Review & Opinion on iForex (iCFD Limited)

April 16, 2016

Here, we will review the financial service of iForex.

Please note that the review written in this page is not for advertising objective nor officially authorized by any entities, but it is intended to help traders get to know about this broker better.

Hope this helps.

Who is iForex?

iForex Official Website

iForex is a trade name for iCFD Limited.

It is an online Forex & CFD brokerage firm regulated by some regulatory authorities.

The broker has got one of the oldest history in its industry as it has been active since 1996.

The business style itself can be defined as an old school and the trading environment is quite simple and easy to get used to, comparing to other brokers.

Trading Environment?

iForex does not offer MT4, but its advanced trading platform called FXNetTrader. FxNetTrader is quite easier to be used and for managing positions.

The Maximum Leverage is 1:400 which is around average.

The spread is fixed and it starts from 1.8 pips(including commissions). No variable spread is offered.

iForex can offer lower spread or Cash Back to some of its VIP traders, otherwise the normal spread would be wider than other brokers which offer fixed spread.

iForex does not allow Excessive Scalping, EAs/Algorithm Trading and Arbitrage in its platform.

So FXNetTrader is more for novice traders, but not may be for professionals.

Bonus & Promotions?

iForex offers promotions differently according to each country area, but the main promotions are always same.

The main bonus promotions are:

  • €25 No Deposit Bonus(Only 72 hours available)
  • 100% Deposit Bonus(up to $1,000, not available for withdrawal)
  • $250 Amazon Gift Card(by trading 200 lots)
  • 40% Cash Back Trading Bonus

Well, bonus promotions always come with conditions but these conditions(requirements) by iForex are still achievable.

iForex promotions are mainly for trading long term, but not just for withdrawals. So these promotions are not so recommended for traders solely aiming for the bonus.

Customer Service?

iForex sometimes can be a bit slow in terms of speed of the service.

If you are on a livechat with iForex, you may often get the phrase “will come back to you soon via email” and sometimes no response at all to your requests.

Still the level of the customer service itself would be average among online brokers, you may just need to contact them insistently to get your request done.

Honestly, the customer service itself is not so great.

Complains from traders?

There are number of traders complaining about the customer service of iForex as it is naive or irrational. We believe that it comes from the level of the livechat service and e-mail response from iForex.

Also iForex may act as a market maker, meaning that providing OTC service in some part.

It has become as topic of a conversations that iForex cancels profits of traders if iForex finds any unauthorized trading activity in its accounts.

Please be aware of that iForex does not support Scalping, EAs/Algorithm Trading and Arbitrage in its trading platform.

Anything to be careful?

Profit cancellation is one important thing traders want to avoid.

Although iForex is a regulated broker, the broker will cancel profits which are generated on illegal trading methods specified by iForex.

If you are not a scalping or EA trader, you might like the advanced trading platform, FXNetTrader and its other promotions.

50 USD for Free

Free 123 USD

30 USD for Free

25 USD for Free

300 USD for Free

100 USD for Free

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