iFOREX Europe Forex Broker
Basic Information
Cyprus
10-15 years Regulated in Cyprus Market Maker (MM) Self-developed High potential riskCompany profile
Rating Index
iFOREX Broker - Complete Information Guide
1. Overview of the Broker
iFOREX, officially known as Formula Investment House Ltd., was established in 1996. The company is headquartered in the British Virgin Islands and operates several offices globally, including a significant presence in Cyprus. As a privately held entity, iFOREX has grown to become one of the most recognized names in the online trading industry, catering primarily to retail forex traders and individual investors.
Over the years, iFOREX has achieved several milestones, including the launch of its proprietary trading platform in 2004 and obtaining its regulatory license from the British Virgin Islands Financial Services Commission (BVI FSC) in 2010. The broker claims to have over 8 million clients across 120 countries and executes more than 35,000 transactions daily. iFOREX operates under a market maker model, providing access to various financial instruments, including forex, commodities, indices, and CFDs.
The iFOREX broker aims to offer a secure trading environment with a focus on client education and support, allowing traders to make informed decisions in the fast-paced financial markets.
2. Regulation and Compliance Information
iFOREX is regulated by two primary authorities:
- Cyprus Securities and Exchange Commission (CySEC), license number 143/11.
- British Virgin Islands Financial Services Commission (BVI FSC), license number SIBA/L/13/1060.
The regulation by CySEC ensures that iFOREX adheres to stringent compliance measures, including capital adequacy and client fund protection. The BVI FSC provides oversight, but it is often viewed as a less stringent regulatory environment compared to other top-tier regulators.
Client funds are kept in segregated accounts, ensuring that they are separate from the companys operational funds, which enhances security. iFOREX also implements KYC (Know Your Customer) and AML (Anti-Money Laundering) policies to comply with international standards, requiring clients to verify their identity before trading.
However, it is important to note that the BVI FSC does not have a compensation fund for investors, which can be a drawback for those seeking additional security for their investments.
3. Trading Products and Services
iFOREX offers a diverse range of trading products, including:
- Forex: More than 90 currency pairs, including major, minor, and exotic currencies.
- CFDs: A wide array of instruments including commodities, indices, stocks, ETFs, and cryptocurrencies.
- Special Products: iFOREX provides unique trading opportunities, such as CFDs on cryptocurrencies like Bitcoin and Ethereum.
The broker continuously updates its product offerings to meet market demands, ensuring that traders have access to the latest financial instruments. iFOREX primarily serves retail clients but also caters to institutional clients through tailored services.
The platform allows for retail trading, but there are no options for PAMM accounts or managed accounts, which may limit investment strategies for some clients.
4. Trading Platforms and Technology
iFOREX does not support the widely popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. Instead, it offers its proprietary trading platform known as FXnet, which is designed to cater to both novice and experienced traders. The platform is accessible via web browsers and mobile applications, providing flexibility for users to trade on the go.
The proprietary platform features:
- User-Friendly Interface: Customizable layouts and easy navigation.
- Advanced Charting Tools: Various technical indicators and real-time data.
- Mobile Trading: Available on both iOS and Android devices, allowing traders to manage their accounts and execute trades anytime, anywhere.
The execution model employed by iFOREX is market making, which means that the broker acts as the counterparty to trades, potentially leading to conflicts of interest. However, they do offer competitive spreads and leverage options of up to 1:400 on certain instruments.
5. Account Types and Trading Conditions
iFOREX offers a limited selection of account types:
- Standard Account: Requires a minimum deposit of $100, with spreads starting from 1.8 pips.
- VIP Account: Available for clients who deposit a minimum of $2,500, offering reduced spreads and enhanced services.
The broker does not provide Islamic accounts or allow for trading strategies such as scalping or algorithmic trading. The leverage offered can vary depending on the asset class, with forex trading allowing for higher leverage compared to CFDs on stocks and commodities.
The minimum trade size is 0.01 lots, and there are overnight fees applicable for holding positions beyond the trading day.
6. Fund Management
iFOREX supports multiple deposit and withdrawal methods, including:
- Bank Wire Transfers
- Credit/Debit Cards
- E-Wallets: Such as Neteller, Skrill, and Bitcoin.
The minimum deposit requirement is $100, and deposits are typically processed instantly, while withdrawals can take up to 3-5 business days, depending on the method used. iFOREX does not charge internal fees for deposits or withdrawals, but a $20 fee applies to bank wire withdrawals.
It is important to note that, depending on the payment method and currency conversion, additional fees may be incurred by third-party providers.
7. Customer Support and Educational Resources
iFOREX offers customer support through various channels:
- Email Support
- Live Chat: Available during business hours.
- Phone Support: Limited to specific regions.
Customer service operates from Monday to Friday, 04:00 - 20:00 GMT, providing assistance in multiple languages. However, response times can vary, and some users have reported delays in getting support.
The broker also emphasizes education, offering a range of resources including:
- Webinars and Tutorials: Covering basic and advanced trading concepts.
- Market Analysis: Daily insights and updates to keep traders informed.
- Trading Tools: Such as economic calendars and market sentiment indicators.
8. Regional Coverage and Restrictions
iFOREX primarily serves clients in various regions, including Europe and Asia. However, it does not accept clients from several countries, including the United States and Australia, due to regulatory restrictions.
The broker has a limited physical presence in certain countries, which may affect customer support and service delivery. Traders are encouraged to review the specific restrictions applicable to their location before opening an account.
In summary, while iFOREX offers a range of trading opportunities and educational resources, potential clients should carefully consider the regulatory environment and the broker's operational practices before engaging in trading activities.
iFOREX Europe Similar Brokers
Latest Reviews
Paolo Caputo
Italy
Nice to know that it's not only for beginners, advanced can learn here as well! A lof of different articles with photos to get a better picture and undertsanding.
Positive
2024-12-21
FX4229852634
Egypt
Account 6592080 Where an amount of $520 was deducted from the account in the negative And this amount was deposited from another card after the approval of Mr. Fadi that I make the deposit with another bank card and I obtained his approval for that I traded and lost, deposited and lost, deposited and gained, and withdrew several times, as I deposited the amount of $520 multiple times I was surprised one day that the account was suspended and there is a negative amount of $520 and I cannot trade So I spoke to Mr. Fadi, who doesn't understand anything in his job, and he told me that there is no problem and when I make a deposit, the account ban will be lifted and I can trade on the same day and cancel everything that is on it, which is a negative amount of -520$ And indeed, I deposited a small amount of $59 and I was surprised that $59 was deducted from the amount of $520, leaving a negative amount of $461. Thus, the deposit amount of $59 was deducted from the original amount of $520. I contacted Mr. Fadi and he informed me that the amount of $520 was refunded by the bank through which the deposit was made So how does this happen and how am I being accounted for retroactively on an amount that has been traded on, withdrawn from, and lost from? And the company's terms and policies state that this cannot be done.
Exposure
2024-12-05
JavierMaldonado
Spain
You might forgive my lack of knowledge, but I think that cost of iforex forex pairs, is totally acceptable. Just take a look at my favorite pair EUR/USD, 1.1 pips at minimum.
Positive
01-13