iForex Review 2023: Is It Scam Or Trustworthy? Read Before Trade

iforex review

Table of Contents

iForex is a leading Forex and CFD broker, serving in the industry for over 25 years. The brokerage firm came into the limelight in 2004 when it launched a multilingual internet-based trading platform. Today, it has become one of the well-recognized trading firms and aspires to be among the best forex brokers. Let’s explore more about the brokerage by evaluating the iForex review 2023. 

Before moving forward, it is worth mentioning that iForex offers a unique feature, i.e., a trading room that allows traders to trade various financial products, including forex, CFDs, and commodity spot trading.

The broker seems to hold its position in the industry for a long time as it offers everything that a trader would admire, whether it’s tight spreads, real-time market updates, or advanced technical tools. 

Below, we will give our opinion on iForex and will help you determine if it really is as good as they highlight it or if there are better alternatives. So, let’s start this in-depth iForex Review

iForex At Glance: Quick Overview

Official Website www.iForex.in
Parent Company  iFOREX Group & Formula Investment House Ltd.
Regulations British Virgin Islands Financial Services Commission (BVI FSC) & CySEC
Minimum Deposit $100
Tradable Instruments Forex, Commodities, Indices, ETF & Crypto-based CFDs
Leverage Up to 1:400
Spread Start 1.8 Pips
Account Currency USD
Deposit & Withdrawals Instant

What Is iForex? 

iForex is a Forex and CFD brokerage platform founded in 1996. As a part of the industry for over 25 years, the brokerage is counted among the most respectable trading platforms. 

The platform is owned and operated by Formula Investment House Ltd, a firm licensed in the British Virgin Islands under license no. siba/l/13/1060. Meanwhile, iForex group’s European subsidiary is registered in Cyprus. 

The company’s headquarters are situated in Cyprus, with an address: Corner of Agiou Andreou & Venizelou Streets, Vashiotis Agiou Andreou Building, Second Floor, P.O.B 54216, Limassol. Check out the broker’s regulatory compliance while moving forward with this iForex review. 

Is iForex Scam?

No, iForex is not a scam broker. There are many reasons why iForex is a legit broker, which mainly includes its regulatory compliance. The brokerage hold license to operate in the financial market from the British Virgin Islands Financial Services Commission (BVI FSC) under license no. siba/l/13/1060. 

Meanwhile, iFOREX Europe, the company’s European subsidiary, is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license no. 143/11. 

However, iForex does not appear to offer an insurance policy, which is a common safety feature every broker offers. The policy help traders recover their funds in the event of insolvency or bankruptcy. Additionally, the broker is not authorized to serve in the UK.

Overall, iForex is a legit broker that operates legally and abides by all the rules and regulations. The broker seems to be reliable and trustworthy. 

Is It Safe To Trade With iForex?

Yes, iForex is absolutely a safe broker to trade with as the platform promises to deliver a secure environment. On top of that, the brokerage takes cybersecurity very seriously as the client’s sensitive information is transmitted through more secured encrypted services such as firewalls and secure socket layers (SSL). 

Moreover, the company also follows negative balance protection (NPS) policy, which prevents platform users from losing more than they have deposited. In our opinion, iForex is a safe brokerage platform, but it should also apply for investors’ compensation funds (ICF) membership for the additional safety of clients’ funds. 

Taking everything into consideration, we can safely conclude that iForex is reasonably a safe forex broker. 

iForex Review: Pros & Cons

In this detailed iForex review, we have listed out all the advantages and disadvantages of trading with the platform so you get a better & clear idea of whether it’s a good fit for you or not.

Pros Cons
A wide range of trading instruments available High spread charges
Great learning platform High inactivity fees
Abides by Negative Balance Protection policy
Regulated and Licensed by tier 1 regulators
Real-time margin protection
Advanced tools

iForex Fees, Spreads & Commission

This section of the iForex review covers the topics related to its platform fees and commission charges. Let’s start – Like most forex brokers, iForex also offers fee and commission-free trading services. It relies on the trading spread for profit. 

Instruments Minimum Spreads
Forex 5.3
Commodities 4.6
Indices 6.2
Shares 1
ETFs 0.9
iForex Crypto 2.2

While we found iForex’s spread charges to be a bit higher in accordance with industry standards. One more thing that distracted our attention was the platform’s fees for other services that not all brokers have. For instance, the platform comparatively charges a high withdrawal fee of $20 for wire transfers. 

iForex Review: Maximum Leverage Offered 

iForex offers both leverage and non-leverage trading. By trading both asset classes within the same account, the platform lets you enjoy the best of both worlds. The maximum leverage offered by the iForex broker is 400X, which implies you can open a 400 times bigger position on your actual deposited amount. 

iForex Review: Payment Methods For Deposits & Withdrawal

Through the detailed iForex review India, take a closer look at all the available payment methods for depositing and withdrawing funds on the platform. 

When it comes to payment methods, the brokerage is not just limited to the credit card or bank wire. Instead, it offers a long list of payment modes that process your transactions instantly. 

Here’s a list of available payment methods for deposits and withdrawals: 

Payment Modes Maximum Amount Processing Time
Credit/Debit Card $1,000 Instant
Neteller N/A Instant
Skrill $10,000 Instant
Jeton – Local deposit 40,000 INR Instant
Bitcoin $20,000 Instant
GlobePay N/A Instant
Astropay (One Touch) $30,000 Instant
Digital (Crypto) Wallets $20,000 Instant
UPI 50,000 INR Instant
Bank / Wire Transfer  50,000 INR Instant

How To Open Your iForex Account?

The account opening process of iForex was so streamlined and easy in comparison to other brokers we have reviewed so far. It was just a three-step process, and your account gets activated within minutes.

Let’s take a look at the step-by-step process on how to open your iForex account: 

  • On the homepage, click on the ‘register’ button. 
  • Fill in your personal details, such as name, email address, and a strong password. 
  • Deposit funds to activate your account. Now, sign in to your account using the iForex login credentials. 

How To Trade On iForex? 

The user-friendliness of the platform lets users trade swiftly on the platform. Whether you’re placing your first trade or are a frequent user, you will never face any difficulty. Let’s understand the trading procedure on the platform: 

  • Firstly, choose a trading instrument, and a deal slip will open.
  • Tap on the “Sell” (short) or “Buy” (long) icons. 
  • Choose your preferred deal size and tap on the “Deal” button.

What Can I Trade on iForex? 

iForex has a good range of trading products, offering 88 currency pairs, as well as indices, commodities, stocks, ETFs, and cryptocurrencies. 

Unlike other brokers in this space, iforex also offers a range of soft commodities for trading, including soybeans, wheat, corn, cocoa, coffee, and cotton. However, iForex does not offer spread betting as it is not authorized to operate in the UK.

Here’s a list of instruments available for trading on iForex: 

  • Forex – All minor, major and exotic currency pairs available
  • Commodities – Gold, Gasoline, corn, cocoa, coffee, and cotton.
  • Indices – India 50 USD, US Tech 100, US 30, and Germany 40.
  • Shares – Aston Martin, Atos, Just Eat Takeaway.com and Delivery Hero.
  • ETFs – Germany 40 Fund, US 100 Short x3, US 500 Long x3, and Global Gold Miners x2. 
  • Cryptocurrencies – Aave, Bitcoin, Ethereum, Avalanche and Binance Coin. 

iForex Review: Available Trading Platforms

The brokerage offers a proprietary trading platform and a dedicated mobile application. Both platforms are easy to use and user-friendly; even novice traders can get started. Let’s explore all the features of the available platforms:

iForex Desktop Platform Review: 

IForex offers a comfortable desktop experience with a clear and easy-to-use interface. Unlike some brokers, IForex does not appear to offer trading through the MT4 or MT5 platforms but does have a proper web-based trading platform. 

For instance, product offerings are arranged neatly in a tabular format. It is also possible to create your own watchlists by clicking on the star to the left of the instrument you want. This will add the item to your favorite watch list.

Clicking on your preferred instrument opens a trade ticket that allows the trader to set the trade size as well as stop-loss and take-profit levels. The price is also clearly displayed on the right, with the trade direction displayed in the upper left corner from your perspective (sell price on the left, buy price on the right).

iForex App Review

The best part of the iForex mobile app is that it displays trading sentiment, a feature that many brokers neglect. This feature allows traders to get a clear idea of where the market is leaning. The mobile app also offers advanced security measures, such as fingerprint and face identification, to open the app for trading.

Traders can easily create new deal tickets. All they have to do is choose an instrument and tap on the new deal icon, select the position size and direction, and hit the deal button. 

iForex also has an attractive mobile graphics package. Information is clearly visible. Overall, we had a great experience using the iForex trading app. 

iForex Review: Special Features

iForex offers some special features that many brokers lack. While educational and resources offering are common features, iForex has a dedicated section where users can learn on the platform and can use the research tools to place trades more efficiently. 

iForex Educational Resources: 

IForex scores very well in terms of educational products. It is easy to find information on major trading products such as CFDs and forex. There is also information on technical analysis and various videos that beginners will find particularly useful. A convenient glossary is also provided to help navigate some of the jargon in the forex market. Additionally, it also runs a 1-on-1 training program.

iForex Research Support

IForex’s research support seems to be quite complete. There is a separate section for news and analysis, as well as an iForex blog where thematic topics are covered in detail. While research webinars, videos, and real-time news don’t appear to be offered, iForex does have an economic calendar with major macroeconomic events that can affect the markets.

iForex Promotions, Bonus & Offers

The brokerage offers lucrative incentives and bonuses on sign-ups. Let’s discuss the available bonuses through this detailed iForex review India:

iFOREX Welcome Package

The platform is offering a 50% trading bonus on your first deposit and a chance to claim 50% more by uploading the documents. You can also enjoy other benefits like 1-on-1 training, guides, video tutorials, demo account, educational articles, and more. 

iForex Affiliate Program

The iForex Affiliate program offers businesses an excellent chance to grow. The profitable affiliate program provides professional support and generous payment plans. By becoming an iFOREXPartners Affiliate, you can get all the support required to maximize your potential earnings.

Here are some of the features of the iForex Affiliate program

  • The platform will provide banners, scripts, website designs, Forex tools and more
  • Premium access to exclusive education guides
  • Lucrative CPA and CPL payment plans
  • Advanced statistics with detailed reporting

iForex Social Initiative

The platform has joined hands with One Tree Planted to plant trees in the Amazon rainforest. Whenever a trader deposits $200 or more, the broker plants a new tree in the Amazon rainforest.

Why iForex? 

There are plenty of reasons to choose iForex, including

  • Proprietary, user-friendly trading platforms for Desktop and Mobile
  • 750+ tradable instruments from multiple markets and industries
  • Advanced Trading Tools
  • High leverage and very tight spreads 
  • 1 on 1 training with an attentive trading coach
  • Generous trading bonuses, promotions and special offers

What Are The Best iForex Alternatives? 

As Forex is a competitive industry, brokers always focus on offering as many features as they can to attract more customers to their platform. While we scroll down the internet, we always find a broker offering way better features than others. So, let’s today take a look at the best iForex Alternatives: 

iForex vs InvestFW

Features iForex  InvestFW
Regulations CySEC Financial Conduct Authority (FCA)
Minimum Deposit $100 $250
Demo Account Available Available
Commission Free Free
Assets Offered Forex, CFDs, indices, commodities, cryptocurrencies Forex, CFDs, indices, commodities, cryptocurrencies

iForex vs LexaTrade

Features iForex  LexaTrade
Regulations CySEC IFMRRC
Minimum Deposit $100 $250
Demo Account Available Available
Commission Free 3.7 per lot
Assets Offered Forex, CFDs, indices, commodities, cryptocurrencies Forex, Commodities, Stocks & Indices

iForex vs Libertex

Features iForex  Libertex
Regulations CySEC CySEC
Minimum Deposit $100 $100
Demo Account Available Available
Commission Free $3 per lot
Assets Offered Forex, CFDs, indices, commodities, cryptocurrencies Forex, Commodities, Stocks & Indices

iForex Review: Customer Support

The customer support service is pretty good at iForex. Online chat is available to new and existing customers. All customers can get 24/5 global customer support and technical assistance. 

Phone support is also available in China, Egypt, India, Indonesia, Malaysia, Mexico, the Philippines, Russia, South Africa, Switzerland, and the United Arab Emirates. Moreover, iForex also has an active Twitter account that helps customers find solutions to common problems. 

Uniquely, iForex offers remote support assistance, which allows the support team to connect to the computer over the Internet, view the computer screen, and resolve any issues a customer may be experiencing.

Here’s how you can contact the iForex customer care:

  • General: +30-210-374-2599
  • Technical Support: +30-210-374-2504
  • Customer Service: +30-210-374-2599
  • Management: +1-855-845-5883
  • Customer Service Email: [email protected]
  • Technical Support Email: [email protected]

Conclusion

After analyzing this detailed iForex review, we believe that it is a really an appreciable trading platform, perhaps too user-friendly for people who want to start with it, also quite sophisticated for those professionals who want to make a huge with their forex investments.

In our opinion, iForex is more suitable for professional traders than for small traders who want to invest comfortably in the simplest way. However, our iForex review is more focused on a normal user who wants to trade with a very user-friendly and easy-to-use interface. In this sense, iForex can sometimes be more complicated for a normal user. 

But you can still trade forex easily with the other best forex broker – InvestFW. The platform is user-friendly and somewhat has everything that a trader would want. It also offers a demo account to practice. 

FAQs

How Many Countries Does iForex Offer Services In?

The platform has over 8 million active users across 159 countries. These countries majorly include India,  Venezuela, the Philippines, and Greece. 

What Is iForex Minimum Deposit?

The iForex minimum deposit for opening a trading account is $100. There are many deposit modes available on the platform, from UPI to bank transfers and credit cards. 

How Do I Login To My iForex Account?

Open the iForex Homepage and click on the ‘Login’ icon, which will land you on the iForex login page. Then, simply enter your username (email address) and password, and click on ‘Login’ to access your account. 

How Do I Change My Current Password On iForex?

To change your current password, follow these simple steps:

  • Login to your iForex account
  • Tap on ‘Change Password’ in the ‘My Account’ tab,
  • Now, follow the instructions on the ‘Change Password’ page 

I Forgot My iForex Password. How Can I Retrieve It?

In case you forget your iForex account password, follow these steps to retrieve it: 

  • Visit the iFOREX login page.
  • Click the “Forgot Password,” which will open a “Request a New Password” page, and enter your username.
  • After completing the required steps, you will receive a confirmation message, and a confirmation email will be sent to you. Click on the link, and you will be redirected to the set up new password page.
  • Now, set up a new password for your account. 

Is iFOREX A Genuine Company?

Yes, iForex is a genuine company as it holds a license to operate in the financial market from the British Virgin Islands Financial Services Commission (BVI FSC) under license no. siba/l/13/1060. 

Meanwhile, iFOREX Europe, the company’s European subsidiary, is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license no. 143/11. 

Who Is The Owner Of iForex?

iForex is owned and operated by Formula Investment House Ltd, a firm licensed in the British Virgin Islands under license no. siba/l/13/1060. Meanwhile, iForex group’s European subsidiary is registered in Cyprus. 

Is IForex A Fraud? 

No, iForex is not a fraud, but a well-regulated forex broker, holding a license from the British Virgin Islands Financial Services Commission (BVI FSC) and the Cyprus Securities and Exchange Commission (CySEC).

What Is iFOREX Trading?

iForex is a leading Forex and CFD broker, serving in the industry for over 25 years. The brokerage firm came into the limelight in 2004 when it launched a multilingual internet-based trading platform. Today, it has become one of the well-recognized trading firms and aspires to be among the best forex brokers. Learn more about the platform through a detailed iForex review. 

Is iFOREX Regulated?

Yes, iForex is regulated by the British Virgin Islands Financial Services Commission (BVI FSC) and the Cyprus Securities and Exchange Commission (CySEC).

How Do I Withdraw Money From iForex?

Here’s a step-by-step process to withdraw funds from the iForex trading account:

  • Log in to your account and tap on ‘Withdrawal’ in the ‘My Account’ tab of the upper Menu bar.
  • Fill in the details and click on ‘Continue’. Now, print the withdrawal request form and upload it on the platform. 
  • After approval, your request will get started to process. 

What Are The Advantages Of iForex?

The advantages of iForex include the following: 

  • Proprietary, user-friendly trading platforms for Desktop and Mobile
  • 750+ tradable instruments from multiple markets and industries
  • Advanced Trading Tools
  • High leverage and very tight spreads 
  • 1 on 1 training with an attentive trading coach
  • Generous trading bonuses, promotions and special offers

Who Owns iForex? 

iForex is owned and operated by Formula Investment House Ltd, a firm licensed in the British Virgin Islands under license no. siba/l/13/1060. Meanwhile, iForex group’s European subsidiary is registered in Cyprus. 

How Do I Open An iForex Account?

Let’s take a look at the step-by-step process on how to open your iForex account: 

  • On the homepage, click on the ‘register’ button. 
  • Fill in your personal details, such as name, email address, and a strong password. 
  • Deposit funds to activate your account. Now, sign in to your account using the iForex login credentials.

What Types Of Currencies Does iForex Offer?

iForex allows users to trade 90+ currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, GBP/JPY, USD/CAD, EUR/JPY, NZD/USD and EUR/GBP. 

Is iFOREX Trustworthy?

Yes, iForex is a trustworthy and well-regulated forex broker, holding a license from the British Virgin Islands Financial Services Commission (BVI FSC) and the Cyprus Securities and Exchange Commission (CySEC).

How Is iFOREX?

iForex is a reliable and trusted forex broker as it holds a license to operate in the financial market from the British Virgin Islands Financial Services Commission (BVI FSC) under license no. siba/l/13/1060. 

Is iForex Legal In India?

Yes, iForex is legal in India as it is well authorized to operate as a financial service provider. As the Indian government allows users to deal with regulated brokers only, in this sense, iForex is absolutely a legit broker to operate in India. 

Where Is iForex Head Office?

The company’s headquarters are situated in Cyprus, with an address: Corner of Agiou Andreou & Venizelou Streets, Vashiotis Agiou Andreou Building, Second Floor, P.O.B 54216, Limassol. 

Is There Any iForex Office In India?

No, iForex doesn’t have any office in India till now. The only head office of the company is at Cyprus. 

I Wired Funds To My iForex Trading Account From My Bank Account. How Long Does It Take To Appear In My Account?

Bank Wire transfers may take up to 3 to 5 business days to process. However, it also depends on work days and your banking service provider. 

Why Am I Getting A Deposit Failure Notification On iForex?

There may be many reasons why your deposit gets failed. It may be due to an insufficient balance in your bank account or you have reached the maximum transaction limit. 

 

How Do I Cancel My Withdrawal On iForex?

To cancel a withdrawal request, simply follow these steps:

  • Go to the ‘Withdrawal’ page. 
  • Under ‘Pending Withdrawal’ tap the ‘Cancel’ button and your request will be cancelled.

How Long Does It Take For Me To Get My Money Back After Asking To Withdraw It On iForex?

Most of the time, withdrawal requests get processed instantly. However, it may take up to 3 to 5 business days to process requests for Bank transfers or credit cards. 

Why Was $20 Deducted From My Withdrawal On iForex?

iForex charges a $20 fee for withdrawal requests raised through wire transfer.

How Do I Delete My iForex Account?

In order to delete your iForex account, contact the support team at [email protected] and remove your email address from your profile. 

How To Recover Money From iForex?

To withdraw funds from the iForex trading account, follow these steps:

  • Log in to your account and tap on ‘Withdrawal’ in the ‘My Account’ tab of the upper Menu bar.
  • Fill in the details and click on ‘Continue’. Now, print the withdrawal request form and upload it on the platform. 
  • After approval, your request will get started to process. 

What Documents Do I Need To Send To iForex?

The documents required for the iForex account verification include: 

  • A copy of an official identity document (ID card, passport, etc.) 
  • A recent proof of residence (utility bill, bank statement, etc.). 
  • A copy of both sides of the credit card in case of card payments

(Note: The document must not be older than 6 months. The company may ask for additional documents, depending on regulatory requirements.

I Want To Change My Phone Number on iForex, What Is The Procedure?

The process of changing the phone number on iForex is simple. Just send a phone number updation request by email to your assigned compliance officer or account manager.

I Want To Change My Email Address, What Is The Procedure?

The process of changing the email address on iForex is similar to phone number updation. Just send an email address updation request by email to your assigned compliance officer or account manager.

How Can I Get A iForex Demo Account?

iForex allows you to create a demo account only after you activate your real trading account. For any queries regarding your Demo account, you can contact iForex customer support. 

I Cannot Access My Demo Account On iForex Any More. What Do I Do?

You can contact your account manager or call the customer service team. 

More Than 10 Business Days Have Passed And I Still Haven’t Received My Funds On iForex.

In most cases, the withdrawal requests on iForex are processed immediately, while it may take up to 3 to 5 business days in some cases. If you are still facing issues, you can contact the customer support team. 

Which Forex Broker Is Safest?

iForex and InvestFW are the safest forex broker on the internet today. Both are well regulated and take clients’ security on top of everything. 

What Is The Best Forex Website?

iForex is the best forex website as the platform is well regulated and offers a long list of services and features. The platform has over 8 million active users across 159 countries. These countries majorly include India,  Venezuela, the Philippines, and Greece. 

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