4.2/10
(14 qualified reviews)
US Traders
  • Islamic accounts available
  • Company iFOREX
  • Founded in 1996
  • Online since 2004
  • Offices in
    • British Virgin Islands
    • Cyprus
  • Payment options
    Show payment options Hide payment options
  • Demo platforms
    • FXnet
  • Account currencies
    • Euro
    • Great Britain pound
    • Japanese yen
    • Swiss franc
    • United States dollar
  • Currency pairs
    Show currency pairs Hide currency pairs
  • Regulated by
    • CySEC, 143/11
    • Hungarian National Bank, II/73.059/2000
  • Website available in
    Show website languages Hide website languages
  • Support available in
    Show support languages Hide support languages
  • Support methods
    • Callback
    • Email
    • Live chat
    • Phone
  • Trading server time zone GMT
  • Pending orders
  • Minimum account size $100
  • Minimum position size 0.025 lot
  • Spread type Fixed
  • Spread on EUR/USD, pips 1.3
  • Trading instruments
    • Forex1:400
    • CFD1:400
  • Trading platforms
    • FXnet
  • Digits after dot 4
  • Number of currency pairs (of which exotic) 58 (26)
  • Pending orders
  • Minimum account size $100
  • Minimum position size 0.025 lot
  • Spread type Fixed
  • Spread on EUR/USD, pips 1.3
  • Trading instruments
    • Forex1:400
    • CFD1:400
  • Trading platforms
    • FXnet
  • Digits after dot 4
  • Number of currency pairs (of which exotic) 58 (26)
  • Special notes The Interest-Free Account is designed to provide a trading environment which adheres to Islamic Sharia Laws applicable to Forex trading.
  • Pending orders
  • Minimum account size $2,000
  • Minimum position size 0.1 lot
  • Spread type Fixed
  • Spread on EUR/USD, pips 1
  • Trading instruments
    • Forex1:400
    • CFD1:400
  • Trading platforms
    • FXnet
  • Digits after dot 4
  • Number of currency pairs (of which exotic) 58 (26)
  • Pending orders
  • Minimum account size $100
  • Minimum position size 0.02 lot
  • Spread type Fixed
  • Spread on EUR/USD, pips 1.3
  • Trading instruments
    • Forex1:100
    • CFD1:100
  • Trading platforms
    • FXnet
  • Digits after dot 4
  • Number of currency pairs (of which exotic) 58 (26)
  • Special notes The Protected Account works as a funded demo account.

    At the end of the two-week period, any positive balance is yours to keep.
View contract specifications

Reviews

32 reviews of iFOREX are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.

, India.

Thanks to all the useful reviews. I just thought of checking out the reviews on google before proceeding further after filling up the initial form and receiving the password.

The government authorities can track down the location with the help of the IP address they use for emailing. I suggest they should do so and protect the innocent citizens.

, France.

After ten days of having paid 100 euros to open a demo account, the company's consultants wish that I spend in the real account. I try to make them understand that without experience it was too dangerous. Then a woman called Maya, suggested I leave iforex, because she did not have time to waste! My feeling is that iforex looking for people to easily take their money and pushed to the error. I advise you to remain vigilant and look elsewhere! Good luck

, Mumbai.

Iforex is fraud company. If you ask to provide contact address they will tell we are based in Greece and we have call centre in Mumbai but they wont give any address proof in India. Becuase as per RBI rules FOREX trading is not legal in India. I do not know Why Forex trading companies operated in India. If you ask them whether Forex trading is legal they wont tell you. They will tell it is up to you. BEWARE OF OPENING ACCOUNT WITH SUCH TYPE OF companies. Even if you trap in any problem you wont get anything out of it. Because this is not legally established. Even if you do polish complained it does not work. NEVER EVER OPEN THE ACCOUNT WITH IFOREX. They are literally cheating the people. Me and my friends have very BAD experience. If you want to do forex trading go with www.fxcm. com, www.forex.com THEY ARE LISTED COMPANIES AND THEY WILL FILL UP APPLICATION FORM WITH PROPER DOCUMENTATION.

, Budapest, Hungary + Toronto, Canada.

Dear fellow traders,

first and foremost, most of you have very limited experience with trading on fx markets. I personally work for the Budapest branch for Iforex and the sad fact of the matter is, for you beginners, that there are many successful clients and it's not because they are lucky, it's because they are experienced. Mr. HELMUT from SWEDEN......Mr. Ahmed works right next to me here in the office and FOR THE RECORD, he is Egyptian!!!!! He speaks 7 languages and I've yet to meet an colleague with an iota of Indian decent in him/her. Soooooooooo, to clarify for you ppl, we don't lie about our names, all of our convos are recorded and that is that!!!!! If one takes the time to practice, practice and guess what.....PRACTICE. They too can be quite successful. As for the person who wrote about losing their money or getting it cleared off her account, that is utter nonsense!!!! It's ppl like you who bless ppl with these ridiculous horror stories and actually get ppl to beieve this BS. Demo + training costs NOTHING seeing as you can ask for your money back within the demo period. The FX market is not for little amateures with 200eu to spare from the piggy bank or what they saved up from their allowances. Google IFOREX and check out a few more reviews......you owe it to yourselves. Just like practice........makes perfect!!!!!

, Belgium.

I have nothing but good experiences with Iforex.I actually make a very good living every day just by investing on currencie changes with this broker.I dont use credit card but my bankaccount and after my withdrawels are approved I get my money on the same day.

So are you people who are having bad experiences sure you are talking about the same Broker.They exist since 1996,I work with them now for almost two years and never had problems with them.For the moment I make around 6000 euro every month just by using Iforex.com

, Chennai, India.

Thanks guys for the review.

This is what I got today in mail

Thank you for choosing iFOREX, your gateway to the international foreign exchange market.

As a new client we would like to enroll you in our unique training program.

Our program involves a personal session with one of our Forex specialists and will require

only 20 minutes of your time. The session will provide you with essential knowledge to

successfully enter the Forex market.

By enrolling in our training program, you will receive all the knowledge required to efficiently

manage your trading account while receiving a full explanation of our variety of tools that cater

to different skill levels.

For further information regarding the topics of our program see the enclosed.

On the 1.2.2011 you will receive your 1-to-1 personal training session

with one of our top instructors.

OK guys will update you all how it goes. I got a call as soon as I registered and I told him to call me tomorrow. Did my research. He was very keen to know "If I have a Credit Card available"

, Sweden.

I was contacted day later by iForex employee, he claimed to be my personal trading couch, so as the conversation went on ... i found myself looking for my CCard, then it hit me. This is social engineering at it's finest... and it was beyond reasonable doubt that something is fishy, Ahmed calling me from Hungary, so as i know basic hungarian, i put his claims to test... as it would seem to me, they even lie about their name. No arabians have this distinct hindu accent, besides in background i heard a lot of indian language, which was another reason that made me think. Strangely enough i was asked to deposit money into iForex to open Demo account. I'll confront Ahmed tomorrow... being nice isnt enough to convience me.

, Kolkata.

I have submitted my withdrawal form with no results even after a period of six weeks have elapsed.

, oman.

same fraud case i also faced.first i deposit 100$ and started to trade. i purchased $ and showing my balence is going incresed. but after some time around 1 hour my full money vanished .then i replayed by mail no rply was got . after two days one manager called from their office and told how to trade. again i invested only 50$smartly i done work around 3 hours i worked with Euro and gold trading ,after 2.5 hour my account was become 300$ . i was very mush happy.so i tried to withdraw my money site shows that first you send credit card copy and address.so then after 10 days u will get money .suddently in my account comes to zero. i was suddently shocked at a moment. this purely cheating and fraud business.dont deposit any single money in this trading firm . if u want to trade go head with ICICIbank,hedge equities,other indian wellknown trding brokers

, Pune.

Dear Sir,i

Iforex is trying to take advantage of lack of knowledge of indian investors.

1. To cheeck the platform on demo A/C asking to open real account of minimum $100. where as it is available freely with thousands of broker and some brokers are giving 25 to 50 $ real money to trade if demo A/C is open with them.

2. Their Sprade is 5 pips on EUR/USD where as it is 1 to 2 pips with most of the broker.

3. iforex tells you: You need to invest a minimum of $100 (Rs. 5000 approx) to activate you’re a/c, after you activate your a/c, we provide you a practice a/c, 1-1 training to understand how to trade. After you understand how to trade only then you need to start trading with the $ 100 that you have invested, if you feel its too risky after trading on the practice a/c or if you do not want to trade in forex you have the option of withdrawing the $ 100. I asked : Can you reffer any customer who received money back?. or any satisfied customer? Then, How to belive on you?

, India.

i am also victim of iForex..Please don't join anyone iForex ..They are really fooling people.You will just loose your money..its fake ..I would suggest don't join any forex site or invest money there ..you will loose and whatever they gives offer it has some hidden secret.they don't tell anyone.After paying your money they never replied via mail they only contact phone.and its trading signal also fake.I have very bad experience with iforex,.its head Eshkol never read customer complain and problem as well as he never reply.

, Belgium.

I just read your information above on iForex. My experience is completely different. Main issue is, if you have no idea what Forex Trading is about, offcourse you will loose money!! You need to read the news and learn to trade. In that case you can make a lot of money.

iForex is for sure NOT a SCAM! They are regulated in European Union! You can find it out in their trading agreement and website.

I have good experience with them. Also made money with them.

, dubai.

looking for some info about an authenticated agaent for iforex.

, Ahmedabad,India.

iFOREX_India: Welcome to IForex! Allow me to introduce myself as your chat representative..

iFOREX_India: How may I be of assistance?

Paresh: hi

Paresh: please can u tell me how to invest

Paresh: ??

Paresh: r u thr

iFOREX_India: hi how may i help you

Paresh: tell me how can i invest,min amt requires

iFOREX_India: You need to invest a minimum of $100 (Rs. 5000 approx) to activate you’re a/c, after you activate your a/c, we provide you a practice a/c, 1-1 training to understand how to trade. After you understand how to trade only then you need to start trading with the $ 100 that you have invested, if you feel its too risky after trading on the practice a/c or if you do not want to trade in forex you have the option of withdrawing the $ 100

Paresh: how can i withdraw

Paresh: coz i came to know from dr.modi

Paresh: who is trading with u all

iFOREX_India: i didnt get you

Paresh: can u ask sm1 to call me

Paresh: plz r u with me

iFOREX_India: yes sir

Paresh: when

iFOREX_India: who is your account manager

Paresh: can u tell me dr modi's A/c manager

Paresh: name

Paresh: i didnt recieved any call but i have been referred by dr.modi

iFOREX_India: ok

iFOREX_India: wait i ll check

Paresh: ?

Paresh: r u

iFOREX_India: yes sir

iFOREX_India: i ll arrange call for you

Paresh: call me after 7.30 today

Paresh: where is ur office in india

iFOREX_India: in mumbai

Paresh: whr

iFOREX_India: malad

Paresh: can i get add

iFOREX_India: i m really sorry for that

Paresh: y

Paresh: y cant u give ur details

Paresh: plz

Paresh: coz im trading with alpari

Paresh: and they have off in mumbai

Paresh: BKC

Paresh: ??

Paresh: hello

Paresh: is this the way to deal with ur cst

iFOREX_India: sir i ll get call for you for this

Paresh: cant u tell

iFOREX_India: the address we cant give

Paresh: ok

Paresh: r u regulated

iFOREX_India: see more than 30000 customer are trading with us and they have not any problem till now

Paresh: k

Paresh: but regulater

iFOREX_India: for further details i ll get your account manager to call you

Paresh: ok il c

Paresh: who is ur companys ceo

Paresh: im askng all ths coz i need to know with whom all im dealing

iFOREX_India: yes sir do understand

Paresh: so who is ur ceo

Paresh: ???????/

Paresh: ok who owns ur company

Paresh: r u the

Paresh: thr

Paresh: I will b investng arnd

Paresh: $5000

Paresh: today if u gv me satisfactory answrs

Paresh: ok

Paresh: i got the answr that u all are frauds

Paresh: from many websites

Paresh: thr r blogs

iFOREX_India: wait

Paresh: what

iFOREX_India: Sir, the people who lose their money they say us fraud if you see the market has fallen by 800 pips within a month

Paresh: ok

Paresh: then

iFOREX_India: if you trade properly you will make money, if you don't know to trade ,definitely you lose your money in all the market

Paresh: but the blogs i have seen are on the problms with the withdrawals

Paresh: u might no be refunding d money

iFOREX_India: If the documents are proper they receive their funds within 8 to 10 working days

iFOREX_India: And the blogs can be written by any one even by the competitors, this strategies we dont apply.

Paresh: but y cant u provide me details on regulations

Paresh: i understand it happens only when d company is not proper with assets and investments

iFOREX_India: Sir, if you have gone through the regulations of the market it is totally an unregulated and Over the Counter market.

Paresh: i know d market is but d broker must b regulated

iFOREX_India: Sir, it is not an investment company it is a trading company. The company is known as Formula Investment House ltd.

Paresh: ok its the name but it must be having some regulater

iFOREX_India: yes it is registered in british virgin land greece athens.

Paresh: virgin island and greece r two different cntrys

Paresh: so this is not the valid proof

iFOREX_India: Sir, we can send you the trading agreement which contains all the details related to it. If you agree with all terms and conditions we can proceed further.

Paresh: trading agreement will be between u n me

Paresh: but this cant say that the company is registered smwhr

Paresh: can u tell me any membership number what ur company is having

Paresh: r u getting it

Paresh: i understand that u dont have any thing to say as genuine

, India.

Review on Iforex (iforex.com) – Well it has been reviewed by a lot of victim investors who lost their money to iforex frauds. You do a google search and you will find scores of reviews clearly mentioning that they are fraud and cheating investors. They have no regulation, so you cannot even lodge a complaint against iforex. All you can do is vent your frustrating and anger of losing your money to iforex by reviewing them.

See these testimonies-

babypips.com [http://forums.babypips.com/forextown/28152-iforex-com-scam-what-your-experience.html#post137969 ]

“Do not trust Iforex! I give my personal word on this, I have been following these guys for over a year.”

Actual Review from trade2win.com

"iforex is duping people of their money. I have all the reasons to believe that it is certainly a scam, a fraud.

-When you are making huge profits you wont be able to close your deals.

-They can control the platform from their side

-Your password is provided by them which you can not change

-Their office address in the tutorial they sent via mail is different from that mentioned on their website

-They ask you to send scanned copy of both sides of your credit card(most dangerous thing). No one asks both side of credit card.

-They advertise 2 pips and show 3 pips on the demo, but once you open the trade account and deposit your money with them, they change the spread to 5 pip( this is most irritating)

-Even when someone calls from Greece( as they say it), its always the same person talking in local Mumbai accent.( I doubt that they call from mumbai itself and claim it as Greece)

-The Guy who called from Greece(as he told he did) told me that he gets a commission from my deposits. So he told me to tell iforex guys that he persuaded me to add more deposit( ridiculous and fishy)

-They refuse to give their local address in Mumbai

-There is no regulatory body for Iforex.com

- there are lots of bugs on its platform." ----------------from forexpeacearmy.com [http://www.forexpeacearmy.com/public/review/www.iforex.com]

"Iforex (iforex.com) is cheating people .It is cheating people. Many investors in Asia Pasific region have lost their money to iforex. The company claims to be based in Athens, but in its tutorial documents, it is mentioned to be based in Virgin Islands. Clearly there are a lot of loopholes and evidence of frauds in their way of operations, but unfortunately new investors are just too inexperienced to figure them out."---------------------- from forextopten.com [http://forextopten.com/iforex/comment-page-1/#comment-1428]

"All bullshit…everything lie and fake…iforex dupes people of their money. I do not doubt if everything above is written by iforex people themselves.

Trade with iforex only if you want to lose money.------------------"from compareforexbrokers.com [http://www.forexbrokercomparisons.com/reviews/iforex-broker/ ]

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