iForex is a well-known CFD and Forex broker offering a vast array of tradeable assets and instruments through its online platform and mobile app. This iForex review will provide you with detailed information on the provided online trading services such as investment options, deposit and withdrawal methods, as well as educational materials.
Overview
iForex was developed by a team of Forex dealers and bankers. Currently, the broker’s platform is available in 15 languages and 159 countries across the world. iForex’s customer base involves over 6 million traders and investors. iForex is the brand name of Formula Investment House Ltd that also owns Vestle, its European subsidiary, iFOREX Holding Limited, and iFOREX Prime.
iForex as a Trading Platform
iForex is a proprietary trading platform, featuring an interface such as MT4 or MT5. The web-based platform is eligible for the use on both desktop and mobile devices. The platform can be fully customized and easily navigated while being used from multiple devices. It involves live trading charts, numerous indicators, trading signals, and economic calendars. Probably the major downside of iForex is that it doesn’t provide broad functionality. For instance, EAs and social trading are not available so that online users cannot trade with a VPS.
Assets & Markets
iForex features a wide range of tradeable assets such as shares & indices, including the Dax and VIX. Currency trading is represented by more than 90 currencies. The most popular crypto pairs include Bitcoin, Ethereum, and Ripple.
Spreads & Commissions
At iForex, a commission on trades is quite moderate, although it does make a profit from the spread. Spreads are competitive but they are not marked with a discount provided for big trading volumes. Spreads on main currency pairs, such as the EUR/USD, start from 1 pip.
When trading shares, there is an overnight comission, starting at 5% for indices and 2.5% for commodities and cryptocurrencies. At the same time, trading fees are set at the level of the industry norm. What’s good is that there are no hidden expenses to worry about.
Leverage
At iForex, leverage is up to 1:400 while CFDs come with leverage of 1:200. Leverage allows traders to benefit from sizeable deals by making relatively small investments. While it can boost potential returns, it can also maximize risk and potential losses.
Mobile App
iForex provides traders with an opportunity to trade on their mobile phones through the iForex mobile app. The app can be downloaded free of charge on any iOS and Android device. It can be easily navigated by offering multiple features and tools. Detailed feedback about iForex’s online mobile trading app can be found on the App Store or Google Play Store.
Demo Account
A demo account can be opened by those users who already have an activated trading account. There are also time frames within which the demo account can be used. A demo account is an excellent way to test new trading approaches and get some practice on the Forex market without the risk of losing money.
Additional Features
iForex provides a wide range of free informative resources to assist traders. This includes free 1-on-1 training, education materials, news, and market analysis. Resources are divided into basic and advanced levels ensuring a spread of data accessible to traders with certain qualification. The broker also has a popular YouTube channel with English content.
Benefits
- CySEC licensing;
- Reliable customer support team;
- A vast array of investment products;
- A comprehensive set of educational resources.
Drawbacks
- No social or automated trading software;
- Bad feedback about withdrawal due to a lengthy procedure and high charges.
Trading Hours
The online broker is available 24/7. When trading in particular markets, some restrictions are applicable. Information related to changes can be found in the “Holidays” section on the official homepage. It is also highly recommended for traders to remember the server time.
Safety & Security
iForex is a genuine broker that takes online safety seriously so that sensitive data passes through encryption software such as firewalls and SSL. The company also provides negative balance protection that protects traders against losing their funds.
Final Verdict
iForex is an established broker that provides customers with an advanced trading experience. The proprietary website is pleasant to use, although traders knowing the additional features of an MT4/5 platform won’t be fully satisfied. When it comes to the online broker of iForex, it offers more than a pleasing user experience. By using all the features to the maximum, your chances for success will be pretty high.
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