iFOREX Forex Broker
Basic Information
The Virgin Islands
5-10 years Suspicious Regulatory License Self-developed Suspicious Scope of Business High potential riskCompany profile
Is iFOREX safe or scam
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Iforex Broker - Comprehensive Information Guide
1. Broker Overview
Iforex, officially known as Formula Investment House Ltd, was established in 1996. Headquartered in the British Virgin Islands, the company operates primarily as a private entity. Over the years, Iforex has garnered a significant customer base, boasting over 8 million clients from more than 100 countries. The broker specializes in providing retail forex and CFD trading services, making it accessible to both novice and experienced traders.
Since its inception, Iforex has achieved several milestones, including the launch of its proprietary trading platform in 2004 and obtaining regulatory approval from the British Virgin Islands Financial Services Commission (BVI FSC) in 2010. The company aims to create a conducive trading environment by offering a wide range of financial instruments and ensuring the security of client funds. As part of its business model, Iforex focuses on retail forex trading, providing clients with direct access to the forex market and various trading tools.
2. Regulation and Compliance Information
Iforex operates under the oversight of two primary regulatory bodies: the British Virgin Islands Financial Services Commission (BVI FSC) and the Cyprus Securities and Exchange Commission (CySEC). The BVI FSC license number is SIBA/L/13/1060, while the CySEC license number is 143/11. The regulation from these bodies ensures that Iforex adheres to specific operational standards, including client fund protection and transparency in transactions.
The company maintains a policy of segregating client funds, keeping them in accounts separate from its operational funds. However, it is important to note that the BVI FSC does not have a compensation fund for investors, which means that in the event of insolvency, there may be limited recourse for clients. Iforex complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring clients to provide identification and proof of residence during the account opening process.
3. Trading Products and Services
Iforex offers a diverse range of trading products, with over 90 currency pairs available for trading. The broker also provides access to various CFD products, including indices, commodities, stocks, and cryptocurrencies. Notably, Iforex has expanded its offerings to include more than 800 financial instruments, catering to the diverse needs of its clients.
The trading environment is designed to accommodate both retail and institutional clients, although it primarily focuses on retail services. Iforex does not currently offer managed accounts or white-label solutions, which may limit options for institutional traders. However, the broker provides educational resources and market analysis tools to assist traders in making informed decisions.
4. Trading Platforms and Technology
Iforex does not support the widely popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. Instead, it utilizes its proprietary trading platform, known as FXNet, which is designed to provide users with a unique trading experience. This platform is accessible via web browsers and mobile devices, allowing traders to manage their accounts from anywhere.
The platform features essential trading tools, including live charts, market news, and economic calendars. While the FXNet platform offers a user-friendly interface, it lacks some advanced functionalities commonly found in other trading platforms. Additionally, Iforex does not provide support for automated trading or social trading features, which may be a drawback for some traders.
5. Account Types and Trading Conditions
Iforex offers a standard account with a minimum deposit requirement of $100. The trading conditions include competitive spreads starting from 1.8 pips, with no commission fees charged on trades. For more experienced traders, Iforex also provides a VIP account, which requires a minimum deposit of $2,500 and offers more favorable trading conditions.
Unfortunately, Iforex does not offer Islamic accounts or any specialized account types for institutional clients. The leverage available on the platform can go up to 1:400, depending on the asset class being traded. The minimum trade size is set at 0.01 lots, allowing for flexibility in trading strategies. Traders should be aware of the overnight fees associated with holding positions overnight, which can impact overall trading costs.
6. Fund Management
Iforex supports a variety of deposit methods, including bank transfers, credit cards, and e-wallets such as Skrill and Neteller. The minimum deposit required to open an account is $100, and deposits are typically processed quickly, often within a few hours. However, bank wire transfers may incur a fee of $20.
Withdrawals can be made through the same methods used for deposits, and Iforex does not charge internal fees for withdrawals. However, third-party transaction fees may apply, particularly for bank wire transfers. The processing time for withdrawals can vary, with some users reporting delays of up to 28 working days.
7. Customer Support and Educational Resources
Iforex offers customer support through various channels, including email, phone, and live chat. The support team is available from 04:00 to 20:00 GMT, Monday to Friday. The broker provides assistance in multiple languages, catering to its diverse client base.
In terms of educational resources, Iforex offers a comprehensive suite of materials, including articles, video tutorials, and one-on-one training sessions. Traders can access market analysis and insights to enhance their trading strategies. The education center is designed to support both novice and experienced traders, providing valuable information to improve their trading skills.
8. Regional Coverage and Restrictions
Iforex primarily serves clients in regions such as Europe, Asia, and Latin America. The broker has established offices in various locations to enhance its service delivery. However, Iforex does not accept clients from several countries, including the United States, Canada, and Australia, due to regulatory restrictions.
While Iforex has a significant presence in the global market, potential clients should be aware of the specific regulations that apply to their region. It is advisable to review the broker's website for detailed information on accepted countries and any restrictions that may apply.
In conclusion, Iforex presents a mixed offering for traders, with its proprietary platform and diverse range of financial instruments. However, the lack of support for popular trading platforms like MT4 and MT5, coupled with regulatory concerns, may deter some potential clients. As always, it is crucial for traders to conduct thorough research and consider their individual trading needs before engaging with any broker.
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Latest Reviews
shrimp99
Taiwan
In the beginning, a lady from iforex called me several times and asked me to register on their platform with 100 dollars. Later, their fund manager called and said that he was here to guide me in trading. I started to see some profits at the beginning. Later, he said that if I invest more, I can make more money, so he made me invest $200 more. Now I see the trade going to my side. Later he asked me to invest more money as the market rose. So I invested more. Suddenly the market goes in the opposite direction...
Exposure
2021-12-13
FX5944873722
Malaysia
Please do not open any account on this platform.
Exposure
2021-09-19
FX6283185592
Argentina
This platform is a completely scam. I started with 200 dollars and I was able to get a profit of more than 1500 dollars in two months. I wanted to withdraw that money, but they told me it was for a refund and a refund to a card will take a maximum of 28 business days to arrive my account. I have been waiting for my money for more than 30 business days and I have spoken with the bank and with a visa that is the provider of my card. I did everything that the director of advisors named Willy told me, the bank tells me that there is no such refund and VISA is not aware of that transaction either. After I made all the movements that the director Willy told me, I try to communicate with him again so that they give me my money, but they no longer answer me. They ignore my messages. IT'S A SCAM, DO NOT PUT YOUR MONEY IN
Exposure
2021-12-17