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iForex Review

Forex trading has long history. Basically, it’s started back in 1970. Since then thousands and millions of traders are trading every day on forex, cfd’s, stocks and commodities around the world through online. There are more than 500+ forex trading broker across the world and every one claim that they are the best forex trading broker.

How do you know and find out which broker is the best forex broker for you?

We have already reviewed several brokers based on many important facts. You can find the broker list from here.

By the way, today also we are going to review a broker. As a forex trader, you may have heard about this broker. They are one of the oldest forex trading broker.

Today you are going to be introduced with iForex broker. They are pretty old and recognized forex broker, because of their huge marketing and advertising investment.

iForex was founded in 1996 by a group of professional bankers and forex dealers. But they started providing online forex trading service since 2004 through in house designed trading platform called “FXnet Trader”. You can enjoy trading using iforex trader on your mobile or pc. Also, you can trade using iForex web based trading platform.

To distinguish itself from other brokers, iForex has adopted a policy of providing their clients with tight spreads, live market pricing via a direct link to the interbank market rates and letting their traders fully utilize the margin allocated to them. In addition, iForex has also employ safeguards like negative balance protection to protect their traders from over trading.

Features and Tools for iForex Traders

As a iForex trader you can enjoy trading on various tradable products such as CFD’s on equities, commodities, currencies, indices, including Facebook, Apple, Crude Oil, Dow Jones, Nikkei, etc.

 

If you love to trade in Binary Option then you will be happy to know that you can trade on currencies and precious metals, as well as binary options on many of the above products under specific regulatory restrictions.

You can find more details on iForex regulation here.

 

iForex offers many tools and features with their platform in order to help traders to maximize their trading profit. Tools are very sophisticated and unique. Using those tools, you can open multiple orders and close them at a better price. As like mt4 platform you can set stop loss and take profit level at “iForex trader”.

Worst part is, as a iForex trader you cannot enjoy proper stop loss or take profit settings. Because they have full control over the traders trading. To wash your account, it may open position automatically without notifying you based on your previous opened position.

Well, traders are up to date with constant information regarding their open positions and Realtime values. This information will help you to have full control on your portfolio and money management to make your trades successful. Multiple time frames will help you to perform advanced technical analysis.

Through this smart trading chart, you can track the history of currency price movements and analyze the future trend.

Unlike new fresh traders, if you do not have enough knowledge or confident then you can follow and apply the trading signals provided by iForex. They provide real time trading signals over 65 currency pairs, indices and commodities. Signal will be sent directly to your mobile devices and you can customize those signals according to your trading needs. If you need my suggestion then, I’ll tell you not to use trading signals provided by any signal providers, because those are trap and you may lose some or all your asset. So, learn by yourself and practice how to trade on forex using technical and fundamental analysis.

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.

iForex Education Center

iForex education center has tons of educational materials and useful information for traders. All of educational books, pdf’s, webinars and videos are created and developed by very professional trainers and traders.

Educational PDF’s will provide you all the necessary and relevant learning resources to start trading on forex and CFD’s. on their website, you can find 6 different free PDF’s. all of them are designed and organized with different aspects to train freshers and experienced traders. All of those PDF’s has beautiful given name. which are;

  1. Simon says “trade”
  2. Improve your style with moving average
  3. Profit from the news
  4. The trader guides
  5. Common trading mistakes
  6. Learn the lingo

Their interactive tutorial page is arranged with basic and advanced level training videos to teach you how to trade in forex and CFD’s. if you are newbies then you can watch them before you start trading in currencies or CFD’s.

Online trading glossary is a big source of information and knowledge on financial trading terms. Terms, what a trader uses while they share knowledge with other traders or a broker house use when they talk to you over the phone or through email or live chat.

iForex also offers one to one training session for new traders.

Their educational package includes:

  • Personal training to cover all aspects of the iForex trading platform
  • Unique video tutorials that will give you the knowledge to get started

What Trading platform do they provide for iForex Traders

Trading platform is the key of online trading. Because we are online trader and financial trading market is 24/5 days open. We need a system to get connected to the market and every broker provide that system. Which we know as trading platform. Unlike any other broker iForex broker also offer a unique and sophisticated in house designed trading platform for their traders. Actually, they offer 3 trading platforms.

Key features of the platform include:

  • Smart integrated charts for advanced technical analysis
  • Customized multiple View
  • Full Single Screen Function
  • One-click deal open and close

1.   Web Based Trading Platform

You do not have to install any application in your mobile phone or desktop pc. Using web based platform, you can trade anytime from anywhere in the world. This platform is totally hassle free for traders but it has some limitation of use. Such as, you cannot use varies important trading tools for analysis and reposting. The main benefit of this platform is that traders can access trading application with any standard browser.

Key Features includes:

  • Over 200 tradable instruments
  • No download or installation required
  • Standard Browser Access
  • Firewall Access Management
  • 128-bit secure SSL environment

2.   iForex Mobile Trading Platform

The mobile trading platform is designed to allow traders to trade with their mobile devices or Smartphones while they are on the move. You can download their platform from google play store and apple app store   . all you need is internet in your phone to trade using their mobile trading platform.

Mobile platform features are:

  • You can trade over 200 stocks, indices, currency pairs and commodities using this mobile app
  • Swiftly you can place trades and constantly monitor your positions
  • You will have complete access to your wallet, balance sheets, equity and margin details
  • Swipe-to-Close option will let you close your open position quickly.
  • Customizable layout for easy usage

3.   FXnet Trader

It is windows based end user trading application. You have to download it from their server and install it  in your desktop or laptop system.

Key Features of FXnet Trader platform:

  • Best and suitable for professional traders
  • One-click deal opening and close will help you to complete your task quickly
  • Full Single Screen Function with multiple views
  • Designed Microsoft.NET technology
  • Advanced integrated charts can be used and analyzed for future trading.

Available Trading Accounts for traders

Besides free demo trading account and swap free Islamic account this broker offers now 3 different types of trading account to meet your trading needs.

Swap Free Account (Islamic Account)

Islamic accounts are for those who want to trade according to the Islamic principle of no “Riba”.

Silver Account

  • Deposit required up to $999
  • Basic level personal one to one training will be provided
  • A personal account manager will be provided for you
  • Broker will provide you 1 month free trading signal
  • 1 free PDF and 1 free webinars will be provided
  • You will get cash back bonus also.

Gold Account

  • Up to $4999 deposit required
  • Advanced level training will be provided
  • 3 months free trading signal
  • 3 free PDF and 2 Free Webinars will be provided
  • Market news alerts and analysis will be provided
  • Also, there will be a personal account manager for you
  • Cash back bonus is also available for you

Platinum Account

  • Professional and extensive training on live trading
  • Lowest spreads
  • Free signal for 6 months
  • 6 PDF’s and unlimited webinars on trading forex
  • Individual personal manager will be provided for you
  • Alerts and news analysis will be sent to you on daily basis
  • Deposit minimum $5000

Bonus and Promotion

At present, they are offering and running only one promotional campaign. which is refer a friend. When you will refer a forex trader friend and he will sign up with iForex you will earn minimum $35. Not only this, you can earn up to $175 for one refer client.

Deposits/Withdrawals

To make a deposit or withdrawal at iForex there are many deposit options available, including Bank Wire, Credit Card, Skrill, Neteller, Western Union, Debit Card and eWallets.

Withdrawals are requested via the online withdrawal form. Find more details on deposit and withdrawals from their website.

Commission & Spreads

In regards of commission and spreads iForex is not transparent, they do not provide fair information through their website about spreads they are charging for their traders.

Though their objective is to provide tight, competitive fixed spreads to their clients but during extreme market conditions and depending on market volatility they will change the spreads without notifying you. For example: if you want to trade on S&P 500 cfd you will be charged initially 0.6 pips, but during market volatility it may not be same.

iForex Partners Programs

you want to earn some smart passive money besides your job and online trading. then you can join iforex partners program. There are three different programs to choose from. Which are:

Introducing Broker

if you have enough experience and group of traders in online trading then you can join iforex IB program and refer your fellow traders to iforex. In returns you can earn start commission for your fellow traders completed trading volume. The more they will trade more you will earn passive commission.

Features of our IB Program:

  • World-class brokerage services will be provided
  • You can receive attractive commissions, depending on your introduced traders completed volume
  • Robust back office reporting and support to ensure successful results
  • Expand your business by offering your clients online trading
  • Tailor the program to meet your specific needs

For more information about our IB Program, simply contact our team at [email protected]

White label

Do you have strong client base? Are you thinking to start your own forex brokerage firm to provide customized own branded trading services to your clients? If so, then white label iForex partnership program is perfect for you. You do not have to worry about customer services, platforms or technology iForex will provide you all the cutting-edge technology, support, products and so on. You can run your own brand to provide your own designed and costumed products, services.

Features of our White Label Program:

·         Using iForex technology you can offer your clients a wide selection of financial products

·         Your customers will Enjoy instant 24-hour support all over the world in over 16 languages

·         You can create your own branded trading platform

·         Receive a fully operational website under your control, hosted by iforex

For more information about our White Label program, simply contact our team at [email protected]

Web Affiliate

The iforex Affiliate program, iforex Partners, offers excellent potential earning possibilities to develop your business. iForex Partners is an advanced and profitable financial affiliate program, providing professional support and generous payment plans. With unprecedented benefits, iForex Partners provides all the support required for your clients to maximize your earnings. To become iForex affiliate partner you must have a blog or website. They have two different affiliate commission plans.

  • CPA: where you can receive up to $350 commission for every registration and verified account activation.
  • CPL: CPL plan compensates you when one of your clients registers and is validated by iForex. This plan is mostly suitable for website owners who prefer to be rewarded quickly for their traffic.

Features of iForex Partners

  • Enjoy a collection of banners, scripts, website designs, Forex tools and more
  • Access to exclusive education guides to give to your clients
  • Benefit from lucrative CPA and CPL plans
  • Earn extra commissions for any traffic referred to us by your customers
  • Receive advanced statistics with detailed reporting

For more information about our iFOREX Affiliates Program,

Reliability

As for reliability, iforex claimed that they have the following measures in place to protect their clients:

  • 128 bit SSL encryption
  • Guaranteed Stop-Loss
  • Negative Balance Protection Program

Are They Regulated?

Yes, they are regulated.

iForex is registered and regulated by 3 different regulation authorities. Which are;

  • Registered, regulated and supervised by Financial Services Commission in British Virgin Islands. their registered name in BVI is Formula Investment House Ltd.
  • Authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license no – 143/11. Registration name is iCFD Limited.
  • eBrókerház Befektetési Szolgáltató Zrt. an investment firm authorized and supervised by the National Bank of Hungary under licenses no – II/73.059/2000 and III/73.059-4/2002

Customer Support

Customer support is available 24/5 at iForex. To get in touch with the support team, traders can do so by:

  • Email
  • Fax
  • Live Chat
  • Phone

Although the site claims the traders can easily access the support services, a trail run on our part shows that the quality of support rendered is very much below par.

Contact Emails:

General                                [email protected]

Customer Service             [email protected]

Technical Support            [email protected]

Dealing Room                    [email protected]

Partners, IB’s                      [email protected]

Affiliates                              [email protected]

Pros

  • Different types of platforms provided
  • Negative balance protection
  • Remote technical assistance available

Cons

  • Demo Account Not Available
  • Known For Soliciting Traders To Make Deposits
  • Poor Customer Service

Conclusion

In our opinion, in view of the various issues highlighted above in our review, we feel that traders are much better served by brokers which are more transparent and are willing to provide a free demo account. Although it is within iForex’s right to charge traders $100 to try out their trading platform, this is not the industry standard. In addition, the lack of a MetaTrader 4 platform really sends red flags as to whether this is a serious forex broker or not.

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