iFOREX review

Spread from

0.7 pips

EUR/USD spread

Approx. 0.8 pips

GBP/USD spread

Approx. 1.2 pips

Commission

$0

All-in cost, EUR/USD

Approx. 0.8 pips

Spread type

Variable

Overnight swap

Both: overnight financing may be charged or credited

Inactivity fee

$15 per quarter after 12 months inactivity

Deposit fee

None internally

Withdrawal fee

Generally none; $20 international wire transfer / $5 India local transfer

Currency conversion

Conversion at applicable exchange rate

Cost is where brokers in the same regulatory bracket actually differ.

Spreads from 0.7 pips suggest an all-in account, where the broker's fee is built into the price rather than charged separately. There is usually no commission on top, which makes the cost easier to predict.

Quoted spreads are best-case figures on the most liquid pair, in normal conditions. What you actually pay widens around news and at the session open.

iFOREX lists a minimum deposit of $100. Treat it as the cost of opening an account, not the cost of trading one - position sizing on a small balance is what tends to cause damage.

Markets

Forex, Commodities, Indices, Shares, ETFs, Cryptocurrencies

Currency pairs

90+

Total instruments

750+

Crypto CFDs

Yes

Maximum leverage

1:400

Execution model

Market maker / principal

Execution speed

Under 100ms

Order types

Market, limit, stop-loss, take-profit and conditional orders

Servers

Global trading infrastructure

Leverage up to 1:400 is available on this entity. High leverage does not increase your expected return - it increases position size for the same deposit, and shortens the move needed to close you out.

iFOREX covers forex, commodities, indices, shares, etfs, cryptocurrencies. A wider range matters less than depth in the instruments you actually trade.

Funding options: credit/debit cards, bank wire transfer and alternative/regional payment solutions. Check withdrawal routes as well as deposit ones - they are often not the same, and the difference only becomes apparent when you try to take money out.

Platforms

iFOREX Web Platform, iFOREX Mobile App

Own platform

Yes

Mobile app

Proprietary

Browser trading

Yes

Automated trading

No

Copy trading

No

Indicators

Multiple built-in technical indicators

Third-party tools

Trading signals and integrated market-analysis tools

API access

No standard retail API

iFOREX offers iFOREX Web Platform, iFOREX Mobile App. A proprietary platform can be excellent, but it means your setup does not transfer if you later change broker.

Regulated by

British Virgin Islands FSC (SIBA/L/13/1060); CySEC (143/11) through European group entity

Regulator tier

Tier 2

Register entry

BVI FSC register, licence SIBA/L/13/1060

Client money segregated

Yes

Held at

Regulated banking institutions

Negative balance protection

Yes

Compensation scheme

Investor Compensation Fund up to €20,000 for eligible CySEC clients; no statutory investor compensation scheme for BVI clients

Audited by

Independent external auditors

Not available to

United States and other jurisdictions where iFOREX is not authorised to provide its services

Across a hundred brokers, the licence is what separates the field fastest.

iFOREX holds a tier-one authorisation from CySEC. That matters more than any headline spread: it determines your leverage cap, whether losses can exceed your deposit, and what happens to your money if the firm fails.

It also operates an offshore entity (FSC). Which one you are onboarded to depends on where you live, and the two carry very different protections - worth confirming before you deposit.

CySEC licences passport across the EU and follow the 1:30 retail leverage cap, with the Investor Compensation Fund covering eligible claims.

An FSC licence (Mauritius or Belize, depending on the entity) is an offshore authorisation with lighter reporting duties than a tier-one regulator.

Client money is held separately from the firm's own money, at Regulated banking institutions. That separation is what makes your balance recoverable if the company fails, rather than part of the pool its creditors divide up.

Negative balance protection applies, so a losing position cannot take the account below zero and leave you owing the broker money.

Covered by Investor Compensation Fund up to €20,000 for eligible CySEC clients; no statutory investor compensation scheme for BVI clients, which pays eligible clients up to its limit if the firm fails owing client money.

Check the licence yourself: the CySEC register of investment firms.

Minimum deposit

$100

Account types

Standard/Real, VIP, Islamic/Swap-Free, Trial/Demo

Account currencies

USD, EUR, GBP

Islamic account

Yes

Demo account

Yes

Professional account

Yes, jurisdiction-dependent

Minimum trade size

Instrument-dependent, approximately $100 notional on selected instruments

Time to open

Typically a few minutes

iFOREX runs 4 account types. More choice is not automatically better: the tightest headline spread almost always sits on the account that also charges a commission, so the comparison that matters is the two added together.

Base currencies: USD, EUR, GBP. Holding the account in the currency you fund it with avoids a conversion charge on every deposit and withdrawal - a cost that never shows up in a spread comparison.

The smallest position is Instrument-dependent, approximately $100 notional on selected instruments. For anyone starting carefully this matters more than the minimum deposit, because it sets the least you can put at risk on a single trade.

A demo account is available. Worth using for the platform rather than the results: fills are simulated, so it tells you how the software behaves but very little about execution.

Deposit methods

Credit/debit cards, bank wire transfer and alternative/regional payment solutions

Withdrawal methods

Bank transfer, cards and supported original funding methods

Deposit time

Cards/electronic payments generally instant; bank wires several business days

Withdrawal time

Usually processed within a few business days

Minimum withdrawal

$20

Local payment methods

Country-specific alternative payment solutions and local bank transfers

Withdrawals are stated at Usually processed within a few business days, against Cards/electronic payments generally instant; bank wires several business days for deposits. A gap between the two is normal and not in itself a warning sign - identity checks are a legal obligation, not obstruction. What is worth noticing is a withdrawal that keeps meeting new conditions after those checks are done.

Withdrawal routes: bank transfer, cards and supported original funding methods. Money is usually returned by the route it arrived on, so the deposit method you pick is in effect the withdrawal method you are picking too.

The minimum withdrawal is $20 - relevant if you intend to fund the account lightly, since it sets the smallest amount you can take out at a time.

Support hours

24/5

Contact channels

Live chat, email, phone

Languages

Multilingual

Telephone

+30 210 374 2599

Email

cs@iforex.com

Live chat response

Typically within minutes

Education

Extensive: Trading Academy, structured lessons, videos, guides, tutorials and educational articles

Research

Market analysis, trading signals, technical analysis, financial events, live rates and daily market opportunities

Support runs 24/5. Round-the-clock cover matters more than it sounds: a position held over a weekend or through an unexpected halt is exactly when you need somebody to answer.

Reachable by live chat, email, phone. A published telephone number is the one channel that is hard to fake and hard to ignore, so whether there is one says more than the number of channels does.

Languages: Multilingual. Being able to raise a complaint in your own language is worth more than it appears, because complaints are where precision matters most.

Education: extensive: trading academy, structured lessons, videos, guides, tutorials and educational articles. Treat broker-published material as an introduction rather than as advice - it is produced by a firm whose revenue rises when you trade more.

Legal entity

Formula Investment House Ltd.

Company number

BVI incorporated investment firm

Headquarters

Herzliya, Israel

Founded

1996

Publicly listed

No

Parent company

iFOREX Group

Employees

200+

Also trades as

iFOREX; Formula Investment House

iFOREX has been trading for around 30 years, through at least one full market cycle. Longevity guarantees nothing on its own, but a firm that came through 2008 and 2015 has been tested in a way a recent entrant has not.

The contracting entity is Formula Investment House Ltd.. This is the company you would actually have a relationship with, and it is worth checking that it is the same one named on the licence you are relying on: large brokers commonly operate several, and they are not equally protected.

Part of iFOREX Group. A parent adds resources, but the protections that apply to you are the ones attached to the entity that holds your account, not to the group.