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Editor Rating
- 5/5 – Excellent
- iForex review
- Website:
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Review Summary:
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iForex is considered an industry leader thanks to their tight spreads, real-time market prices and unique margin policy. As a user, you can maximize your account while also protecting yourself and preventing losses from becoming greater than what you set.
Table of contents
Forex trading is on the rise and offers traders great ways to earn money by trading different currencies from all over the world. There are many different online brokers that allow you to trade currencies. Most also offer valuable tools and education to help you maximize your trades. In this review, we’ll take a look at iForex and discover what they offer clients and how they have become one of the market leaders.
About iForex
Founded by a group of bankers and Forex dealers in 1996, iForex is one of the most respected Forex brokers. In 2004, they unleashed their multi-lingual internet-based trading platform, which expended their client base to tens of thousands. In addition to currency trading, iForex allows you to trade commodities, indices and shares. They serve clients from all over the world and are a leader in the market.
iForex headquarters are in Greece, but other locations include their Arabic Desk, Philippines Desk, Russia and Spain. Their toll-free numbers include help in 14 different countries.
iForex is considered an industry leader thanks to their tight spreads, real-time market prices and unique margin policy. As a user, you can maximize your account while also protecting yourself and preventing losses from becoming greater than what you set.
Benefits of using iForex include:
- Interbank tools for larger accounts
- Access to global markets
- Interbank Spreads
- No hidden fees
- Hedging capabilities
- Real-time margin protection
- Referral program, which earns you $35 for each friend who signs up with iForex.
Top Features of iForex
iForex features several tools to help you make good trading decisions. Firstly, they offer an Economic Calendar. This tool lists all financial release dates, so you can know what to expect in the near future. Market Reports give you access to reports and analysis. The best part is that their reports are extremely easy to understand, making it great for beginners. They offer news updates as well as their iForex Daily report to let you know what is happening in the Forex world from day to day.
In addition to reports, you’ll get access to many customized trading charts. These charts let you perform advanced technical analysis and track market trends. Lastly, they provide users with Advanced Trading Signals. These signals provide life updates for the most popular trades. This means you’ll stay on top of the changing market, so you can make informed decisions.
For all your trading needs, iForex features three trading platforms. Their PC platform is the FXnet Trader, and it is great whether you are new or experienced to Forex. Features of this platform include one-click deals, full single screen function, Microsoft.NET technology, customized few and advanced integrated charts.
If you can’t or don’t want to download a program, there is also a Web Based Platform. Simply access your account and make trades via any internet browser. Features include over 90 tradable instruments, firewall access management and 128-bit secure SSL environment.
Lastly, they feature a mobile platform that keeps you up-to-date even when you are on the go. With the mobile platform, you have access to your wallet, balance sheets and margin details. You can customize the layout to your preference. The mobile app allows you to constantly monitor your positions.
iForex Prices
iForex has many different account types to fit each individual needs. Different accounts include different guidelines and benefits, so make sure you fully understand them all before choosing one. iForex, like many Forex trading brokers also offers an Islamic Account. This account is interest-free, so it doesn’t not break any Islamic laws.
To join iForex and gain some of the educational tools, it doesn’t cost anything. In fact, after you register, you’ll first receive a free 1-on-1 trading session before you start trading. Once you’re ready to trade, you will have to fund your account. The minimum opening deposit to start trading online with iForex is $100. The minimum transaction size for a new account is $2,500, and the leverage is up to 400:1. Funds can be added via bank wire, credit card, debit card or eWallets.
If you aren’t ready to start trading real money, you do have access to a demo account as soon as you sign up. This demo account allows you to learn the basics of Forex trading without actually risking any money. Demo accounts are designed to mimic the real market, so you get a clear and accurate view of what to expect once you start live trading.
Criticism of iForex
iForex is not quite as forthcoming regarding their system as other Forex trading sites. They do not list their different account types until after you join and are ready to start trading. This is unattractive to many beginners who want to know what to expect before they start. Luckily, you immediately gain access to a demo account once you sign up. Other than that, the website provides clear information and education about Forex trading and iForex.
Unfortunately, the reviews of iForex are polarizing. Different users had extremely different experiences. Some users rave about the broker, their great support, education and the platform. Other users claim of manipulation, fraud and even say it is a scam. Most of the counter-arguments to these negative claims, insist that iForex is good if you understand Forex trading. They claim that these negative reviews are from people who are inexperienced with Forex trading and, as a result, lose money.
Since iForex has been in business since 1996, and they are one of the largest and most respected firms in their industry, we are inclined to agree. While iForex may seem appealing to beginners, be wary. Like all investments, Forex has risks. If you fail to fully understand those risks and are inexperienced you are sure to lose money and have a bad experience with any broker.
Customer Support
iForex offers support 24 hours a day, five days a week, and they offer live chat, email queries and support via phone. So whether or not you need help ASAP, it’s available. In addition to customer service, you have access to the Knowledge Base. The Knowledge Base has answers to some of the most commonly asked questions about using the site, including compliance, payments, dealing room, registration inquiries, customer support and technical support.
For information about Forex trading in general for new traders, iForex offers a Getting Started section. This area tells you what Forex is and how you can get started with Forex trading on iForex, making it easy for beginners to get started.
An Education Center is also available. Some of the educational material is available for everyone, while other material is only available after you sign up with iForex. Information includes:
- Educational E-books: E-books and guides to help you get started or advance in Forex trading
- Interactive Tutorials: Learn Forex with the extensive interactive course
- Learn the Lingo: Glossary of different Forex terms
- The A-Z of Forex Trading: A video course that teaches you basic to advanced Forex concepts
- Watch and Learn: Learn the top benefits of Forex in just one short minute
​ - 1-on-1 Personal Training: Free personal training session
Conclusion
iForex strives to bring clients the services and tools they need to succeed in the Forex market. They offer extensive educational tools to help beginners get started. While many of the reviews claim iForex is a scam, we disagree based on their long track record. If you choose to trade with iForex, make sure you fully understand the risks. As with any investment, you’ll always have a good experience if you educate yourself and understand what you are doing before you risk real money.
