- Several trading platforms
- Demo account
- Only on trading account
- No bonuses
iFOREX ReviewiFOREX Review
iFOREX was founded in 1996 by a group of bankers and Forex dealers. In 2004, it launched its multi-lingual internet-based trading platform and is now one of the largest and most respected firms in the industry.
iFOREX operates a dealing room for trading various financial products including foreign exchange, CFDs and commodity spot trading. iFOREX has distinguished itself as an industry leader with tight pip-spreads, real-time market prices which are provided via a direct link to the interbank arena, and a unique margin policy.
iFOREX is regulated by PSZAF and CYSEC.
iFOREX offers a standard mini account which must be funded by a minimum deposit of US$100 and a VIP account where the minimum transaction size is $2,500 (or the equivalent), with up to 400:1 leverage.
iFOREX does not charge any commission for opening positions, though there is a spread between the buy and sell rates which is customary in all dealing rooms and Forex trading platforms throughout the world. The iFOREX unique margin usage policy enables traders to maximize the full potential of their trading account.
iFOREX offers many tradable products at iFOREX, including CFDs on equities, commodities and indices, including Facebook, Apple, Crude Oil, Dow Jones, Nikkei, etc.
Traders can also trade currencies and precious metals such as gold as well as binary options on many of the above products in specific jurisdictions, subject to regulatory restrictions.
iFOREX investors have at their disposal several sophisticated trading tools, including one which allows them to place a Limit Order at a better rate, which in turn cancels other orders once executed. Also, investors may pre-determine a Stop Loss or a Take Profit.
In addition, it is also possible to gain or risk by setting a pre-defined rate with which to open or close a position.
At iFOREX investors are not obliged to set a stop loss rate. They have full control over the trade’s exposure and may open new positions based on future profits from existing open positions.
Traders receive constant up-to-date account monitoring options which allow them to view their opened positions, collateral and exposure values in real time. This real-time service gives investors full control over their portfolios and aids management immensely.
AT iFOREX, free direct access to advanced trading charts and market indicators with charts allow multiple time frame analysis and the ability to perform advanced technical analysis. These charts help investors visually track currency price movements and analyze market trends. Additionally, the history of each currency pair’s value as well as the latest movements can be viewed.
The Advanced Trading Signals option sends traders live updates on the latest market trends for the 65 hottest currency pairs, leading indices and commodities. The signals are delivered directly to a trader’s mobile device and can be fully customized to suit the trading needs and preferences of each trader.
The website is available in close to 20 different languages. In addition, iFOREX offers a direct link to the Trader Base website which is a leading source of information for online Forex trading and is a total world onto itself.
At the time of this review, the only bonus available was a refer-a-friend type promotion. Account holders can send iForex the names and contact information of 5 friends and they will be contacted by an iForex representative. If any of these friends opens an account and starts to trade, the client receives a minimum of $35 per friend, to be used for trading purposes only.
iForex is big on education and offers its clients lots of useful information to help traders trade Forex or CFD’s. Each unique learning guide is easy-to-read and is applicable for traders at every experience level. Some of the interesting video courses include the basics of Forex trading, moving averages, common trading mistakes, how to profit from the news and others.
The iFOREX e-books accompany many of these interactive courses and a full glossary of financial terms is available.
1-on-1 training is provided so traders can learn at their own pace.
Free educational packages can be ordered by simply filling out an online form. The beginner’s course has full instructions on how to use the iForex platform and the advanced course provides professional strategies to more experienced traders.
iFOREX traders can stay up-to-date on the markets by viewing any of the daily news reports and analysis posted on the website. They will also find the iForex blog full of relevant articles on current market events.
iFOREX provides various means of online and offline fund deposit options, including Bank Wire, Credit Card, Skrill, Western Union, Debit Card and eWallets.
Withdrawals are requested via the online withdrawal form.
Customer support at iFOREX can be contacted 24/5 via email, toll free telephone numbers to close to 20 different locations and chat. A direct fax line is available to their Greek headquarters.
There is also a textual support ‘hub’ that explains in detail everything a trader needs to know with regards to opening an account, payment options and basic details about Forex trading. This is very helpful for those who need immediate assistance even during non-working hours.
iFOREX is a broker that takes responsibility for its traders. Its educational material is vast and although there is only one standard account, the choice of several different platforms makes trading easy for both novice and experienced investors. More bonuses would be beneficial as well.
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