Many Forex regulators have a hard time in tracking down illegal Forex brokers who are hiding in the Forex industry. The market is indeed a magnet for scammers because the industry leaves enough abstract space for scamming and scheming. No other business is based on less concrete evidence than Forex. The online way of trading made it possible for the fraudsters to never see your face or meet you, and traders are somehow supposed to trust strangers which can be anywhere in the world. It does sound scary and good thing is that much information about brokers is available and that the market is kept from collapsing by hardworking regulatory agencies who cooperate, inform the public, observe and monitor the brokers. Today’s review concerns the iForex broker who has a long overall history, but who has not been so long in the Forex market. The broker counts to successful brokers and has a decent customer base. We checked the broker for you, and we are glad to share the information with you.
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Background
The iForex broker was formerly known as iForex Cyprus Ltd, a company that was founded already in the mid-nineties. Forex dealers and a number of bankers came together and opened the iForex empire. The broker declared itself iForex in 2011 when it applied for and obtained a CySEC license. This means that the broker represents a sub-company or sub-wing of a larger parent company and that the company’s managers already have the needed experience. CFDs, indices, shares and commodities are what the broker offers. This is a pretty much standard service package. Under the strict rules of CySEC, the broker is required to be liquid, to ensure its traders on $20,000 in the case of insolvency, and to transparently display what is going on in the company.
Platforms
iForex offers far more platforms than other brokers. We have seen that the majority of brokers stick to the MT4 without any additional platforms. The MT4 is sufficient of course, but it is nice to see a little bit of variety. iForex offers another independent platform which can be accessed directly in the browser or downloaded to your desktop. The FXNet trader is also called the smart client platform and it has been custom-made for passionate traders and new traders. The platform is characterized by fast executions and orders, one-click options, and advanced charting. iForex also offers the web-based platform which can be directly accessed form the browser. The platform allows opening and closing of positions, an overview of the market and trade history. The platform offers more than 100 tradable assets and is suitable for people who travel a lot and want to access their trades via other people’s computers. The iForex mobile app is robust and easy to use and befits many traders who simply want to enjoy Forex trading anytime and anywhere. I have to admit; it is convenient to take a look at how your trades are doing while in the middle of a meeting.
Accounts
The broker offers a normal range of account types, i.e. two accounts:
- Mini account ($100)
- VIP account ($2,500)
The Mini account requires $100 deposit, whereas the VIP account requires $2,500. The Mini account is suitable for all traders and also has very tight spreads just like the VIP account. The maximum leverage is 1:500. The accounts require a minimum 0.01 trade volume, and there is no commission charge. The VIP account offers more features than the Mini account, like personal account manager, tighter spreads, and special tutorial sessions.
iForex Bonus
The broker does not offer cash bonuses or deposit bonuses, but the broker considers that educational resources are rewarding as well which the broker offers. The Promotion Section of iForex is full of offers that include training sessions, improving knowledge seminars, etc. The broker is not wrong here, since the knowledge we acquire stays with us, while the bonus money does not.
Deposits and Withdrawals
Traders care a lot about what payment methods are accepted by their broker. Some prefer e-wallets, others like the classic wire transfer (even if it costs more), and brokers try to cover as many funding options as possible. The broker offers wire transfer transactions, credit cards, Skrill Neteller, WesternUnion, and Diners. Withdrawals are processed very fast, within one day, and the broker charges no commission.
Customer Support
The iForex website is offered in over 20 languages which means that the broker wants to be clearly understood by traders and that they pay attention to their international image. The customer support includes a live support via phone line, mail, and live chat. The customer support team is available in 17 countries which include Asian and European countries (India, Italy, even Mexico, Malaysia, Russia, France, Canada, China, France, etc.). This indicates the great global presence of the broker and their popularity.