iForex Review

Background

iForex is a veteran broker that has built a strong reputation over the years. It provides a genuinely secure online trading environment, based around its proprietary platform and extensive asset index. Traders have a choice of the world’s top forex, cryptos, indices, stocks, commodities, ETFs, and bonds. iForex traders are backed up by effective 24/5 customer service and good account management systems. Overall, the brokerage delivers an above average trading experience for the average investor.

Open an Account With This Broker

Protection & Security

iForex is EU registered and has built a solid reputation for protecting trader security over the last 25 years. It provides traders with segregated accounts and uses the latest SSL protocols for cybersecurity.

Global Presence

iForex has 25 years brokerage experience and is has built a strong international client base. The company has offices in Cyprus and the British Virgin Islands, as well as multilingual customer service.

Account Types

iForex only offers four different account types – which is disappointing for a veteran broker. Modern traders expect a better choice. The minimum deposit amount is $100, a sum that is too small for effective trading.

Minimum Deposit – $100

Deposits & Withdrawals

Deposits and withdrawals at iForex are relatively simple. The account management procedures are typical of most forex brokers. Traders can transfer funds by credit and debit card, bank wire transfer or other payment methods like Skrill and Neteller. iForex is usually able to process transactions within a couple of days, but it can be slower during busy periods. There are no hidden fees or commissions and the account terms and conditions are clearly explained.

Deposit

Traders can fund their iForex account with a minimum deposit of just $100. The brokerage prefers to receive funds via wire transfer or credit/debit card, but other payment methods are available. There are no charges for making a deposit.

Withdrawals

Withdrawals can be quickly completed via your individual trading account. iForex will usually process each transaction within a couple of working days (holidays excepted) but does charge fees for withdrawals. We recommend using bank wire transfer or credit/debit card for all transactions with iForex.

Trading Platforms

iForex traders have a choice of three different customized trading platforms: Mobile, Fxnet Trader, and a web-based platform. They all use the latest trading technology to give traders additional tools such as charts, signals, heatmaps, and useful news feeds. iForex also provides effective mobile trading via its innovative apps.

Markets & Products

iForex is a veteran forex broker, but it branched out to provide a good range of cryptos, stocks, indices, commodities, ETFs,and bonds as easy to trade CFDs. The asset index is easily big enough to satisfy the average trader and allows for a fully diversified portfolio.

Edcuation Center

iForex doesn’t have the best trader education center that we’ve ever seen. There are enough eBooks and other resources to help beginners get started, but more experienced traders will need to look elsewhere for advanced learning tools. We did like the financial glossary and some of the daily news reports.

Customer Service

iForex customer service is available 24/5 via email, phone and chat. There is also a self-help support “hub”, which explains how to open an account and get started with the broker. The multilingual customer service is about average for its response times and efficiency.

Promotions & Offers

iForex offers a standard welcome bonus and occasionally rewards traders with offers on deposits for holidays and market events. There’s not usually anything special on offer and it’s better to work with your account manager and ask for upgrades, discounts on trading tools or 1 on 1 tuition,

Trading Tools & Reaserch

The iForex platforms contain all the latest trading and analysis tools and features and these are regularly updated as new technology becomes available. We were impressed by their soft commodities trading feature and remote assistance tool. These are interesting and original concepts that deserve a mention.

Overall Summary

PLUS:
iForex is a well established registered broker with a choice of trading platforms and a good asset index. The negative balance protection program was an industry innovation and there are some other highly recommended features. The overall trading experience is slightly above average.

MINUS:
iForex doesn’t offer a demo account which is a clear disadvantage to new traders. It also charges high fees for dormant accounts and withdrawals.

Pros & Cons

Pros

Choice of trading platforms

Established and experienced brokerage

Large asset index

Multilingual customer service

Cons

Missing Bonds

Withdrawal fees

Some fees for dormant accounts

iForex

iForex

Protection & Security
3.5/5
Global Presence
4/5
Account Types
3/5
Deposits & Withdrawals
3.5/5
Trading Platforms
3.5/5
Markets & Products
3/5
Edcuation Center
4/5
Customer Service
3/5
Promotions & Offers
2.5/5
Trading Tools & Reaserch
3/5

Minimum Deposit - $100

Recent Comments

Tim Y.

November 17, 2020 08:00

3.6

Protection & Security

4.0

Deposit & Withdrawal

3.1

Trading Platform

3.8

Markets & Products

3.5

Education & Research

3.7

Customer Service

3.0

What can I say about this broker? For a start, my account manager is a joke. I paid to attend the special investors webinar and then couldn’t login.

Pros

Cons

The education center is not bad

No bonds

Withdrawals are simple

Too many fees

Enough assets for most traders

High spreads

James N.

November 17, 2020 08:00

3.6

Protection & Security

3.5

Deposit & Withdrawal

2.8

Trading Platform

3.7

Markets & Products

4.0

Education & Research

4.0

Customer Service

3.5

I just discovered that the ‘services’ you are charging me for are free at most other brokers. Bye bye…

Pros

Cons

Trading platforms have some nice technology

Too many fees and service charges

Education center is good enough

Customer service is not great

Asset list is above average

Account management is slow

Add a new comment