iFOREX – Account Types

iFOREX only offers traders access to two different live trading accounts, namely the Standard mini account and the VIP Account. Little information is given about these accounts on the iFOREX website but you can contact support for more information.

iFOREX at a glance

Overall Rating

• 4.0/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 100

Regulators

BVI FSC

Trading Platform

Proprietary Platform

Crypto

Yes

Total Pairs

50+

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

iFOREX Account Types – 8 key points quick overview:

1. ✔️FOREX account types Overview
2. ✔️iFOREX Account Types
3. ✔️iFOREX Account Features
4. iFOREX Demo Account
5. iFOREX Islamic Account
6. iFOREX Customer Reviews
7. iFOREX Pros and Cons
8. FAQ

iFOREX account types Overview

iForex was founded in 1996 and is based in the United Kingdom, Cyprus, Hungary, and the British Virgin Islands, with subsidiaries that have respective authorisation and regulation through FCA, CySEC, MNB, and BVI FSC.

iFOREX is known as a multinational group of online trading companies that have an innovative and user-friendly approach towards the trade in various CFDs and forex instruments.

The subsidiaries of iFOREX each operate in their own jurisdictions and consists of:

• Formula Investment House Ltd. – based in the British Virgin Islands with regulation through BVI FSC.
• Black Pearl Securities Limited which is based in the UK with regulation through the FCA along with membership with FSCS, which provides eligible clients with compensation of up to 20 000 GBP.
• iFOREX which is the European subsidiary based in Cyprus with respective regulation through CySEC and a membership with the ICF, providing eligible clients with compensation of up to 20 000 EUR in the case of bankruptcy or insolvency of the brokerage.
• eBrókerház Befektetési Szolgáltató Zrt is based in Hungary and is overseen by the National Bank of Hungary (MNB)

iFOREX offers comprehensive trading solutions to traders from around the world except those from the United States or Canada. Through the European subsidiary, iFOREX offers services to EU Member states while the Hungarian firm covers clients from that country.

The FCA-regulated subsidiary offers trading to clients from the United Kingdom and the EU while the BVI-based subsidiary offers products and services to Asia, Africa, and the Americas.

iFOREX is known to offer traders with a variety of trading tools as well as education, including:

️​ Economic Calendar that can be found on the website

️​ Advanced charting capabilities

️​ Advanced trading signals

️​ Educational eBooks

️​ A-Z of forex trading

️​ Short video tutorials

iFOREX Account Types

iFOREX only offers traders with access to two different live trading accounts, namely:

️​ Standard Mini Account

️​ VIP Account

iFOREX is known for offering competitive trading rates for a variety of financial instruments, however, traders must note that there are certain trading conditions, including:

• Overnight mark-up for forex pairs which starts at 0.75%, which can be higher depending on the long or short positions.
• Maximum leverage up to 1:30 as result of strict regulations and requirements.
• Typical spreads that start from 1.8 pips EUR/USD.
• A typical margin of 0.00018 on EUR/USD and an increased margin of 0.25%.

iFOREX Account Features

Standard Mini Account

With the Standard Mini Account, traders can expect the following unique features:

• A minimum deposit of 100 USD (1 367 ZAR)
• Variable Spreads
• The option for commission-free trading
• Access to a powerful proprietary trading platform
• Access to an array of reliable deposit/withdrawal methods
• Access to dedicated customer support
• Access to a variety of trading tools and education
• The benefit of negative balance protection

VIP Account

With this trading account, there is a minimum transaction size of 2 500 USD (34 190 ZAR). There is no indication of any commissions charged on this account, and there is no additional information regarding other unique features on the VIP Account.

Traders may be required to fulfil certain criteria to qualify for a VIP Account. This information, and any additional information must be clarified with the broker before traders register for a trading account with iFOREX.

iFOREX Demo Account

iFOREX offers traders the change to practice trading on the proprietary trading platform. To register for a demo account with iFOREX, traders can simply visit the iFOREX website, register and proceed by using the online web terminal.

The demo account is not merely intended only for beginner traders who wish to build up experience and trading skills. The demo account can also be used by more advanced traders who want to test their strategies in a risk-free environment.

In addition, the demo account is also the perfect platform to explore the broker’s offering without risking actual capital.

Another advantage that iForex offers traders, especially beginner traders is access to an innovative and advanced educational section within the Accounts area. With this section, traders can explore forex trading and the markets in a safe and risk-free manner.

To access this feature, traders must request access from iFOREX customer support by selecting “Education” from the menu followed by “Request Access”. Once selected, iFOREX customer support will contact the trader via the contact details they submitted during their account application.

This handy education section covers beginner or basic tutorial as well as advanced options that deal with more complex concepts such as global trading, market analysis, technical analysis, and several other topics.

iFOREX Islamic Account

The purpose of an Islamic Account is that it caters specifically for Muslim traders who follow the 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.

According to the official iFOREX website, Muslim traders have the option of registering for an Islamic Account once their live trading account has been approved and verified.

With the iFOREX Islamic Account, traders can expect the same trading conditions that they receive with the live trading accounts, with the benefit that swaps will not be debited/credited.

iFOREX Customer Reviews

I am a kind of autodidact

I am a kind of autodidact. I mean, if haven’t had iFOREX learning center, I think I would be OK anyway. However, iFOREX’s education section is so mind-opening that I had to dive into it. They have taken financial education to the next level.

A wide array of choices

A wide array of choices is the name of the game in iFOREX. They have a great variety of assets for traders to select from, a large library of top educational material, and plenty of paying methods. iFOREX has all the options for trading that I can bring to mind – making it truly the best choice for me.

Honestly

Honestly, going through iFOREX’s education center is, I believe, a must for any trader. It is thorough and detailed, giving me all that I truly need to improve my CFD game. Highly professional and recommended to all!

iFOREX Pros and Cons

Overall Rating

• 4.0/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 100

Regulators

BVI FSC

Trading Platform

Proprietary Platform

Crypto

Yes

Total Pairs

50+

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Conclusion

Overall, iFOREX only offers traders access to two different live trading accounts, namely the Standard mini account and the VIP Account. iForex is a well-regulated broker that offers comprehensive trading conditions.

You might also like: iFOREX Fees and Spreads

You might also like: iFOREX Islamic Account

You might also like: iFOREX Minimum Deposit

You might also like: iFOREX Demo Account

You might also like: iFOREX Sign up Bonus

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with iFOREX?

You can trade more than 800 financial instruments spread across these asset classes:

• Forex
• Commodities
• Indices
• Shares
• Stock Derivatives
• ETFs
• Cryptocurrencies

Which platforms are supported by iFOREX?

iFOREX provides their own proprietary platform that can be accessed either through web browsers or mobile applications (Android or iOS).

Does iFOREX offer leverage?

iForex indicates that it only offers leverage up to a maximum of 1:30.

What spreads can I expect with iFOREX?

The spreads that you can expect with iFOREX start from 1.8 pips on EUR/USD.

Does iFOREX charge commission?

No, iFOREX does not charge any commissions on trades.

Are there additional charges on the Islamic account?

No, there are no additional charges indicated for the Islamic Account.

Is iFOREX regulated?

Yes, iFOREX and its subsidiaries are regulated.

• Formula Investment House Ltd. – based in the British Virgin Islands with regulation through BVI FSC.
• Black Pearl Securities Limited which is based in the UK with regulation through the FCA.
• iFOREX which is the European subsidiary based in Cyprus with respective regulation through CySEC.
• eBrókerház Befektetési Szolgáltató Zrt is overseen by the National Bank of Hungary (MNB)

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

Yes, iFOREX is an ideal option for both beginners and expert traders.

What is the overall rating out of 10 for iFOREX?

4/10.

ACCOUNTS

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

A demo account is obtainable by broker companies and funded with virtual currency that enables a potential client to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.

Does iFOREX offer a demo account?

Yes, iFOREX offers a demo account.

For how long is the demo account valid?

There is no indication that the demo account expires after a certain time.

Does iFOREX offer the option of an Islamic Account?

Yes, iFOREX offers an Islamic Account option.

Which live trading accounts does iFOREX offer?

• Standard Mini Account
• VIP Account

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

USD and EUR.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for iFOREX?

100 USD (1 367 ZAR).

How do I make a deposit and withdrawal with iFOREX?

• Bank Wire Transfer
• Credit/Debit Cards
• Online Wallets
• Western Union

Does iFOREX charge withdrawal fees?

Yes, iForex charges withdrawal fees of up to 20 USD (273 ZAR) on Bank Wire Transfer.

How long does it take to make a withdrawal?

This will depend on the withdrawal method that the trader uses. Some methods may reflect instantly whereas others may take several business days to reflect.