Although iFOREX can trace its history back to 1996, the company didn’t make the leap into online trading until 2004. The iFOREX Group consists of several investment firms, including iCFD Limited, which is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), and Formula Investment House Ltd, which is licensed and supervised by the British Virgin Islands’ Financial Services Commission.
iFOREX offers various accounts to suit the differing needs of traders. The latest packages offered by the site include an Education Package that consists of an introductory Beginners Course and in-depth Advanced Course, as well as a Diamond Package that gives the trader such VIP benefits as better spreads, advanced notifications and a dedicated account manager.
Bear in mind that when you are opening a new iFOREX account, you will not be able to begin trading until you have deposited at least $100. A minimum transaction size of $2,500 or equivalent also applies to new accounts, with up to 400:1 leverage.
iFOREX doesn’t exactly seem too enthusiastic about offering generous bonuses – at the time of this review, the only one offered was as part of a refer-a-friend promotion that enabled the trader to earn as much as $175 by referring up to five of their friends to the site, getting a bonus of $35 for each one.
There’s a wide range of products that iFOREX enables its members to trade, including – as you would expect, given its name - currencies on the foreign exchange market such as the pound, Euro and dollar, as well as commodities including oil, gold and silver.
Alternatively, you might be more interested in trading global indices such as the US 30 and US Tech 100, or even shares in the world’s biggest companies like Apple and Google. Whatever you wish to trade, iFOREX prides itself on offering a user-friendly and professional environment.
A choice of three platforms – all of them usable with the same username and password – caters to your specific needs as a trader, not least by enabling you to trade ‘on the go’ on the innovative new mobile platform.
This platform is available for iOS and Android phones and offers the slickness and intuitiveness that you would expect when you wish to trade any of more than 200 currency pairs, stocks, indices and commodities while keeping an eye on the very latest market rates.
However, the platforms usable via desktop devices are also impressively functional and easy to use. They include FXnet Trader, a Smart Client platform that is downloaded to your computer, and a web-based platform aimed at those who would have difficulties using a download platform.
The latter provides a 128-bit secure SSL environment and is accessible from anywhere with an Internet connection.
You would expect any decent Forex broker to offer rich educational resources to help you to get to grips with the whole process and devise progressively more effective strategies, and iFOREX is no different in this regard.
Whether you learn best from online ebooks, interactive tutorials, video courses, encyclopaedias or even one-on-one personal training, all of these options are available to you at iFOREX.
The educational ebooks, for example, take the form of PDFs with such titles as The Trader Guide and Common Trading Mistakes, while the online ‘iFOREXopedia’ defines CFD and Forex terms ranging from ‘account’ and ‘account balance’ to ‘volatility’ and ‘volume’.
iFOREX makes it easy for you to add funds to your account by giving you a wide range of both online and offline ways of doing so, including bank wire, credit cards, debit cards and e-wallets. The likes of Visa, MasterCard, Diners, Skrill, Neteller and Western Union are all accepted.
Withdrawing money from your account is similarly straightforward – all that you have to do is make a withdrawal request from the withdrawal page after logging into your account.
However, there are certain documents that you will need to sign and send before being permitted to withdraw, including a personal identification certificate such as a passport or driving licence and proof of your residence, which could be a utility bill or bank statement.
The iFOREX Frequently Asked Questions (FAQs) section is certainly a comprehensive one, with the site clearly taking a lot of care to answer questions ranging from “What tradable products are available at iFOREX?” to “How do I withdraw money from my account?”
However, the site also states that it offers live customer support on a ‘24/5’ basis, including via email, phone and online chat. There’s also a broader ‘Knowledge Base’ of FAQs that can be accessed from the email contact form window, in the event that the FAQs on the main site just aren’t comprehensive enough for you.
As short as iFOREX undoubtedly is in terms of the amount of choice of both accounts and bonuses, its educational resources are very in-depth and there’s a good choice of trading platforms too – perfect for those who want to trade both from their desktop computers and ‘on the go’. All in all, it's a very solid place to get involved in Forex trading - whether as a newcomer or veteran.