iForex review and test – How good is the platform?
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.
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.
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.
- Gold (EUR)
- Gold (gm. TRY)
- Heating Oil
- WTI Oil
- Shanghai Crude Oil
- Brent Oil
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.
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.
Avis budget group
Bank of America
Delta Air Lines
Las Vegas Sands
Norwegian Cruise Line
Procter & Gamble
The Charles Schwab
Thermo Fisher Scientific
Tiffany & Co.
TRACTOR SUPPLY Co.
United Parcel Service
Central Japan Railway
Daiwa House Industry
East Japan Railway
Japan Post Holdings
Mitsui & Co.
Sumitomo Metal Mining
Sumitomo Mitsui FG
Sumitomo Mitsui Trust
Tokio Marine Holdings
Kotak Mahindra Bank
Larsen & Toubro
Mahindra & Mahindra
State Bank of India
Banco de Sabadell
United Kingdom Shares
Hong Kong Shares
Bank of China HK
Bank of Communications
CK Asset Holdings
Great Wall Motor
South Korea Shares
Big Hit Entertainment
Shin Poong Pharm
Saudi Arabai Shares
Dar Al Arkan
ABN AMRO Group
Royal Dutch Shell
KGHM Polska Miedz
PKO Bank Polski
Santander Bank Polska
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.
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 EUR
- Bitcoin JPY
- Bitcoin Cash
- Ethereum EUR
- Ethereum JPY
- Litecoin EUR
- Ripple EUR
- Ripple JPY
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:
- Canopy Growth
- Deutsche Bank
- General Electric
- Softbank Group
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
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.
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.
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.
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.