iForex is a long-established broker that has been in operation for over 20 years since its establishment in 1996, and has a very long operating experience and stable management. Adopting a zero-cut system with no margin, it prevents traders from borrowing money. You can easily open an account because you don’t need an ID card. It is also the most loss-tolerant company with the characteristic that the loss cut level is set to 0%. The reliability is higher than other companies in the same industry because it is a long-established overseas Forex company with 3 financial licenses and more than 20 years of operation history. Scalping and automated trading are prohibited, so it is also a company with many restrictions.
- Company information
- Email support
- Supported language
- Loss compensation
- Withdrawal method
- Payment method
- Account type
- Currency pair
- Scalping trade is NG
- EA is banned
- iFOREX is a long-established company with 20 years of operation history
- Low risk, low return for beginners
- Whether or not withdrawal is refused
- Full support
iForex is an overseas Forex brand operated by iForex. The FX trading service started in 1996 and is known as a company with a very long operating period in the world.
|Headquarters location||15 Nikis st., Syntagma Square,10557 Athens, Greece|
|Business start date||1996|
|Number of employees||198 people|
A financial license is issued by the financial authorities of the country and is a permit for conducting a financial business. Without this, you cannot carry out business activities. The countries with strict examination standards in the world are said to be the United Kingdom and Cyprus. The UK Financial Conduct Authority (FCA) has very strict not only license acquisition but also maintenance standards, such as having to compensate up to £ 85,000 per person in the event of a Forex trader’s bankruptcy. The Cyprus Securities and Exchange Commission (CySec) is said to be the second highest screening country after the United Kingdom. So is iForex licensed?
|Company Name||Acquisition license|
|iForex||Nemzeti Bank of Hungary (PSZAF)|
|iForex||Cyprus Securities and Exchange Commission (CySEC)|
|iForex||British Virgin Islands Financial Services Commission (BVIFSC)|
What is remarkable about iFOREX is that we can support you by phone, email, and chat. Since it supports everything, users can get support very comfortably.
|Phone||Reception hours: Mon-Fri GMT 04: 00-12: 00. iFOREX will be called by the person in charge. Therefore, it is a highly transparent and reliable supplier. Forex companies usually only support email. It’s probably iForex’s greatest strength.|
|Email support is very fast. If it is during iForex working hours, you will receive an immediate response except Saturday and Sunday. Very comfortable support.|
|Chat||Available via live chat. It reacts immediately except Saturday and Sunday.|
It supports the following languages and is more fulfilling than other companies such as Gem Forex. You can trade with confidence no matter where you are in the world. The following is a list of supported languages for the iForex app. The PC version supports 12 languages.
No specific announcement or policy was found, and no particular resolution could be confirmed when a dispute occurred between the user and the vendor.
There are the following methods for withdrawing iForex.
|Credit / debit card||There is no payment cancellation fee for card companies, and no iFOREX deposit fee. For withdrawals of less than 100,000 yen, a flat withdrawal fee of 2,000 yen will be charged on the iFOREX side. Withdrawals can take days or months.|
|bitwallet||The bitwallet fee is free, but withdrawals of less than 100,000 yen will incur a flat withdrawal fee of 2,000 yen on the iFOREX side. Withdrawal is required 3-5 business days.|
|Domestic remittance||The domestic remittance fee is 824 yen. For withdrawals of less than 100,000 yen, a flat withdrawal fee of 2,000 yen will be charged on the iFOREX side. Withdrawal is required 3-5 business days.|
|Overseas remittance||The fee for overseas remittance is 3000-5000 yen, but for withdrawals less than 100,000 yen, a flat withdrawal fee of 2,000 yen will be charged on the iFOREX side. Withdrawal is required 3-5 business days.|
There are the following deposit methods for iForex.
|credit card||No fees will be charged instantly to your trading account.|
|Bank remittance||iFOREX Bank Transfer is an international transfer to Mizrahi Tefahot Bank in Greece. The procedure is complicated because the fee for international remittance is high. You must scan the proof that you have sent the money and send it to iFOREX by email or fax.|
|bitwallet||No fees will be charged instantly to your trading account.|
iForex has only one account type. Therefore, it is not suitable for people who want to try multiple account types, trading tools, and leverage without such features. If you want to experiment with different account types, other vendors may be better, but if not, iForex is a good choice.
iForex supports the following currency pairs. It is very abundant because it supports 90 types.
Scalping trade is NG
iForex spreads are very narrow compared to other companies. Therefore, scalping is recommended because it tends to make a momentary profit, but it is NG because it is clearly stated in the transaction agreement.
EA is banned
iFOREX often prohibits trading rules, such as not being able to use EA. EA is NG because it is clearly stated in the transaction agreement. In addition, double-decker and scalping are also prohibited. You can see that even among Forex companies, we are particular about the safety and legitimacy of transactions. It can be said that it is a very sensible trader.
iFOREX is a long-established company with 20 years of operation history
There is a sense of security as it has been in operation for a long time. Also, it seems that there have been no reports of withdrawal refusals before. The fact that there are abundant products that can be traded in addition to foreign currencies is also attractive to traders.
Low risk, low return for beginners
Beginners should not be familiar with Forex yet, so start trading with a small number of lots. If you have one position and one lot, you will not suddenly go bankrupt. Let’s start low risk and low return.
Whether or not withdrawal is refused
It will be the most worrisome place for traders who actually trade. There is no Forex company that refuses to deposit, but I am wondering if I can really withdraw when I can make a profit. What about iForex, as some companies run away at worst? The patterns of withdrawal refusals from past cases are summarized below.
|Scalping||Scalping more than 10 times a day is prohibited.|
|Automatic trading||FX NetView is adopted as the iForex trading tool, and automatic trading is not available.|
|Transactions using rate delay||There may be a delay between the exchange rate being set and the delivery. Taking advantage of this rate delay, trading is a violation of the rules and is subject to withdrawal refusal.|
|Creating multiple accounts||iForex can only create one account per person. Creating multiple accounts is a violation. You cannot withdraw money.|
|Withdrawal of bonus||With iForex, you cannot withdraw only deposit bonuses or only swap points.|
|Unsubmitted identity verification documents||With iForex, you cannot withdraw without submitting your ID.|
|Bank transfer without SWIFT registration||With iForex, you cannot withdraw because it cannot be recognized.|
|Arbitrage||Arbitrage is a violation. You cannot withdraw money.|
|Double-decker||Both buildings are prohibited. Both denominated is a trading method that holds positions of the same brand at the same time|
iForex has the advantage of having good user support such as email and phone. If you are interested, open an account.