iFOREX 2025 Review: Everything You Need to Know
iFOREX, a broker established in 1996, has garnered a mixed reputation in the online trading community. Users have expressed a range of experiences, with some praising its competitive spreads and user-friendly platform, while others have raised concerns about withdrawal issues and customer support responsiveness. Key features include a proprietary trading platform and access to a wide array of financial instruments, but the lack of well-known platforms like MetaTrader 4 and 5 has been noted.
Note: It's important to recognize that iFOREX operates under different regulatory frameworks depending on the region, which can significantly affect user experience and trustworthiness.
Ratings Overview
We rate brokers based on comprehensive analyses of user reviews, expert opinions, and factual data.
Broker Overview
Founded in 1996, iFOREX operates under the umbrella of Formula Investment House Ltd. The broker is regulated by the British Virgin Islands Financial Services Commission (BVI FSC) and the Cyprus Securities and Exchange Commission (CySEC). iFOREX offers a proprietary trading platform, which is available on both mobile and web. The broker provides access to a diverse range of assets, including forex, commodities, indices, and cryptocurrencies, but does not support popular platforms like MetaTrader 4 or 5.
Detailed Section
Regulatory Regions
iFOREX operates under different regulatory jurisdictions. In Europe, it is regulated by CySEC, which provides a level of oversight. However, the BVI FSC does not have the same stringent requirements as top-tier regulators like the FCA or ASIC. This dual structure has led to mixed reviews regarding the broker's reliability.
Deposit/Withdrawal Currencies
iFOREX supports several currencies for deposits and withdrawals, including USD, EUR, and GBP. The broker also accepts a range of payment methods, including credit cards, bank wire transfers, and e-wallets like Skrill and Neteller.
Minimum Deposit
The minimum deposit required to open an account with iFOREX is $100, which is relatively standard in the industry. This low barrier to entry may appeal to beginner traders looking to explore forex trading without a significant financial commitment.
iFOREX offers various promotional packages, including a refer-a-friend program and educational training packages. However, the specifics of these promotions can vary by region, and potential clients are advised to read the terms carefully before participating.
Tradable Asset Categories
iFOREX provides access to over 800 financial instruments, including more than 90 currency pairs, commodities, indices, ETFs, and cryptocurrencies. This extensive range allows traders to diversify their portfolios effectively.
Costs (Spreads, Fees, Commissions)
The broker's spreads start from 1.8 pips, which some users find relatively high compared to competitors. While there are no commissions on trades, a quarterly inactivity fee of $15 applies if an account remains dormant for 12 months. Additionally, a $20 fee is charged for bank wire withdrawals.
Leverage
iFOREX offers leverage of up to 1:400, which can be attractive for experienced traders looking for higher risk-reward scenarios. However, new traders should be cautious, as high leverage can lead to significant losses.
The broker utilizes a proprietary trading platform that is designed for ease of use. However, the absence of popular platforms like MT4 and MT5 may deter some traders who prefer those environments. The platform includes various features such as live charts, trading signals, and an economic calendar.
Restricted Regions
iFOREX does not accept clients from several countries, including the United States, due to regulatory restrictions. This limitation may affect potential traders looking to join from those regions.
Available Customer Support Languages
iFOREX provides customer support in multiple languages, including English, Spanish, Chinese, and Arabic. However, users have reported delays in response times, particularly during peak hours.
Repeated Ratings Overview
Detailed Breakdown
Account Conditions
iFOREX's account conditions are average, with a minimum deposit of $100 and a single account type that may limit flexibility for traders seeking tailored conditions.
The proprietary platform provides basic tools, but the lack of advanced features found in platforms like MT4 or MT5 could be a drawback for experienced traders.
Customer Service & Support
Customer support has received mixed reviews, with users noting responsiveness issues and slow resolution times for withdrawal requests.
Trading Setup (Experience)
The trading experience on iFOREX is generally smooth, but the proprietary platform may not meet the expectations of traders accustomed to more widely used platforms.
Trustworthiness
While iFOREX is regulated, the dual structure of its operations and past regulatory issues raise concerns about its overall trustworthiness.
User Experience
Overall user experience is moderate, with some traders appreciating the ease of use of the platform, while others report significant frustrations, particularly with withdrawals.
In conclusion, iFOREX presents a mixed bag of offerings for traders. While it has established itself as a long-standing player in the forex market, potential clients should weigh the pros and cons, especially regarding regulatory oversight and user experiences before making a decision.
