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Special for iForex
A unique offering of iForex is its low risk Protected Trading Account (PTA), designed to introduce potential traders to the lucrative world of currency trading, the PTA account acts as a bridge between a demo and real account.
• At any point during the 2 week period the trader can control upto x100 his initial deposit regardless of the actual balance in the account
• Make as many trades as desired 24 hrs a day, using any currency pair
• At the end of the two week period the trader keeps the profits, the losses are covered by iFOREX.
The iForex Protected Trading Account
iFOREX is EFix’s internet arm, which was founded in 1996 by a group of ex-bankers. With their experience in the foreign exchange market the company operates dealing rooms around the world, enabling clients with various portfolios to trade directly with them. iFOREX was founded in 2004 thus adding the option of trading via the internet to that of trading over the phone.
iFOREX offers two trading platforms, both developed in-house, one which requires downloading to the users computer and the second is web-based. The downloadable client version takes a few minutes to download, and it requires a .Net environment installed as well. The download version offers both demo and real money accounts, while the web based version offers real money accounts only.
The download version is meant for more advanced users as it enables viewing and operating several deals all at the same time. The advantage of the web-based version is that it may be accessed from anywhere anytime and it overcomes security systems which don’t allow downloading desktop applications.
Both versions may be accessed using the same login information (demo account for the client version requires separate login), and the account data is updated in real time on both.
The web-based version is available in 13 languages: English, Spanish, French, Italian, Dutch, Portuguese, Romanian, Turkish, Russian, Arabic Japanese, Chinese and Hebrew. The download version is available in English and Hebrew only.
Registration to the iFOREX platform requires filling in minimal details and agreeing to the Terms and Conditions.
A minimum of $100 is required for the first deposit. This can be done easily by submitting credit card details or in a more complicated procedure by wiring funds from a bank account. The latter requires going offline to deal with the bank and then faxing confirmation to EFix. Withdrawal of funds back to same credit card is as easy as the deposit, while any excess funds must be deposited back into a bank account to prevent money laundering risks.
Setting up a deal requires a simple 3 step process: determining the currency pair involved, setting the amount of the deal, minimum $5,000 worth, and determining whether to buy or sell the base currency. There is no need to pre-set the margin of the deal. Margin is determined by the free-balance in the account. Setting stop-loss or take-profit rates are optional. Should you choose to set limits you may do so by setting a total amount of either the base or the quote currency to risk, by setting the exchange rate or by setting a percentage of the deal. Edition of these rates is possible once the deal is set up.
Full tracking of activities in the account are available in the system, with a complete activity log, including logins to the system, deposits and all trading actions executed. The online application offers a dashboard which lists a summary of open deals, their statuses and funding of the account. This tool is accessible from any of the screens throughout system.
iFOREX does offer many analytical tools necessary for trading, however no online training is provided. Upon sign-up a representative calls to assist in setting initial trades. You may also request that a representative call you, and live chat is available on-line as well. In certain locations you may request a meeting with an iFOREX representative either at their offices or at a location of your choice. The site does not publish differential account statuses or VIP customer service. The only instances in which differential terms are mentioned are when discussing internet trading as opposed to phone trading.
In sum, iFOREX offers comprehensive trading platforms. Although the site is equipped with lots of trading resources there is no easy step-by-step training to get to know the FOREX market in general or iFOREX tools specifically. Therefore an understanding of the market, as well as opening a demo account in order to get to know their system is highly recommended prior to trading with this broker.
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