Table of contents:
- 1 iForex experiences & test 09 2020
- 1.1 What is iForex – Is rip-off a topic at iForex?
- 1.2 Seriousness of iForex
- 1.3 1 – the CySEC regulation
- 1.4 2 – the different assets
- 1.5 3 – solid trading conditions
- 1.6 4 – payment methods
- 1.7 5 – the different prices
- 1.8 6 – the customer support
- 1.9 7 – different platforms for the trade
- 1.10 8 -the iForex app
- 1.11 9 – additional offers
- 1.12 10 – bonus offers
- 1.13 Are there any indications that iForex is not subject to fraud?
- 1.14 Why is there always a change in the asset for trading?
- 1.15 Which underlying assets can be traded?
- 1.16 Which platforms can be used to trade at iForex?
- 1.17 What are the returns on iForex?
- 1.18 What types of trading are available?
- 1.19 What is the accessibility of the iForex support?
- 1.20 iForex experience reports
- 2 Conclusion
iForex experiences & test 09 2020
We are pleased to present a comprehensive iForex test here. During the development of this test we were able to gain in-depth iForex experience. This helped us to achieve an almost entirely positive result. In this iForex test report we have summarized everything that seemed important to us. We can also definitely exclude fraud in iForex.
What is iForex – Is rip-off a topic at iForex?
iForex is considered the oldest broker online which is not just a binary options broker. It is affiliated with the European company iCFD Ltd, based in Cyprus, and provides its iForex web traders with the ability to trade currencies, stocks, CFDs, Forex, commodities, binary options, and much more in over 140 markets. So far the iForex spread is strong. At iForex, European safety regulations apply with regard to trading. In this article we will highlight, discuss and question various aspects related to the online broker. The company was founded in 1996 by traders and bankers. The broker is quite unknown in most EU member states. Due to the license obtained in Cyprus, the company has not yet managed to gain reputation and recognition in Germany. iForex is divided into 4 divisions. iForex Holding Limited and Formula Investment House Ltd. are not EU companies. iCFD Limited and Formula Investment House B.O.S. are Cypriot companies and therefore EU companies.
Seriousness of iForex
The most important question in online trading is always whether iForex is serious. So what is iForex? With iForex this is affirmative. Firstly, there are clear rules for the broker and regulations that make the platform very secure. The Cyprus Securities and Exchange Commission (CySec), which is both governmental and Cypriot, checks whether the broker complies with EU security guidelines. However, the 2 companies iForex Holding Limited and Formula Investment House Ltd. are unfortunately not EU companies and therefore not controlled by the EU tax authorities and therefore the security of these companies may be weakened.
On the one hand, state protection of the deposits creates the coverage of lost amounts of money, which do not exceed the sum of 200,000 Euro. Another measure is to manage the traders’ funds in separate accounts, which is the Broker’s obligation according to the Markets in Financial Instruments Directive. In case of insolvency, creditors are not allowed to have recourse to this insolvency. Accordingly, the capital of iForex is not threatened by insolvency.
1 – the CySEC regulation
The numerous guidelines, such as those against money laundering, provide additional protection for the trader against fraud and strengthen the relationship between broker and trader.
2 – the different assets
Within the four different classes for trading are positions in stocks (e.g. for Google, Apple, Sony, Toyota), currencies (including iForex crypto currencies), commodities and indices, which also covers the trading market. However, iForex focuses more on stocks and currencies and is accordingly the most developed in this area, but this means that there are no noticeable cuts in the other areas, which was shown in the test about iForex. For example, trading is done with common commodities such as gold and oil, but also with unusual commodities such as soybeans, coffee and copper.
3 – solid trading conditions
In terms of binary options, profit is the focus in trading. Accordingly, iForex offers up to 92 percent profit and ten percent redemption, as iForex fees, for each option. Making that much money with iForex seems very tempting for beginners. However, it is obvious that not every trader will have this iForex payout. The average is between 70 and 92 percent, which is what the iForex test has shown. So it is possible that some traders will have values below this average. However, the general iForex opinion is that it is helpful to have 10 percent cashback if the values are below the average. To open an option, the trader must have a trading value of 10 dollars. To start trading, the trader must make an iForex deposit of 100 dollars. This iForex cost and the associated iForex spread is affordable and not overpriced, so it could be called an iForex rip-off.
4 – payment methods
Beside different trading instruments, a multiplicity of payment methods is available. The standard is the fast bank transfer, but capital transfer can also be done by credit cards or e-wallets such as NETELLER and Skrill. However, the advantage of credit cards is that they are the fastest way to transfer money. Three well-known credit card companies are VISA, MasterCard and Diners Club. These payment methods have been rated satisfactory in the general iForex opinion and are therefore in the middle range. iForex Paypal deposits are not yet available.
To be eligible to make an iForex withdrawal, the trader must present either an ID card, passport or driver’s license to the broker. In addition, the trader must provide his own address, for example in the form of an electricity bill. This shows how transparent iForex works and how much importance it attaches to the clients. A lack of transparency is always seen by traders as a shortcoming that this broker has deliberately avoided.
5 – the different prices
Traders have the ability to bet on prices that are either falling or rising and also scale the expiring time to the option in question. In this way, the company supports short-term trading as well as long-term trading.
6 – the customer support
An outstanding characteristic of the broker are the extensive contact possibilities. Other brokers use only a very narrow, minimized selection of contact channels. There is even a specific phone number available for traders from Germany. With all contact possibilities, the cooperation is very keen to show the clients good solutions. Especially the contact way by e-mail is very well organized, where not only one e-mail address is available for all questions, but depending on the request another contact person can be contacted. The service is therefore very well organized.
7 – different platforms for the trade
Unlike other brokers, traders have access to not only the website for trading, but also the FXnet platform and the mobile iForex app. The FXnet tool is best suited for clients who want to maintain the highest level of professionalism when trading. However, the download tool has the problem that it only works on devices running Windows operating systems. For traders who do not have this operating system on their devices, it is recommended that they visit the iForex website. With the help of SSL encryption in the web browser, traders can easily trade even in the office. The same is true for the App. These are the results of the iForex test.
8 -the iForex app
The Iforex app allows traders to trade with iForex ETF, iForex Krypto and more, or just check their account for trading while on the go. This app is available both in the Apple Store and on Google Play. With the help of the app, trading positions can be edited, open positions can be browsed and the details of your own account can be viewed. Making money with iForex becomes even more convenient. However, although the app has a clear structure and is well thought out, the graphics have not been developed as much. For this reason an update would be very desirable.
9 – additional offers
Beginners often have a hard time with iForex Crypto trading and iForex ETF and more. Mistakes in getting started usually already cause losses. If the trader lacks the necessary knowledge, time on iForex can be quite frustrating. iForex is aware of this problem, which is why the broker offers not only economic calendars, market analysis and market reports, but also serious training courses and tutorials along with related material. The trader can also learn more in the overview of technical terms from the financial world and make learning easier with learning posters. When choosing the Education Centers, the customer also gets access to online literature and online courses. The iForex demo account in the amount of 10.000 Euro is available for 3 days and therefore limited in time.
10 – bonus offers
There are almost no bonus offers on iForex, but this is not very important for brokers either. The only bonus offer is the possibility for the trader to recruit friends for the broker, where the traders send the contact details of five friends to iForex. The contact with those friends is then made by an iForex employee. For each friend who creates an account with iForex, the referrer will be credited $35 for his trading.
- Frequently asked questions about the Online Broker
- How is the term [at the Money] to be understood ?
- This term describes the case when the customer has opened a low or high position and also correctly speculated the trend of the price in advance.
On the basis the process of the trade it becomes evident that the price deviates in the meantime from the starting mark and with beginning of the closing a straight line of the initial price has overlapped.
Are there any indications that iForex is not subject to fraud?
Although investor brokers based in Cyprus or Malta deny the seriousness of iForex for reasons of doubt, there is no evidence that iForex is committing fraud.
iForex is fraudulent because iForex is reputable.
Finally, the protection of negative balances, separation by the broker’s own capital, proves compliance with the rules and regulations of the
Cyprus Securities and Exchange Commission the opposite of dubiousness.
Why is there always a change in the asset for trading?
There are approximately 100 trading assets available when trading with the broker. However, it is not possible for the client to trade every day of the week. iForex sets a fixed time for turning on options when trading.
Some stocks can only be traded from 5am to 10pm. And other stocks have a longer time frame.
Which underlying assets can be traded?
In order for the customer to be able to implement his own strategy as successfully as possible, the trader is dependent on a large number of given underlyings. For this reason, the trader has hundreds of different assets from different areas at his disposal.
Accordingly, customers are able to trade indices, currencies, stocks, commodities and much more over a certain period of time.
Which platforms can be used to trade at iForex?
Traders can use three different platforms for trading at iForex.
One of them is the FXnet platform, which provides a download for operating devices on Windows, making trading more user-friendly.
Another platform is WebTrader, which offers clients the opportunity to experience iForex. The previous installation of a software is not required for this. However, the two platforms are not innovative, according to iForex reviews from traders.
The third platform is the iForex app, which is available on the IOS and Android operating systems and is used for binary options trading.
What are the returns on iForex?
The returns on binary options trading are relatively high, according to the general iForex opinion. The maximum profitable return is 92 percent.
Nevertheless, not all financial products offer such high returns. Moreover, the level of return is also accompanied by a certain risk.
However, it does not affect the seriousness of iForex and it cannot be called an iForex rip-off as the iForex fees are not too high.
What types of trading are available?
The iForex test has shown that the types of trading available are not very extensive. After all, clients have not been able to use OneTouch or Ladder with the broker because they are not available. Only call/put trading can be done.
What is the accessibility of the iForex support?
In the event that the traders have problems or questions, support for clients is easily accessible according to iForex reviews, as can be seen from the iForex test and iForex reviews.
In addition to technical support callbacks, remote technical support can also be provided. In addition, the usual ways to contact iForex support can also be sought, such as a 24-hour phone call to the iForex staff in German.
Also, email addresses, office locations and additional information can be found on the iForex website.
iForex experience reports
Many traders find the creation of a portfolio easy and fast, due to the quick entry of their own data. Also the activation of the portfolio is very fast. The courses, additional information, learning materials and more are very supportive for the assessment and understanding of iForex. The app creates room for flexibility, from the trader’s point of view. iForex fees can be quickly adjusted, a confirmation is also sent and this is the normal case. Initial fears about one’s own capital, high iForex costs and iForex rip-offs are reduced quite quickly as the broker’s hedging has a calming effect and thus reduces iForex costs.
There is a wide range of different trading tools available, from well-known tools to novel tools like binary options. These also have enough features.
Clients report that they find the broker overall convincing and reliable. Even after initial concerns and mistrust, many traders feel very comfortable with brokers over time. The active participation in trading and the variety and diversity in trading are highly praised. The good conditions ensure that trading becomes more effective. Likewise the attention to technical progress is a pleasant quality of the broker. The customer support is always very helpful with questions and concerns of the traders and this within the shortest time. The predominant opinion about the broker is generally positive, but the limited iForex demo account is often criticized. This is problematic for many traders because it deprives them of the opportunity to try different strategies in the iForex demo account and see which one they are best at and most satisfied with. Another negative point is that the German translations of iForex’s advertising in German are ambiguous and contain many translation errors. Admittedly, these kinds of translations for iForex in German are extremely unprofessional. This first impression can therefore cost the broker potential clients. In addition, the statements of iForex advertisements are very exaggerated and do not appear credible. In addition to this, it is not obvious to a client what iForex fees he will have to pay. In 2013 the broker even had to pay a fine of 5000 Euro to CySEC. This is due to the fact that iForex did not inform traders sufficiently about risks that may arise in connection with trading. Now the broker has promised improvement, but still it is not possible to talk about iForex rip-offs at this point, as iForex is by and large serious.
Traders may lose all their assets when trading iForex ETF, iForex Crypto, CFDs, derivatives and shares. We cannot be held legally responsible as a website, group or individual for any damages or losses that may occur while using the broker.
What is iForex in summary?
iForex as a whole is solid as a trading platform with professional staff, which includes iForex web traders equipped with educational materials and even with a standard account, instead of an iForex demo account, trading is very clear, easy to use and convenient on the go through the mobile iForex app, whether you are a beginner or an expert. The iForex support is also of high quality and quickly accessible. It is easy to get started in iForex with small amounts of money, even if you have not yet made any iForex Paypal deposits, which gives iForex web traders with lower incomes a chance and does not exclude them. The iForex costs are therefore manageable. Trading is very diversified. The risk of making high losses is minimized by keeping the conditions low, which means that iForex deposits are lower and the tool as a client has no greater loss than the amount of the iForex deposit. This increases the chances of making more money with iForex and allows for flexible iForex withdrawals without the need for iForex Paypal.
Nevertheless, additional options, such as a bonus after creating an iForex Webtrader account would be very welcome and there are one or two things that could be improved. Certainly the iForex spread is solid.