iForex Broker Review: A Closer Look at the Platform’s Trading Services

iForex broker is in the market for more than 25 years. However, there are two entities with this broker. One registered in Europe and one offshore. Considering iForex eu features we could say that the broker is quite reliable. However, there are some potential flaws exposed by some traders.

In general, the broker has a very competitive and transparent offer. But does that make them the right choice, find out in this iForex review.

Who Is iForex Broker?

iForex broker tends to provide its services worldwide. Because of different regulatory requirements, they had to register two entities. Formula Investment House Ltd is the one first registered in 1996. This entity is registered in the British Virgin Islands and mainly serves traders outside of Europe.

In addition to that, there is one entity registered in Cyprus that provides services to traders in the EEA zone. Important to realize is that different rules and conditions are applied and we reveal them all in this unbiased iForex eu broker review.

            Regulation info

As with any other broker, you are wondering if is iForex safe. Generally speaking, brokers with CySEC regulations are reliable. But still, some companies managed to violate rules and still keep in business. Even though this broker has Financial Services Commission (BVI) license and CySEC license, they don’t have  Tier 1 licenses.

Such as FCA, BaFin or ASIC. None of these registers had any information about this broker. In the past, the company had some difficulties with Hungarian HFSA, but that was sorted out. Nevertheless, the company claims that traders can enjoy some funds protection measures with both entities. Those are segregated bank accounts for deposits and negative balance protection.

https://www.iforex.com/legal/license.pdf

https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37660/

There are many other brokers with similar or even better offers. You just have to search more. Therefore, we present Capex, ActivTrades and CMC Markets reviews.

iForex Broker Profile

There are many differences between the platforms iForex broker offers. Starting with the iForex trading app. There is an iForex trading app, FXNet and iForex Europe app.

In general, they miss some key advanced features like social and copy trading. Instead, they could opt for trusted software like Meta Trader or cTrader.

Provided Features

Important to realize is that for an offshore entity the company offers “The Trading Expert” service. While for European traders that’s not available. Mainly because EU regulations are way stricter and you can’t control traders’ money.

Other iForex eu features are negative balance protection, live rates and market news. While offshore entity has bonuses. Have in mind that these are forbidden in Europe.

         Account Types

There are only two account types. Those are:

• Mini  $100
• VIP   $2.500

For the account activation, you won’t be charged any fees. But before that, you can try trading with virtual funds on a demo account. On the negative side, there is no swap-free Islamic account available.

         Deals & Promotions

Also, where entities differ is the promotion. With iForex Europe you get the educational package and pro package. While with iForex online trading offshore brings you way more options.

Such as the refer-a-friend program and welcome bonus package. Another key point is the iForex bonus policy. In general, before reaching the required trading volume you can’t get any rewards there. So, be careful with those and read the policy carefully.

         Additional Features

As for the additional features, there is nothing significantly better compared to other brokers. You can only use calendars, news, live charts and indicators.

There is also a trading expert service, but only with an offshore entity. But if you compare it with any other Tier 1 licensed broker you can easily find the important differences.

         Deposits and Withdrawal Methods

The funding methods are different and depend on the country of your residence. But all the options available are:

• Debit and Credit cards
• Wire/Bank transfers
• E-wallets (Paypal, Skrill, Neteller)

Thankfully with the Sofort option, even wire transfers are processed instantly. As for withdrawals, there are no fees from the broker. Unfortunately, some traders reported potential issues there and you should have that in mind.

         Apps

There are three choices, but all of them are proprietary. With an offshore entity, you can use the proprietary iForex app. Which is available for mobile devices as well.

On the other hand, European traders have FXNet web trader, but also iForex Europe mobile app. Thus, none of these has the features like cTrader or Meta Trader.

iForex Broker Reviews: What do we know from former clients?

In general, almost 40% of Trustpilot reviews are not good. That’s a high amount for such a regulated broker. It’s a shame for a business that exists for more than 25 years. Still, those reviews are not confirmed and you can only testify something if you had some similar experiences.

You have to understand that you won’t find all the necessary information on the company website. On the positive side, our experts can guide you through the broker-choosing process. Let us know if you are still looking for a trusted broker.

https://www.trustpilot.com/review/www.iforex.com

Who trades with iForex?

iForex CFD broker mostly gains clients because of reputation and referral program. But it’s not rare that traders get attracted by adverts. As can be seen in the reviews.

Also, the company is running multiple social media accounts. Only one message or post is enough to attract traders. The ones already trading here are coming from:

• Italy
• Hungary
• Greece
• Netherlands
• Spain

Since there are always hidden perks of trading with some brokers, it’s best to talk it through with experts. With us, such consultations are free of charge.

Pros and Cons of iForex Broker

The main benefit of this broker reflects only with European brand through CySEC license. Otherwise, there are many downsides. Their customer support is available only 24/5. Also, trading software is proprietary with limited functions.

The company offers bonuses and higher leverage. Therefore, traders from the EEA zone should have that in mind. Above all, there are many negative reviews.

Is iForex Broker Safe for online trading?

In general, for EU traders everything should be transparent and safe. However, iForex broker reviews point in the other direction.

To avoid any irregularities the best option is to find yourself a Tier 1 licensed broker. In that case, you can easily get the maximum protection and full transparency. However, it’s hard to know exactly who to trust and who not to trust nowadays.

Summary on iForex Broker

As you can see, there are many uncertain facts with this broker. The most important thing, you should have in writing is what entity is responsible for your account. But also what securities you can enjoy.

Considering everything mentioned above, you can get further explanations from our experts. Don’t hesitate to reach out and share your experience with brokers. In the end, your security is the main priority. Get your first non-obligatory consultation already today! We are waiting for you and the fastest way to reach us is through our live chat.

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