IForex offers its clients a single universal account type with leverage up to 1:400 and fixed spreads on its proprietary platform. The minimum trade size is $2500.
An Islamic account that is interest-free and adheres to Islamic Sharia Laws is also available with this broker.
Unlike most forex brokers, however, this one does not offer free demo accounts. Practice accounts with IForex are created only after you activate a real trading account.
The Company. Security of Funds
iFOREX offers online trading in wide range of products, such as CFDs on Shares, Commodities and Indices, and Spot and Forward on Currencies, as well as Precious Metals on its FXnet Trader platform. iFOREX also offers Binary Options on many of the above products in specific jurisdictions, subject to regulatory restrictions.
Founded in 1996, iFOREX is an international group, comprising the following companies:
-iCFD Limited, an investment firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC);
-eBrókerház Befektetési Szolgáltató Zrt., an investment firm authorized and supervised by the National Bank of Hungary;
-Formula Investment House Ltd., an investment firm licensed and supervised by the British Virgin Islands’ Financial Services Commission.
Undoubtedly, the most reliable regulation is the one in Cyprus. CySEC applies certain rules and requirements to Cyprus Investment Firms. For instance, they must hold at least €730,000 in order to prove their good financial standing. In addition, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.
Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.
Negative balance protection
According to iFOREX’s Negative balance protection policy, its clients shall never have to face a debit balance due to trade losses. A client’s potential loss shall be limited to the funds deposited in the his/her and to the funds gained by the client, if any.
Minimum Initial Deposit
In order to open an account with IForex, traders have to invest a minimum of $100. Such minimum initial amount is average; however, leading Cyprus-based broker FXTM require just $5 from its clients as a start.
Spreads & Commissions
This broker fixed spreads only and warns that they may widen in extreme market conditions. IForex’s spreads amount to 2 pips for the EUR/USD pair, which is average for the market.
As most fixed-spread brokers, IForex offers commission-free trading.
For purposes of comparison, FXTM provides fixed spreads of 1.5 pips on EUR/on its Standard commission-free accounts. For further information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by IForex is 1:400, which is common for the FX market, yet it is considered a high ratio, because the higher the leverage, the greater the risk.
Nonetheless, many Cyprus-based brokers offer even higher leverage rates – for example, FXTM provides leverage up to 1:1000. You may check out a list of brokers, providing leverage equal to or exceeding 1:500 here.
iForex is one of those brokers who choose not to use the most popular trading platform, MetaTrader 4 (MT4), but to rely on their in-house software. FXnet Trader is available to the broker’s clients as desktop, web-based versions, and mobile applications.
The platform is equipped with trading charts with multiple time frames, an overlay of indicators for every instrument, as well as customizable tools to fit each trader’s needs.
Except for the basic market orders (open/close), iFOREX’s clients have at their disposal special trading tools, including one which allows them to place a Limit Order at a better rate, which in turn cancels other orders once executed. Also, investors may pre-determine a Stop Loss or a Take Profit. One-click deal execution is also available.
Besides, FXnet Trader offers constant account monitoring options, enabling clients to view his/her opened positions, collateral and exposure values in real time.
Signals Trading is also available through iFOREX’s in-house platform.
Refer a friend bonus of $35 is available to both the referred friend and the referral.
Methods of Payment
IForex supports the following payment methods: credit/debit cards, bank wire transfer and e-wallet payment systems Skrill, Neteller, Diners and Western Union.
Keep in mind that wire transfers involve $20 bank fee.
IForex is a reputable FX and CFD broker with long history and strong regulation. What is more, it offers Negative balance protection. Unfortunately, MT4 is not available with IForex, and it utilizes a Market Maker model.
iFOREX Review Conclusion
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