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iForex is an international group of Forex companies founded in 1996 by a group of bankers and Forex dealers. In 2004, they launched their multilingual internet-based trading platform. Still, despite being veterans in the world of Forex, the iForex’s services are both complicated and inconsistent as compared with companies like AVAFX and Markets.com which are newer but have proven to offer more reliable trading and customer support services.
A cursory review of the iForex website looks promising – with clearly-defined account types, users should have no trouble choosing between the Standard Account for new Forex traders and the Premium Account for experienced traders. Users looking to test out iForex services can apply for a 14-day Protected Account, which is similar to the demo accounts offered by other top Forex brokers, but costs $100 to use. Users who lose money during the life of Protected Account will not be required to pay for losses that exceed their initial investment, but those who profit during that period will be entitled to keep all earnings above the accounts $100 fee. The company’s fourth service, Interest-Free Trading, is designed for Muslims who adhere to Sharia laws as they relate to Forex trading. A closer look at the company’s offerings, however, leaves much to be desired.
iForex Customer Service
While account registration is entirely straightforward, user support and guidance in the platform are non-existent which complicates the process immensely. In order to access help, iForex users must return move from the trading platform to the iForex website. Even then, help is elusive. When it comes to searching for answers independently, users can browse the sparse help center or the general FAQ page, which is comprised of only 10 questions. In the help center, the technical FAQ page has only general information and 5 FAQs which are hidden at the bottom of the page. The rest of the help center includes standard account documentation and suggestions for software downloads, none of which can help users with questions about how to use the iForex trading platform.
iForex also offers several ways to receive personal support – or so the site claims. We tested the iForex chat service several times, and were never able to receive online help. We also tried calling the Canadian customer service phone number listed on their website, but were not able to connect. Consequently, users who may need customer service at any time may want to consider using more accessible Forex brokers such as AVAFX or FXCM.
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 and it does not offer VIP customer service. The only instances in which differential terms are mentioned are when discussing internet trading as opposed to phone trading.
iForex Trading Platform
iForex offers two trading platforms, both developed in-house. The downloadable platform is designed for traders who spend the majority of their time at their desks, while the web-based version is suitable for traders on the go. Users should be aware that the downloadable client version requires a .Net environment to be installed as well.
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, 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.
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 iForex. 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 3 step process: determining the currency pair involved, setting the amount of the deal, and determining whether to buy or sell the base currency. Minimum deal size is set as follows:
- Standard Account: $2,500
- Premium Account: $10,000
- Protected Account: $2,000
- Interest-Free Account: $2,500
There is no need to pre-set the margin of the deal, as it 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, the quote currency to risk, 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.
Although, iForex offers sufficient trading platforms, its poor customer service and relatively expensive demo account disqualify iForex as a top choice for new traders. 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. Practiced Forex traders who are looking for a new platform may appreciate what iForex has to offer, but will likely be happier with a more consistent Forex trading solution.
- Clear explanation of different account types
- Downloadable and web-based platforms
- No free demo account
- Terrible customer service
- Insufficient FAQs and tutorials for iForex platforms-
- Many users complain that submitted phone numbers are used for repeated solicitation.
This site is not clear and I wonder why. I think iForex is trying to tell us about all sorts of scams that are out there these days, but I don't think they really can help me. Scams are all over the place and its good that there are companies like iForex that let the people know what is happening.alawargames June 2013
I know this site was supposed to keep me from being tricked out of my money but the iforex scams mentioned can’t be real. They are too far-fetched for me to believe. I don’t trust this broker.Sorry.Musleh_3 June 2013
You must be kidding. Those iforex scams are for real. Believe me. I know. My sister was taken in big time. She gave the guy lots of money and he closed up shop and ran away. You can lose all your money if you fall for a Iforex scam so be careful.ElenaAleksandrov May 2013
There’s something strange about the iforex scams mentioned in this review. I don’t whether it’s the reviewer or the company. Aside from this, I’m pretty happy with the company. My trades are executed on time and I’ve even managed to make some money. So forget about the iforex scams and just look at the profits.MarcusSanders May 2013
I'm not sure what broker offers Hindi, but MetaTrader 4 offers nearly 30 languages, so you might be ok with that. iForex is definitely not worthwhile, but AvaFX offers MT4 accounts and only a $100 minimum deposit, so you can try there - they're also a very honest Forex broker. Good luck!IngridA March 2012
Hi i want to be a forex trader can anyone tell me which trader is best and how much i have to open an account and please tell me the site which provide trading in hindi please helpppppsahilmehra March 2012
Please help me for withdraw the money iforex is asking for the photocopy of credit card with cvv code also .Is it safe to give them .Beacuse they can use it to withdraw my money.Prabhat Kumar September 2011
iforex is only worlds worst company...there account manager's r just designed to suck the money of peopleMY PERSONEL EXPERIANCE MY ACCOUNT MANNAGER WAS ESHKOL ABRAHIM.HE SUCK MY 20000$ IN FEW MONTHS.HE WAS CHARGED ME 20% OF MY PROFITE WHICH I HAVE GIVE TO HIM .....AND STILL THIS HAPPEN TO MEIF U WANT TO MAKE IT SURE CALL ME ON MY NOGuparvesh singh May 2011
Plz don't open account with Iforex, the main cons is Iforex is not a Regulated by any regulatory body. U know without regulation u cant believe any broker specially in currency market. This is my own 2 year experience in forex trading.KAMAL March 2011
I am new to iforex. Is there any live training or chatting to learn how to trade. How many times i can trade in a week?Sharan December 2010
What is iFOREX like profile, working etc. ???Ram Kishore November 2010
how do you withdraw money? does it get credited to your bank a/c directly?raja November 2010
Hi All. Iforex is one of the best, legal and trustworthy broker. its very easy for new traders to learn and earn with it's easy to use web based trading platform. good luck to all traders with iforexdeep October 2010
What is iFOREX? Let me know in detail.anees October 2010
Is forex trading allowed as per RBI foreign currency policy ? what is the limit for investment? is trading also allowed? can someone point out the relevant rule which says so ?Mani October 2010
YeahMilind August 2010
I am new for trading, Please help me regarding should I start with iForex or not? is it a good one or fraud?Firoz July 2010
Want to start trading with iforex but the $100 initial payment thru netsafe is safe or not. Pls suggest.ranjan June 2010
I have been trading with iforex for more than 6 months , but web based platform is not suitable for trading , bcoz if u get more profit it will hang , if u get more loss also it will hang , u cannot close deal or open deal , it is very very poor , dot go for web based trading platform and lose ur money , i have lost 1500 dollar, i know trading but due to platform hanging problem i lost.mohanraj May 2010
Sudhahar, from what we know, they are a legitimate broker with a very rich past in Forex trading. As usual, it is recommended to test out the platform with a demo account before trading real money.Hillel May 2010
I read iforex is kind of scam.Is it true?sudhahar May 2010
Thanks Dilip, we have written many articles about Forex risk, you can see one such example here http://www.dailyforex.com/articles/2010/04/_4505_dailyforex-news_Managing_Forex_Risks.aspxHillel May 2010
As per my experience, forex trading is very dangerous with minimum balance like $100. Better trading with minimum balance $500.Dilip G.V. May 2010
Hi John. I have been trading with Iforex for 2 years with no negative experience.As for withdrawing funds,if e.g. you deposted $500 via credit card, you can have that $500 deposited back into your card, all the rest will be transfered into your bank account that you supply them with upon registration.George April 2010
I have been trading with iforex for 3 week since i am new to it i did not have any one to help me and by the end of 3 rd week i got 192 $ profit and it is a trusted one and it is approved by reserve bank of india if u need any help contact me i will help all people my mobile no is 9994488161Subavel March 2010
Hi, Can anybody tell me how genuine is this trading? And also Hi tenzin, pls help me to understand 1. Is it allowed by RBI of india. 2. How do you withdraw money from your account. Example ; When you want to invest... you use your credit card... and incase of withdrawal --how do u withdraw.pls help me on to this...johnmilton March 2010
Hi, i am very happy with iforex trading and i confirmed with my CA and he told me that iforex trading is legal in indiaTenzin December 2009
iForex is a great platform! I invested 2000 usd and just made 4000 usd profits!! I received my cash! Going back in now!! Thanks iforex!Aziz U September 2009
I will disagree with Mr Talal because I have been dealing with iFOREX since last 10 months. I have only deposited 1000 USD and have withdrawn till date 11250USD and my current equity is 2500USD. I never had a problem in withdrawing funds. I think you need to know how to trade instead of blaming a company.forex Guru September 2009
iforex has not been fair with me. I invested $400 and i have yet to see any profit. all they ask me to do is invest more and more and I want to withdraw and they will not let me.Matt September 2009
Hi, Can anybody tell me how genuine is this trading? Also does this trading has approval from RBI?Pralahad Naik August 2009
Hi tenzin, pls help me to understand 1. Is it allowed by RBI of india. 2. How do you withdraw money from your account. Example ; When you want to invest... you use your credit card.. and incase of withdrawal --how do u withdraw.Murugesan August 2009
i want to know is in this website can i able to make money or not is this website is trustworthy or fraudshiva July 2009
the disadvantages you mentioned is not right because in iforex you can use demo in net version also + in india they are providing online training. i think this disadvantages is written without any researchtenzin namdak July 2009
iforex is genuine broker.i am trading here since 6 months. i started my a/c with $100 and till yet my withdrawal is $1200 and still i have $209 in my accounttenzin namdak July 2009
All this talk of profit taking makes me wonder is it not true? To iforex can one only withdraw the amount you deposited. What about the money you banked because of a positive trades?Freddie July 2009
i have to disagree with mr talal , the deals are correct, and you cant withdraw more than your balance , it does not make sence , good luckmohamed June 2009
never trust IForex. because they are not trading with your deals in forex market they keep them internally. their profit comes from your loss. you will find out this when you withdrawing more than the amount you deposit (here i am talking if you make big profit and you are already withdrew you capital).Talal Al Reyami June 2009