Profile
iFOREX is a long-established forex and CFD broker providing leveraged trading on currencies, commodities, indices, shares, and cryptocurrencies. Operating globally under multiple entities, the broker primarily targets retail traders with a proprietary platform, competitive leverage, and multilingual support. This iFOREX review assesses its regulatory framework, execution model, platform features, instruments, account structure, and protections for retail clients.
Regulation and Security
iFOREX operates under several legal entities, the primary one being Formula Investment House Ltd, regulated by the British Virgin Islands Financial Services Commission (BVIFSC). While this offshore regulation allows iFOREX to offer higher leverage and broader product access, it lacks the strict investor protections found in EU jurisdictions.
Previously, iFOREX also operated under CySEC via a separate EU entity, but the European branch has since ceased onboarding new clients. Clients should verify the exact entity serving their region, as protections such as segregated accounts, negative balance protection, and compensation schemes depend on the governing jurisdiction.
Execution Model
iFOREX uses a market maker model, meaning it acts as the counterparty to client trades. This enables fast internal execution but introduces inherent conflict of interest. The broker does not offer STP, ECN, or DMA execution. Spreads are fixed or variable depending on the asset and market conditions, and slippage may occur during high volatility events.
Trading Platforms and Tools
iFOREX provides a proprietary web and mobile trading platform, designed for ease of use and accessibility. Key features include:
- Real-time quotes and charting
- Economic calendar and integrated news feed
- One-click trading and order management
- Risk management tools such as stop-loss and take-profit
The platform is browser-based with mobile apps for iOS and Android. iFOREX does not support MetaTrader 4, MetaTrader 5, or any third-party platforms. There is no API access for algorithmic or institutional trading.
Supported Instruments
iFOREX offers CFD trading across a wide range of instruments:
- Forex – Major, minor, and exotic pairs
- Commodities – Oil, gold, silver, natural gas
- Indices – S&P 500, DAX 40, FTSE 100, Nikkei 225
- Shares – Global stocks including Apple, Tesla, Amazon, etc.
- Cryptocurrencies – BTC/USD, ETH/USD, XRP/USD and others
All assets are traded via contracts for difference (CFDs), which allow for leverage and short selling but do not confer ownership of the underlying asset.
Account Types and Trading Conditions
iFOREX offers a single live account type, with conditions customised based on client region and funding size. Key trading conditions include:
- Minimum deposit: Typically $100
- Leverage: Up to 1:400 for forex pairs (varies by asset and jurisdiction)
- Spreads: Fixed or floating; EUR/USD from 1 pip (non-ECN)
- Base currencies: USD, EUR
- Order types: Market, limit, stop, trailing stop
No demo account is advertised, and advanced trading features such as multi-account management or custom margining are not offered.
Retail and Institutional Features
iFOREX is strictly retail-oriented and does not support institutional trading, prime brokerage, or advanced liquidity solutions. Its offering is designed for:
- Individual retail clients seeking leveraged CFD exposure
- Beginner to intermediate traders looking for guided tools
- Multilingual support across Europe, Asia, and LATAM
There is no support for Expert Advisors (EAs), FIX API, or custom integrations.
Client Protection and Transparency
Client protections depend heavily on the entity and jurisdiction. Under the BVIFSC, protections are minimal compared to EU regulators. However, iFOREX states that it maintains:
- Segregated client accounts
- Basic negative balance protection
- Encrypted data transmission and two-step verification
There is no investor compensation fund in the British Virgin Islands. Fee schedules, trading risks, and legal terms are published on the broker’s website, but detailed execution statistics are not provided.
Base Currencies, Order Types, and API Access
Accounts can be funded in USD or EUR. Supported order types include:
- Market
- Limit
- Stop-loss and take-profit
- Trailing stop
There is no support for advanced order routing, custom scripts, or API integrations. All trades must be conducted through the proprietary platform.
Pros and Cons
- Pros:
- Broad CFD asset coverage including crypto, shares, and forex
- User-friendly proprietary platform with mobile access
- Multilingual support and region-specific service
- Flexible leverage and low minimum deposit
- Long-standing operational history (since 1996)
- Cons:
- Offshore regulation offers limited investor protection
- Market maker execution model with no ECN or STP
- No MetaTrader, MT5, or third-party platform support
- No demo account or API access
- Execution quality and transparency not independently verified
Frequently Asked Questions
Is iFOREX regulated?
Yes. iFOREX is regulated by the BVI Financial Services Commission (BVIFSC) under Formula Investment House Ltd. However, this offshore regulation offers less protection than EU authorities.
What platforms does iFOREX support?
iFOREX offers its own proprietary web and mobile trading platforms. MetaTrader 4, MetaTrader 5, or third-party terminals are not supported.
Can I trade crypto with iFOREX?
Yes. iFOREX offers CFDs on major cryptocurrencies like BTC/USD, ETH/USD, and others. These are not spot instruments and involve leverage and overnight fees.
What is the minimum deposit to open an iFOREX account?
The minimum deposit is typically $100, though it may vary by country or promotion. There is no publicly advertised demo account.
Does iFOREX offer investor protection?
Basic protections like segregated accounts and negative balance protection are in place, but iFOREX is not part of a formal compensation scheme like FSCS or ICF.
