- Wide array of tradeable assets
- Sophisticated trading platform
- Extensive educational and additional resources
- Regulated broker
- Relatively high trading fees
- Only 1 trading platform
- Customer support can be slow
iForex is one of the largest and most respected online trading brokerages in the industry who offers trading on forex and a wide range of CFDs and commodity spot trading. iForex has years of experience as it was established in 1996 and launched their online trading platform in 2004. The brokerage is owned and operated by Formula Investment House Ltd. with their headquarters located at Corner of Agiou Andreou & Venizelou Streets, Vashiotis Agiou Andreou Building, Second Floor, P.O.B 54216, Limassol, Cyprus.
Being based out of Cyprus, iForex is registered and regulated by the Cyprus Securities and Exchange Commission (CySEC) and is also authorized and supervised by the National Bank of Hungary. With this regulation, iForex can confidently provide their services to traders from many countries around the world and offers their services in 20 different languages. iForex now services tens of thousands of traders from around the world and is a highly liquid exchange which attracts both retail and institutional clients. Though iForex appears to be an excellent brokerage to deal with, how do you know if they’re right for you? Find out in the following review where we’ll delve deep into the aspects that make up this online trading brokerage and see what sets iForex apart from the competition and whether or not they can be trusted.
iForex provides their traders with only one type of trading platform. This is somewhat unfortunate as traders don’t have a choice, but the platform they offer is highly sophisticated and more than sufficient for the average traders needs. The platform offered by iForex is a proprietary web-based trading platform. The platform is accessible from numerous web browsers including mobile browsers for trading on the go. The iForex platform is very well designed and easy to use and understand, while at the same time offering highly advanced tools and features. The platform comes with a complete charting package with an array of technical indicators, drawing tools, chart types, and time frames. Traders can also receive trading signal alerts and view the latest market news directly from the platform. See below some key features of the iForex web-based platform.
Over 200 tradeable instruments
One-click trading solutions
Full screen charting function
No download or installation required
Firewall access management
128-bit secure SSL environment
iForex offers traders access to the Forex, Shares, Indices, Commodities, and Cryptocurrency markets. Among these markets clients can trade over 80 currency pairs, 400+ shares and ETFs, 27 stock indices, 19 commodity CFDs, and 4 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Traders can trade CFDs on currencies and precious metals as well as binary options on many of the products mentioned here but are subject to regulations in certain jurisdictions.
Fees and commission
iForex does not charge traders any commissions or account fees but rather incorporates the trading fees into the spread. The spreads offered by iForex are typically higher than the industry average, especially for the trading of cryptocurrencies. Overall, iForex is not very transparent with their fee structure and provide very little details as to what the spreads are. Based on iForex user experiences, the spreads are rather high, and traders would rather have the option to pay commissions with lower spreads. Many brokerages offer various account types with different fee structures, but unfortunately iForex does not.
Security and fairness
iForex has an excellent reputation for being a safe, secure, and fair online trading brokerage. The broker works diligently to provide their clients with the highest level of security and take various steps to do this, see them below.
Negative Balance Protection
This policy guarantees that client’s accounts can never go into the negatives where they lose more than their initial investment. Even in times of extremely high volatility.
Segregated Bank Accounts
All client funds are held securely in trusted international bank accounts for enhanced protection of funds. If the iForex broker becomes insolvent, they do not have access to the client’s funds.
iForex has a professional team of financial experts that ensure that their clients are not left overly exposed to monetary disruption.
Real Time Margin Protection
iForex uses advanced technology to provide automatic precautionary measures on their margin limits so that clients are not overexposed.
Customer support is available via a variety of methods including email, live chat, telephone and through their social media channels including Facebook, Twitter, LinkedIn, and YouTube. Support representatives are available 24 hours a day, 5 days a week, but are somewhat slow to respond. Additional methods of support include a very extensive FAQ page and a comprehensive support center where traders have access to numerous resources. Also, trader can gain useful information from iForex’s education center. Here traders can receive one on one personal training, view interactive tutorials, gain access to trading resources, eBooks, and a trading glossary. iForex has tons of additional resources for their traders to use.
The iForex online trading brokerage is a well-established broker with a great reputation. They provide an excellent trading platform and a wide variety of tradeable assets. The brokerage is highly secure and regulated and offers traders a good level of customer support and additional resources. Some downsides to iForex are the relatively high trading fees, lack of trading platforms to choose from, and relatively slow customer support. Other than that, the iForex online trading brokerage is a good broker to trade with.
The following are the common questions that customers inquired about iForex.
Is iForex regulated?
Yes, it is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Is iForex a scam?
No, iForex is a legit broker with a great reputation.
Where is iForex based?
iForex is located at the Corner of Agiou Andreou & Venizelou Streets, Vashiotis Agiou Andreou Building, Second Floor, P.O.B 54216, Limassol, Cyprus.