iForex

iForex review and test – How good is the platform?

Introduction

As traders, we like to make sure that our actions would guarantee success. This does not only apply to our trading strategies, though. This is an important factor to consider when choosing a broker to invest your money in. Surely you would want a broker who knows what they’re doing. You’d also want to achieve a higher success rate with the company you decide to partner with.

iFOREX boasts of more than 20 years of experience when it comes to helping traders like you succeed. Considering they’re one of the oldest brokers out there, you can rest assured that they clearly know what they’re doing, and they’re quite good at it. But “good” is always subjective. What’s good for you may not be good for others.

Here’s an in-depth review of iFOREX and their services to help you decide whether this company is the broker that you’ve been looking for.

Getting to know iFOREX

iFOREX was founded by a couple of forex traders back in the year 1996. They have more than 20 years of experience on the trading scene, and they are quite well known across the globe. Their parent company is Formula Investment House Ltd.

Their main office can be found in Limassol, Cyprus, but they support more than ten languages and offer their services to more than a hundred countries, including the Philippines, India, Greece, and many more.

Is iForex regulated?

iFOREX operates under an investment firm, Formula Investment House ltd, that is regulated and licensed by the Financial Services Commission of the British Virgin Islands. iFOREX’s European branch is supervised and holds a license issued by CySEC or the Cyprus Securities & Exchange Commission. Their UK subsidiary is regulated by the Financial Conduct Authority of the United Kingdom.

Trading conditions

What can I trade with iFOREX?

Foreign Exchange Currencies

iFOREX, as their company name suggests, specializes in foreign exchange. With that said, you can expect to find more than 90 currency pairs on their platform. These include seven of the major forex pairs, which are EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, NZD/USD, and USD/CAD. Here you will also find minor and exotic pairs.

They feature a live feed of nine popular currency pairs and their respective prices on the market. These pairs are GBP/USD, USD/MXN, EUR/GBP, EUR/USD, AUD/USD, USD/CAD, GBP/JPY, USD/NOK, and USD/JPY. These pairs are subject to change depending on which pairs are being traded the most.

Trading this asset with iFOREX entitles you to a minimum capital investment, and you can use a maximum leverage of 1:400. The minimum spread that this company provides is 1.8 pips. It’s important to note that spreads vary on the volatility of the market and the currency traded.

You can find a complete list of tradeable forex pairs along with their minimum deal size and maximum exposure on iFOREX’s website.

Commodities

iFOREX offers trading commodities with their CFDs. For traders that would want exposure to this market, they have a wide range of investable assets to choose from. These include soft commodities, metals, and energy.

The minimum spread for this asset starts at 0.34 pips, and the maximum leverage is 1:400. Below is a list of available commodities on iFOREX’s trading platform.

Metal

  • Gold
  • Gold (EUR)
  • Gold (gm. TRY)
  • Palladium
  • Platinum
  • Silver
  • Copper

Energy

  • GAS/USD
  • Gasoline
  • Heating Oil
  • WTI Oil
  • Shanghai Crude Oil
  • Brent Oil

Soft Commodities

  • Cocoa
  • Coffee
  • Corn
  • Cotton
  • Soybeans
  • Sugar
  • Wheat

Indices

iFOREX boasts a wide range of tradeable indices on its platform. Although incomplete, this is enough for the regular trader. Examples of their tradeable indices as CFDs are the Hang Seng index of Hong Kong, the Nikkei 225 of Japan, the DAX 30 of Germany, and the US indices, namely the Dow Jones Industrial Average, NASDAQ composite index, and the S&P 500 index. Trading this type of asset gives traders the opportunity to be either bullish or bearish on a particular market.

The minimum spread is 0.61 pips, and you can use a leverage of up to 1:200 to maximize your portfolio’s growth.

Shares

There are over a hundred available shares to trade and invest in with iFOREX. Clients have the opportunity to own shares from countries like India, Japan, Poland, Italy, France, South Korea, the United States of America, and many more.

You can invest in well-known companies like Amazon, Tesla, Apple, Samsung, Starbucks, Zoom, Coca Cola, and so much more.

With iFOREX, you can trade shares of stocks via CFDs with up to 1:20 leverage. For a broker offering foreign exchange as their main service, they offer competitive spreads for trading shares of stocks. You will find a list of all shares available on iFOREX’s platform.

US Shares

3M
Abbott
AbbVie
Accenture
ACI
Activision Blizzard
Adobe
Affirm
Aflac
AIG
Airbnb
Alibaba
Alphabet
Altria
Amazon
AMD
American Airlines
American Express
American Tower
Amgen
Anheuser-Busch InBev
Apple
Aptiv
Asana
AT&T
ATLASSIAN
Aurora Cannabis
Autodesk
Avis budget group
Baidu
Bank of America
Barrick
Berkshire Hathaway
Best Buy
Beyond Meat
Bilibili
BioNTech
BNY Mellon
Boeing
Booking
Bristol-Myers Squibb
Broadcom
BRUNSWICK
CABOT
Campbell Soup
CAMPING WORLD
Canopy Growth
Carnival
CARVANA
Caterpillar
CBRE
CENTENE
Check Point
Chegg
Chevron
Chewy
Cisco
Citigroup
Citrix
CLOROX
 
 
 
 
 
Cloudflare
Coca-Cola
Colgate-Palmolive
Comcast
Conagra Brands
ConocoPhillips
Constellation Brands
Costco
Coupang
Credicorp
CROWDSTRIKE
CROWN CASTLE
CVS
CYBERARK
Danaher
Datadog
Dell Technologies
Delphi
Delta Air Lines
DexCom
Disney
DocuSign
Dollar General
Domino’s Pizza
DOORDASH
DOUYU.COM
Dropbox
Dunkin’ Brands
dynatrace
Eaton
eBay
Electronic Arts
EQUINIX
Etsy
EventBrite
Expedia
Exxon Mobil
fabrinet
Facebook
fastly
FedEx
fiVE BELoW
Ford
Garmin
General Electric
Gilead Sciences
GM
Goldman Sachs
GrubHub
GSX Techedu
Halliburton
Home Depot
Honeywell
Hormel Foods
HUYA
IAC
IBM
Illumina
INOVIO
Intel
iQIYI
JD.com
JFrog
Johnson&Johnson
JPMorgan Chase
JUMIA
Kellogg
Kimberly-Clark
Kinder Morgan
Kroger
Las Vegas Sands
Lemonade
Liberty Global
Lilly
Lithium Americas
Live Nation
Livent
LiveRamp
Livongo
Lockheed Martin
Lowe’s
Lufax
Lululemon Athletica
Lyft
Manchester United
Martin Marietta
mastercard
MATTEL
McCormick
McDonald’s
Medtronic
Merck
MetLife
MGM RESORTS
Micron
Microsoft
MINISO
Moderna
MOMO
Mondelez
mongoDB
Monster
Morgan Stanley
Netflix
Newmont
Nike
NIO
Norwegian Cruise Line
Novavax
nVIDIA
okta
Oracle
Palantir
Palo Alto
paycom
PayPal
Peloton
PepsiCo
Pfizer
Philip Morris
Pinduoduo
Pinterest
Planet Fitness
Playtika
Plug Power
Pluralsight
POLARIS
Post Holdings
Procter & Gamble
PROLOGIS
Public Storage
PURE Storage
Qorvo
QUALCOMM
Quest Diagnostics
Raytheon Technologies
egeneron
RingCentral
Roblox
Roku
Ross
Royal Caribbean
Salesforce.com
Schlumberger
ScottsMiracle-Gro
Sea
Seagate Technology
ServiceNow
SHERWIN-WILLIAMS
Shopify
SIMON
SiriusXM
slack
Snapchat
snowflake
Sogou
SolarEdge
Sonos
Spectrum
Splunk
Spotify
Square
SSAB
Starbucks
SurveyMonkey
Sysco
T-Mobile
Take-Two Interactive
Target
Teladoc
Tenable
Tencent Music
Tesla
Texas Instruments
The Charles Schwab
Thermo Fisher Scientific
theTradeDesk
THOR
Tiffany & Co.
Tilray
TJX
TRACTOR SUPPLY Co.
Travelers
Turkcell
Twilio
Twitter
U-HAUL
Uber
ULTA beauty
Union Pacific
United Airlines
United Parcel Service
UnitedHealth
unity
Universal Display
Upwork
us bank
VALE
Valero
Veeva
Verizon
ViacomCBS
Virgin Galactic
Visa
Vmware
VORNADO
Wal-Mart
Walgreen Boots
Walmart Mexico
Wayfair
weibo
Wells Fargo
Weyerhaeuser
Wix
Wynn Resorts
XP Inc.
XPeng
Yandex
Zoom
zoominfo
Zscaler
Zuora
 
 
 

Japan Shares

AEON
AISIN
ALPS
AsahiKASEI
Bridgestone
Canon
CASIO
Central Japan Railway
Credit SAISON
Dai-ichi Life
Dikin
Daiwa House Industry
DeNA
DENSO
dentsu
East Japan Railway
ENEOS Holdings
Fanuc
Fast Retailing
Fujifilm Holdings
Fujitsu
GMO
GungHo
Hitachi
Honda
HOYA
IDEMITSU
INPEX
Isuzu Motors
ITOCHU
Japan Post Holdings
Japan Tobacco
JFE Holdings
KDDI
Ketence
KIRIN
Komatsu
Kubota
Kyocera
Marubeni
Mazda Motor
Mercari
MHI
MinibeaMitsumi
Mitsubishi Chemical
Mitsubishi Corp.
Mitsubishi Electric
Mitsubishi Estate
Mitsubishi Motors
Mitsubishi UFJ
Mitsui & Co.
Mitsui Fudosan
Mitsubishi Corp.
MS&AD Holdings
muRata
Nidec
Nintendo
Nissan
Nitto
Nomura Holdings
NSSMC
NTT Corp
NTT Docomo
Olympus
ORIX
Panasonic
Rakuten
Recruit Holdings
Renesas
Resona Holdings
ROHM
SBI Holdings
Sekisui House
Sharp
Shin-Etsu
SMC
Softbank Group
Sompo Holdings
Sony
Subaru
SUMCO
Sumitomo Chemical
Sumitomo Corporation
Sumitomo Metal Mining
Sumitomo Mitsui FG
Sumitomo Mitsui Trust
Sumitomo R&D
Suzuki
T&D Holdings
Takeda
TDK
TEPCO
Tokio Marine Holdings
Tokyo Electron
TORAY
Toshiba
Toyota
Toyota Tsusho
Yahoo! Japan
Yamaha Motor
YASKAWA
ZOZO
 
 

India Shares                                                  

Asian Paints
AXIS Bank
Bajaja Finance
Bharat Petroleum
CAMS
Dr. Reddy’s
HCL
HDFC
HDFC Bank
Hindustan Unilever
ICICI Bank
Indiabulls
Infosys
ITC Limited
JSW Steel
Kotak Mahindra Bank
Larsen & Toubro
Mahindra & Mahindra
Maruti Suzuki
Reliance Industries
State Bank of India
Tata Consultancy
Tata Motors
Tata Steel
Yes Bank
Zee Entertainment
 
 

Spain Shares

Acciona
Acerino
ACS
Aena
Amadeus
Atresmedia
Banco de Sabadell
Banco Santander
Bankia
Bankinter
BBVA
CaixaBank
Cellnex Telecom
DIA
Enagas
Endesa
Ferrovial
Grifols
Iberdrola
Inditex
Indra
Mapfre
Melia Hotels
Naturgy
OHL
Red Electrica
Repsol
Sacyr
SIEMENS Gamesa
Tecnicas Reunidas
Telefonica
Zardoya Otis

United Kingdom Shares

Anglo American
Aston Martin
Astrazeneca
Avast
Aviva
BAE Systems
Barclays
BAT
BHP Group
BP
British Telecom
Burberry
Diageo
easyJet
GlaxoSmithKline
Glencore
HSBC UK
IG Markets
ITV
Lloyds
Plus500
Prudential
Reckitt Benckiser
Rio Tinto
Rolls-Royce
Standard Cartered
Tesco
Vodafone

Switzerland Shares              

ABB
Adecco
Credit Suisse
LafargeHolcim
Nestle
Novartis
Richemont
Roche
SGS
Swatch
Swiss Re
Swisscom
UBS Group
Zurich Insurance
 
 

Italy Shares

Atlantia
A2A
Azimut Holding
Banco BPM
BPER Banca
Campar
CNH Industrial
DiaSorin
Enel
Eni
Exor
Ferrari
Fiat Chrysler
Generali
Intesa Sanpaolo
Juventus
Leonardo
Maire Tecnimont
Mediaset
Mediobanca
Moncler
Poste Italiane
Prysmian
Recordati
Saipem
Snam
Stellantis
STMicroelectronics
Telecom Italia
Tenaris
Terna
UBI Banca
UniCredit
UnipolSai
 
 

Hong Kong Shares

AIA
Bank of China HK
Bank of Communications
CanSinoBIO
CCB
China Life
China Literature
China Mobile
China Overseas
China Shenhua
China Telecom
China Unicom
CK Asset Holdings
CK Hutchison
CMB
CNOOC
CPIC
Evergrande
Fosun Pharma
Geely Auto
GEG
Great Wall Motor
HKEX
HSBC HK
ICBC
Meituan Dianping
PetroChina
Ping An
SHKP
Sinopec
Sunac China
Tencent
Xiaomi
 
 
 

Australia Shares                                                       

ANZ
Bluescope Steel
CommBank
CSL
Fortescue Metals
Macquarie
nab
Qantas Airways
QBE Insurance
Suncorp
Telstra
Wesfarmers
Westpac
woodside
Woolworths
 

South Korea Shares                                                 

AmorePacific
Big Hit Entertainment
HYUNDAI
Hyundai MOBIS
kakao
Kepco
KIA
LG Chemicals
LG Electronics
LOTTE CHEMICAL
Naver
Posco
Samsung
Samsung C&T
Samsung SDI
Seegene
Shin Poong Pharm
Shinhan Group
SK holdings
SK hynix
SK innovation
SK telecom
 
 

Saudi Arabai Shares                                                

Al Rajhi
Alinma Bank
Almarai
Aramco
Dar Al Arkan
Ma’aden
Mobily
NCB
Petro Rabigh
riyad bank
SABIC
samba
Saudi Electricity
Saudi Kayan
STC
 

Finland Shares

KONE
Nokia

Rovio
Stora Enso

UPM-Kymmene
 
 
 

France Shares

Accor
Air Liquide
Airbus Group
AIRFRANCE KLM
Atos
AXA
BNP Paribas
Bouygues
Capgemini
Carrefour
Credit Agricole
Danone
Dassault Systemes
Engie
Hermes
Kering
L’Oreal
Legrand
Louis Vuitton
Michelin
Orange
Pernod Ricard
Peugeot
Publicis Groupe
Renault
Safran
Saint Gobain
Sanofi
Schneider Electric
Societe Generale
Sodexo
Total
Valeo
Veolia
Vinci
Vivendi

Netherland Stocks

Aalberts Industries
ABN AMRO Group
Adyen
Aegon
Ahold
Akzo Nobel
Altice
ArcelorMittal
ASML Holding
ASR Nederland
Boskalis Westminster
DSM
Fugro
Galapagos
Heineken
ING Groep
KPN
NN Group
Philips
PostNL
Randstad
Royal Dutch Shell
SBM Offshore
Unibail-Rodamco
Wolters Kluwer
 
 
 

Poland Stocks

Alior Bank
Allegro
Bank Pekao
Cyfrowy Polsa
Grupa Lotos
JSW
KGHM Polska Miedz
mBank
Orange Polska
ORLEN
PGE
PGNiG
PKO Bank Polski
PZU
Santander Bank Polska
TAURON

ETF

ETF or exchange-traded fund is a special collection of stocks that are usually gathered from the same industry. An example of this is the Global Cannabis ETF. This particular exchange-traded fund only contains listed companies that focus on the cannabis business.

Investing in ETFs exposes the trader’s portfolio to a particular industry. Sometimes, this could also be used as a hedging strategy.

Its minimum spread starts at 0.81 and can reach up to 99.1 depending on which exchange-traded fund you’re investing in. Refer to the list below for all the tradeable ETF on iFOREX’s platform.

Cryptocurrencies

iFOREX clients have 15 cryptocurrencies to choose from. This may not seem like much, but at least this offers exposure to the most popular cryptocurrency out there, which is Bitcoin. It is important to note that the exchange value for these cryptocurrencies are not only against the dollar but are also paired with the Japanese Yen and the Euro.

Below is a complete list of all cryptocurrencies that iFOREX has to offer to its clients. 

  • Bitcoin
  • Bitcoin EUR
  • Bitcoin JPY
  • Bitcoin Cash
  • Bitcoin/Ethereum
  • Bitcoin/Litecoine
  • Cardano
  • Dash
  • Dogecoin
  • EOS
  • Ethereum
  • Ethereum EUR
  • Ethereum JPY
  • IOTA
  • Litecoin
  • Litecoin EUR
  • Monero
  • NEO
  • Polkadot
  • Ripple
  • Ripple EUR
  • Ripple JPY
  • Stellar
  • TRON

Stocks

This company mentions that they offer stock derivatives to their clients. However, they remain quite vague when it comes to disclosing what exactly these derivatives are. If you need more information on this, you can contact their customer service representatives, and they would gladly answer all your queries regarding stocks or even give you a call. Their complete list of stocks offered as derivatives are written below:

  • Alibaba
  • Alphabet
  • Amazon
  • AMD
  • Apple
  • Canopy Growth
  • Deutsche Bank
  • DIA
  • Facebook
  • General Electric
  • Juventus
  • Micron
  • Microsoft
  • Netflix
  • Nintendo
  • nVIDIA
  • OHL
  • Softbank Group
  • Tesla
  • Twitter
  • Volkswagen
  • Xiaomi

iFOREX’s Trading Platform

Unlike most brokers that use the MetaTrader 4 or MetaTrader 5 software, iFOREX has its own proprietary trading platform. This trading platform is fully customizable to suit your needs. 

You can utilize their built-in economic calendar to keep track of important market events that might affect your trades. Some of the important economic calendar events include FOMC meetings, employment rates, non-farm payrolls, and other market-moving events. These have a big impact on how financial markets move.

Of course, their platform has built-in live charts and customizable indicators to cater to your trading needs. It’s very user friendly and easy to use. However, if you have concerns regarding their trading platform, you can contact them via email or their customer service representatives on their website.

Within their platform, you can also access trading signals that update you on the current market trends and changes in the price of your watchlisted assets. This is especially useful when you don’t have time to monitor the market on a 24/5 basis.

For every asset they offer, you could also view trader sentiments. This is used to know how other traders feel about a certain market trend. If they are bullish or bearish, you can adjust your sentiment to the majority.

You can also find live rates on their unique platform. This offers an overview of the most popular assets as well as the top movers. This list is updated daily and can be grouped by asset class for easier monitoring.

Keep in mind that unlike MetaTrader 4, expert advisors and social trading is not a feature in iFOREX’s trading platform.VPS or virtual private servers are also not compatible with their application. 

It requires no download for both Windows and Mac. If you prefer to trade on your smartphone or tablet, you can download their mobile app on the Google PlayStore or on the Apple App Store.

Opening an account on iFOREX ($100 minimum deposit)

To open an iFOREX account, you will need to go through two simple steps. Simply register by filling in your details on their website. They will ask for your full name, email, phone number, official identity document, and proof of residence. After providing all the necessary information, they will contact you with your account credentials. Once you log in using the credentials provided to you, simply add funds to your account, and you can start trading with them.

Signing up with them entitles you to a demo account, where you can practice your trading strategies without spending real money, and one on one training with a professional trading coach. 

According to their website, they offer international fixed interest accounts that give a payout of 3% interest annually on your account’s value. The minimum value to avail for this bonus is $1,000, and your account has to stay active every month. This means that the account must have a new or ongoing transaction every month.

For Islamic clients, you will need to contact iFOREX via email for the necessary steps that you need to go through to open an account with them.

iFOREX has a Negative Balance Protection feature. According to their website, this exists to make sure your account won’t ever get a negative balance.

Adding and withdrawing funds on your iFOREX account

Deposit

Deposits to your account can be easily made via VISA, Diners Club International, and MasterCard debit or credit cards. iFOREX also accepts payments via Neteller and Skrill and bank wire transfers. 

Withdraw

To withdraw your funds, you will need to fill up their iFOREX’s withdrawal request form. After that, print out the document and sign it. You then send it to iFOREX on their platform along with the necessary documents. Once it’s confirmed, the amount you took out will reflect on your credit card or bank account.

It’s important to note that the receipt of your withdrawal funds may take up to 28 working days.

Customer Service

iFOREX’s customer service representatives can be reached via their built-in chat service on their website, email, and phone number. They have different servers that cater to a wide range of languages. They also have their own phone number for the following countries: China, Egypt, India, Indonesia, Malaysia, Mexico, the Philippines, Russia, South Africa, Switzerland, Thailand, and the United Arab Emirates.

Accepted and forbidden countries on iFOREX

iFOREX accepts clients from Kuwait, Luxembourg, Qatar, Germany, Norway, France, India, Hong Kong, South Africa, the United Kingdom, Thailand, Italy, Sweden, Sudi Arabia, Denmark, the United Arab Emirates, the United Kingdom, and most other countries.

Traders from the United States, Turkey, Syria, Somalia, Singapore, Sudan, Samoa, Rwanda, Puerto Rico, New Zealand, Netherlands, Libya, Lebanon, Korea, Jersey, Israel, Iran, the Vatican State, Haiti, Guinea, Guernsey, Guam, Southern French Territories, Cyprus, Congo, Cocos Islands, Christmas Island, Canada, British Indian Ocean Territory, Brazil, Belgium, Australia, Argentina, American Samoa, and Afghanistan are not eligible to trade with iFOREX.

Bonuses

Friend Bring Friend

Currently, iFOREX is hosting a referral program. You can avail of this promotion by referring up to five friends to their website. Each friend would net you around $100 to $200 of a trading bonus after they deposit a certain amount. Keep in mind that this program operates under iFOREX’s terms and conditions, which are also subject to change at the company’s discretion.

Advantages and Disadvantages

Despite the overwhelming amount of stocks, forex pairs, and other products, some traders might still find it lacking in terms of ETFs or exchange-traded funds and stocks available. It is unclear as well if they offer options trading.

Considering iFOREX has its own trading platform. Naturally, you would want to test it out first before sealing the deal with them. However, you will need a live account to be able to access their demo account. Some traders might consider this a hassle. After all, making a demo account is very simple with other brokers.

Although their customer service is prompt in responding, your concerns won’t be addressed unless you have a live account with them. They will insist on giving you a call using the contact number on your account just so they would answer your questions. This can be quite time consuming, especially if you’re just there to browse or need questions answered before you sign up with them.

The withdrawal process can also be quite daunting. You will need to go through extra steps like printing and sending documents for them to process your withdrawal. It’s also not stated as to how you can withdraw your funds on their website. To get access to this information, you need to go to a different website that operates as their support page. Their Friend Bring Friend promo is also very vague as to which countries are eligible for this bonus.

For traders who are used to the MT4 and MT5 platform, iFOREX isn’t ideal for you. Their own platform is missing quite a few features that are found on the MT4 and MT5 platform. However, this doesn’t mean that their software isn’t good enough. It still has a lot of perks and useful tools that traders could use.

Conclusion

iFOREX’s years of experience is enough to ensure that their clients will get proper service and adequate service. But considering all the factors, partnering with iFOREX is risky if you don’t know what you’re doing and if you’re not thorough and careful when dealing with this broker.