Overall Rating: ★★☆☆☆ (2.8/5.0)

iFOREX is a long-standing forex and CFD broker established in 1996, offering access to a broad range of instruments including forex, commodities, indices, cryptocurrencies, and shares. Operated by Formula Investment House Ltd, iFOREX is licensed by the British Virgin Islands Financial Services Commission (BVI FSC). While the broker highlights its longevity, mobile trading app, and educational tools, it suffers from offshore regulation, high trading costs, and mixed client feedback, particularly regarding transparency and withdrawals.

This review evaluates iFOREX’s key features, regulation, trading conditions, and whether it’s a reliable choice in 2025.

Key Features

iFOREX is geared toward retail traders looking for a basic yet accessible trading experience with mobile-first design.

• Trading Platform:
  • Proprietary iFOREX Web and Mobile Platform
  • No MT4/MT5 support
• Markets Offered:
  • Forex, indices, shares, ETFs, commodities, cryptocurrencies
  • 800+ instruments available
• Account Types:
  • Single standard account with personalisation options
• Leverage:
  • Up to 1:400 (varies by asset and region)
• Minimum Deposit:
  • $100
• Funding Methods:
  • Credit/debit card, wire transfer, Neteller, Skrill, crypto

Regulation and Security

iFOREX operates under offshore regulation, which provides lower levels of protection than major global regulators.

• Licensed by BVI Financial Services Commission
• No regulation by FCA, ASIC, CySEC, or FSCA
• No investor compensation fund
• Claims of fund segregation and risk management policies, but limited public detail
• Longevity helps credibility, but protection is still limited

Traders should be aware that BVI regulation does not guarantee dispute resolution or robust client safeguards.

Pricing and Costs

iFOREX operates a spread-only model with no commission, but its spreads are wider than average, making it more costly for active traders.

• Spreads:
  • EUR/USD: typically 2.0–3.0 pips
  • Indices and shares also show wide spreads
• Commissions:
  • None – all costs embedded in spreads
• Deposit/Withdrawal Fees:
  • No deposit fees
  • Withdrawal fees depend on method and amount
• Inactivity Fee:
  • Yes – $15/month after 12 months of inactivity

The lack of transparent pricing structure remains a consistent issue in client reviews.

Educational Resources and Customer Support

iFOREX invests in education and personal account management, especially for new traders.

• Education:
  • Video tutorials, trading guides, daily market reports
  • One-on-one training sessions for funded clients
• Market Analysis:
  • Economic calendar, daily commentary
• Customer Support:
  • 24/5 support via phone, email, and chat
  • Dedicated account managers available
  • Mixed reviews – some users report pressure-selling tactics

Risk Management Tools

Risk controls are standard but not advanced, especially since the platform is proprietary and lacks automated integrations.

• Stop-loss and take-profit orders
• No guaranteed stop-loss
• No negative balance protection (except where mandated by law)
• Margin call alerts provided via email or platform notification

Pros and Cons

Pros

• Established broker with over 25 years of operation
• User-friendly proprietary platform with mobile-first approach
• Access to over 800 assets including stocks and crypto
• Educational support for new traders

Cons

• Offshore regulation (BVI) limits legal protection
• No MT4 or cTrader access
• Spreads are high compared to top-tier brokers
• Mixed client reviews around withdrawal delays
• Aggressive upselling from account managers reported

Conclusion: Is iFOREX the Right Choice?

iFOREX may appeal to newer traders looking for a mobile-friendly platform and one-on-one support, but its offshore regulation, high trading costs, and lack of MT4 limit its value for experienced or professional traders. While it has been around for decades, this alone doesn’t substitute for strong regulation or modern trading infrastructure. Traders who prioritise lower costs, advanced tools, and regulatory protection should consider alternatives like Pepperstone, AvaTrade, or IC Markets.