Thorough explanation of reviews, reputation, and safety of overseas FX company iForex Advantages and disadvantages for users

iForex

We will thoroughly explain the account opening, reviews, trader advantages, disadvantages, bonuses, reputation, safety, and usage of the overseas FX company iForex. It is a long-established FX company that allows you to trade under very favorable conditions, such as generous deposit bonuses, no leverage restrictions, and a loss cut level of 0%. Spreads are narrow and there are no transaction fees.

About iForex company profile, basic information, and safety

iForex is a FX company with a very long history and can be said to be reliable. The operating company is Formula Investment House Ltd, which was established in 1996, so it has a history of 30 years. We are headquartered in the British Virgin Islands and have a financial license registered with the British Virgin Islands Financial Services Commission (BVI FSC). We also have offices in Greece, Cyprus and Hungary.

Operating companyFormula Investment House Ltd
Establishment1996
location1, Wickham’s Cay, Road
Town,Tortola BVI VG1110
financial licenseBVI FSC: British Virgin Islands Financial Services Commission

Separate management is done

Separate management is described as is, and there is no risk of company funds and user funds being used together in the first place. Customer funds will not be used to fund iFOREX’s operations. However, it is unclear whether trust protection is included. Please note that in the unlikely event that iFOREX goes bankrupt, customer assets may not be fully returned. We have been operating as a corporation for 10 to 20 years, so you can trust us compared to others, so you can rest assured. There have been no problems such as refusal of deposits or withdrawals after opening an account.

A company with a very long history

We are a company with a long history and are licensed by the Financial Services Agency, so you can rest assured. Fraudulent companies tend to run away after less than a year. However, this is not the case with iFOREX. They have more years of experience and knowledge than other companies in the same industry, and because they are large, well-known, and have been operating for a long time, they have not had any problems overall. In conclusion, it can be said to be reliable.

Warning from Japan’s Financial Services Agency

iFOREX has received a warning from the Japanese Financial Services Agency as a “person who engages in financial instruments trading business without registration.” Please refer to the URL below and check it. iFOREX is licensed by the Financial Services Commission in the British Virgin Islands, which means it is not licensed abroad. However, just because you are a foreign user does not mean it is illegal. If you are interested, you can use it at your own risk.

Source : URL

iForex features, trading conditions, advantages and disadvantages

We will introduce the trading conditions and rules of iFOREX. There are probably a lot of things you should be concerned about regarding the specs, such as spreads, swap points, slippage, platforms, prohibitions, etc., so I will introduce them one by one. The base currency currently supports Japanese yen and dollar, but the euro is not valid or supported. You can now log in and trade using your smartphone. There are plenty of bonuses, high leverage and lots of opportunities.

There is only one type of account

iFOREX has only one account type. There is something called an ELITE account, and this is the only option available. We use the DD method as a transaction format. Therefore, transaction transparency is not very high. Instead, you can basically expect high execution power. The maximum leverage is 400x. Users are also provided with a demo account. You can easily earn money by buying and selling without any hassle.

ELITE
Transaction formDD
maximum leverage400
financial productsForeign exchange
Precious metals/energy
Products/Stocks
Stock index/ETF
virtual currency
transaction feesFree
average spread1.0pips~
Minimum trading quantity1,000 currency
Maximum number of positions
stop level3.8pips
scalping×
automatic trading×
both houses
margin call×
loss cut0%
zero cut
trading toolsUnique platform
base currencyJPY
USD
Minimum deposit amount1万円
bonuses, campaigns

There are so many financial products available

There are many financial products that can be used with iForex, so it is recommended. Because there are so many major stocks to choose from, we cover foreign exchange (dollar yen, euro dollar, pound, etc.), precious metals (gold), energy, commodity CFDs, stocks, stock indexes, ETFs, and even virtual currency (bitcoin). I am. Compared to the popular XM, it handles far more products, and you can see that it specializes in currency pairs. Since it is a company with a proven track record, it is safe to operate.

iForexXMTrading
Foreign exchange8957
precious metal72
energy55
commodity510
stocks697×
indice2418
ETF13×
virtual currency1836

Low trading fees and narrow spreads

iFOREX is an account with no transaction fees and fixed spread settings. I compared the spreads in major currencies and found that they are extremely good. It is a very popular FX broker that ranks high in the rankings because there are no transaction costs. The spreads are narrow and the lots are infinite. Payment speed is fast and there is no price slippage. Until you get used to it, start with a small amount of each brand.

USD/JPY1.0pips
EUR/JPY1.2pips
GBP/JPY2.3pips
AUD/JPY3.0pips
EUR/USD0.7pips
GBP/USD0.9pips
CHF/JPY2.0pips
CAD/JPY2.0pips

Loss cut level 0%

It is very remarkable that the level and standard of loss cut is 0%. Since there are no leverage restrictions based on margin balance, traders can trade with a high degree of freedom at their own discretion. Leverage is up to 400x with High Lever. You can trade with high leverage while enduring loss cuts until the very last moment. Zero cut is also adopted, and if you lose and your balance exceeds the limit and becomes negative, the FX company will additionally compensate you. There will be no margin call, so you will not owe any money.

Swap points will be awarded

The swap points will vary depending on the environment and the amount calculated, but the cost is as follows. As you pass over one day, plus or minus points will be awarded depending on the category and investment brand as shown below. It’s low enough that I don’t really care. However, we recommend starting with a small amount of money rather than spending a lot of money.

BuySell
USD/JPY-11-33
EUR/JPY-38-15
CAD/JPY-9-25
AUD/JPY-9-23
CHF/JPY40-9
GBP/JPY-17-41
EUR/USD-91-42

Scalping and automated trading are prohibited

Scalping and automated trading methods are completely prohibited. It is quite difficult to hold for short-term buying and selling. Therefore, it is an FX company that is suitable for short to long day trading to swing trading. Since iFOREX is a discretionary trading specialist, automated trading (EA) is also prohibited. The use of programs such as automatic click software is also prohibited. In the worst case scenario, your account may be frozen. It has stricter restrictions than domestic FX companies, and more restrictions than companies such as FXGT, axiory, titanfx, bigboss, and tradeview.

Has its own trading tools

iFOREX’s trading tools are exclusively browser-type proprietary platforms that are compatible with Windows and Mac systems. MT4/MT5 like some other companies cannot be used. The tool called FXnet View is a trading tool with very simple functions and easy to use. A smartphone app compatible with Android and iOS has also been released. You can place multiple orders and make payments at any time from the market chart on each screen, so it is stable when used.

Full support center

Support centers are also abundant in the industry. If necessary, you can log in and provide support via phone, Line, chat, email, etc. Please note that initiating an official call usually requires a 100% guaranteed callback. You will need to provide the phone number you receive to the management and receive a call. We are available 24 hours a day to answer any questions you may have.

Lots of bonuses and campaigns

iFOREX holds and implements three types of bonuses and campaigns that give you the latest and real profits when you make a deposit. However, for all three main targets, the only large continuous bonus is for friend referrals; other bonuses are convenient but one-off bonuses. We may also run limited-time campaigns. To that extent, the content is not optimal and luxurious. I feel like it’s not very attractive.

Promotion target audiencepromotional benefits
$50 account opening bonusNew account opener$50
100%+25% deposit bonusCampaign limited to first deposit100% deposit bonus for deposits up to $600
25% deposit bonus on deposits up to $6,200
Earn bonuses up to $2,000
Friend Referral ProgramAccount openerUp to $500 bonus for referring a friend
Friends get up to $250 bonus

Deposit and withdrawal methods

Deposit and withdrawal methods are always credit card, debit card, bitwallet, Sticpay, bank transfer, virtual currency, and Apple Pay. The procedure is simple and there are no fees, but please note that the service you are using may charge a fee. Details of the minimum deposit amount that can be invested start from $100 per day.

Reflection timeMinimum deposit amount
credit card
debit card
Immediately$100
bitwalletUp to 1 business day$100
SticpayUp to 1 business day$100
bank transferUp to 1 business day$100
virtual currencyUp to 1 business day$100
Apple PayUp to 1 business day$100

What is the actual evaluation? User review results

What is the actual evaluation? We will introduce a list of information based on user review results from TradersUnion. TradersUnion has become a review site for Forex companies around the world, with a large number of user reviews. The largest users are Japanese, followed by Russia, Mexico, India, Colombia, Malaysia, and Canada, making it a global Forex company. We have collected both good and bad reviews regarding account opening, deposits, withdrawals, bonuses, etc.

Source : TradersUnion

I started working with iFOREX a few years ago. I tried to get used to their trading platform for three months, but it didn’t work out. And why can’t you provide a Metatrader? As for me, the number of clients will immediately increase significantly after this add-on. After trading with the broker for some time, I realized that the unfinished author’s platform is not their main problem. I can hardly call them real aces because their advice only led to the deposit drain. I started earning money without listening to the manager. But the spreads are still high, so I‘ve made big money. You can work in principle, but I still opted for another broker.

Source : TradersUnion

I have been trading with iFOREX for about six months. The broker’s conditions are not the best, but there are many assets. I do not have enough passive earnings options, so in parallel, I work with Roboforex, where there are RAMM (Risk Allocation Management Model) accounts. The trading platform is quite convenient. Separately, I would like to note the training from iFOREX: everything is clearly stated, there are no too abstruse words. However, I didn’t subscribe to one-on-one training.

Source : TradersUnion

The iFOREX broker ultimately disappointed me. The declared spreads for EUR / USD were extended to 4 pips. When I registered, I was counting on cashback. It was necessary to read the conditions more carefully because cashback is available only to VIP clients. I will not replenish my account for 5,000 dollars, so I lost my cashback. The broker offers only one standard account, so either you accept its terms or look for another intermediary on Forex. I chose the second option since there are enough worthy companies on the market.

Source : TradersUnion

A month ago my account at iFOREX was blocked. Only after a long correspondence did they answer me that there were suspicions that I was abusing the company’s software. But I was only able to double my deposit in three months with legal trading. iFOREX did not return my money, this is a scam and deception!

Source : TradersUnion

I warn you that I lost very much at iforex and have been trying to get my funds back ever since. I should note that this situation was not caused by my fault, although it is extremely difficult to prove this. I did not expect that I would encounter such a failure of the iiforex platform, although such situations can happen. What irritates me the most is the reaction of the broker’s representatives and their rude communication.

Source : TradersUnion

I traded currency with iFOREX for about a year and want to warn trusting citizens not to get involved with them, despite the mixed reviews on the internet and the company actively promoting itself as a reputable broker. They profit from artificial platform issues that lead to deposit losses. Additionally, iFOREX has significant discrepancies in quotes compared to other brokers.

Source : TradersUnion

Order execution at iFOREX is no good! Orders open within 3 minutes and you can’t earn anything with such execution. I have already lost a lot on such trades. Moreover, iFOREX support service is rude and cannot answer questions properly. I wrote five emails, but they responded to only one of them. In general, I do not recommend working with iFOREX.

Source : TradersUnion

My advice to everyone reading this review is not to risk your money and register a trading account with iFOREX. This company has a low rating and a questionable reputation. There are many reviews indicating price chart and client order manipulation. A fellow trader told me that he lost $1680 on a single trade with iFOREX. The order closed, but the set stop-loss did not trigger. So, research the activities of this company before opening an account.

Source : TradersUnion

You can open an account for free

As mentioned above, this is a very reputable company to start with. You can open an account here for free. Customers are required to process and upload their ID and address verification documents to verify their identity. In addition to your My Number card, driver’s license, and passport, be sure to have your utility bill statement and residence card ready. You can register by clicking the official website button below. To get started, be sure to check out our important terms and conditions and FAQs.

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