iForex Trading Account – Review, Types, Process, Benefits, Charges & more
Check out all details about iForex Trading Account here.
iForex is one of the most reputed forex brokerage houses across the globe. With millions of clients across hundreds of countries, it is one of the best forex brokers.
Though their main service is related to forex, they also deal in other asset classes. iForex was founded by bankers and dealers back in 1996 as Formula Investment House Ltd.
Later it was renamed as iForex and different regulations and rules were set in.
With the experience of over 24 years, this forex broker has been providing one of the best trading accounts and benefits to the clients.
In this article, we will discuss the iForex trading account and its features in detail. We will also take you through the benefits of using the account and its services.
This article can guide you about the charges, deposit requirements, leverage, margin, and many other aspects of the iForex online trading and its account.
iForex Trading Account and Benefits
Rajesh YP started iForex in 1996 along with other bankers and dealers in the forex market, for providing forex services to investors.
It has its headquarters in the British Virgin Islands and it is regulated by NFA.
With an employee strength of 200, it is one of the most popular forex brokers across different countries.
However, it is yet to be a publicly-traded company.
Benefits of iForex trading account includes –
- You will be a part of 8 million clientele, which is huge, isn’t it?
- iForex has been serving hundreds and above a number of countries with its trading and brokerage facilities.
- The number of daily transactions that take place on the platform of iForex is around 35 thousand.
- The brokerage house provides customer support in 16 different languages.
- Then with iForex online trading, you get ultimate security of your data and personal information. It is one of the most secure brokerage houses because of its exceptional security measures.
- You can receive training from a training coach on a 1-on-1 basis and learn a lot about the market. If you are new to the market, you can also learn trading techniques and other basics.
- It offers proprietary trading platforms which are quite user-friendly.
- You can trade over 750 investment instruments across different markets and sectors
- There are a lot of educational and learning resources that you get access to when you open an iForex trading account.
- This brokerage house provides high leverage to their clients as well.
- It provides both negative balance protection and real-time margin protection for the clients. These two features help the investors to not lose more money than they have in their trading account.
- When you have a trading account with iForex, you get access to use all the advanced trading platforms, tools for trading.
- It has a segregated bank account facility that helps you keep all your funds safe and transactions are pretty simple to do.
Fill up the Form – Open Forex Trading Account Now!
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iForex Trading Account Charges
|Trading Account Charges|
|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|
The charge for iForex Standard mini account is $5 per lot.
This is the commission charge while $100 is the minimum deposit that you need to keep in the account and for opening it.
There is another account that iForex provides which is the VIP account.
For this account, the minimum/ initial deposit requirement is $2500 and the commission is 1 per side for each 100000 traded unit.
The charges are pretty nominal for both account types.
Types of iForex Trading Account
|Types of Trading Account|
|Trading Desk Type||Dealing Desk|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||Yes|
|Suitable for daily trading||Yes|
|Suitable for Weekly trading||Yes|
|Suitable for swing trading||Yes|
iForex has two types of accounts for their clients which are –
Standard Mini Account
The first kind of trading account that iForex provides is the Standard Mini Account.
This account has an initial deposit requirement of $100 only and provides a spread range of 0.1 pips and above.
The leverage that you can expect from this account is 100 times.
This means if you keep $1000 in your trading account, you can trade assets worth $100000.
The other type of trading account with iForex that one can open is a VIP account.
For this account, you need a deposit initially of $2500 which is a bit much. However, the spread level in this account is 0 pips onwards.
The leverage you can avail with this account is up to five hundred times which is huge.
Both the accounts have a dealing desk facility.
They are suitable for professional traders as well as beginners.
These accounts are suitable for scalping, daily and weekly trading, and others.
iForex Account Opening and Trading Process
Now you know about the different accounts that you can open with iForex, let us now see how to open an iForex trading account.
iForex Account opening process
- You will find a link/button/option on this page for opening a trading account with iForex
- Click on the same and then fill the pop-up form
- Mention all the correct details – name, occupation, bank details, and other required details
- Click on submit and your form will be submitted
- For completing the KYC, you can do it online just by uploading the documents for supporting your information
- After you upload the documents, the iForex team will go through your application and the documents.
- If it gets verified and approved, you will get an email with your login and password for the trading account.
iForex Login process
You can just log in using any of the trading platforms. The user id and the password received for the trading account, you need to use for logging into the account.
You need to download the trading platforms on your desktop, mobile, or another device. Then set them up. You need to add the assets you want to check on your market watch or dashboard always. You can set alerts and other customization options are there.
To trade the assets using the iForex trading account, you need to –
- Select the asset you want to trade on the trading platform after logging in to your account
- Then buy/ sell/ modify or cancel the order
- You need to put the number of units you need to buy or sell
- You can place multiple types of orders like stop-loss, bracket orders, and others as per your trading needs.
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iForex Trading Account – Features
|Social Trading / Copy Trading||No|
|Guaranteed Stop Loss||No|
|Guaranteed Limit Orders||No|
|Guaranteed Fills / Liquidity||Yes|
|Trading From Chart||Yes|
|Interest On Margin||No|
|Other Trading Features||No|
The features of the iForex trading account are –
- It has educational services that are you can learn a lot about the market using the resources it provides
- You get the social and copy trading facility
- Multiple alerts – trading signals, email alerts, and others
- There are different order types – stop-loss, limit orders, OCO orders, guaranteed fills or liquidity orders, and others.
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iForex Trading Account – Conclusion
iForex provides one of the best trading accounts with multiple trading features. High leverage, minimum initial deposits all helps the traders to increase their profit.
When choosing the trading account, you must check all the facilities and services you get with the brokerage house.
iForex Online Trading – FAQs
Here is the list of FAQs related to the iForex Online Trading:
Do iForex provide Online Trading?
Yes, you can trade online with iForex. It has advanced online trading facilities.
What are the Commission Charges in iForex?
The commission charged by iForex is pretty nominal. While for the standard account it is only $5 per lot, for the VIP account it is only 1 per side per 100000 traded.
Do iForex provide Demo account Trading?
Yes, iForex provides a Demo account for the clients.
The demo account is there for helping the traders and new clients understand the process before they start investing or trading in real with real money.
Is trading Free at iForex?
No, there is a very nominal commission you need to pay for trading with iForex.
Do iForex provide Spot Metals Trading?
Yes, it has a spot metal trading facility.
The spot metal trading features help the trade to buy and sell the metals of their choice at their market price.
What are Spot Metals Trading Charges at iForex?
The charges are the same as $5 per a lot of spot metal trading as well.
You can trade metals at their market price without paying any extra charges or commission.
Do iForex provide Stock Trading?
Yes, you can trade different stocks with the iForex trading account.
There are different companies’ shares that are available for trading with iForex.
What is spread at iForex?
The spread at iForex is different for different types of accounts.
For the standard mini account, it is 0.1pips while for the VIP account it is 0 pips onwards.
Is iForex safe for trading?
Yes, with iForex, you get one of the security and safety of your trading account and the assets.
The security measures and protocols are taken very seriously at this brokerage house.
They provide multiple layers of security and encryption to protect the clients’ data and other information.
Do iForex provide Trading Tips?
Yes, as iForex is a full-fledged brokerage house with all research and advisory departments. They provide trading suggestions and tips for the clients.
These tips are really helpful for each of the traders.
Fill up the Form – Open Forex Trading Account Now!
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