iForex Review – An FX Broker That Depends On Creative Marketing Campaigns
iForex is a popular name in the Forex trading industry, primarily due to its extensive online ad campaigns that target specific groups of traders through unique and creative marketing ideas. iForex has also been a prominent figure in the financial markets since 1996 and became actively involved in the Fore market during 2004. Due to the obvious results of targeted advertising, it is common for traders to associate iForex with a reputable Forex brokerage, and the company has managed to live up to the hype through its different products and services. In this iForex broker review, we attempt to offer you the most comprehensive information about the pros of the broker, and some negative aspects that will help you in your trading ventures.
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- Website: www.iforex.eu
- Support: +357-252-04600
- Corner of Agiou Andreou & Venizelou Streets
- Vashiotos Agiou Andreou Building
- Second Floor, P.O.B 54216
iForex Trading Accounts & Forex Contract Specifications
iForex has ventured into 140 different financial markets to offer one of the most comprehensive access to the modern world of investments. iForex offers an extensive collection of Forex currency pairs, commodities, global indices, and an exhaustive list of shares from all major financial markets, which allows a trader to diversify his investments to create a diversified investment portfolio. iForex is perhaps one of the very few Forex brokers in the industry that offers an incredible amount of access to the financial markets, and the broker indeed deserves credit for offering such an unprecedented financial product to retail traders. iForex has made it virtually seamless for its clients by offering only a single type of trading account for a minor investment of $100. The broker offers the standard market maker account, which does come with a few drawbacks and a significant conflict of interest. Market maker protocols are usually not preferred due to the potential for a broker to trade against their clients, but iForex has addressed this issue by connecting traders with a global pool of liquidity providers through a hybrid brokerage model. Nevertheless, traders should be vigilant while trading with a market maker broker, as it clearly does not have the benefits and security of trading with an ECN account. iForex offers a maximum leverage of 1:400 and the company has a varying degree of leverage for its different financial products. Shares and Indices are only eligible for a maximum of 1:25 leverage, while Forex and commodities products may offer the maximum of 1:400 leverage. Since the company only offers a market maker model for its brokerage, it is not a surprise that the company has quoted the iForex spreads as a minimum of 2 pips on the major currency pairs. We only expect the spreads to increase for the other financial assets, while the cost of trading for indices and shares may also include a commission.
How Can I Fund My iForex Account?
$100 is a relatively reasonable amount of deposit for a Forex trading account, although it is not as cheap as some of the other Forex accounts in the market. In fact, $100 might be entitled to a true ECN account at other competing brokers, which might put the broker at a disadvantage in light of its competition. Nevertheless, you can fund your account using a wide array of payment options, all of which are performed over secure payment portals and the latest encryption protocols. iForex accepts payments through the popular payment options such as Visa, MasterCard, PayPal, Skrill, Bank Wire, and Neteller, while the company also accepts payments through Paysafecard, giropay, ideal, and SOFORT.
iForex Regulation & Security Of Funds
iForex is a regulated broker, which guarantees the safety of your funds against any broker misuse. iForex is registered as Cypriot Investment Firm (CIF) that has its main office located in Limassol, Cyprus. The broker also offers country-specific phone numbers and email addresses for all major EU member nations for added convenience to its clients. All regulatory supervision and allied activities are assumed by the Cyprus Securities and Exchange Commission (the CySEC), which is authorized by the ECB to act as an authorized European regulatory agency for regulating all non-banking financial firms located in Cyprus. iForex has to comply with all the regulatory guidelines that are adopted in the numerous versions of the European Markets in Financial Instruments Derivatives (MiFID), which are created by the European regulatory organizations in conjunction with the ECB. Under the European Economic Area (EEA) agreement, Forex brokers in Cyprus are allowed to offer their services to traders from all over the EU through a valid CySEC license, which in turn subjects CIF and iForex to the scrutiny of all authorized regulatory organization in the EU. At times, iForex is also expected to offer a transparent insight into its activities at the request of any EU member organization, which is essential for maintaining the integrity of the EU financial markets. Existing iForex clients, as well as new traders, can be assured of the safety of their trading capital through the ICF (Investor Compensation Fund), which guarantees up to €20,000 in compensation if a broker is rendered bankrupt or insolvent. However, chances of a bankruptcy or insolvency are quite small, as the CySEC conducts periodic audits of iForex and all other CIFs to ensure that they operate in line with the market expectations. The CySEC also stipulates a minimum of €1 million in operating capital, which not only helps in maintaining a sound financial standing, but it also increases according to an increase in client capital.
A Brief Assessment Of The iForex Trading Platform
Unlike its immediate competitors, iForex has trodden a unique path of offering its proprietary trading platform. There are pros and cons of offering a proprietary trading platform, instead of choosing a tried and tested third-party interface such as the MT4. For example, iForex is able to offer access to its entire range of trading products using a single trading platform, without having to switch between platforms to access the different markets. The iForex trading apps are designed for desktop as both an installable platform, as well as a WebTrader, which offers the desired convenience for traders to access their accounts on any system without much trouble. Clients are also provided the iForex mobile apps for Android and iOS devices, which further help clients to trade the markets on the move. The iForex trader has a unique set of charting tools, indicators, and other trading tools that can be individually customized according to specific trader requirements. Although the iForex Trader offers competitive market access to its clients, it may miss out on other prominent Forex trading features such as EA trading, Multi-Account Management, or the ability to create custom indicators or charting options that are prominent in other popular platforms such as the MT4 and the cTrader. Nonetheless, the iForex trading platform should be able to satisfy most trader requirements without making any significant compromises.