iFOREX Review – Unbiased Pros & Cons Revealed ☑️ - SA Shares (2024)

Overall, iFOREX can be summarised as a credible and trustworthy broker and is considered average-risk with competitive trading feesandspreads. iFOREX allows you to trade via a tailor-made trading platform.

iFOREX at a glance

iFOREX Review – 20 key points quick overview:

1. ✔️Who is iFOREX?
2. ✔️iFOREX Safe or Scam?
3. ✔️iFOREX Pros and Cons
4. iFOREX Leverage
5. iFOREX Review
6. iFOREX Market Instruments
7. iFOREX Fees
8. iFOREX Deposit and Withdrawal
9. iFOREX Trading Platforms
10. How to open an iFOREX account
11. iFOREX Customer Support
12. iFOREX Education
13. iFOREXCurrent Popularity Trend
14. iFOREX Research
15. iFOREX vs Etoro vs XM – Comparison Table
16. iFOREX Awards
17. iFOREX Customer Reviews
18. Conclusion
19. Disclaimer
20. FAQ’s

Who is iFOREX?

According to research in South Africa, iFOREX was founded in 1996 and is one of the largest and most respected brokers in the industry. The company generates mass trading volume and provides vast liquidity to numerous traders located around the world.

iFOREX aims to combine advanced technology with superb customer service and work diligently to meet modern traders’ needs in an ever-changing online environment.

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iFOREX Safe or Scam?

The forex market is extremely volatile, linked as it is to fluctuations in global currencies which in turn are determined by various market movements and global events. While this very volatility contributes to more enhanced and lucrative trades, particularly for regular traders, it also means that a certain level of security is required within the forex trading environment in order to ensure full profitability.

Most forex brokers aim to provide a certain level of security through some form of authorization under relevant regulatory bodies. The most recognized of these bodies include such organisations as the FCA, CySEC and ASIC. However, such regulation can also present certain restrictions, such as on the level of leverage that regulated brokers may offer.

While these restrictive measures are put in place in order to protect traders, some investors may seek out brokers with less regulatory restriction to benefit from concurrently enhanced trades – a risk which is ultimately taken at the trader’s own discretion. iFOREX operates in multiple jurisdictions with offices in the British Virgin Islands and Cyprus.

iFOREX is the brand name for Formula Investment House Ltd., which is an investment firm licensed and supervised by the British Virgin Islands’ (BVI) Financial Services Commission under license no. SIBA/L/13/1060. Its home regulator is therefore in the BVI, and according to the company’scustomer service agreement, the laws of the BVI govern the license agreement.

As such, BVI courts have sole jurisdiction over any dispute arising from or in connection with the agreement.

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iFOREX Pros and Cons

iFOREX Leverage

Most brokers on the forex market today offer some form of leverage, which is essentially a small loan granted on behalf of the broker to their clients in order for them to make larger trades and increase their potential profits. The entire forex and CFD industry to some extent relies upon the use of margin and leverage.

Leverage is the opportunity provided by a forex broker to open a speculative position worth a much larger amount of money than you have at their disposal.Leverage is expressed in ratios like: 200:1, 100:1, 50:1, etc.

For example, if your online trading company blocks €1,000 from your trading account to open a 100,000 EUR/USD position, it means you are using a 100:1 leverage. Put in different words, you control €100,000 with only €1,000. As such, leverage is a great way for smaller traders to potentially make larger returns than they would have been able to with the investments already at their disposal.

However, making larger speculations with borrowed money also carries a higher risk of significant losses, particularly for those intending on investing large sums of money. It is for this reason that many regulators made the decision to cap the maximum leverage that brokers operating under their authority could offer so that most regulated brokers can now offer a maximum leverage of 1:30.

Since iFOREX operates out of the BVI, it is able to offer a maximum leverage of 1:400 to tis clients which operate outside of the EEA jurisdiction.

iFOREX Review

The forex industry is arguably the largest financial market in the world today, and as such abounds with a wealth of different traders of all experience levels and trading styles.

In order to facilitate this varied base of client traders, most forex brokers provide a selection of different accounts which each cater to the specific needs of traders, and are often designed according to the experience level and investment styles.

Many of these accounts come with their own spreads and commissions also tailored to the requirements and the investment potential of specific traders.

iFOREX offers various account types. These include forex, commodities, and indices. iFOREX offers a bunch of tradable currency pairs to trade via its forex accounts. The company’s forex accounts allow customers to enter the massive currency market.

However, more detailed specifics relating to each account can only be gained by contacting the support team for a consultation.

iFOREX Market Instruments

iFOREX has a good range of investment products, offering 88 currency pairs as well as indexes, commodities, equities, ETFs and cryptocurrencies. Unlike other brokers in this space, iFOREX also offers a range of soft commodities for trading, including soybeans, wheat, corn, cocoa, coffee, and cotton.

iFOREX also offers trading in cryptocurrencies, which is an emerging area that not all brokers offer. iFOREX, however, does not offer spread betting, a common offering in the U.K. This is because the broker is not authorized to operate in the U.K.

iFOREX Fees

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Different forex brokers will offer different fee structures based on how they make a profit and on the type of traders which they target, or cater for. Most forex brokers make a profit on the commission, or the spread, or both, and some offer more competitive structures, while others charge higher commissions in return for more lucrative trading options.

Traders will ultimately have to choose a broker whose fee structure best suits their trading style, the investment they have at their disposal, and their trading strategy. iFOREX does not charge commissions or trading fees, relying on the trading spread to make a profit.

While iFOREX is very competitive in its spread offering, it has fees for other services that not all brokers have. For example, there is a comparatively high withdrawal fee of $20 that the broker claims is for wire transfer costs.

iFOREX also does not seem to offer any discounts for larger trading volumes. One advantage is the relatively low minimum investment to get started; at $100, this is competitive with other brokers that can require as much as a $500 initial deposit.

iFOREX Deposit and Withdrawal

Traders often examine a broker’s deposit and withdrawal options in order to determine how the associated rates charged by the broker might affect their profitability over the long term. Traders also often seek out brokers who provide a wide range of deposit and withdrawal options in order to make for a more streamlined and cost-effective process.

iFOREX charges a comparatively high withdrawal fee of $20 that the broker claims is for wire transfer costs.

iFOREX Trading Platforms

iFOREX allows you to trade via a tailor-made trading platform. This exclusive platform enables you to fully customize your trading experience while benefiting from innovative trading tools. The iFOREX platform provides an optimal mobile trading experience, ensuring that traders can access their accounts from any mobile device, whenever they choose.

The iFOREX app is available for free on the App Store and Google Play. This versatile platform also operates smoothly and securely on any standard computer, with no download required.

How to open an iFOREX account

Opening an account with iFOREX is very simple, and can be done by following the instructions below:

Step 1 – Open the iForex website and click on the “Register” tab.

Navigate to the iFOREX official website and select the option to “Register” from the homepage.

Step 2 – Fill in your personal information

An online application will load, and traders can provide their First and Last Name, email address, and mobile phone number before selecting “Start Now”.

Step 3 – Your account has been created

iFOREX Customer Support

iFOREX offers direct and personal, multilingual customer support. Unfortunately, there is no live chat option, and the support team can be contacted via telephone or email from Monday-Friday, 04:00-20:00 GMT Worldwide.

iFOREX Education

iFOREX offers excellent educational resources, withinformation for major trading products such as CFDs and forex being easy to find.

There is also information about technical analysis and several videos that beginning traders will find particularly helpful. A convenient glossary is also provided to help navigate some of the jargon in the FX trading market.

iFOREXCurrent Popularity Trend

As According to Google Trends, here is an overview of how frequently the search term – “iFOREX” is entered into Google’s search engine over a given period of time.

iFOREX Research

The iFOREX research section consists of news and analysis as well as an iFOREX blog where thematic topics are covered in detail. While research webinars, videos and real-time news do not appear to be offered, iFOREX does have an economic calendar with important macroeconomic events that can affect markets.

iFOREX vs Etoro vs XM – Comparison Table

iFOREX Awards

Often, the level and number of awards that a broker has received is a strong indication of their standing within the industry, though some brokers do not participate in awards schemes. iFOREX does not list any awards on its website to date.

iFOREX Customer Reviews

I am a kind of autodidact

I am a kind of autodidact. I mean, if haven’t had iFOREX learning center, I think I would be OK anyway. However, iFOREX’s education section is so mind-opening that I had to dive into it. They have taken financial education to the next level.

A wide array of choices

A wide array of choices is the name of the game in iFOREX. They have a great variety of assets for traders to select from, a large library of top educational material, and plenty of paying methods. iFOREX has all the options for trading that I can bring to mind – making it truly the best choice for me.

Honestly

Honestly, going through iFOREX’s education center is, I believe, a must for anytrader. It is thorough and detailed, giving me all that I truly need to improve myCFDgame. Highly professional and recommended to all!

Conclusion

iFOREX is an excellent choice for traders who have a relatively higher risk appetite, seeing as it operates as an offshore broker out of the British Virgin Islands. That said, the broker offers an advanced trading platform, with multiple tradable assets and a decent leverage ratio.

Disclaimer

Risk Warning: The Company also offers CFD products which are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with GCI Trading. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptocurrencies are complex, high-risk, and volatile and may result in the loss of all invested capital over a short period of time; they are not appropriate for all investors. Investors must understand and acknowledge these specific characteristics and risks and be warned that there is no EU regulatory framework governing trading in cryptocurrency products.

CFDs and Forex are not only complex instruments, but they also have a high level of risk which may result in loss of funds that exceed the trader’s initial deposit. Traders need to evaluate their objective, level of risk exposure and willingness to be exposed to risks, according to research done in South Africa.

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FAQ’s

TRADING ENVIRONMENT

How many instruments can I trade with IFOREX?

You can trade up to 88 currency pairs as well as indexes, commodities, equities, ETFs and cryptocurrencies.

Which platforms are supported by IFOREX?

IFOREX provides its own proprietary platform

Does IFOREX offer leverage?

Yes, IFOREX offers maximum leverage of 1: 400

What spreads can I expect with IFOREX?

IFOREX’s spreads vary depending on the instrument being traded

Does IFOREX charge commission?

No, IFOREX offers commission-free trading.

Is IFOREX regulated?

Yes, IFOREX is regulated by the British Virgin Islands’ (BVI) Financial Services Commission

Is IFOREX a recommended forex trading broker for experts and beginners?

Yes, IFOREX offers a decent trading environment for both beginner and advanced traders.

What is the overall rating out of 10 for IFOREX?

8/10

ACCOUNTS

What is the difference between a demo and live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customers actual money.

Does IFOREX offer a demo account?

Yes

How long is the demo account valid?

The demo account is valid for 30 days

Which live trading accounts does IFOREX offer?

Multiple, although more information can only accessed directly through client support

What are the available deposit currencies for a live trading account?

USD, EUR

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for IFOREX?

$100

How do you make a deposit and withdrawal with IFOREX?

• Bank wire
• Credit/Debit Card
• E-Wallets

Does IFOREX charge withdrawal fees?

Yes, up to $20

How long does it take to make a withdrawal?

Withdrawals can take up to 5 business days depending on your banking institution, while e-wallets can be processed within minutes.