iFOREX offers commission-free trading across 6 asset classes, including Forex, Crypto, and ETFs. The broker pays up to $300 in referral commissions. It’s the official partner of PSV Eindhoven football club.
iFOREX; The Broker's Information and Regulation
iFOREX is a brand name of iFOREX Group founded in 1996 in Cyprus. The broker operates in 100+ countries.
The company operates through two brands in different jurisdictions with various licenses, including:
- iFOREX: Regulated by the British Virgin Islands’ Financial Services Commission (BVIFSC) with certificate No. SIBA/L/13/1060
- iFOREX Europe: Regulated by the Cyprus Securities and Exchange Commission (CySEC) under license No. 143/11
This iFOREX review will explore the offerings and features of the international branch with a BVIFSC license.
iFOREX Broker Table of Specifications
The company offers negative balance protection and clients’ funds segregation. Let’s see if its offerings can compete with Forex brokers.
Broker | iFOREX |
Account Types | Real, Demo, Swap-Free |
Regulating Authorities | BVIFSC |
Based Currencies | USD |
Minimum Deposit | $100 |
Deposit Methods | Credit/Debit Cards, Apple Pay, Neteller, Skrill, Paysafecard, Crypto, Voucherry |
Withdrawal Methods | Credit/Debit Cards, Apple Pay, Neteller, Skrill, Paysafecard, Crypto, Voucherry |
Minimum Order | 0.01 lots |
Maximum Leverage | 1:400 |
Investment Options | None |
Trading Platforms & Apps | iFOREX app |
Markets | Forex, Commodities, Indices, Shares, Crypto, ETFs |
Spread | Variable based on the instrument |
Commission | $0 |
Orders Execution | Market |
Margin Call / Stop Out | N/A |
Trading Features | Mobile Trading, Trading Signals |
Affiliate Program | Yes |
Bonus & Promotions | Refer A Friend, Welcome Package |
Islamic Account | Yes |
PAMM Account | No |
Customer Support Ways | Email, Phone, Call back Request, Ticket |
Customer Support Hours | Monday-Friday, 04:00-20:00 GMT |
iFOREX Trading Accounts
The broker primarily offers a Real account catering to diverse clients’ needs. It also allows for swap-free trading through its Islamic account, and you can practice via a Demo account. iFOREX Real account features:
- No commissions
- Maximum Leverage: 400
- Minimum deposit: $100
- Minimum Order Size: 0.01 lots
- Base Currency: USD
iFOREX Broker Sign Up and Verification
The company charges no fees for registering, opening, or closing an account. However, to open a live account you should deposit the minimum amount required by the broker.
- Visit iFOREX's official website;
- Click “Register”;
- Fill in the sign up form;
- Deposit funds;
- Provide proof of ID (passport or ID card) and proof of residence (utility bill or bank statement).
iFOREX App and Trading Platform
The broker has developed its proprietary trading platform equipped with an economic calendar and trading signals for mobile devices and web browsers. iFOREX app download link:
iFOREX Broker Fees Explained
The company charges no commissions for opening and closing positions. The main trading costs are spreads. We’ll explore the spread data for some trading pairs in this iFOREX review.
Trading Instrument | Minimum Spreads (Pip) |
AUD/CAD | 3 |
EUR/GBP | 1.6 |
EUR/USD | 1.1 |
GBP/USD | 1.6 |
Brent Oil | 4 |
Gold | 49 |
WTI Oil | 4.2 |
Bitcoin | 101.2 |
Ethereum | 5.57 |
Deposit & Withdrawal
The broker accepts online and offline deposits made via various methods, including Bank Wire, Credit/Debit Cards, and eWallets.
- VISA / MasterCard
- Apple Pay
- Neteller
- Skrill
- Paysafecard
- Crypto
- Voucherry
It's important to note that available options can vary depending on your country of residence. Generally, withdrawals are processed back to the original deposit method.
As mentioned in this iFOREX review, available payment methods can differ based on your location. For example, Indian clients can use INR deposits via UPI or NetBanking.
Copy Trading and Investment Opportunities
iFOREX doesn’t offer a dedicated copy trading feature or investment funds. However, it allows users to check market sentiment and other traders’ positions.
iFOREX Promotional Programs
The broker offers a welcome package to new clients and an affiliate program for referring customers.
- Welcome Package: 50% trading bonus on the first deposit and an additional 50% upon completing KYC, plus 1-on-1 training guides, and video tutorials
- Affiliate: $35 - $300 commission (based on your friend’s first deposit) for referring new clients
Customer Support
The lack of 24/5 online support is one of the disappointments in this iFOREX review. The broker provides assistance in 16+ languages Monday to Friday, 04:00 - 20:00 GMT through various channels, including:
cs@iforex.com | |
Tel | +30 2103742599 |
Call Back Request | Through the “Contact Us” page |
Ticket | Click the “mail” icon on the home page |
iFOREX also has implemented local phone lines for its clients from various countries, such as China, Egypt, and India.
China | +852 30184846 |
Egypt | +30 2100105333 |
India | +91 3371279140 |
Indonesia | +30 2103742518 |
Kazakhstan | +7 7273493078 |
Malaysia | +30 2103742520 |
Mexico | +52 5547469733 |
Philippines | +30 2103742525 |
iFOREX User Satisfaction
The company has garnered mostly positive feedback across reputable websites like Forex Peace Army.
4.2 out of 5 based on 124 comments | |
Forex Peace Army | 2.495 out of 5 based on 105 ratings |
75% of iFOREX reviews on Trustpilot are 4-star and 5-star (positive), and only 23% are negative (1-star and 2-star).
Conclusion and Final Words
iFOREX provides access to 750+ trading instruments with leverage options of up to 1:400. The broker has a great score of 4.2 out of 5 on Trustpilot. It doesn’t accept clients from the USA.