crypto . As for the payment methods, you can choose between PayPal, Wire transfer, Credit/debit cards, Apple Pay and Google Pay. The customer support is available via Email, Phone, Callback and Live chat.
The starting capital in iFOREX is $100.
iFOREX is regulated by CySEC 143/11 and FSC (BVI) SIBA/L/13/1060. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.
iFOREX is a brokerage company offering trading services for clients since 1996 with offices in Cyprus and British Virgin Islands.
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