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iForex Account Types

iForex Account Types

 

Overall Rating

4.6/5

Rated #436 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSCA 

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

iForex provides two different account types e.g., a standard Mini account and a VIP account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

 

Finding a reputable list about iForex account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

iForex Overview

iForex was founded in 1996 and is one of the largest and most respected brokers in the industry. The company generates mass trading volume and provides vast liquidity to numerous traders located around the world.
The broker’s team works to combine advanced technology with superb customer service and works diligently to meet modern traders’ needs in an ever-changing online environment.

While the team continues to update the trading platform and features, the broker’s prime concern is providing its clients with excellent, professional, and advance customer service.

To this end, the broker offers its clients personal training, attentive account managers, and always puts its clients first.

The broker’s professional teams ensure that neither its clients nor its business is left overly exposed to monetary disruption. As such, iForex is well-prepared to face market turbulence without any interference to the broker’s trading services.

iForex takes many steps to ensure its clients’ security while allowing them to access market opportunities. Sensitive information is passed through encryption services such as firewalls and Secure Socket Layering (SSL).

Added to this, all client funds are stored with leading banks for enhanced protection and are completely separated from company capital.

iForex provides automated features and price transparency, uses real-time account management and reporting as well as margin analysis, P&L, deal confirmation, and market analysis.

 

iForex Account Types

iForex offers a standard Mini account and a VIP account. The minimum transaction for a VIP account is $2,500.

 

iForex Account Features

Here are some of the key features of trading with iForex:

  • Exclusive 1-on-1 training with a trading coach
  • Negative Balance Protection policy so you can never lose more than you invest
  • Leverage trading of up to 400:1 (when permitted by local regulations)
  • Access to a wide range of markets, including CFDs on shares, commodities, indices, currencies, cryptocurrencies, and ETFs
  • Tight spreads
  • Full Margin Usage
  • Hedging abilities
  • Daily news and market analysis
  • A wide variety of educational resources
  • Attentive customer support in over 20 languages

 

Overall Rating

4.6/5

Rated #436 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSCA 

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

iForex Demo Account

The demo account from iForex comes with the following online trading tools:

  • Trading charts – Help traders make informed decisions with market analysis.
  • Market news – Offers information regarding recent market events.
  • Daily analysis – Provides insight regarding a variety of tradable instruments.
  • Advanced market orders (take profit/stop loss) – Allow you to better manage multiple deals.
  • Market signals – Display market trends, provided by an independent resource.
  • Video tutorials – Feature clear explanations on several aspects of trading.
  • PDF Guides – Cover a variety of topics that are relevant for online investors.
  • You can trade on the go with the iForex trading platform and enhance your experience by downloading the free iForex App, available both on the App Store and on Google Play.

Setting up a demo account with iForex can only be done after you activate your real trading account. The registration process consists of the following steps:

  • Go to the iForex website
  • Click on the “Register” link located at the top of the page
  • Complete the form by filling in your details (Email, first and last name, phone, and country)
  • Click “Continue”. You will then see a “please wait” message and after a few seconds you will be redirected to the next page
  • Fill in the Captcha Code
  • Read and agree to the Trading Agreement
  • Click “Accept and Continue”
  • Thereafter you will see your Username and Password. Click on the “Login” button to enter the trading platform

 

iForex Islamic Account

To open an Islamic Account with iForex, traders should contact the broker’s client support team. An assistant will guide the client through the application process and verify the client’s status as a Muslim trader

The Islamic Account will have the same spread costs as the swap accounts, with no additional costs. As such, spreads are competitive but there is no discount offered for large trading volumes. Spreads on major currency pairs, such as the EUR/USD, start from 1 pip.

The Islamic Account from iForex will provide traders with the following features:

  • Reliable customer support team
  • A wide range of investment products
  • A comprehensive suite of educational resources
  • 1-on-1 online training for beginners, access to video tutorials, and a Trader guide

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

 

iForex Pros and Cons

✔️PROS ❌CONS
Advanced proprietary platform Lengthy withdrawal process with additional charges to customers
Commission-free trading available Low leverage
Tight spreads No social or automated trading robots
Well-regulated broker Some additional broker fees

 

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You might also like: iForex Islamic Account

 

iForex at a Glance

Broker’s Name iForex
Headquartered Limassol, Cyprus
Year Founded 1996
Regulating Authorities CySEC
Countries not accepted for trade  Afghanistan, American Samoa, Argentina, Australia, Belgium, Brazil, British Indian Ocean Territory, Canada, Christmas Island, Cocos (Keeling) Islands, Congo, Cyprus, French Southern Territories, Guam, Guernsey, Guinea, Haiti, Vatican State, Iran, Israel, Jersey, Korea, Lebanon, Libya, Netherlands, New Zealand, Puerto Rico, Rwanda, Samoa, Sudan, Singapore, Somalia, Syria, Turkey, United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 1:30
Minimum Deposit $100
Deposit Options Bank Wire, Credit Card, Debit Card, and eWallets such as CashU, Neteller, Skrill, and PayPal.
Withdrawal Options Bank Wire, Credit Card, Debit Card, and eWallets such as CashU, Neteller, Skrill, and PayPal. Wire Transfer
Platform Types iForex proprietary trading platform
OS Compatibility Windows, Mobile, Web, iPhone, iPad

PC and Mac OS, mobile for Android and IOS

Tradable Assets Forex, shares, indices, ETFs, and Commodities
Languages supported on Website English, Arabic, Czech, Dutch, French, German, Greek, Hungarian, Italian, Korean, Polish, and Spanish
Customer Support Languages English, Arabic, Czech, Dutch, French, German, Greek, Hungarian, Italian, Korean, Polish, and Spanish
Customer Service Hours 24/5

 

FAQ

 

Trading Environment

 

How many instruments can I trade with iForex?

iForex offers a wide range of tradable assets including shares & indices, such as the Dax and VIX, in addition to ETFs and commodities. Currency trading is available on over 90 currencies. Popular crypto pairs including, Bitcoin, Ethereum, and Ripple are also available.

 

Which platforms are supported by iForex?

iForex proprietary platform

 

Does iForex offer leverage?

Yes. When trading forex or commodities, leverage up to 1:400 is available while CFDs come with leverage of 1:200. Note, ESMA regulations limit the leverage available to European traders to 1:30.

 

What spreads can I expect with iForex?

Spreads are competitive but there is no discount offered for large trading volumes. Spreads on major currency pairs, such as the EUR/USD, start from 1 pip.

 

Does iForex charge commission?

No, iForex offers commission-free trading

 

Are there additional charges on the Islamic account?

No.

 

Is iForex regulated?

Yes, iForex is regulated by the Cypress Securities and Exchange Commission (CySEC).

 

Is iForex a recommended forex trading broker for experts and beginners?

Yes, IForex provides a great trading environment tailored to both beginner and advanced or professional traders.

 

What is the overall rating out of 10 for iForex?

8/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

 

Does iForex offer a demo account?

Yes, IForex offers a free demo account to all new traders.

 

For how long is the demo account valid?

The demo account does not appear to expire.

 

Does iForex offer the option of an Islamic Account?

Yes.

 

Which live trading accounts does iForex offer?

iForex offers a standard Mini account and a VIP account.

 

What are the available deposit currencies for a live trading account?

Unfortunately, iForex does not provide any information regarding their accepted deposit currencies.

 

Deposits and Withdrawals

 

What is the minimum deposit for iForex?

The minimum deposit amount required to open a broker account with iForex is $100, which is low compared to many other brokers in the industry and should present an affordable option to most traders.

 

How do I make a deposit and withdrawal with iForex?

iForex facilitates deposits made both online and offline for your convenience. The options include Bank Wire, Credit Card, Debit Card, and eWallets such as CashU, Neteller, Skrill, and PayPal.

 

Does iForex charge withdrawal fees?

Yes, for withdrawals a charge of up to $20 may be applied, depending on the payment method and withdrawal size.

 

How long does it take to make a withdrawal?

Credit card withdrawals may take up to 28 days depending on your local credit card vendor. Wire transfers usually take between 3 and 5 business days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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