iForex Editor’s Verdict

iForex was founded in 1996 and is part of the iForex Group. This broker prides itself on generating mass trading volume and liquidity; it is able to claim over 8,000,000 clients from over 100 countries, and executes over 35,000 transactions per day. Per its own account, the deployment of advanced technology meets the needs of modern traders. Regrettably, no evidence of that assertion exists. iForex does present traders with its proprietary trading platform, with a focus on mobile traders. Over 940 assets are available, and education fulfills a central role. This broker states that it neither manages investment funds nor does it offer advice; however, as regards the former statement, trading signals is listed under the website's tools section.

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Deposit and withdrawal
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Asset selection
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Ease of account opening
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Regulation and security
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  • Free 1-on-1 training

  • Free education and information

  • No social features

  • No bonuses


iForex has over 24 years of market experience, suggesting financial stability and a well-executed business plan.

RegulatorsBVIFSC, CySEC
Year Established1996
Execution Type(s)Market Maker
Minimum DepositUnspecified
Trading Platforms(s)Other, Proprietary platform, Web-based
Islamic Account
US Persons Accepted?
Managed Accounts

iForex Review landing page

Regulation and Security

While the location of the group headquarters is not specified, the international subsidiary, operated by Formula Investment House Ltd, operates out of the British Virgin Islands (BVI). As such, the British Virgin Islands Financial Services Commission (BVIFSC) authorizes the company; client deposits remain segregated from corporate funds, and negative balance protection applies. Full compliance with all regulatory stipulations is maintained, and Formula Investment House Ltd has a clean regulatory track record.

Formula Investment House B.O.S. Ltd, a Cypriot-based entity, provides payment clearing services. Cyprus is also where the iForex Group operates its European subsidiary, Vestle, with oversight from the Cyprus Securities and Exchange Commission (CySEC), which offers a significantly less competitive trading environment for EEA traders. Having said that, it does offer better protection than the BVI entity, primarily due to the Investor Compensation Fund (ICF) that protects client deposits up to €20,000. While the BVI subsidiary could add the same protection via membership in the Hong Kong-based Financial Commission, it did not deem that protection necessary. Therefore, the track-record of iForex, registered in the BVI since 2013, represents the most dominant security feature. Traders will need to assess if it is sufficient for them.

The international subsidiary of iForex operates out of the British Virgin Islands (BVI).

iForex Review regulatory framework of BVI

The British Virgin Islands Financial Services Commission (BVIFSC) granted a license in December 2013.

iForex Review BFIFSC license info

The BVIFSC website confirms active status as of July 2020.

iForex Review BFIFSC active status

Formula Investment House B.O.S. Ltd provides payment clearing services out of Cyprus.

iForex Review formula house payment clearing


iForex derives its revenues from spreads, the difference between the bid and ask price of a quote. The EUR/USD commences with a minimum cost of 1.8 pips, which is very high by any standard, while the minimum deal size is 2,500 units or 0.025 lots. Most brokers allow 0.01 lots, making it an unusual requirement, seemingly aimed at increasing trading volume. This market maker earns directly from client losses where it acts as the counter-party, which better explains the elevated costs and deal size. Commission-free equity trading sounds excellent on paper, but the high mark-up compensates iForex for the lack of additional charges.

Swap rates on leveraged overnight positions apply, and iForex passes corporate actions such as dividends, mergers, and splits on to affected portfolios. A quarterly inactivity fee of $15 exists if the account has been dormant for twelve months. This broker waives all internal withdrawal expenses except for bank wires, which are charged at $20. iForex is transparent about all applicable trading costs and provides well-explained examples on its website.

As a market maker, iForex earns directly from client losses.

iForex Review earnings info from Formula house

iForex explains all applicable costs with examples on its website.

iForex Review examples of costs

What Can I Trade

Traders have access to 943 assets across six categories. The coverage of the Forex market is superior to many competitors, with 83 currency pairs. Complementing the Forex pairs are 20 commodities; of those, 16 are unique and four are variants of an identical one. Also available to trade are 18 cryptocurrency crosses, but only seven different ones exist, quoted against various fiat currencies. The bulk of the assets at iForex consists of 698 equities for direct share dealing, together with 22 equity CFDs, 34 index CFDs, and 52 ETFs. Overall, the choice is excellent, and iForex is a rare broker offering more direct equities than CFDs. Given the broad choice, retail traders and asset management firms alike will benefit from the asset selection.

Over 940 assets offer a broad range of trading opportunities.

iForex Review 940 assets

Direct share dealing remains commission-free, but traders must consider high spreads.

iForex Review direct share dealing info

Account Types

iForex provides no information regarding account types, a significant failure by this broker. The only mention of a variety of options exists in the support section, where iForex asks interested potential traders to contact customer service for more details. Given this broker's 20+ years of experience, this seemingly intentional absence of account information is unacceptable.

iForex fails to provide information on account types.

iForex Review account type info missing

Trading Platforms

Proprietary Platform
Automated Trading
Guaranteed Stop Loss
OCO Orders
Interest on Margin

While this broker only maintains its proprietary webtrader, also available as a mobile version, iForex provides traders with only limited information glimpsed in a single page introduction. From the website page, key features consist of an integrated economic calendar and trading signals, advanced live charts and indicators, and a customizable and user-friendly interface. Judging from the one screenshot, it appears to be a very basic webtrader, for all intents and purposes, inferior to the MT4 version. It does not support automated or social trading and is only suitable for manual traders. The overall trading platform lacks a competitive edge and places traders at a disadvantage. While failing to offer the MT4 platform as an option to traders is certainly a broker's right, but this move makes sense only if the alternative to the MT4 is superior. Regrettably, at iForex, this is not the case.

The proprietary trading platform is not only poorly introduced but appears to be an inferior version of an MT4 platform.

iForex Review proprietary trading platform

Unique Features

iForex offers clients what is refers to an International Fixed Interest Account. It is available from a minimum deposit of $1,000 up to a maximum of $150,000 and pays an annualized interest rate of 3.0%. Eligibility requires monthly activity, which includes trading or depositing of new funds. Given the global low interest rate environment, and with developed economies now favoring zero-bound rates and, in isolated instances, negative interest rates, this account may be considered an alternative. It is essential to point out that client funds are not insured, which increases the risk profile of this offer; as such, it may not be a suitable option for some traders. What iForex does with the client deposits remains unclear, but the website states that no investment activity takes place. As previously mentioned, the website also claims that it does not offer trading advice yet it delivers trading signals directly to its trading platform. Traders must be cautious before committing to this specific International Fixed Interest account.

For a minimum deposit of $1,000, a 3% fixed interest rate account is available.

iForex Review fixed interest rate account info

Research and Education

Contradicting information and lack of clarity surrounds the research at iForex. While this broker claims to offer no investment advice, trading signals do exist. It is unclear if iForex added them at a later stage and simply neglected to update the statement. It could also be a copy-pasted version from the CySEC-regulated entity, where brokers no longer offer in-house research or a third-party may provide them. Additional details about the trading signals do not exist.

iForex notes that it does not offer investment advice.

iForex Review investment advice statement

In a different section, this broker prides itself on trading signals.

iForex Review contrary trading signals info

Education is where iForex has created an excellent service for new traders. The Education Center features many articles that cover various topics. Each one consists of quality written content with proper explanations and examples, while a video is equally available. A basic and advanced category divides the depth of the educational content. A free PDF guide for beginners is available upon registration, and 1-on-1 training lessons exist, increasing the value of this section. This broker offers two promotion packages centered on education, namely, the iForex Education Package, and the iForex Pro Package. The latter includes free trading signals, while iForex does not list any requirements. Overall, this is the best-developed category at this broker.

The Education Center is a must-read for new traders.

iForex Review education center

The iForex Education Package offers more courses and 1-on-1 trading.

iForex Review education package

The iForex Pro Package adds free trading signals.

iForex Review Pro package

Customer Support

Customer Support Methodsemail-support chat-support
Support HoursM-F, 04:00 - 20:00 GMT
Website Languages
      • English
      • Spanish
      • Arabic
      • Japanese
      • Other
      • Chinese
      • Russian
      • Thai
      • Bahasa
      • Hungarian
  • Customer service, in English, is available from Monday to Friday between 04:00 and 20:00 GMT. The FAQ section attempts to answer the most common questions, while those in need of more assistance may either call one of the fifteen phone numbers, write an e-mail, or use live chat.

    Customer Support is available, apparently in English only, via various channels.

    iForex Review customer support

    Bonuses and Promotions

    Besides the two educational promotions, iForex maintains a refer-a-friend campaign. Referring traders may earn up to $200 if the referee deposits a minimum of $500.The bonus is applied after the account is verified and funded. While family members count, same-household family members do not.

    A refer-a-friend campaign exists at iForex.

    iForex Review refer a friend info

    Opening an Account

    Per established industry standards, an online application will process new accounts. iForex merely asks for name, e-mail, and valid phone number to complete the first step. Being a regulated broker, iForex must satisfy AML/KYC requirements, as stipulated by the BVIFSC. A copy of the trader’s ID and one proof of residency document (not older than three months) usually completes this second step.

    The Account Opening process adheres to AML/KYC requirements.

    iForex Review account opening info

    Deposits and Withdrawals

    iForex supports bank wires, credit/debit cards, and e-wallets without offering full details. Per information gathered from the support section, CashU, Alipay, Neteller, PayPal, and Skrill are available. Detailed information regarding processing times and fees does not exist. This broker notes that no internal costs apply except a fee of $20 for bank wires, while third-party charges will depend on the payment processor. A more detailed page about the deposit and withdrawal process is necessary.

    Limited information exists regarding deposit methods.

    iForex Review deposit info

    A question in the support section reveals several supported e-wallets.

    iForex Review e wallet info

    iForex applies a $20 fee for all withdrawals via bank wires.

    iForex Review bank wire withdrawal fee


    iForex has over 24 years of market experience, almost seven as a BVIFSC-regulated entity, which is its biggest asset, together with an excellent educational section for new traders. Over 940 assets are available for trading, but the proprietary web-traders resembles a below-average terminal and lacks support for automated trading solutions. Spreads are excessive, countering the absence of commissions at this market maker.

    While iForex aims to be transparent about its cost structure, it is opaque about its account structure, minimum deposit, and maximum leverage, requiring interested traders to contact customer support. Conflicting information about in-house research exists, and there is a distinct lack of clarity as to what this broker does with client funds deposited in its 3% fixed interest rate account. New retail traders may find iForex suitable if they can overlook the absence of essential information, which customer support may be able to provide. More committed and experienced traders will find that the over-priced trading environment, from a sub-standard trading platform no less, places them at a distinct disadvantage.


    Is iForex safe?

    The company has been in operation since 1996. Since December 2013, it has been authorized by the BVIFSC, where it maintains a clean regulatory track record. Each trader needs to determine if that is enough.

    Is iForex legal in India?

    The company caters to Indian Forex traders, but the situation in India for retail Forex traders is complicated. Per the FEMA Act, Indian retail traders can only trade with local brokers in currency pairs approved by the Reserve Bank of India (RBI). They are the EUR/INR, the GBP/INR, the JPY/INR, and the USD/INR. The RBI, as of December 2015, added cross-currency futures in the EUR/USD, GBP/USD, and USD/JPY. The bottom line is that iForex is not an authorized broker by the RBI, which makes it illegal for retail traders in India to trade there.

    How do I withdraw money from iForex?

    Available withdrawal methods consist of bank wires, credit/debit cards, and e-wallets. Traders can request withdrawals from inside their trading platform by selecting Withdrawal from My Account.

    Where is iForex regulated?

    The British Virgin Islands Financial Services Commission (BVIFSC) regulates Formula Investment House Ltd, the international subsidiary, and the Cyprus Securities and Exchange Commission (CySEC), regulates the European subsidiary, Vestle.

    Does iForex offer a demo account?

    Yes, an unlimited $5,000 demo account is available.

    About the Author

    DailyForex.com Team
    The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.