Overview of iFOREX
iFOREX is a broker that operates under the regulation of the Cyprus Securities and Exchange Commission (CySEC) with a license number 143/11. It has been in operation for 10-15 years. However, there have been risk alerts and negative feedback associated with iFOREX, including complaints and a negative field survey review within the past 3 months. It is important for potential users to exercise caution and consider these factors.
iFOREX offers a wide range of trading instruments, including currency pairs, commodities, indices, shares, ETFs, cryptocurrencies, and non-leveraged CFDs. Traders can take advantage of leverage options up to 400x on over 750 assets. The broker provides trading platforms such as FXnet and the iFOREX Europe app.
Educational resources are available to help traders improve their skills, and various trading tools such as an economic calendar and live rates are provided. iFOREX offers different payment methods for deposits, including bank wire, credit cards, eWallets, and prepaid cards. Customer support services are also available during specific hours.
Considering the risk alerts and negative feedback mentioned, potential users of iFOREX should carefully evaluate the information provided and conduct further research to make an informed decision.
Pros and Cons
iFOREX offers a range of trading opportunities in various global markets through its regulated brokerage services. It provides a diverse selection of over 750 CFD instruments, including currency pairs, commodities, indices, shares, ETFs, cryptocurrencies, and non-leveraged assets. The broker is licensed by the Cyprus Securities and Exchange Commission (CySEC) and operates under strict regulations. However, it is important to be aware of some risk alerts and negative feedback associated with iFOREX, as reported by WikiFX. Traders can access the iFOREX platforms, FXnet and the iFOREX Europe app, which offer customizable interfaces and a variety of trading tools. The broker also provides educational resources, bonuses, and promotions to support traders in their trading journey. iFOREX accepts multiple payment methods for deposits, and customer support services are available during specified hours. It is essential to consider all these factors and conduct thorough research before engaging with iFOREX.
Is iFOREX Legit？
iFOREX is a regulated broker by the Cyprus Securities and Exchange Commission (CySEC). It operates under the license number 143/11 and is regulated by the regulatory agency in Cyprus. The licensed institution responsible for iFOREX is ICFD Ltd, and its effective date of regulation is May 23, 2011. The broker's website is available at www.iforex.eu, as well as other country-specific domains such as www.iforex.pl, www.iforex.nl, www.iforex.es, www.iforex.fr, www.iforex.it, www.iforex.gr, de.iforex.eu, https://hu.iforex.eu, and https://cz.iforex.eu. The address of the licensed institution is either Corner of Agiou Andreou and Eleftheriou Venizelou Str, Vashiotis Agiou Andreou Bld, 2nd Floor - Office 201, CY-3035 Limassol or P. O. Box 54216, CY-37. The phone number for the licensed institution is +35725204600.
However, it is important to note that there have been some risk alerts and negative feedback regarding iFOREX. According to WikiFX, within the past 3 months, there have been 7 complaints received and 1 negative field survey review for this broker. Additionally, WikiFX mentions that there is no trading software available for this broker. These alerts serve as a cautionary note regarding potential risks or scams associated with iFOREX.
Market Instruments
iFOREX Europe offers a diverse range of over 750 CFD instruments that allow traders to explore opportunities in various global markets. The available market instruments are categorized into different types, including currency pairs CFDs, commodity CFDs, indices CFDs, share CFDs, ETFs CFDs, cryptocurrencies CFDs, and non-leveraged CFDs.
Currency pairs CFDs
Currency pairs CFDs provide traders with the opportunity to invest in a wide selection of currency pairs from around the world. With leverage of up to 30:1 and low spreads, traders can take advantage of market fluctuations and trade in any direction. iFOREX Europe offers informative resources and tools to assist traders in staying updated and making informed decisions.
Commodity CFDs
Commodity CFDs enable traders to invest in popular commodities without the need to physically buy or store them. With a variety of precious metals, energy assets, and agricultural commodities available, traders can benefit from low spreads and utilize advanced trading tools for trading. Daily news and analysis channels are also provided to keep traders informed about market changes.
Indices CFDs
Indices CFDs allow traders to invest in well-known indices, such as the US 30, US 500, and Germany 40, among others. With leverage of up to 20:1, traders can access a wide range of indices from different markets and utilize advanced trading tools for portfolio management.
Share CFDs
Share CFDs offer the opportunity to diversify portfolios by trading shares from various industries and regions. iFOREX Europe provides share CFDs from industries like tech, banking, aviation, and more. Enhanced leverage of 5:1 is available for Japanese, US, and European shares, allowing traders to maximize their trading potential.
ETFs CFDs
ETFs CFDs enable traders to trade a wide variety of Exchange Traded Funds, which track indices, commodities, bonds, or baskets of assets. By trading ETFs, traders can diversify their investments and utilize innovative trading tools for an enhanced trading experience.
Cryptocurrencies CFDs
Cryptocurrencies CFDs allow traders to invest in popular cryptocurrencies such as Bitcoin, Litecoin, and Ripple, among others. Traders can take part in the cryptocurrency market with leverage, access rates, charts, and daily market information to make informed trading decisions.
Non-leveraged CFDs
Non-leveraged CFDs offer traders the opportunity to trade prominent shares and cryptocurrencies without leverage. This type of trading reduces portfolio risk and exposure, making it suitable for medium to long-term investments. Traders can open long positions without paying maintenance or holding fees.
Account Types
iFOREX offers a demo account for traders to practice their trading skills. A demo account is a simulated trading environment where traders can trade with virtual funds without risking real money.
How to Open an Account
To open an account with iFOREX, follow these steps:
Visit the iFOREX website and click on the “Register” button. This will usually be prominently displayed on the homepage.
Fill in the required information on the registration form. You will need to provide your full name, email address, password, and phone number. The phone number should include the appropriate country code.
Once you have filled in all the necessary details, click on the “Start now” button to proceed.
After completing the registration process, you may be required to verify your email address. Check your inbox for a confirmation email from iFOREX and follow the instructions provided to verify your account.
Once your account is verified, you can log in to your iFOREX account using your registered email address and password.
Leverage
iFOREX offers leverage options to its clients, allowing them to trade with amplified exposure to the financial markets. With iFOREX, traders can access leverage up to 400x on a wide range of over 750 assets.
Spreads & Commissions
FOREX offers spreads for cryptocurrencies that can be as low as 0.25%. These spreads refer to the difference between the buying and selling prices of cryptocurrencies on the iFOREX platform.
Bonuses & Promotions
iFOREX offers a range of bonuses and promotions to enhance the trading experience for its users. One of the key offerings is a 100% Welcome Bonus* that is tailored to the individual trading needs of each user. This bonus aims to provide traders with the tools and conditions that best suit their requirements, ensuring a personalized trading experience from the start.
To assist new traders in getting started, iFOREX provides free 1-on-1 training with a trading coach. This personalized training is designed to help traders gain confidence and develop their skills in the financial markets.
iFOREX also offers an Education Package, which provides traders with valuable resources to deepen their understanding of trading. This package includes 1-on-1 training, a comprehensive trader guide, video tutorials, a demo account for practice, educational articles, and more. These resources are intended to equip traders with the knowledge and insights necessary for successful trading.
For traders looking to further enhance their skills, iFOREX offers a Pro Package. This package includes advanced 1-on-1 training, free trading signals, educational articles, and additional features. By providing these advanced tools and resources, iFOREX aims to support traders in taking their trading skills to the next level.
Trading Platforms
iFOREX offers two trading platforms: FXnet and the iFOREX Europe app.
FXnet is a web trading platform that has been tailor-made to address the specific needs and preferences of iFOREX clients. It has been developed and adapted based on client feedback and aims to provide a comprehensive solution. The platform offers a user-friendly interface that can be fully customized to meet individual requirements. It provides access to a wide range of trading tools and features, including charts, market sentiment indicators, and decision-making tools. With FXnet, traders have the option to trade over 750 instruments.
The iFOREX Europe app is a mobile trading platform designed to cater to the needs of traders who prefer to trade on the go. It is compatible with multiple mobile devices and can be downloaded for free from the App Store and Google Play. The app allows users to quickly place trades and monitor their positions in real time. It provides complete access to account information, including wallet balance, equity, and margin details. Additionally, traders can receive market updates and account notifications as they occur.
Trading Tools
iFOREX provides various trading tools to assist traders in making informed decisions.
One of these tools is an economic calendar, which allows traders to stay updated on major market events and news. The calendar is regularly updated and can be filtered to narrow down specific searches.
Another tool offered by iFOREX is the Live Rates feature. This tool provides real-time rates for hundreds of CFD instruments. Traders can monitor price changes across different economies and markets, including shares, commodities, indices, ETFs, currencies, and cryptocurrencies. This information can be valuable in making informed trading decisions.
Additionally, iFOREX offers a news and analysis archive. This tool allows traders to access past news and analysis to stay informed and make well-informed trading decisions. The archive provides a historical record of events and market developments that may have an impact on trading.
Educational Resources
iFOREX provides a range of educational resources to help traders gain insight into the financial markets and improve their trading skills. These resources cover various topics and are suitable for traders of all levels, from beginners to advanced traders. The educational resources are designed to enhance understanding of the global markets, online trading, and the available trading tools.
The basic educational resources offered by iFOREX include articles on topics such as “What is Forex？” and “What is CFD Trading？” These articles provide fundamental knowledge about these trading concepts. Additionally, there are resources explaining concepts like leverage and stop-loss, which are important for risk management in trading. A simple trading example is also provided to help traders understand the practical application of these concepts.
For those looking to expand their knowledge further, iFOREX offers advanced educational resources. These cover topics such as online trading, ETF trading, Bitcoin, cryptocurrency trading, investing in oil, silver and gold trading, commodity trading overview, volatility, market sentiment, and index trading. These resources provide more in-depth information and advanced trading strategies to help traders make informed decisions.
Payment Methods
iFOREX offers a variety of payment methods to facilitate deposits, both online and offline. The available options include Bank Wire, Credit Card, Debit Card, eWallets, and Prepaid Cards. It is important to note that iFOREX does not charge any commission for these transactions, although fees may be applied by the payment service provider.
For users in Jordan, iFOREX accepts Credit/Debit Card payments. They support Visa, Mastercard, American Express, Diners, Discover, and Apple Pay. The available currencies for these cards vary, including USD, EUR, GBP, and JPY. The processing time for these transactions is instant, ensuring prompt funding of your account.
iFOREX also provides the option of using eWallets for payments. They support Neteller, Skrill, paysafecard, Bitcoin, perfectmoney, Digital (Crypto) Wallets, Google Pay, and Voucherry. Again, no additional fees are charged by iFOREX for using these eWallets, but charges may be applied by the payment service provider. The available currencies and maximum amounts may differ depending on the specific eWallet chosen. For example, Neteller supports currencies such as INR, USD, EUR, GBP, and JPY, while Skrill accepts USD, EUR, GBP, JPY, and CHF, with a maximum amount of 10,000 USD.
Lastly, iFOREX offers the option of using Prepaid Cards, specifically paysafecard. Similar to other payment methods, no extra fees are imposed by iFOREX for using prepaid cards. The available currencies for paysafecard include USD, EUR, GBP, and CHF, with a maximum amount of 1,000 USD. The processing time for prepaid card transactions is also instant.
Customer Support
iFOREX provides customer support services to assist users with their inquiries, comments, and requests. The company emphasizes the combination of advanced technology and premium customer support. Contacting iFOREX Europe is described as quick and easy. The availability of customer support is from Monday to Friday, between 04:00-20:00 GMT.
Various contact numbers are provided for different purposes. General inquiries can be made through +357-252-04600, while customer service and technical support have lines at +357-252-04694. Compliance and documentation-related matters can be addressed by calling +357-252-04668. The office address is specified as the Corner of Agiou Andreou & Venizelou Streets, Vashiotos Agiou Andreou Building, Second Floor, P.O.B 54216, Limassol, Cyprus.
For communication through email, different addresses are provided for specific purposes. The general email address is info@iforex.eu. Customer service inquiries can be directed to cs@iforex.eu, technical support to tech@iforex.eu, dealing room-related matters to dealing@iforex.eu, and data protection concerns to dpo@iforex.eu. Affiliates can contact partners@activelyinvesting.com.
European customers are provided with specific phone numbers for different countries, including Austria, France, Germany, Greece, Hungary, Italy, Netherlands, Poland, Romania, Spain, and Sweden. It is worth noting that iFOREX Europe is based in Cyprus and does not have physical presence in the Netherlands, Spain, Hungary, Poland, Austria, Sweden, or Greece.
Conclusion
In conclusion, iFOREX is a regulated broker by the Cyprus Securities and Exchange Commission (CySEC), operating under the license number 143/11. It offers a diverse range of over 750 CFD instruments, including currency pairs, commodities, indices, shares, ETFs, cryptocurrencies, and non-leveraged CFDs. While iFOREX provides various educational resources, trading tools, and payment methods, it is important to note that there have been risk alerts and negative feedback regarding the broker, including complaints and a lack of trading software according to WikiFX. These factors should be taken into consideration when evaluating iFOREX as a potential trading platform.
FAQs
Q: Is iFOREX a legitimate broker？
A: Yes, iFOREX is a regulated broker by the Cyprus Securities and Exchange Commission (CySEC) under license number 143/11. It operates under the supervision of the regulatory agency in Cyprus and is licensed by ICFD Ltd.
Q: What are the available market instruments on iFOREX？
A: iFOREX offers a diverse range of over 750 CFD instruments, including currency pairs, commodities, indices, shares, ETFs, cryptocurrencies, and non-leveraged CFDs.
Q: How can I open an account with iFOREX？
A: To open an account, visit the iFOREX website, click on the “Register” button, fill in the required information such as your full name, email address, password, and phone number, and complete the registration process. Verify your email address and then log in using your registered email and password.
Q: What leverage options are available on iFOREX？
A: iFOREX offers leverage options of up to 400x on a wide range of over 750 assets.
Q: What are the available trading platforms on iFOREX？
A: iFOREX offers two trading platforms: FXnet, a web-based platform that can be customized, and the iFOREX Europe app, a mobile platform for trading on the go.
Q: What trading tools does iFOREX provide？
A: iFOREX provides trading tools such as an economic calendar to stay updated on market events, live rates for real-time pricing information, and a news and analysis archive for historical market information.
Q: What educational resources are available on iFOREX？
A: iFOREX offers a range of educational resources, including articles, guides, video tutorials, a demo account for practice, and advanced trading strategies covering various topics such as Forex, CFD trading, cryptocurrencies, commodities, and more.
Q: What payment methods does iFOREX accept？
A: iFOREX accepts various payment methods, including bank wire, credit/debit cards, eWallets (Neteller, Skrill, etc.), and prepaid cards (paysafecard).
Q: How can I contact iFOREX customer support？
A: iFOREX provides customer support via phone and email. Contact numbers and email addresses are available for general inquiries, customer service, technical support, compliance/documentation matters, and affiliates. The customer support availability is from Monday to Friday, between 04:00-20:00 GMT.
WikiFX
