iFOREX has been founded in 1996, it is a pioneer of forex broker. It’s been about 20 years since the online Forex broker started to appear in the world, so iFOREX has quite long history.
Not only does it have a long history, but its popularity does not decline due to the large number of stocks it handles and the ease of high-level trading.
- Overview
- iFOREX Advantage and Disadvantage
- iFOREX is Recommended for Such Traders!
- Is iFOREX a Reliable Broker? Or Scam?
- iFOREX Products
- Can Cryptocurrencies be Traded in iFOREX?
- iFOREX Account Types
- iFOREX Bonus Programs
- iFOREX Education Program
- iFOREX Deposit / Withdraw Methods
- iFOREX Customer Support
- Try iFOREX Demo Account for Free
- Summary
Overview
| Company | Formula Investment House Ltd. |
| Established | 1996 |
| Regulated by | FSC(British Virgin Islands) |
| Max Leverage | 1:400 |
| Spreads *STP/Avg. | 0.7pips/EURUSD、1.0pips/USDJPY |
| Commission *ECN | N/A |
| Products | Forex:83, Index:33, Metal:6, Energy:6, Commodity:8, Crypto:17, Stocks:845, ETF:47 |
| Account Types | 1 Type |
| Bonuses | 1 Type (Cashback) |
| Negative Balance Protection | Yes |
| Stop Out | 0% |
| Deposit & Withdrawal Fees | Yes |
| Support | Phone, E-Mail |
| Platform | FXnetView |
iFOREX Advantage and Disadvantage
- Many products (1000+). Especially stocks
- Stop out 0%
- Narrow spreads
- High leverage up to 1:400
- Customer assets are segregated
- Negative balance protection system
- MT4 and MT5 are not allowed
iFOREX is Recommended for Such Traders!
- Want to start with small capital
- Want to trade stocks with high leverage
- Transaction fees should be low anyway
- Need negative balance protection
- Want trustworthy broker having long history
Is iFOREX a Reliable Broker? Or Scam?
In conclusion, iFOREX is not a scammer, but it is a forex broker with a little lower reliability than other brokers.
It has been in business since its establishment in 1996, iFOREX as long history and it is still focusing on improving services, and it seems that the number of customers is actually increasing.
So I don’t think iFOREX is a bad scammer who runs away with the money entrusted by the customer.
iFOREX Licenses
iFOREX has the following licenses.
- FSC(British Virgin Islands)
Regulated number is SIBA/1/13/1060.
I do not know in detail the details of the examination by the financial authorities of the British Virgin Islands, but it can be said that the minimum conditions have been met.
iFOREX Asset Conservation
Is there any measure to protect customer assets?
What happens to our assets (margin and profits deposited) if the forex broker goes bankrupt?
It should be decided that the forex broker who can guarantee customer assets as much as possible is more reliable.
It is the asset conservation system to evaluate it.
There are two main types of asset conservation systems.
- Conservation Trust
- Segregation of Funds
Conservation Trust is more reliable.
Conservation Trust means depositing all the customer assets to a third institution such as a bank. Forex brokers cannot withdraw funds without permission unless the customer instructs them to withdraw. Even if the forex broker goes bankrupt, the customer’s assets (balance at that time) are protected and guaranteed.
Segregation of Funds is to manage the operating costs of the forex broker and the assets under custody from the customer in separate accounts. Unlike Conservation Trust, the management is done by the forex broker itself, so even if the forex broker goes bankrupt, the customer’s assets are may not fully guaranteed.
How does iFOREX manage customer assets?
iFOREX manages customer assets by Segregation of Funds.
Since it is not a Conservation Trust, its reliability will decrease.
It can be said that this also meets the minimum requirements.
iFOREX has been in business since its establishment in 1996, and it can be said that it is not a scammer, but if you are worried, please choose another broker.
iFOREX Products
iFOREX offers 1,046 products.
iFOREX boasts an overwhelming number of products.
845 individual stocks are particularly noticeable, but even if they are excluded, both the product type and the number of stocks are overwhelming.
It’s also interesting to handle 47 ETFs (Exchange Traded Funds) around the world.
iFOREX has low transaction costs and its own trading tools are very easy to use, so it can be said that iFOREX is well worth using as a main broker.
- Currency : 83
- Index : 33
- Energy : 6
- Metal : 7
- Commodity : 7
- Crypto : 17
- Stocks : 845
- ETF : 47
- Total : 1,045
Please refer to another article for a detailed explanation of the products handled by iFOREX and the terms and conditions of the transaction.
Can Cryptocurrencies be Traded in iFOREX?
Can we trade cryptos in iFOREX?
As you know already, we can trade cryptos in iFOREX.
Recently, trading of cryptocurrencies such as Bitcoin, Ripple, Ethereum and Other Altcoin has become popular again.
It is very popular with short-term traders due to its large price fluctuations.
Bitcoin has also risen steadily, finally surpassing $ 20,000 in late 2020. There are also long-term traders.
iFOREX offers 15 cryptocurrencies / 17 pairs of stocks, including Bitcoin.
The number of cryptocurrency coins iFOREX handles is more than any other broker.
iFOREX handles not only the major Bitcoin and Ethereum, but also Dogecoin (DOGE), which became famous when Elon Musk invested in it.
If you want to trade in minor cryptocurrencies (altcoins), iFOREX is an option for you.
Max leverage is 1:13 for Bitcoin, 1:5 for Ripple and 1:10 for others, that’s not so high leverage like currency pairs, but it’s very convenient that you can trade also cryptos in one account.
In the separated article “Best Forex Broker for Crypto Trading“, I also explain not only HotForex but also another forex brokers that offer crypto trading.
This article also shows the conditions of trading of each brokers. Please take a look!
iFOREX Account Types
There is only one iFOREX account type. You don’t have to get lost.
The maximum leverage is 1:400, and of course negative balance protection system is adopted, which is standard content.
Please note that iFOREX does not allow you to choose your account currency.
This is the most confusing part because there is no explanation on the website, but it is automatically selected depending on the country of residence.
In my case, I live in Thailand, so it automatically became USD. (It wasn’t Thai baht)
I have a bank account denominated in Thai baht, so in my case I need to pay exchange fee when I deposit and withdraw. It can not be helped.
In iFOREX, only one account can be created for each customer. This is also characteristic.
Regarding iFOREX account type, refer to the separate article, “iFOREX Account Type Review” that explain you the detailed specifications and conditions.
Also, regarding opening an account, please refer to the separate article “How to open iFOREX account“, which explains the procedure for opening an account using images.
＼Just 3 minutes!!／
>>Read More About iFOREX Account Types
iFOREX Bonus Programs
iFOREX offers cashback program.
This is quite unique.
It is a cashback service that grows big depending on how you use it.
You will receive an annual interest rate of 3% on the amount deposited (effective holding amount).
There are some conditions, such as holding $ 1000 or more and trading even once within 30 days, but I think it is not difficult to clear.
Interest is calculated monthly.
While clearing the conditions, 3% will be cashed back every month.
The maximum effective holding amount is $ 150,000, so it will be a considerable cash back for those who have enough funds.
This is pretty attractive!
For more information, please refer to separated article, “iFOREX Bonus Program Review“.
>>Check 3% Interest Program on iFOREX Official Website
iFOREX Education Program
In addition to the cashback program, iFOREX also offers two educational programs.
Education package:
1-on-1 online training with a trading coach, beginners, access to video tutorials and a Trader guide.
Pro-package:
1-on-1 training, 2 weeks of free signals and tight spreads on popular CFDs.
If you are new to Forex Trading and want to start using iFOREX, take advantage of these educational programs.
iFOREX Deposit / Withdraw Methods
Credit Cards, NETELLER, Skrill and Bank Transfer is available.
But it depends on your location. Please check it out on official website.
>>Check Deposit/Withdrawal Methods
Please refer to the separate article “iFOREX Deposit Methods | Fees and Conditions” for details on how to deposit iFOREX.
iFOREX Customer Support
iFOREX has support systems around the world and can communicate in any language.
iFOREX also offers real-time communication via live chat.
| Customer Support | Supported or not |
|---|---|
| Live Chat | ✔ |
| ✔ | |
| Inquiry Form | ✔ |
| Phone | ✔ |
For more information about iFOREX support, please refer to the separate article “iFOREX Customer Support | Any Language as You Like!“.
Please refer to it.
Try iFOREX Demo Account for Free
iFOREX offers a demo account, but it is actually tough to use.
To open a demo account with iFOREX, first open a real account, make a deposit, then apply for support and open a demo account.
This system cannot be effective at all for those who want to use a demo account because they are uncertain about opening an account with iFOREX.
However, that is not the only purpose of using the demo account.
Including the explanation around that, for details on how to make use of iFOREX demo account and how to open it, see the separated article “How to utilize iFOREX demo account“.
＼Open for Free!／
Summary
Not only has it a long history, but it is also a broker offering a large number of products, especially individual stocks, and cashback services.
In addition, the stop out standard is as low as 0%, and it is extremely popular with traders who prefer high-risk, high-return trading, which is fully leveraged with a small amount of funds.
Spreads, which had been fixed until then, have changed from 2018 to Variability and are now very cheap. Scalping is prohibited, so you need to be careful about ultra-short-term trading, but iFOREX is well worth to be main broker.
＼Just 3 minutes!!／
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