iForex Review

The iForex brand is operated by two component subsidiaries which make up the iForex Group. The company opened its door to the public in 2012, and now operates a decentralised brokerage structure which presents non-ESMA trading conditions to the global market while retaining the essence of the 2018 rule changes by ESMA for the EU market.

I. Background and Company Overview of iForex

iForex operates a decentralised brokerage system and also offers some attractive features such as elimination of rollover fees for long-term positions. The brand also offers a comprehensive trading education suite, delivered primarily through a video-on-demand (VOD) service.

Some of the features that continue to attract traders to iForex are:

• Traders can get a welcome bonus of up to 100% (50% upon account activation and 50% when the account is verified).
• Spreads on crypto assets are reduced to as low as 0.25% of invested amount; one of the lowest in the industry.
• Traders can get free access to the iForex Trading Room and follow independent traders as they trade within the room.

II. Trading Platforms and Tools

iForex is one of the handful of forex/CFD brokers that does not offer the MT4 or MT5 platforms. Rather, traders will be able to trade using the proprietary platform and mobile app from the iForex in-house team. There are two proprietary platforms on iForex.

• FXnet
• iForex Europe app

FXnet is a web-based proprietary platform that gives clients of iForex access to more than 750 CFD assets. This is way beyond the asset range on any of the MetaTrader platforms. Access to an expanded asset suite is a cogent reason for iForex deciding to go the way of proprietary trading software. FXnet offers access to the interactive charts, the signals service and the market sentiment tools that serve as add-ons that enhance the trader's experience. The platform also has a mobile version (not a mobile app) that works on smartphones and tablet devices.

The iForex Europe app is only accessible to the company's EU clients. It is downloadable from the respective app stores and gives the trader access to trading and non-trading features such as the wallet, equity/margin information and the balance sheets. Of course, you can also perform trading functions with the app.

Most of the tools found below are only available to those trading with the BVI entity of iForex.

• iForex presents a uniquely designed Economic Calendar that showcases the important and tradeable news releases.
• There is a Trading Signals Alert tool which is used to set audible alarm sounds for price changes and any changes in market trends.
• A Trading Sentiment tool shows you the percentage of retail traders who are buying or selling a particular asset.

III. Account Types and Spreads

iForex offers all its clients one type of account, irrespective of the capital deposited into the account or the trade volume generated by the account holder. Spreads typically start from a minimum of 1.8 pips. The minimum deposit requirement is set to $100.

IV. Contract Specifications

Here are the contract specifications on iForex.

• The minimum order size on all accounts is 0.01 lots.
• The maximum leverage on the EU entity is 1:30, in keeping with ESMA's regulations.
• The maximum leverage on the offshore entity is set to 1:400.
• All cryptocurrency CFDs on iForex are non-leveraged products.

V. Security and Regulation

The iForex brand is owned and operated by Formula Investment House Ltd. In the British Virgin Islands, it operates as an investment firm which is authorised and supervised by the British Virgin Islands Financial Services Commission (BVIFSC) with licence number SIBA/L/13/1060.

In the EU, the brand is operated by the subsidiary company of the iForex Group known as iCFD Ltd. The company operates from Cyprus, under licensing and supervision from the Cyprus Securities and Exchange Commission (CySEC) with licence number 143/11.

There is no specific account opening prohibition on a countrywide basis, but it is assumed that residents of countries such as the USA, Canada, Japan, Belgium and others where local regulators prohibit overseas forex trading or prohibit altogether, may not have access to iForex's services.

VI. Customer Support and Education

How can you reach the customer support desk on iForex? Here are the available channels for all entities.

• Phone: +357-252-04600 (EU office); +30-210-374-2599 (BVI)
• Email: cs@iforex.eu; cs@iforex.com; info@iforex.com
• Live chat
• Remote Technical Assistance: get.teamviewer.com/iforex
• Twitter: twitter.com/IFOREX_Europe
• Facebook: facebook.com/Iforex-Europe-101880202452930

Conclusion

It makes sense to open an account with iForex because it presents expanded leverage options for non-EU users and presents in-house trading software that gives the trader access to markets that cannot be found on the MT4/MT5 platforms. There is always a bull market somewhere, and you can only know where with the expanded asset index on iForex.