iForex broker review

iForex, already founded in 1996, is a trading website which many investors and daytraders will want to use. This is because of the simple fact that with this broker you cannot only trade CFD’s, but also shares, currency/Forex pairs and options, all with the same broker. In order to distinguish… continue reading

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Complete Review

iForex, already founded in 1996, is a trading website which many investors and daytraders like to use and work with. This is because of the simple fact that with this broker you cannot only trade CFD’s, but also shares, currency/Forex pairs and options, all with the same broker. In order to distinguish itself from other brokers iForex charges very low spreads and always shows real-time prices through an interbank link on their website. iForex also has Negative Balance Protection, which protects your account from becoming negative.

iForex trading platforms:

iForex Trading Platform

This is the basic Windows tradings platform of iForex. It requires downloading and some of its advantages include:

• Advanced integrated graphs, tables, and statistics
• Customizable User Interface
• Full-screen function
• One-Click order execution

Web Based Trading Platform

The Web Based Trading Platform is mainly for traders who do not wish to install software on their computer or because they don’t have time to do so. (Although downloading the software just takes a couple of minutes and is completely safe) The Web Based Trading Platform ofiForex is accessible via any browser and only requires an internet connection.

Mobile Trading Platform

The mobile tradingplatform of iForex is designed in such a way that each investor can trade from his or her own smartphone or tablet. This way you can access your trading account wherever you are.

iForex Account types:

There are four different account types available for investors and daytraders at iForex:

• Interest-Free Account (Islamic Account)
• Standard Account
• Premium Account
• Protected Account

Islamic accounts are based on the “no interest” principle. For investors that just want to tryiForex there is the ”Protected Account”, which is comparable to a demo account. However, it requires a deposit of $100 or more. The idea of a ”Protected Account” is that the $100 deposit is completely protected for the first 14 days. This way iForex checks the motivation of the investor to trade with iForex and covers his first $100.

Commission, fees and costs at iForex

Though traders at iForex can use interbank margin tools, iForex is not very transparent in the spreads it charges it clients. To be honest, this is one of the major disadvantages compared to other brokers.

iForex customer service:

The iForex customer service is accessible 24/5. Investors can contact iForex through the following methods:

• Email
• Fax
• Phone
• Live Chat

iForex reliability:

iForex applies the following safety measures to protect and preserve the security of its traders:

• 128 bit SSL encryption
• Guaranteed Stop-loss features
• Negative Balance Protection

Advantages iForex:

• Negative Balance Protection
• Large amount of tradable instruments
• Variety of reliable deposit and withdrawal methods available

Disadvantages iForex:

• Demo account available only after activating real trading account

iForex Review Conclusion:

The absence of a demo account function is unfortunately a major disadvantage of iForex. Unlike other brokers, like Plus500, it does not offer the possibility to try the platform with virtual money. Nevertheless, it should be noted that it is not really necessary to have a demo account as iForex provides every new trader with €25 free starting capital in the form of a no-deposit bonus. The best way to get a reliable view of this broker is of course to try it yourself!

Advantages

• Free personal training
• Very high deposit bonus (up to $5000)
• €25 free no-deposit bonus
• Excellent trading platforms

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