iForex is a well-established forex broker with a large base of active traders, founded 1996. Last year the company carried out expansion into Central and Eastern Europe and it now offers its services almost all over the continent. Clients' deposits are under the European law insured up to € 20 000, so trading with iForex is completely safe. Review of iForex summarises all of the broker’s strengths, but also subjects certain aspects of otherwise excellent trading platform to criticism.
iForex offers 3 trading environments, each for different operating system and different needs of the user. Windows version is the oldest and most likely seems a little dated for present time. Windows version must be installed on a computer, which is unnecessarily complicated and, for example on corporate computers, it is often impossible.
But iForex - Web Trader is an excellent trading platform, it works directly from your internet browser. WebTrader is agile and responds to input commands immediately. Instruments are clearly sorted in the platform into groups such as forex, commodities, stock indices or individual stocks. In addition, the platform also offers the possibility to trade binary options without having to open another account. Anyone who wants to try to trade binary options can do so with iForex.
iForex’s last trading application is a version for smartphones - Android, iOS and Windows. Advanced charting analyses are not available on smartphones yet, but here again it excels in speed of control of the application and the agility with which it responds to input commands. Whoever travels frequently will love this application.
Trading with iForex
Trading parameters at iForex are relatively decent; nonetheless with this competition they are not as exceptional. The leverage is 1:400, which is excellent for traders that cannot invest larger amount of money, but want to trade with a larger sum. 3 pip spread on EUR/USD is at the upper level of average at today's "Market Maker" brokers, where iForex also belongs.
Around 160 instruments are offered, including 65 of the most popular stocks, a couple of stock indices, 10 commodities such as gold, crude oil or wheat and a number of pairs of foreign currencies. Even though compared to around 6000 instruments offered at ETX Capital this might seems like a small offer, it is sufficient for an everyday trader.
What gets iForex its bonus points is their free offering of trading signals as well as the option to trade with binary options, apart from classical CFDs, with return of 86%.
Types of Accounts and customer support
iForex offers 3 types of accounts. Anyone who registers and transfers a minimum deposit gets the Basic Account. This account has properties as mentioned in this review, ie. 3 pip spread and 160+ instruments. Clients taking trading seriously and transferring a larger deposit get more advanced and more profitable accounts.
Diamond account is available to clients depositing € 10 000+ and, apart from a lower spread, it also offers a dedicated manager, more trading instruments, access to advanced analytical tools etc. At the highest level is the VIP Account, where additional functional tools, such as SMS notification about market changes or individualised training according to the precise needs of the client and his knowledge are added.
Customer support is at good level. Broker is reachable by chat, email and telephone. Customer support communicates in all supported languages, such as English, German, Spanish, Italian, French, Polish, Russian, Czech, Hungarian etc. total of more than 20 languages. The platform also operates in those languages and all educational materials are translated into them as well, what is often forgotten by most brokers in their efforts to expand.
Education at iForex and demo account
iForex is relatively strong in their educational offers. It begins with an honest one on one coaching, which every client who opens an account here gets. Beginners will also get an electronic book about the fundamentals of trading on financial markets. To make it even more interesting, for clients with a deposit, WebTrader platform will open a section with twelve video tutorial lessons that cover a fairly wide range of business subjects - from the basics, to the psychology of trading, capital management, conducting technical analyses etc. Everything is always translated and adapted into client's language.
Clients with bigger deposits also have their own manager, who is more than happy to assist with what is currently trendy, what to trade and so on. When communicating with your manager it is also important to keep your own judgement and to not blindly follow everything that is suggested.
It is also possible to obtain a demo account with the broker, but that can only be done after registering a real account and contacting the customer service. Normal amount of trading money in the demo account is $ 50 000 and its duration is limited to 7 days. After communicating with the customer support, it is possible to change the amount of trial money and the duration of the trial to trader's satisfaction.
Deposits, withdrawals and license
Deposit and withdrawal options are standard - a classic bank transfer under SEPA or international payments. Also available is deposit with credit card Visa or MasterCard (Maestro) for immediate remittance.
Withdrawals are transferred only to client's account and only after authentication of client's documents is the withdrawal released within 24 hours. The total time of crediting depends on the destination country of the client, but in Europe it is usually 3-4 days, in Russia and Latin America about 5-6 business days.
The safety of clients' funds is managed by the license from CySEC - Cyprus Securities Exchange Commission, as well as a license from the Hungarian Central Bank
Thanks to the fact that both regulatory organs are in the European Union, clients’ deposits are legally insured up to € 20,000 and are held in segregated accounts. Safety meets current standards of the majority of regulated brokers.
Experiences with iForex
Experiences of traders on internet forums are altogether positive. Few complaints are about the bonuses offered, where some clients are used to taking advantage of collecting bonuses and then leaving the broker, but other than these issues, there were no major complaints. Clients mainly praise the trading platform, which is fast, clear and does not require installation.
Summary of the review
In our experience with iForex, we have very much enjoyed the quick web based trading platform, but we would have appreciated more trading instruments then the 160 available. Whoever trades mainly forex and some basic shares will be satisfied. 3 pip spread is not the lowest, but anyone who is not doing scalping or high frequency trading, will not be that much bothered. By the way, scalping and hedging are allowed.
We were also happy with the educational materials offered as well as with the broker's communication with the client in their native language. The deposit went through quickly; withdrawal took 4 days, which is acceptable time. It was also pleasant to be able to refresh the trading a bit with trading of binary options.
With regard to all the pros and cons, we can say that iForex is a solid broker especially suitable for beginners and less demanding clients, who will be happy with the speed of registration, the platforms and the ease of use. Demanding clients might be disappointed with slightly smaller offer of instruments, somewhat higher spread and possibly the absence of MetaTrader 4, which is considered a classic with the majority of brokers.
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