Is iFOREX a decent Broker or scam?

iFOREX is a trademark owned by an entity in the iFOREX Group. iFOREX was founded in 1996 and is one of respected brokers in the industry. It operates under the regulation of the Cyprus Securities and Exchange Commission (CySEC) with license number 143/11.

Is iFOREX Legit？

iFOREX is a regulated broker by the Cyprus Securities and Exchange Commission (CySEC). It operates under license number 143/11 and is regulated by the regulatory agency in Cyprus. The licensed institution responsible for iFOREX is ICFD Ltd, and its effective date of regulation is May 23, 2011. The broker's website is available at www.iforex.eu, as well as other country-specific domains such as www.iforex.pl, www.iforex.nl, www.iforex.es, www.iforex.fr, www.iforex.it, www.iforex.gr, de.iforex.eu, https://hu.iforex.eu, and https://cz.iforex.eu.

Market Instruments

iFOREX Europe offers a diverse range of over 750 CFD instruments that allow traders to explore opportunities in various global markets. The available market instruments are categorized into different types, including currency pairs CFDs, commodity CFDs, indices CFDs, share CFDs, ETFs CFDs, cryptocurrencies CFDs, and non-leveraged CFDs.

Leverage

iFOREX offers leverage options to its clients, allowing them to trade with amplified exposure to the financial markets. With iFOREX, traders can access leverage up to 400x on a wide range of over 750 assets.

Spreads & Commissions

FOREX offers spreads for cryptocurrencies that can be as low as 0.25%. These spreads refer to the difference between the buying and selling prices of cryptocurrencies on the iFOREX platform.

Trading Platforms

iFOREX offers two trading platforms: FXnet and the iFOREX Europe app.

FXnet is a web trading platform that has been tailor-made to address the specific needs and preferences of iFOREX clients. It has been developed and adapted based on client feedback and aims to provide a comprehensive solution. The platform offers a user-friendly interface that can be fully customized to meet individual requirements. It provides access to a wide range of trading tools and features, including charts, market sentiment indicators, and decision-making tools. With FXnet, traders have the option to trade over 750 instruments.

The iFOREX Europe app is a mobile trading platform designed to cater to the needs of traders who prefer to trade on the go. It is compatible with multiple mobile devices and can be downloaded for free from the App Store and Google Play. The app allows users to quickly place trades and monitor their positions in real time. It provides complete access to account information, including wallet balance, equity, and margin details. Additionally, traders can receive market updates and account notifications as they occur.

Payment Methods

iFOREX offers a variety of payment methods to facilitate deposits, both online and offline. The available options include Bank Wire, Credit Card, Debit Card, eWallets, and Prepaid Cards. It is important to note that iFOREX does not charge any commission for these transactions, although fees may be applied by the payment service provider.

Educational Resources

iFOREX provides a range of educational resources to help traders gain insight into the financial markets and improve their trading skills. These resources cover various topics and are suitable for traders of all levels, from beginners to advanced traders. The educational resources are designed to enhance understanding of the global markets, online trading, and the available trading tools.

Review

When we searched for this broker on WiKiFX. We found its a regulated broker with a 5.81 rating out of 10. The broker has been active in the forex market for 10-15 years. But WiKiFX issues a warning thereby stating

The number of complaints received by WikiFX has reached 8 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

The current information shows that this broker does not have trading software. Please be aware!

On WiKiFX, when you search for this broker, You will see a clone firm of this broker that is operating from Japan. It has 2–5 years of experience in the forex market. It has a 4.5 score out of 10. As an investor, you must be very careful and select a regulated broker. WiKiFX issues a warning itself by stating, Please be aware of the risk.

Bottom Line

In conclusion, iFOREX is a regulated broker by the Cyprus Securities and Exchange Commission (CySEC), operating under license number 143/11. It offers a diverse range of over 750 CFD instruments, including currency pairs, commodities, indices, shares, ETFs, cryptocurrencies, and non-leveraged CFDs. While iFOREX provides various educational resources, trading tools, and payment methods, it is important to note that there have been risk alerts and negative feedback regarding the broker, including complaints and a lack of trading software according to WikiFX. These factors should be taken into consideration when evaluating iFOREX as a potential trading platform.

You can visit WiKiFX's website for the latest updates about the forex market. We wish you safe trading.