FOREX BROKER REVIEW - IForex

 
  1. The foreign exchange market or Forex is a global decentralized market for trading currencies.

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    iForex is an international group of Forex companies founded in 1996 by a group of bankers and Forex dealers. In 2004, they launched their multilingual internet-based trading platform.
    Overall Rating:4.3 / 5 (Based on 13 User Reviews) 

    Still, despite being veterans in the world of Forex, the iForex’s services are both complicated and inconsistent as compared with companies like AVAFX and TradersTrust which are newer but have proven to offer more reliable trading and customer support services.

    A cursory review of the iForex website looks promising – with clearly-defined account types, users should have no trouble choosing between the Standard Account for new Forex traders and the Premium Account for experienced traders. Users looking to test out iForex services can apply for a 14-day Protected Account, which is similar to the demo accounts offered by other top Forex brokers, but costs $100 to use. Users who lose money during the life of Protected Account will not be required to pay for losses that exceed their initial investment, but those who profit during that period will be entitled to keep all earnings above the accounts $100 fee. The company’s fourth service, Interest-Free Trading, is designed for Muslims who adhere to Sharia laws as they relate to Forex trading.  A closer look at the company’s offerings, however, leaves much to be desired.iForex Customer Service

    While account registration is entirely straightforward, user support and guidance in the platform are non-existent which complicates the process immensely. In order to access help, iForex users must return move from the trading platform to the iForex website. Even then, help is elusive. When it comes to searching for answers independently, users can browse the sparse help center or the general FAQ page, which is comprised of only 10 questions. In the help center, the technical FAQ page has only general information and 5 FAQs which are hidden at the bottom of the page. The rest of the help center includes standard account documentation and suggestions for software downloads, none of which can help users with questions about how to use the iForex trading platform.

    iForex also offers several ways to receive personal support – or so the site claims. We tested the iForex chat service several times, and were never able to receive online help. We also tried calling the Canadian customer service phone number listed on their website, but were not able to connect. Consequently, users who may need customer service at any time may want to consider using more accessible Forex brokers such as AVAFX or IBFX. In certain locations you may request a meeting with an iForex representative either at their offices or at a location of your choice. The site does not publish differential account statuses and it does not offer VIP customer service. The only instances in which differential terms are mentioned are when discussing internet trading as opposed to phone trading.

    iForex Trading Platform

    iForex offers two trading platforms, both developed in-house. The downloadable platform is designed for traders who spend the majority of their time at their desks, while the web-based version is suitable for traders on the go. Users should be aware that the downloadable client version requires a .Net environment to be installed as well.

    The download version is meant for more advanced users as it enables viewing and operating several deals all at the same time. The advantage of the web-based version is that it may be accessed from anywhere anytime and it overcomes security systems which don’t allow downloading desktop applications. Both versions may be accessed using the same login information, and the account data is updated in real time on both.

    The web-based version is available in 13 languages: English, Spanish, French, Italian, Dutch, Portuguese, Romanian, Turkish, Russian, Arabic Japanese, Chinese and Hebrew. The download version is available in English and Hebrew only.

    Trading Requirements

    A minimum of $100 is required for the first deposit. This can be done easily by submitting credit card details or in a more complicated procedure by wiring funds from a bank account. The latter requires going offline to deal with the bank and then faxing confirmation to iForex. Withdrawal of funds back to same credit card is as easy as the deposit, while any excess funds must be deposited back into a bank account to prevent money laundering risks.

    Setting up a deal requires a 3 step process: determining the currency pair involved, setting the amount of the deal, and determining whether to buy or sell the base currency. Minimum deal size is set as follows:
    - Standard Account: $2,500
    - Premium Account: $10,000
    - Protected Account: $2,000
    - Interest-Free Account: $2,500

    There is no need to pre-set the margin of the deal, as it is determined by the free-balance in the account. Setting stop-loss or take-profit rates are optional. Should you choose to set limits you may do so by setting a total amount of either the base, the quote currency to risk, setting the exchange rate, or by setting a percentage of the deal. Edition of these rates is possible once the deal is set up.
    Full tracking of activities in the account are available in the system, with a complete activity log, including logins to the system, deposits and all trading actions executed. The online application offers a dashboard which lists a summary of open deals, their statuses and funding of the account. This tool is accessible from any of the screens throughout system.

    Conclusion

    Although, iForex offers sufficient trading platforms, its poor customer service and relatively expensive demo account disqualify iForex as a top choice for new traders. Although the site is equipped with lots of trading resources there is no easy step-by-step training to get to know the Forex market in general or iForex tools specifically. Practiced Forex traders who are looking for a new platform may appreciate what iForex has to offer, but will likely be happier with a more consistent Forex trading solution.

    Positives:
    - Clear explanation of different account types
    - Downloadable and web-based platforms
    Negatives:
    - No free demo account
    - Terrible customer service
    - Insufficient FAQs and tutorials for iForex platforms- 
    - Many users complain that submitted phone numbers are used for repeated solicitation.