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.
|🗺️ Regulated in||Cyprus, BVI|
|🛡️ Is iForex safe to trade||No|
|💵 EUR/USD spread||1.8 pips|
Bank Wire, Cards, e-wallets
|💰 Minimum deposit||Not specified|
Bank Wire, Cards, e-wallets
|💻 Trading platform||Proprietary Web Platform|
|💳 Trading markets||Forex, CFDs on Cryptocurrency, Shares, Commodities, Indices, ETFs, Equities|
|📈 Number of product||900+|
|📉 Live chat response||Relevant answers|
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
|Entity||Registered in||Regulator||License no.||Status|
|ICFD Ltd||Cyprus||Cyprus Securities and Exchange Commission (CySEC)||143/11||Currenlty regulated, But Fines were imposed|
|Formula Investment House Ltd||British Virgin Islands||British 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.
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.
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.
There are two domains iForex operates and Login is on relevant domain address webpage, each one for specific entity and regulations.
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
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-1.4||1.5 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
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.
iForex has high non-trading fees. Deposit conditions are not clear and withdrawals adds on 20$.
The trading conditions at iForex are good, you can deploy any strategy of your choice including hedging and scalping.
|Change Leverage Allowed||Yes|
For hedging, there are no time limitations.
Scalping is allowed, but Expert Advisors (EAs) and VPS services are not available since iForex uses its own platform.
There is no restriction on use of specific practice, however, trading specific instruments like binary options means you will trade in a specified timeframe.
For Leverage, iForex allowing high leverage ratios up to 1:500.
iForex deposit fees are not clear. The broker only mentions you can use Bank Wire, Credit Card, Debit Card and eWallets and does not specify any other information.
Clear information about fund management is essential part and that is another missing point in iForex.
|Deposit Method||Funding Time||Fee|
|Bank Wire||Not clear||Not clear|
|Credit Card||Not clear||Not clear|
|e-wallets||Not clear||Not clear|
The Minimum deposit amount is not specified either, you have to contact customer service.
iForex charges 20$ 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 Method||Withdrawal Time||Fee|
|Bank Wire||Up to 28 business days||20$|
|Credit Card||Up to 28 business days||Unclear|
|e-wallets||Up to 28 business days||Unclear|
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 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.
Android and IOs Mobile App is connected to iForex Web platform allowing to trade on the go.
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 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 is provided. The account gives access to 5,000 virtual and has no limits on use.
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
iForex Live chat response is poor, we couldn’t connect and sent an email
|Question Asked||We asked about trading costs.|
|Time of Reply||We didn’t reach Live Chat agent and sent an email got reply within 2 days.|
|Quality of Reply||The answer was very basic and not clear.|
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
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.