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https://www.iforexone.in/
Website
No valid regulatory information, please be aware of the risk!
Single Core
1G
40G
+30 +30-210-374-2599
+352 00852-30184846
More
Formula Investment House Ltd
iFOREX
The Virgin Islands
Pyramid scheme complaint
Expose
General Information & Regulation
iForex was founded in 1996 and is part of the iForex Group. 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), registered in 2013. iForex (BVI) is not subject to any regulation.
Market Instruments
iForex advertises that traders have access to 943 assets across six categories, including currency pairs, commodities, cryptocurrency, equity CFD, index CFD and ETFs.
Minimum Deposit
The minimum initial deposit required by iForex is only $100, which seems acceptable for most brokers. However, given the fact that this broker is not subject to any regulation, traders are not advised to register real trading accounts here.
Leverage
When trading forex or commodities, leverage up to 1:400 is available while CFDs come with leverage of 1:200. Leverage enables traders to explore sizeable deals using a relatively small investment. However, whilst it can increase potential returns, it can also increase risk and potential losses
Spreads & Commissions
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.
Inactivity Fees
A quarterly inactivity fee of $15 exists if the account has been dormant for twelve months.
Trading Platform Available
iFOREX offers a proprietary trading platform, rather than using a third-party interface such as MT4 or MT5. The web-based platform is designed for use on both desktop and mobile devices.
Deposit & Withdrawal
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. iForex notes that no internal costs apply except a fee of $20 for bank wires, while third-party charges will depend on the payment processor. Withdrawals can take up to 28 working days to be processed, which has unsurprisingly led to customer complaints online
Customer Support
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.
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