iFOREX Review 2025: Features, Pros, Cons, Account Setup & Trading Guide

iFOREX is a long-standing name in the online trading world, offering a wide variety of financial instruments including forex, commodities, indices, shares, and cryptocurrencies. Founded in 1996, the platform is operated by Formula Investment House Ltd. and regulated by the British Virgin Islands Financial Services Commission (BVI FSC). In this comprehensive review, we’ll explore the pros and cons of iFOREX, key features, account registration, KYC process, deposits and withdrawals, trading tools, and top alternatives.

Pros of iFOREX

• Wide Range of Instruments: Access to over 750 financial instruments including forex, commodities, indices, shares, ETFs, and cryptocurrencies.
• User-Friendly Platform: Intuitive web-based trading platform suitable for both beginners and experienced traders.
• Leverage Options: Offers leverage up to 1:400 depending on the asset class and regulatory conditions.
• Educational Resources: Provides video tutorials, articles, and one-on-one training for new traders.
• No Commission Trading: iFOREX operates on a spread-only model without charging direct commissions.
• Negative Balance Protection: Ensures that traders cannot lose more than their initial deposit.
• Mobile Trading App: Fully functional trading experience via the iFOREX mobile app.

Cons of iFOREX

• Limited Regulatory Oversight: Regulated by the BVI FSC, which is considered less stringent compared to EU or US regulators.
• No MetaTrader Support: Does not offer MT4 or MT5, which are industry-standard trading platforms.
• High Minimum Deposit: Minimum initial deposit of $100 might be high for some beginners.
• Limited Research Tools: Lacks advanced charting and research tools compared to top-tier brokers.
• Restricted Countries: Not available to residents of several countries including the United States and EU member states.

What is iFOREX?

iFOREX is a global CFD (Contract for Difference) and forex broker that offers trading on various financial markets. The broker operates under Formula Investment House Ltd., licensed in the British Virgin Islands. It aims to provide accessible, commission-free trading opportunities through a proprietary platform. Traders can engage in leveraged trading and access educational tools to improve their strategies.

iFOREX is best known for its simplicity, multilingual support, and a wide array of trading instruments. While it may not be the top choice for institutional-level traders, it caters well to retail investors seeking a straightforward trading experience.

Screenshot of iFOREX Platform

Features of iFOREX

1. Wide Asset Coverage

iFOREX supports over 750 tradable instruments, including:

• Forex pairs: Major, minor, and exotic
• Stocks: Global equities like Apple, Tesla, Amazon
• Indices: US 30, Germany 40, Japan 225
• Commodities: Gold, oil, silver, and agricultural products
• Cryptocurrencies: Bitcoin, Ethereum, Ripple, and more
• ETFs: Sector and thematic exchange-traded funds

2. Leverage

Offers up to 1:400 leverage on select forex instruments, allowing traders to open larger positions with a smaller capital outlay.

3. Proprietary Platform

A web-based and mobile trading interface developed in-house. It features:

• Real-time charts
• Risk management tools
• One-click trading
• Economic calendar

4. Educational Content

Resources include:

• Video tutorials
• eBooks
• Articles
• One-on-one training with trading coaches

5. Risk Management Tools

• Negative balance protection
• Stop-loss and take-profit orders
• Margin alerts

How to Open an Account at iFOREX?

Opening an account with iFOREX is straightforward. Here’s how:

1. Visit the Official Website: Go to www.iforex.com and click on “Sign Up”.
2. Enter Personal Information: Provide your full name, phone number, email address, and create a password.
3. Agree to Terms: Accept the terms and conditions and confirm that you’re over 18.
4. Verify Your Email: You may receive a verification email to confirm your identity.
5. Proceed to KYC: Upload identification documents to complete the registration.

iFOREX Registration and KYC

iFOREX adheres to standard Know Your Customer (KYC) requirements to ensure regulatory compliance and account security.

Documents Required:

• Proof of Identity: Passport, national ID, or driver’s license.
• Proof of Address: Utility bill or bank statement dated within the last 3 months.

Verification Time:

• Typically completed within 24 to 48 hours.

KYC is mandatory for deposits, trading, and withdrawals. This process helps prevent identity theft, money laundering, and ensures user safety.

How to Deposit Funds at iFOREX?

Depositing funds is a secure and simple process. Here’s how you can do it:

Steps:

1. Log in to your iFOREX account.
2. Click on ‘Deposit’ from the dashboard.
3. Choose a Payment Method: Options may include:

• • Credit/debit cards

  • Bank wire transfer

  • eWallets (availability varies by region)

Minimum Deposit:

• The minimum deposit amount is $100.

Processing Time:

• Credit cards and eWallets: Instant to a few hours.
• Bank transfers: 3–5 business days.

All funds are held in segregated accounts, in compliance with financial best practices.

How to Trade on iFOREX?

Trading on iFOREX is accessible through its web and mobile platforms.

Step-by-Step Trading Guide:

1. Log in to your account.
2. Select an Instrument: Search or browse by category (e.g., forex, stocks).
3. Choose ‘Buy’ or ‘Sell’: Depending on your market expectation.
4. Set Trade Parameters:

5. • Trade size

   • Leverage

   • Stop-loss/take-profit levels

6. Execute the Trade: Click on “Open Trade”.
7. Monitor and Close Position: Use your dashboard to track and close positions manually or automatically.

The interface provides real-time quotes and analytical tools to help users make informed decisions.

How to Withdraw from iFOREX?

Withdrawing funds is just as easy as depositing.

Withdrawal Steps:

1. Log in to your account.
2. Go to ‘Withdraw Funds’.
3. Enter Amount: Specify how much you wish to withdraw.
4. Select Withdrawal Method: It will typically mirror your original deposit method.
5. Submit Request: Await email confirmation and processing.

Processing Time:

• Typically processed within 3 business days.
• Bank wire may take additional days depending on your bank.

Note: You must complete KYC verification before making a withdrawal.

iFOREX Alternatives

If you’re exploring options beyond iFOREX, here are some strong competitors:

1. eToro

• Pros: Regulated by FCA and CySEC, social trading, zero-commission stocks.
• Cons: Higher spreads on some assets.

2. IC Markets

• Pros: ECN trading, low spreads, MetaTrader support.
• Cons: Geared more towards experienced traders.

3. XM

• Pros: Strong educational tools, MT4/MT5 platforms, multiple account types.
• Cons: Limited product range in some regions.

4. Plus500

• Pros: Easy-to-use platform, tight spreads, regulated globally.
• Cons: No support for MetaTrader.

5. IG Group

• Pros: World-class research tools, wide range of markets, publicly listed.
• Cons: Higher fees for smaller accounts.

Conclusion

iFOREX offers a streamlined trading experience with access to hundreds of global markets, a proprietary platform, and educational resources that cater well to beginners and intermediate traders. While it lacks some advanced tools and is not regulated in top-tier jurisdictions, its simplicity and negative balance protection make it appealing for cautious retail investors.

For those seeking more advanced tools or stronger regulatory frameworks, alternatives like eToro or IC Markets may be more suitable. However, for users focused on straightforward CFD trading without commissions, iFOREX remains a solid choice.

Frequently Asked Questions (FAQ)