iFOREX review and test – How good is the platform?

Review:	Regulation:	Min. deposit:	Assets:	Minimum spread:
(4.8 / 5)	FCA, CySEC	$100	100+	From 0.01 lot

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 as 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.

(Risk warning: Your capital can be at risk)

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What is iFOREX? Introduction of the broker

iFOREX was founded by a couple of forex traders back in the year 1996. They have more than 20 years of experience in 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.

What can I trade with iFOREX?

With the iFOREX broker, investors can trade a wide variety of asset classes. For a diversified portfolio across asset classes, the broker is therefore well suited. Thus, it is possible to trade securities such as stocks, ETFs or options. At the same time, investors can also invest in cryptocurrencies or foreign exchange. Alternatively, commodities are also available.

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 minimize capital investment, and you can use 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.

Commodities

iFOREX offers trading commodities with their CFDs. For traders that would want exposure to this market, they have a wide range of investible 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:	ENERGY:	SOFT COMMODITIES:
Gold (EUR, gm. TRY)	GAS / USD	Cocoa
Palladium	Gasoline	Coffee
Platinum	Heating Oil	Corn
Silver	WTI Oil	Cotton
Copper	Shanghai Crude Oil	Soybeans
	Brent Oil	Sugar
		Wheat

Indices

iFOREX boasts a wide range of tradable indices on its platform. Although incomplete, this is enough for the regular trader. Examples of their tradable 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.

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 Arabia 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

Netherlands 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 is 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/Litecoin
• Cardano
• Dash
• Dogecoin
• EOS
• Ethereum
• Ethereum EUR
• Ethereum JPY
• IOTA
• Litecoin
• Litecoin EUR
• Monero
• NEO
• Polkadot
• Ripple
• Ripple EUR
• Ripple JPY
• Stellar
• TRON

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 watch listed 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.

(Risk warning: Your capital can be at risk)

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Keep in mind that unlike MetaTrader 4, expert advisors and social trading are 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 of 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.

Adding and withdrawing funds on your iFOREX account

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.

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.

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.

Conclusion: 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.

(Risk warning: Your capital can be at risk)

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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 platforms. 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.

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.

(Risk warning: Your capital can be at risk)

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