|Tier-1 regulated broker||High spreads|
|iForex offers many educational resources.|
iForex is one of the oldest CFD brokers based out of Cyprus and is a part of the iForex Group. Setup in 1996, iForex combines state of the art technology with excellent trading conditions to offer its clients unparalleled trading experience. The Group’s subsidiaries include:
Vestle- A European investment firm licenced and regulated by the Cyprus Securities and Exchange Commission (CySEC).
Formula Investment House Limited- Licensed and supervised by the Financial Services Commission (FSC), British Virgin Islands.
eBrókerház Befektetési Szolgáltató Zrt- Authorized and managed by the National Bank of Hungary.
The hallmark of iForex is its proprietary trading platform. Launched in 2004, it comprises the downloadable desktop version for windows plus the web and mobile app for Android and iPhone users. All iForex trading terminals are available in 13 languages, including French, Italian, Turkish, Portuguese, Hebrew, Arabic, and Japanese.
So, irrespective of your country of residence, access all the products offered by the CFD broker in the language of your choice, place one-click orders, employ advanced trading tools, hedge your strategy, and place guaranteed stop losses. Log in to the web terminal and check out all the features for yourself by simply filling out some basic info such as your name, email address and telephone number.
The product range at iForex comprises 800+ financial instruments across FX, commodities, cryptocurrencies, shares, indices, and ETFs. The CFD broker offers interbank spreads on a few major FX pairs, allows clients to use the entire margins to trade, offers negative balance protection and provides real-time margin monitoring as part of its risk management measures.
iForex provides several deposit and withdrawal methods, including cards, wire transfer, and third-party payment gateways.
The broker offers max leverage of 400:1 for professional clients in the European Economic Area (EEA) and the UK, besides International clients licensed and supervised by the Financial Services Commission (FSC).
However, retail clients in the UK and Europe are only eligible to receive max leverage of 30:1 due to regulatory restrictions. When it comes to the spreads, they are on the higher side with the bid-ask difference on the EUR/USD at about 2 pips.
To get in touch with iForex, reach out to the customer helpdesk via phone, email or live chat. The details are available on the website. iForex caters to more than 6 million customers from over 150 countries in 15 languages. To start trading, all you have to do is fund your account with a minimum of $100, complete the registration, and upload your identity and proof of residence.
There are always situations where it is better to go with a larger, more experienced forex broker, especially if you understand currency trading and want to work with tried-and-true professionals.
iForex falls in to this category. The firm was founded in 1996 and now boasts tens of thousands of clients across the globe, growing exponentially since its inception. If you are a beginner, all of the necessary tools are there to assist you, but you may not get your handheld as much as with a smaller, more aggressive company. Bankers and forex dealers founded iForex and have never looked back.
The company is unique in that they offer their own proprietary trading platforms – a downloadable and online version, plus a mobile system, as well, but not the typical free “demo” system. They prefer serious traders. For an initial $100 deposit, you may trade the market for 14 days and keep your gains, but any losses will not be deducted from your account balance.
Spreads are tight, and leverage can be up to “400:1”. There are a variety of account set-ups, including an Islamic interest-free account. iForex trading opportunities are also not limited to foreign exchange. You may also trade commodities, indices, and the newly popular “Contract For Differences (CFD), where local law permits.
iForex is an established market leader, committed to integrity and professionalism. As their website states, “At iForex we combine industry expertise with innovative technology to deliver our clients with real time quotes and vast market liquidity.
This combination provides our traders with the ideal surroundings to trade the financial market.” If you are tired of working with a forex broker that is constantly fixing internal operating problems or is too focused on assisting beginners, the iForex team may be the right selection, worthy of your consideration.
Features at iForex
Why trade with iForex? The firm lists these reasons:
- Direct access to global markets, including Forex, commodities, indices and CFDs
- A variety of account types to suit your needs with promotional bonuses
- Worldwide resources that provide global liquidity with the click of a mouse
- Offices located around the world and immediate customer service in your native language (Physical office sin Greece, Russia and Spain)
- A wide variety of interbank tools for larger accounts
- Interbank spreads on certain majors and competitive spreads on other tradable products
- No hidden fees and no extra charges
- Advanced technology to ensure balance protection
- Hedging capabilities
- 1 click deal execution
- Advanced market orders
- Guaranteed stop loss level for exposure closing
- Full margin usage which allows you to use the full extent of your funds: no margin calls
- Immediate future profit payments
- Customized leverage of up to 400:1
- Real time margin protection, ensuring limits and automatically executing risk management precautions to prevent negative balance
- Advanced technology, providing continuous order maintenance against volatile market situations
In 2004 iForex management decided to produce their own proprietary trading platforms. There are now two desktop versions – one downloadable within a Microsoft .net environment, and the other, an online system for those users whose firewall blocks the downloading of the former model. A third system supports mobile trading for those clients on the go. The iForex platforms can be accessed in 13 different languages, including Japanese, Arabic, Hebrew, Turkish, Portuguese, Dutch, Italian, English, Spanish, Romanian, Italian, Spanish and French. More information is available on the firm’s website, but it assures you that, “All three platforms accommodate the same username and password, and offer trading functionality with live and historic data about your account balance and open positions.”
Deposits and Withdrawals
As an established company, iForex can already offer all of the most convenient ways for new and existing customers to fund their account. The minimum initial deposit is $100, which can be made by wire transfer, credit or debit card, or from a host of other local and global payment mechanisms, including e-wallets. All withdrawals must follow documentation requirements dictated by international money laundering laws and regulations. In accordance with these rules, requests to transfer funds to a third party will not be processed. Details are required only once and are provided on the website.
iForex prides itself on the excellence of their customer support. Access can be made through email, live chat, fax, or from traditional phone service. There are 14 toll-free numbers available and three office locations, one each in Greece, Russia and Spain. There are training courses for beginners, one-on-one assistance and a variety of trading tools available, including market reports and commentary, economic event calendars, charts, signals, and a choice from three customizable and advanced trading platforms. iForex also takes security very seriously by using the best measures in the industry to protect your personal information from ever being compromised. Encryption during data transmission, strong authentication mechanisms, and separation of machines and data to provide secure trading sessions are just a few of the processes employed.
iForex – Conclusion
The iForex management staff has been involved in the foreign exchange industry for dozens of years. They offer all the typical features demanded by currency traders today, along with a proprietary approach that they have honed over time. Spreads are tight, execution times are quick, and every attempt is made to provide a customizable platform that is suited to your individual needs. Their firm has been active for 19 years and counting. If you desire to be with a market leader that is experienced and professional in its dealings, then iForex may be the firm for you.
Forextraders' Broker of the Month
BlackBull Markets is a reliable and well-respected trading platform that provides its customers with high-quality access to a wide range of asset groups. The broker is headquartered in New Zealand which explains why it has flown under the radar for a few years but it is a great broker that is now building a global following. The BlackBull Markets site is intuitive and easy to use, making it an ideal choice for beginners.