iForex review and ratings

Established 2012
Location UK Cyprus British Virgin Islands
Regulation FCA, CySEC, BVIFSC
Offices London, Limassol, Road Town
Broker type STP | ECN
Leverage up to 1:400 (1:30 for EU clients)
Deposit from 100 USD
Spreads low  low
Platforms Web Specific Social Platform
Instruments Currencies Crypto Indices Metals Energies Softs Stocks ETFs
Funding methods Wire Transfer Credit Cards Skrill Neteller

Company information

iForex group includes 3 related companies.

iForex UK - located in the United Kindom, regulated by the Financial Conduct Authority (FCA).
iForex CY - located in Cyprus, regulated by the Cyprus Securities and Exchange Commission (CySEC).
iForex BVI - located in the British Virgin Islands, regulated by the BVI Financial Services Commission (BVIFSC).

Availability

iForex group accepts clients from all over the world, excluding USA, British Virgin Islands, Australia, New Zealand, Israel, Turkey, Iran, Syria, North Korea, Brazil and some OFAC sanctioned countries.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

80+ Currency Pairs Based on major and minor world currencies.
18 Crypto Pairs Based on Bitcoin, Ethereum, Litecoin, Dash, Ripple, Monero, EOS.
33 Indice CFDs Based on baskets of different blue-chip stocks, US Dollar Index and Volatility Index.
7 Metal CFDs Based on Gold, Silver, Platinum, Palladium anf Copper.
6 Energy CFDs Based on Crude Oil (WTI, Brent, Shanghai), Heating Oil, Gasoline and Natural Gas.
7 Soft CFDs Based on Cocoa, Coffee, Corn, Cotton, Soybeans, Sugar, Wheat.
700+ Stock CFDs Based on shares of AU, US, UK, EU and Asian companies.
50+ ETF CFDs Based on exchange-traded funds containing various tradable assets.

Comprehensive review

Registered in the UK, Cyprus, and the British Virgin Islands, iForex is a CFD & forex broker that offers traders worldwide access to high trading leverage, a wide selection of trading instruments, and its own unique trading platform.

Perhaps what is most noteworthy about iForex compared to other brokers is that it can also work as a sort of offshore bank account for its users by paying out a fixed interest rate on deposits made by clients. At the time of this writing, this interest rate is at 3%, and is thus far higher than what is possible to get on US dollar deposits in any major traditional bank.

Also unique about iForex is the proprietary web trading platform and mobile app it offers. Unlike most other trading platforms that are used in the industry, iForex’s platform is designed from the ground up with mobile users in mind, offering an ideal mobile trading experience. However, the web-based platform is still more than powerful enough for demanding traders who like to trade from their desktop computers, and comes with built-in trading signals, live charts, a range of technical indicators, and a dedicated sentiment indicator.

What iForex’s platform lacks, however, is the huge library of custom technical indicators and trading strategies (Expert Advisors) that is available on the MetaTrader (MT4/MT5) platforms. Traders who are specifically looking for access to some of these Expert Advisors should therefore choose another broker that supports the MT4 or MT5 platforms.

In terms of instruments available for trading, iForex offers pretty much everything a trader could ask for. This ranges from single stocks of more than 700 companies from all parts of the world, a large range of forex pairs, many popular cryptocurrencies, a number of the largest global equity indices, as well as a selection of exchange traded funds (ETFs) and commodities.

As with most forex brokers, all assets offered by iForex are traded in the form of CFDs, with leverage going up to 1:400 for international clients and up to 1:30 for EU-based clients (in accordance with regulations from the European Securities and Markets Authority - ESMA).

To fund new trading accounts, iForex accepts deposits made with either credit or debit cards, bank wire transfers, as well as the popular e-wallets Skrill and Neteller. Perhaps surprisingly, and despite being registered and regulated offshore, iForex does not accept cryptocurrency as a funding method.

When it comes to customer service, we are happy to see that iForex offers this throughout the trading day for most parts of the world (04:00-20:00 UTC) via email and dedicated phone lines for 12 different countries.

In summary, we believe iForex has come a long way since its launch all the way back in 2012. With its proprietary web-based trading platform, the broker now has a platform with an interface that has both a modern feel and an intuitive user interface. The broker also offers one of the best mobile trading experiences in the industry thanks to its “mobile first” approach in developing the platform, and may very well become a popular choice in the new generation of retail traders that are used to keep track of their trades on the go.

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