Expert Coaching with Secure Trading
iFOREX stands out with its proprietary trading platform, offering access to over 750 assets including currencies, commodities, and cryptocurrencies. Licensed by the BVI FSC and regulated by CySEC and MiFID, it provides robust security features and educational tools to support both novice and professional traders.
Expert Reviewer Verdict
iFOREX offers a tailored experience that appeals to both beginner and professional traders. Its standout features include 1-on-1 coaching in multiple languages, a proprietary platform designed for seamless trading, and a strong focus on client security with features like negative balance protection and segregated accounts. With over 25 years of experience, iFOREX provides a vast array of educational resources, making it a great choice for those looking to learn and grow in the trading world. However, the lack of MetaTrader support may be a limitation for more experienced traders accustomed to using the popular platform. Overall, iFOREX caters to a wide audience with its comprehensive tools and personalized support.
Pros and Cons
Pros
- Personal 1-On-1 Coaching in Native Language
- Proprietary Platform for Smooth Trading
- 25+ Years of Industry Experience
- Generous Bonus Offers for Traders
- Comprehensive Educational Resources
Cons
- No Support for MetaTrader Platform
- Inactivity Fees After 12 Months
Trust and Safety
Strong Regulation and Client Protection
iFOREX takes extensive measures to ensure trust and security for its users. The broker is licensed by the BVI Financial Services Commission and operates under the regulatory oversight of CySEC and MiFID, providing traders with the assurance that their funds are safe and the platform is continuously audited. To prevent fraud, iFOREX uses encryption services such as Secure Socket Layering (SSL) and firewalls to safeguard sensitive information. Client fund security is a top priority, with measures like segregated bank accounts that keep customer funds separate from company capital. Additionally, negative balance protection ensures that clients can never lose more than their initial investment, even during extreme market volatility, while real-time margin protection helps prevent negative account balances.
|
Regulatory Body |
Status |
|
ASIC |
No |
|
CySEC |
Yes |
|
DFSA |
No |
|
EFSA |
No |
|
FCA |
No |
|
FMA |
No |
|
FSA (SC) |
No |
|
FSCA |
No |
|
FSC |
Yes |
|
JFSA |
No |
|
MAS |
No |
|
MiFID |
Yes |
Tradable Instruments
Wide Range of Trading Options
iFOREX offers an extensive selection of over 750 tradable instruments, providing traders with diverse opportunities across multiple markets. These include currencies, commodities, cryptocurrencies, indices, ETFs, and stocks, ensuring that both novice and experienced traders can find assets that suit their strategies and risk tolerance. Whether you’re looking to trade major currency pairs, commodities like oil and gold, or explore the fast-paced world of cryptocurrency, iFOREX has it covered. The variety of instruments available makes it a versatile platform for traders interested in building a diversified portfolio. With the added benefit of educational resources and tools, iFOREX ensures that traders can make informed decisions when navigating these markets.
|
Trading Instrument |
Available |
|
COMMODITIES |
Yes |
|
CURRENCIES |
Yes |
|
CRYPTOCURRENCIES |
Yes |
|
ETF |
Yes |
|
FUTURES |
No |
|
INDICES |
Yes |
|
STOCKS |
Yes |
|
BONDS |
No |
|
OPTIONS |
No |
Account Types
Flexible Accounts for All Traders
iFOREX provides two main account types designed to cater to both new and experienced traders. The Trading Account offers full market access, equipped with charts, real-time updates, and a user-friendly interface, making it ideal for traders ready to dive into the markets. For those who prefer a risk-free environment to practice their strategies, the Demo Account is a perfect fit. It allows users to test the platform and open trades without financial risk. Additionally, iFOREX offers an Islamic Account, which complies with Sharia law, and all accounts come with segregated accounts for enhanced security. The platform is suitable for beginners and professionals alike, with a minimum deposit of $100, making it accessible to a broad range of traders.
|
Account Type |
Available |
|
DEMO ACCOUNT |
Yes |
|
ISLAMIC ACCOUNT |
Yes |
|
SEGREGATED ACCOUNT |
Yes |
|
MANAGED ACCOUNT |
No |
|
SUITABLE FOR BEGINNERS |
Yes |
|
SUITABLE FOR PROFESSIONALS |
Yes |
|
US TRADER |
No |
Commission and Fees
Transparent and Competitive Pricing
iFOREX offers traders a straightforward fee structure with no hidden charges, making it a suitable choice for those looking for transparency. Below is a breakdown of its commission and fees.
Account Minimum
iFOREX requires a minimum deposit of $100 to open an account, making it accessible to a wide range of traders.
Trading Fees
iFOREX does not charge any trading fees apart from spreads, which vary depending on the instrument.
CFD Fees
There are no specific CFD fees charged by iFOREX.
Forex Fees
iFOREX does not charge any direct forex fees, except for Overnight Financing, which may apply based on relevant interest rates.
Futures Fees
iFOREX does not charge any futures fees.
Account Fee
There are no account maintenance fees charged by iFOREX.
Inactivity Fee
An inactivity fee applies only after 12 consecutive months of no activity, which is more generous compared to other brokers that charge after 1 or 3 months.
Deposit Fee
iFOREX does not charge any deposit fees.
Withdrawal Fee
While iFOREX does not charge withdrawal fees, up to $20 may be charged by the payment method provider.
Overnight Funding Fee
Overnight Financing fees apply to Forex CFDs, calculated based on interest rates and a mark-up.
Currency Conversion Fee
Currency conversion fees may apply when funding or withdrawing in a currency different from the account’s base currency.
Guaranteed Stop Order Fee
iFOREX does not charge a guaranteed stop order fee.
Trading Platforms
Seamless Trading Experience
iFOREX offers a proprietary trading platform, FXnet, designed to provide a smooth trading experience for all users. This platform is built in-house to ensure optimal performance and accessibility, catering to traders who prefer mobile and web platforms.
Mobile Trading Apps
iFOREX provides mobile trading through its FXnet app, available on both Android and iOS, allowing traders to access their accounts and make trades on the go.
Web Trading Apps
The FXnet platform is also available via web, offering full functionality without requiring any software downloads, making it convenient for traders who prefer a browser-based experience.
Desktop Trading Apps
iFOREX does not currently offer a desktop trading platform, focusing instead on mobile and web solutions to meet the needs of its diverse user base.
|
Trading Platform |
Available |
|
FXnet |
Yes |
|
MT4 |
No |
|
MT5 |
No |
|
CTRADER |
No |
|
PROPRIETARY |
Yes |
|
Desktop and Web Platform |
Available |
|
DESKTOP WINDOWS |
No |
|
DESKTOP MAC |
No |
|
WEB PLATFORM |
Yes |
|
Mobile Platform |
Available |
|
ANDROID |
Yes |
|
iOS |
Yes |
Unique Features
Innovative Tools for Smarter Trading
iFOREX offers several unique features designed to enhance the trading experience. The Market Buzz tool uses AI to scan social media and news, delivering relevant insights directly to traders. Another standout feature is Pulse, a personal trading assistant that monitors the market for interesting assets and presents them in a user-friendly interface. The Trading Expert allows users to watch and follow independent traders in real time, learning from their strategies and trades. Additionally, Today’s Opportunity provides video breakdowns of the hottest deals, with market analysis and step-by-step guidance. These advanced tools set iFOREX apart by offering innovative ways to stay informed and act on market opportunities efficiently.
Research and Education
Comprehensive Learning Resources
iFOREX provides a wide range of research and educational tools tailored to enhance trader knowledge and market awareness. The platform offers Trading Signals, alerting users to price changes and market trends, and Live Charts with technical indicators to support informed decision-making. For those keen on understanding market sentiment, the Trading Sentiment tool shows what other traders are thinking about specific instruments. Additionally, iFOREX offers a full education center, which includes a 12-lesson video course, in-depth guides, and a knowledge center filled with articles. With these resources, traders of all experience levels can deepen their understanding of markets, sharpen their strategies, and stay up to date with real-time analysis and news.
Customer Support
Reliable and Accessible Support
iFOREX offers comprehensive customer support to ensure traders have assistance when needed. The broker provides multiple support channels, including chat, email, phone, and WhatsApp, making it easy for users to reach out regardless of their preferred method of communication. Available from Monday to Friday, 04:00-20:00 GMT, iFOREX ensures that support is accessible throughout the trading week. With a dedicated team ready to assist traders in multiple languages, iFOREX goes the extra mile by offering personalized 1-on-1 coaching during the account opening process. Whether you have technical issues or need guidance on navigating the platform, iFOREX’s customer support team is well-equipped to provide timely and effective solutions.
Account Opening
Simple and Personalized Onboarding
iFOREX makes the account opening process smooth and user-friendly.
Registration:
After signing up, new clients receive 1-on-1 training in their native language, offering a personalized experience from the start.
Verification:
Following the training, users complete a new client questionnaire, providing essential details for account verification.
Document Upload:
Clients are then required to upload a proof of identification to finalize the process.
This streamlined approach ensures that traders are well-supported throughout the account opening journey.
Deposit and Withdrawals
Fast and Convenient Transactions
iFOREX ensures that deposits and withdrawals are simple and efficient for all users.
Deposits:
iFOREX supports various deposit methods, including bank wire transfers, credit cards, debit cards, and eWallets. The broker does not charge any deposit fees, ensuring that traders can fund their accounts without additional costs.
Withdrawals:
Withdrawals are processed based on the original deposit method. Credit card withdrawals may take up to 28 days depending on the vendor, while wire transfers are typically processed within 3 to 5 business days. While iFOREX does not charge withdrawal fees, up to $20 may be levied by the payment provider.
With flexible options and no major fees, iFOREX makes transactions convenient for traders.
Final Thoughts
iFOREX stands out as a reliable broker with over 25 years of experience, offering a user-friendly proprietary platform, vast educational resources, and strong security features. With access to over 750 instruments, including currencies, commodities, and cryptocurrencies, traders can diversify their portfolios easily. The platform’s personalized 1-on-1 coaching and focus on client protection, including segregated accounts and negative balance protection, make it suitable for both beginners and professionals.
However, the lack of MetaTrader support may be a limitation for more experienced traders accustomed to using the popular platform. Despite this, iFOREX remains a solid choice for those seeking a straightforward and secure trading experience. Its competitive fees, diverse trading options, and commitment to customer support make it a platform worth considering for long-term trading success.
Contact Info
Formula Investment House Ltd (Company No. – 622239) of (Commerce House Wickhams Cay 1 Road Town, Tortola British Virgin Islands, VG 1110
FAQs
-
Question: What is the minimum deposit required to open an account with iFOREX?
Answer: The minimum deposit required to open an account with iFOREX is $100. -
Question: Does iFOREX charge any trading fees?
Answer: iFOREX does not charge trading fees, but spreads are applied on trades, and Overnight Financing fees may apply to Forex CFDs. -
Question: What trading platforms does iFOREX offer?
Answer: iFOREX offers its proprietary FXnet platform, available on mobile (Android and iOS) and web. Desktop platforms are not supported. -
Question: Is iFOREX suitable for beginners?
Answer: Yes, iFOREX offers extensive educational resources and 1-on-1 coaching, making it suitable for beginners.
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