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Wanna see if iForex is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw?

We provide answers to all the questions in this iForex Review.

We checked iForex licenses and regulation status to see if iForex scam or safe. Compared iForex fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.

What is iForex

iForex is online trading platform operating globally since 1996.

The broker operates two entities one regulated in Cyprus by CySEC and another based in offshore BVI British Virgin Islands.

iForex Highlights

🗺️ Regulated in Cyprus, BVI
🛡️ Is iForex safe to tradeNo
💵 EUR/USD spread1.8 pips
🏦 Deposit
Bank Wire, Cards, e-wallets
💰 Minimum depositNot specified
🏦 Withdrawal
Bank Wire, Cards, e-wallets
💻 Trading platformProprietary Web Platform
💳 Trading marketsForex, CFDs on Cryptocurrency, Shares, Commodities, Indices, ETFs, Equities
📈 Number of product900+
📉 Live chat responseRelevant answers

Regulation

License and regulation are the keys to traders’ fund security. There are two factors to be checked, what licenses the broker has and how trader is protected if something goes wrong.

Is iForex legit

iForex has two entities one in Cyprus regulated and authorized by CySEC according to ESMA rules. The second entity is based in BVI and holds necessary registration, but lacks serious regulation being an offshore zone.

iForex Licenses and Regulatory status

EntityRegistered inRegulatorLicense no.Status
ICFD LtdCyprusCyprus Securities and Exchange Commission (CySEC)143/11Currenlty regulated, But Fines were imposed
Formula Investment House LtdBritish Virgin IslandsBritish Virgin Islands Financial Services Commission (BVIFSC) Registered no regulations

Is iForex safe

Safety status about iForex is confusing.

iForex regulated enityt in CySEC was imposed to heavy fines due to regulation violence and mislead of the clients. Also, we found iForex has numerous registered domains by CySEC license but offers trading service via international subsidiary based in offshore BVI.

Overall, we consider iForex not safe to trade due to past violations and recommend to do your own research before you decide to trade with them.

iForex Review - iForex entities
iForex Review – iForex entities

Markets and Products

At iForex you can trade various instruments like Forex, Shares, Indices, Commodities, ETFs, Cryptocurrencies and Binary Options for international clients. Binary Options however very risky instruments not recommended by regulators due to lack of transparency.

MarketsInstruments
Forex90
Indices30
Commodities20
Cryptocurrencies18
Shares650+

Account types

iForex mentions it has different account types but there is no any description.

We consider as a big gap in iForex offering, it is not clear what is the offering, traders are only advised to contact customer service to get details.

Login

There are two domains iForex operates and Login is on relevant domain address webpage, each one for specific entity and regulations.

iForex Review – Account types
iForex Review – Account types

Fees and commissions

Fees in iForex we rank as average and high, compared to other 150 broker in our database. Also, conditions are different in each entity.

Spread for popular instruments we collect for 6 markets and 150 brokers

MarketsInstrumentsLowAverageHigh
ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS 5000.1-0.40.5-1.41.5 or higher
CommoditiesGold0.1-0.40.5-22.1 or higher
StocksTesla0.1-0.50.6-11.1 or higher
ETFsUS Russell 20000.1-0.40.5-1.41.5 or higher
CryptocurrenciesBitcoin0.1-0.5%0.6-0.9%1% or higher

Spreads

iForex costs are built into spread.

Comparing the spreads derived from Live Account to industry benchmarks, we found the iForex spreads on Forex higher than average and high starting from 1.8 for EUR USD, also its additional charges and commission are not clear and depending on market conditions.

Other Fees

iForex has high non-trading fees. Deposit conditions are not clear and withdrawals adds on 20$.

Trading Conditions

The trading conditions at iForex are good, you can deploy any strategy of your choice including hedging and scalping.

Trading ConditionsYes/No
Hedging AllowedYes
Scalping AllowedYes
Change Leverage AllowedYes

For hedging, there are no time limitations.

Scalping is allowed, but Expert Advisors (EAs) and VPS services are not available since iForex uses its own platform.  

Trading

There is no restriction on use of specific practice, however, trading specific instruments like binary options means you will trade in a specified timeframe. 

For Leverage, iForex allowing high leverage ratios up to 1:500.

Deposit

iForex deposit fees are not clear. The broker only mentions you can use Bank Wire, Credit Card, Debit Card and eWallets and does not specify any other information.

Clear information about fund management is essential part and that is another missing point in iForex.

Deposit MethodFunding TimeFee
Bank WireNot clearNot clear
Credit CardNot clearNot clear
e-walletsNot clearNot clear

Minimum Deposit

The Minimum deposit amount is not specified either, you have to contact customer service.

iForex Review – Deposit and withdrawal
iForex Review – Deposit and withdrawal

Withdrawal

iForex charges 20$ for Bank wire.

Also iForex mentions it can take up to 28 working days to receipt requested withdrawal, a crazy time we never see in any of brokers proposals before, which is definitely another big negative point.

Withdrawal MethodWithdrawal TimeFee
Bank WireUp to 28 business days20$
Credit Card Up to 28 business daysUnclear
e-walletsUp to 28 business daysUnclear

Bonus

There is no specific Bonus offering at iForex, the broker only offers promotion packages – Knowledge Package and Pro Package, yet does not specify conditions to receive it. Also, the international subsidiary offers Refer a Friend promotion.

iForex Review - iForex Pro Package Promotion
iForex Review – iForex Pro Package Promotion

Trading Platform

iForex designed its own proprietary software based online plus Mobile App.

From the downsides popular MetaTrader4 or alternative platforms not available.

Web Trading Platform

iForex Web Trader is based online so you can access it from any device. The appearance is rather basic and desktop versions are not available.

App

Android and IOs Mobile App is connected to iForex Web platform allowing to trade on the go.

iForex Review – Web trading platform
iForex Review – Web trading platform

Research and Tools

iForex provides basic research tools including Economic Calendars, Indicators, Market Analysis and News Feed.

From the Cons there is no leading data providers data or analysis available.

iForex Research tools available via:

  • iForex trading platform
  • iForex ‘Getting Started’ section on website
iForex Review – Research - Analysis
iForex Review – Research – Analysis

Education

iForex education content is informative.

There are trading Articles, demo account, and education packages for beginners or advanced trader with personal couch provided by the iForex team.

From the cons, we found education section basic also conditions for 1-on-1 training are not specified.

At iForex you can learn though website and inquire personal training :

  • Demo account
  • 1-on-1 training
  • Educational articles and Analysis

Demo Account

Demo Account is provided. The account gives access to 5,000 virtual and has no limits on use.

iForex Review – Education
iForex Review – Education

Customer Service

iForex customer service is average, FAQ sections gives answers to common questions but often is not clear. You can contact support teams 24/5, we couldn’t connect to Live Chat.

iForex Customer Support is available in various languages:

  • Live chat
  • Telephone
  • Email
iForex Review – Contacts
iForex Review – Contacts

iForex Live chat response is poor, we couldn’t connect and sent an email

Question AskedWe asked about trading costs.
Time of ReplyWe didn’t reach Live Chat agent and sent an email got reply within 2 days.
Quality of ReplyThe answer was very basic and not clear.

Conclusion

iForex we cant consider as a safe broker to trade. The broker is regulated and licensed by CySEC, but received heavy fines for violatins and mislead of the clients.

The biggest concern it also about trading environment iForex provide, trading conditions are not clear, often confusing and refer to contact customer service for almost each important concern, whicle support is average quality too.

We do not recommend iForex due to confusing trading conditions and breaches of regulation in the past. Money safety is always first, it is recommended to choose among well-regulated Brokers with good reputation

Author of this review

By Jimmy O'Brien

Author of this review

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

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