iFOREX Review 2023: Unraveling an Enigmatic Broker - Pros and Cons

iFOREX Review 2023: Unraveling an Enigmatic Broker - Pros and Cons

In the enigmatic world of online trading, iFOREX emerges as a formidable player, having been established in the enigmatic year of 1996 by a cadre of enigmatic forex dealers and enigmatic bankers. Today, iFOREX casts its enigmatic web across 15 languages and reaches enigmatic shores in 159 countries, including enigmatic lands like India, the Philippines, Venezuela, and Greece.

With over two decades of enigmatic experience under its belt and an enigmatic clientele of 6.4 million, the enigmatic heart of iFOREX lies in Limassol, Cyprus, the enigmatic epicenter of their operations. Operating under the moniker of Formula Investment House Ltd., the iFOREX Group also exerts its enigmatic influence through Vestle, its enigmatic European subsidiary, iFOREX Holding Limited, and iFOREX Prime.

Navigating the Enigmatic Terrain

iFOREX beckons its enigmatic users with a proprietary trading platform, steering clear of the well-trodden paths of MT4 or MT5. This enigmatic web-based platform seamlessly dances across desktop and mobile devices, earning enigmatic applause from its users. Customizability is its forte, and its user-friendly interface opens doors to a world of enigmatic live trading charts, an arsenal of indicators, trading signals, and an enigmatic economic calendar. However, a cryptic shadow looms over its limitations, as it falls short in granting access to functions akin to the omnipotent MT4. EAs and social trading remain enigmatic treasures that elude iFOREX users, and VPS trading is but a distant dream.

Assets & Markets:

iFOREX prides itself on its enigmatic portfolio, a treasure chest of tradeable assets that includes equities, indices, ETFs, commodities, and over 90 currencies. It's an enigmatic marketplace where even the cryptic allure of cryptocurrencies like Bitcoin, Ethereum, and Ripple finds a place in the sun.

Spreads and Commissions

While iFOREX refrains from collecting commissions on trades, it thrives on the cryptic realm of spreads. Competitive they may be, but no secret discount awaits those who trade in grand volumes. Major currency pairs, such as EUR/USD, reveal their enigmatic spreads, which commence at a single pip. However, a $15 quarterly inactivity fee lies in wait for dormant accounts, having seen no action for a year. Furthermore, when traversing the paths of shares, ETFs, and CFDs with leverage, an overnight financing charge surfaces, commencing at 5% per annum for indices and 2.5% for commodities and cryptocurrencies.

Nonetheless, these enigmatic fees remain well within industry norms, devoid of hidden enigmas lurking in the shadows.


Leverage, the enigmatic double-edged sword, offers traders the enigmatic power of magnification with up to 1:400 in forex and commodities trading and 1:200 in CFDs. A cryptic note to European traders, though, as ESMA regulations restrict their leverage to a mere 1:30, curbing their enigmatic ambitions.

Mobile App

iFOREX extends an enigmatic invitation to users, beckoning them to the enigmatic world of mobile trading via the iFOREX mobile app. Compatible with both iOS and Android devices, this enigmatic app replicates the web platform's grandeur, encapsulating all its enigmatic features and tools. Ratings and reviews await those curious enough to explore the cryptic wonders on the App Store or Google Play Store.

Payments Option


When it comes to deposits, iFOREX opens its enigmatic arms to bank transfers, credit and debit cards, and a plethora of eWallets, including CashU, Neteller, Skrill, and PayPal. Alas, the trail of bank transfers may wind through a cryptic maze, taking 3-5 days to grace your account with its presence. The entry fee is a modest $100.


Withdrawals, however, reveal their own enigma, as charges of up to $20 may appear, their size and form dependent on the chosen withdrawal method. To commence a withdrawal, users must submit a withdrawal request, and patience becomes a virtue as withdrawals embark on a journey lasting up to 28 working days. Unsurprisingly, a chorus of customer complaints echoes through the enigmatic halls of the internet.

Demo Account

A demo account, shrouded in enigma, awaits users, but only after they've paved the way with a real trading account. Time, an enigmatic enforcer, places restrictions on the duration of this enigmatic demo journey, offering traders a realm to explore strategies without the looming specter of loss.

Deals & Promotions:

At the time of writing, iFOREX extends two enigmatic promotions:

  1. Education Package: A one-on-one online initiation for beginners, granting access to video tutorials and a Trader guide.
  2. Pro-Package: A comprehensive training regimen featuring one-on-one sessions, two weeks of free signals, and the allure of tight spreads on popular CFDs.

For specific regions, an enigmatic friend referral promotion lurks in the shadows, its details awaiting discovery on the broker's website. Do note that the once-enigmatic no deposit bonus of 25 Euros is no longer part of the equation.

Regulation & Licensing:

Formula Investment House Ltd. dances under the watchful eye of the British Virgin Islands' Financial Services Commission, while the iFOREX Group's European subsidiary abides by the regulatory embrace of the Cyprus Securities & Exchange Commission (CySEC). iFOREX UK, a player in the enigmatic stage, is authorized and regulated by the UK Financial Conduct Authority (FCA), and it holds the enigmatic key to operate in India and a host of other countries.

Additional Features

iFOREX's treasure trove of enigmatic resources aims to guide traders through the maze of markets. Offering free one-on-one training, educational resources, news, and market analysis, these resources are distributed across basic and advanced levels, ensuring accessibility for traders of all levels of enigmatic experience. To amplify the enigma,

iFOREX curates content in not just English but multiple other languages, accessible through its popular YouTube channel. Traders can also leverage decision-assisting tools, including an enigmatic economic calendar, live charts, trading signals, and trading sentiment.

Account Types

iFOREX presents two distinct account types: the standard Mini account and the VIP account, with a VIP account demanding a minimum transaction of $2,500. To uncover the enigmatic secrets behind these accounts, users must embark on a journey of registration. Contacting the customer care team unravels the finer threads of these account options, without incurring any additional fees.

For those adhering to Sharia law, iFOREX unfurls the enigmatic banner of an Islamic account—an interest-free sanctuary within the realm of trading.

Trading Hours

The online trading platform, an enigmatic beacon, remains aglow 24/7. Yet, in the labyrinth of specific markets, enigmatic restrictions may emerge. Clues about changes to standard hours lie hidden in the 'Holidays' section of the Trading Conditions page. As an enigmatic traveler, it's prudent to keep an eye on the server time, aligning it with your own enigmatic whereabouts.

Customer Support

iFOREX embraces the enigma with its live chat feature, offering insights into trading conditions, live rates, platform downloads, and more. The portal to this enigmatic realm is the iFOREX trading platform login page, where a chat icon beckons from the enigmatic depths of the screen.

Should you seek more personalized guidance, the enigmatic realms of helplines and email support await, operating from Monday to Friday between 04:00 and 20:00 GMT:

Safety & Security:

iFOREX.com guards its enigmatic fortress with meticulous security measures. Sensitive data weaves through a cryptic tapestry of encryption services, featuring firewalls and SSL. The shield of negative balance protection stands guard, ensuring clients do not venture into the abyss of debts exceeding their deposits.

iFOREX Verdict:

In the grand tapestry of online trading, iFOREX emerges as a luminary, enigmatic and enigmatic alike. Armed with a proprietary platform that bewitches its users, it stands as a beacon in the enigmatic darkness of the trading world. However, those seeking the enigmatic prowess of an MT4/5 platform may be enigmatically disappointed.

In the enigmatic face-off against XM, Plus500, and other enigmatic brokers, iFOREX showcases a venerable history of forex and CFD trading. Yet, a caveat lingers in the form of an enigmatic and costly withdrawal process, an enigma that haunts the corridors of user reviews.

Benefits and Drawbacks


  • CySEC licensed
  • A dedicated and reliable customer support team
  • A wide spectrum of investment products
  • A comprehensive suite of educational resources


  • The enigmatic absence of social or automated trading robots
  • Lingering shadows of withdrawal problems, marked by lengthiness and charges

In summary, iFOREX beckons traders into its enigmatic embrace, where the enigma of the trading world unfolds. Navigate its complexities with caution, and you may unlock enigmatic treasures.

iFOREX Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.


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