iForex Review – Online Platforms, Commission, Leverage, Account Types, Features & more
A group of forex dealers and bankers in the year 1966 founded iForex. It is a brand name for Formula Investment House Ltd. The important people are the Financial Service Commission of the British Virgin Islands.
They do the supervision and licensing of the firm. Though it operates in Cyprus jurisdictions, iForex is currently banned there.
At the time of writing this blog, it claims to be a reputed and most extensive CFD and forex broker in the industry.
It has over 8 million clients across 159 countries. These countries including India, the Philippines, Venezuela, and Greece. They conduct over 35,000 transactions per day.
About iForex and Accepted Countries
They boast of having more than 24 years of industry experience. They provide financial stability and well executable business plans to their clients. Direct access to the global market.
Forex with over 80 currency pairs. 15 plus cryptocurrencies like Bitcoin, Litecoin, Ethereum. 760 plus commodities like gold, silver, oil, and indexes.
These are the things that the company advertises itself to provide its clients with.
They also provide worldwide services and customer support in the native language. They also say that they provide few features not all brokers do.
Those services are hedging capabilities with real-time margin protection. And also a risk management feature that ensures limits and executes precautionary commands.
This feature does not allow the account to get into a negative balance.
Traders from the following countries can use the iForex platform:
- United Kingdom
- South Africa
- Hong Kong
- United Arab Emirates
- Saudi Arabia
Whereas, traders can not use iForex from countries like:
- American Samoa
- British Indian Ocean Territory
- Christmas Island
- Cocos (Keeling) Islands
- French Southern Territories
- Vatican State
- New Zealand
- Puerto Rico
- The United States
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iForex Trading Platform
The trading platform provided by iForex has a comfortable experience with some hiccups. The rating, as provided by the users, point towards the services and the company being average.
iForex relies on in-house made software, which also is available as a mobile version. The traders only get to see a limited amount of information on a single page. The appearance is fundamental. A
utomated Trading or Social Trading are not supported. The software is suitable only for manual traders. Their platform is inferior to the industry-standard MT4.
All the plannings and hard work seem not to have given the desired fruits. This lack of a competitive edge places the traders at a disadvantage.
It would have been acceptable had the software worked as a superior alternative to MT4. But at iForex, it is not the case.
On the brighter side, there are many things that they offer. For the desktop or web-based versions, FXnet Trader is the software used. Their Mobile App leverages the same software.
The offerings are very well formatted into a tabular form. There is a freedom to create our watchlist, which can be later edited by adding or removing items.
There are instruments that allow you to set the trade size. Few are for setting stop-loss and take-profits levels.
Essential information is easy to look at. They are equity margins, maintenance margins, profits, or losses.
iForex software’s user interface has a great window on the screen. It helps the trader to look at the instrument’s price history with ease. This window also makes technical analysis very easy to do.
iForex Mobile App
The company provides its clients with an option to trade on their smartphones using the app. This is available for free of cost from the App Store of both iOS and Android devices.
It has modern security measures like a fingerprint locking system to open the app.
The mobile app provides users with a fast and straightforward way to see how the market is moving. Traders can also select trade sizes and make new deals.
It also shows the amount of margin required when the user selects a particular trade size.
As a whole, the app is an excellent package. The information displayed is very clear. Technical analysis is easy to do and helps to make further trade decisions.
Check out Mobile Apps of more Forex Brokers
iForex Commission or Brokerage or Fees
iForex does not charge any commissions or trading fees. This is like most of the other brokers present. It makes its revenue from trade spreads.
It is the difference between the bidding and the demand price. The EUR/USD spread starts at a cost of 1.8 pips, which is high compared to the industry standard. This cost is an unusual need.
The smallest size of the deal is set to 2500 units or 0.025 lots. Whereas, most of the other brokers in the market don’t allow a deal size of fewer than 0.01 lots or 1000 units.
These costs and sizes look like they have been set to increase the trade size.
If the account remains unused for 12 months or one year, $15 is a quarterly charge. When trading shares, ETFs, and CFDs with leverage, there is a financing fee.
That starts at 5% per year on indices and 2.5% for commodities and cryptocurrencies. These change every night.
These fees may look very high, but these are in the market standard’s vicinity. There also are no other hidden or disclosed charges to worry about.
An advantage is that a new broker can start with the least amount of $100 as an initial deposit. This is very good compared to other brokers who need the least amount of $500 to start trading.
iForex Exposure and Leverage
When trading in forex or commodities, leverage of up to 1:400 is available while for CFDs, up to 1:200.
This leverage allows users to sell large deals while using a far smaller capital. It gives a chance of getting greater returns. But, at the same time, it also increases the size of a potential loss and its risks.
Payment Method provided by iForex
iForex supports payment via bank transfer, credit, or debit card. It also supports e-wallets like CashU, Neteller, Skrill, or PayPal for deposits.
Detailed information on deposition time and processing fee depending on the payment processor.
At the same time, wire transfer via bank may take 3-5 working days to show in the account and charged up to $20.
Keep in mind; the first smallest amount of deposit must at least be $100.
Withdrawals are also charged depending on the method of payment and withdrawal size. Charges up to $20 may apply.
To process a withdrawal, the trader needs to fill a withdrawal request form.
To get funds processed, it could take up to 28 working days. This has, for the duration, lead to many customer complaints.
Find out Payment Methods provided by other Forex Brokers
Investment in Asset, Classes, or Markets by iForex
iForex has a respectable range of investment options. They offer 88 currency pairs. 18 cryptocurrencies, including Bitcoin, Ethereum, Ripple, and others.
They are not like many other brokers in the industry. These brokers also offer to trade and invest in soft commodities. That including cotton, wheat, cocoa, coffee, soybean, and corn.
iForex Virtual Trading or Demo Account
One of the critical features of iForex is that they offer a demo account.
It is a great way to apply and test new strategies. It gives a chance to understand the market in a better way without actually incurring any losses.
But this can be only accessed after opening a real account and is available for a limited time.
iForex Offers or Deals
iForex offers two primary promotional, educational packages. First is 1-on-1 online trading for newcomers and a Traders guide.
The second is the Pro package with 1-on-1 training for tight spreads on popular CFDs.
They also have a refer-a-friend option. This option may earn one up to $200 if the referee trader deposits at least $500 amount into his account.
This bonus comes only after the referee’s account’s verification and the deposition. Family members except for the same household ones also count.
iForex Regulations and Licensing
Formula Investment House Ltd is the parent company of iForex. Licensed and supervised by the British Virgin Islands’ (BVI) Financial Service Commission.
Despite that, the group headquarters’ location is nowhere specified. The European subsidiary of the iForex Group is in Cyprus.
It’s licensing and supervising is by the Cyprus Securities and Exchange Commission (CySEC). iForex UK’s authorization and regulation are by the UK Financial Conduct Authority (FCA).
The iForex Group has permission to operate in India and many other countries.
Some people feel that the British Virgin Islands is blind to the regulatory trends compared to the US or UK. These feelings of the clients could mean lesser protection towards them.
The company also doesn’t have any insurance policy in the invent of bankruptcy. But on the brighter side, cybersecurity is very well taken care of.
They use encryptions like Secure Socket Layering (SSL) firewall to pass sensitive information.
They also have a protection policy against negative balance. This prevents clients from losing more money than they have deposited.
Find out Regulations & Licensing of more Forex Brokers
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iForex has a range of features to offer to its clients. They are economic calendar, live charts, trading signals, and trading sentiments.
They also offer what they call an International Fixed Interest Account. It is an uninsured deposit ranging from $1000 to $150,000 for which the company will pay an annual interest of 3.0%. Many traders don’t like this feature a lot.
There are also a few features that are not offered by iForex. Those are no support for automated trading algorithms.
Social trading is also not supported. It is easy and less risky to follow more successful traders’ strategies.
iForex Account Opening Procedure
As per the industry standards, an online application to open a new account takes place in two steps. To complete the first step, iForex requires the following documents of the client:
- Email ID
- Valid Phone number
The client must submit AML or KYC documents as per the Financial Service Commission.
For the completion of the second step, the client must submit the following documents:
- A photocopy of the trader’s ID
- Proof of residency document which is not older than three months
iForex Account Types
This information is not provided on the website. One needs to register an account and then call customer care. Then on the call does one gets to know about the types of accounts offered.
iForex offers two types of accounts. A Standard version and a VIP account. $2500 is the smallest transaction amount for the VIP account.
- CySEC licensed
- 24/5 reliable customer support with online chat and Twitter feed
- Wide variety of investment products
- Free educational and informative resources
- No social or automated trading bot support
- Charged and long withdrawal procedures and high fees for a dormant account
- Rudimentary software, unlike MT4 or MT5
- Regulatory disputes in a few countries make it unreliable.
iForex Trading Hours
The trading platform is 24/7 open, but the trader needs to keep in mind the time of their location.
Sometimes, in some places, due to restrictions, the markets remain closed. This information is in the Holidays section on the Trading Conditions page.
iForex Customer Care or Contact Details
Customer support seems to be the most robust department at iForex. Usually, the old and the new clients can take up help over the online chat system that is open 24/7 globally.
Telephonic support is available in the following countries:
India, China, Egypt, Indonesia, Malaysia, Mexico, the Philippines, Russia, South Africa, Switzerland, and the United Arab Emirates.
If the client is facing any problem further, remote help is present. This allows the care team to take up the control of your computer over the internet is also available.
- The Email ID for support is email@example.com.
- Telephonic contact number is +36 1 808 9140
- These are available from Monday to Friday, 04:00 to 20:00 GMT.
iForex Safety and Security
iForex is a brokerage company that takes security as the most important thing. They pass sensitive information through encryption services like Secure Socket Layers (SSL) firewall.
They also offer protection from a negative balance. This makes sure that the client doesn’t lose more money than deposited.
iForex Trading – Conclusion or Verdict
iForex is a 24-year-old entity. Seven years have passed as a British Virgin Islands’ Financial Service Commission.
Together with its respectable educational sections forms its greatest asset. A vast number of items, including soft commodities, are available for trading.
The in-house software is in-competent and lacks automated trading. This gives it average or below-average ratings among users.
The smallest trade size and charges are huge in forex trading. Withdrawal charges and processing duration are too high.
This makes its user quite disappointed. Experienced traders will find that the charges paid are hefty. They see that the charge does not justify the below standard platform provided.
The company website provides no information about
- The account types
- Smallest amount of deposits
- The largest leverage provided
Interested users need to contact customer support. No mention was present about in-house research or analyses.
Lacks transparency on what the company or the broker does with funds. Those funds deposited in the International Fixed Interest Account. That money yields the trader a 3% interest per annum.
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