iForex Commission or Brokerage Charges – Review, Plans, FAQs & more
Find out all details about iForex Commission or Brokerage Charges here. Charges or commissions are part and parcel of a trader’s life.
However, to optimize the profits the trader makes, these commissions need to be within a proper range.
iForex is a brokerage house having its headquarters in the British Virgin Islands, which provides very reasonable brokerage plans to the clients.
The commissions are charged as per these plans and we will be discussing the same in the latter part of the article.
This article is going to be an all-in-one article about the iForex commission and their brokerage charges.
We will also dedicate a part of the article to the process of opening an account with iForex and from discussing iForex charges only.
There will be more to it so let us begin with the basics of the article.
iForex Commission or Brokerage Charges
iForex charges towards brokerage or commission are pretty low.
They have been providing phenomenal services at a very reasonable fee.
If you are looking for a brokerage house to invest in different assets, then this is the one you should pause at.
iForex fees are very much justifiable as per the wide variety of services and facilities and investment assets/ options it provides.
When choosing a brokerage house, it is important to thoroughly check all its commission plans.
Moreover, you must be aware of all the hidden charges, fees it levies on the services. However, with iForex, everything is very transparent.
There are no such hidden charges on any orders, or transactions, or any of their services.
Fill up the Form – Open Forex Trading Account Now!
More Related Articles on Forex Commission Charges
|Alpari Commission||Binomo Commission||FBS Commission|
|AvaTrade Commission||Degiro Commission||Finq.com Commission|
|Binary.com Commission||eToro Commission||Forex.com Commission|
Types of iForex Commission Plans
|Types of Commission Plans|
|Account Type||Standard Mini Account||VIP Account|
|Spread||0.1 pips||From 0 pips|
|Commission||$5 per lot||1 per side per 100,000 traded|
There are different commission plans which are as per the type of trading account you choose.
There are two trading accounts that iForex provides and thus two types of commission and other plans for iForex brokerage.
Standard Mini Account Commission plan:
With a Standard mini account, the commission you have to pay for trading any asset is $5 per lot.
The commission is a bit high compared to other brokerage houses of this range.
However, the broker justifies the brokerage amount/ commission by providing a spread level of 0.1 pips which is one of the lowest you can see in the market at present.
Apart from that, the leverage it provides in its account is 100 times, which is another boon for the traders.
Especially for the traders who do volume trading, leverage is crucial.
To open this account you would only need $100. This is the initial deposit requirement for this account.
VIP Account Commission Plan:
The second plan is for the VIP trading account of iForex.
This account has a commission plan attached of 1 per side for each of 1 lakh units traded. The commission is very reasonable and it becomes more lucrative because of the level of leverage you can get with the account.
There is 500 times leverage available with this account.
This means even if you keep $3000 in your trading account, you can trade assets worth $1500000.
The initial deposit that you need to keep in this account is $2500.
However, the best benefit of this account and the iForex commission that you would pay is the spread level. There are 0 pips spread levels in this account, isn’t that great?
Yes, there is 0 pips spread available on this account and that means you can completely optimize your profits on the trades.
iForex Account Opening Process
If you think the iForex commission plans are just right for your trading needs, then you can open an account with iForex in a few simple steps.
The steps are mentioned below –
- Click on the “open demo account” tab here on this page
- A pop-up form will appear on the screen, click on the same
- Now you have to fill this form with the proper details. You need to make sure the details are correct as these will be used for KYC purposes as well
- Once you complete filling the form, submit the same
- Then you will be contacted by the associates of iForex within some time. They will further guide you about the remaining process.
- You would need to upload documents for KYC and verification
- Once the verification is done, your KYC will be updated.
- Then if the broker accepts/ approves your application for the trading account, you will receive the login credentials in your email.
- The login credentials will be shared when the account will be live from the broker’s end.
- Once you receive the credentials, you can just download some of the trading platforms, log in and start trading.
iForex Payment or Withdrawal Methods
|Deposit Options||Bank Wire, Credit Card, Debit Card and eWallets|
|Withdrawal Options||Bank Wire, Credit Card, Debit Card and eWallets|
While trading, both withdrawal as well as deposit methods are crucial. The options must be secure and safe so that none of the transactions goes missing.
Since safety is the major concern of all traders, iForex provide withdrawal and deposit options with the safest service providers like –
- Bank Wire
- Credit Card
- Debit Card and
These options for transacting the money for trading are secure enough and thus you can simply trade without the worry of losing money.
Check Similar Articles on Forex Commission / Plan Types
|FXPro Commission||OctaFX Commission||Markets.com Commission|
|FXTM Commission||IQ Option Commission||NordFX Commission|
|HYCM Commission||IronFX Commission||Olymp Trade Commission|
iForex Investment Assets
|Total Tradable Assets||NA|
|Number Of Currency Pairs||NA|
|Number Of Cryptocurrencies||2|
|Number Of Stocks||NA|
|Number Of Indices||NA|
|Number Of Commodities||NA|
|Number Of Futures||NA|
|Number Of Options||NA|
|Number Of Bonds||NA|
|Number Of ETFs||NA|
iForex commission can be said to be justified because of the huge range of assets it provides for investment. There are –
- Cryptocurrencies – Bitcoin
So, with this wide range of asset classes that you can trade with iForex, it is easier to diversify your portfolio.
If you can diversify your portfolio well, you can easily maximize your profits. Thus, the iForex fees you would pay will also be justified.
iForex Commission – Conclusion
To conclude, we can observe that the iForex commission is quite reasonable.
There are no hidden charges as well and the initial deposits are also pretty lower.
Moreover, there is a very low spread level which is a boon for the clients.
So, overall, the iForex charges you would be paying for trading are completely in sync with the facilities and services it provides.
Check Articles on Forex Commission & Plans
|UFX Commission||AXI Commission||IC Markets Commission|
|XM Commission||Fusion Markets Commission||IG Markets Commission|
|ATFX Commission||Go Markets Commission|
iForex Charges or Fees – FAQs
Here is the list of FAQs related to the iForex Brokerage Charges or Fees:
Do iForex charge commission?
Yes, there are iForex commission plans for each of its types of trading accounts.
The commission is charged within a very reasonable range.
iForex provides multiple assets to trade and thus the charges seem pretty reasonable for these reasons as well.
How much does iForex charge brokerage?
iForex charges brokerage as per the type of trading account you are choosing.
If you choose the standard mini account, then the iForex charges would be $5 per lot of the asset you are trading.
While if you choose the VIP account, then the commission would be 1 per 100000 units traded.
What is the Minimum Deposit required in iForex?
The minimum deposit you need to keep with iForex is $100 for the standard mini account. However, for the VIP account, it is $2500.
This deposit is the initial deposit you need as well for opening the accounts. This deposit is necessary otherwise you cannot trade using the trading account of iForex.
How much leverage does iForex provide?
The leverage provided by iForex is quite huge and helps the traders to maximize their profits.
In the standard mini account, the leverage you can get is up to 100 times. While in the VIP account it is up to 500 times.
How much is spread at iForex?
The spread level also differs as per the type of account. However, the difference is very small.
While you get 0.1 pips of spread with a standard mini account, there are 0 pips with a VIP account.
What type of Commission Plans are available in iForex?
There are 2 types of commission plans available with iForex. One is $5 per lot and another is 1 per 100000 units traded.
Do iForex provide Cryptocurrency for Investment?
Yes, you can trade Bitcoin with iForex. At present, there is the only cryptocurrency that you can trade with this brokerage house as there are no other coins available for trading.
Is iForex a legit Forex Broker?
Yes, iForex is a well-known brokerage company across the globe.
It has its headquarters in the British Virgin Islands and is regulated by NFA.
Can I invest in iForex for $5?
Yes, you can invest with $5 as the minimum commission on a standard mini account is $5 per lot. However, the initial deposit is $100.
Are there any hidden charges available with iForex?
No, there are no hidden charges that you have to pay for trading with iForex.
They do not levy any such charges. All the charges and iForex commission are transparent and clear.
Fill up the Form – Open Forex Trading Account Now!
Most Read Articles
|Forex Trading – Know Everything|
|Forex Broker – Know Everything|
|Why Trade in Forex?|
|How to Trade Forex?|
|Forex Trading Strategies|
|Forex Trading Tips|
|Become a Successful Forex Trader|
|Best Forex App|
|Top Forex Broker|
|Best Forex Trading Books|