What You Need to Know About iForex

iForex is one of the largest online trading brokers for foreign exchange or other investment instruments. It has tens of thousands of clients all over the globe, and has a reputation of credibility among those who use it to trade different instruments. It offers a variety of different trading instruments and accounts for users to have.

But what should you know about iForex? It is important to know about any trading broker before you invest your hard-earned money with them. So before you decide to use them as your trading broker, it is best you know something about iForex.

A brief history

iForex was founded on June 1, 1996 in Cyprus, making it older than several of its major competitors, including XTrade, Plus500, and FXCM. According to their Facebook page, they were established by “an elite team of financial experts.”

Since then, the company has grown quite large. The year 2004 was a significant year for everyone who has decided and is still thinking about iForex as an online trading broker. This is when they launched their online trading platform, which they made available in several languages. This platform has gone from being just a website to also having a downloadable platform for PC, as well as a mobile trading platform for smartphones.

Some more facts about iForex

It is owned by iCFD Limited. It is licensed by the Cyprus Securities and Exchange Commission (CySEC) and complies with the regulations of the Markets in Financial Instruments Directive (MiFID). Its license number is 143/11.

They offer a variety of services for traders and investors, including brokering the trades and providing financial and economic news. They also put a lot of effort into educating their traders regarding forex, especially using their series of video tutorials that feature an animated blue figure they call Pip.

Unfortunately, they do not accept clients from the United States. They share this handicap with several forex brokers who do not want to comply with the much higher standards of the US government.

iForex offers a variety of accounts, namely a standard account, protected account, premium account, and interest-free account. The interest-free account is marketed toward Islamic users to comply with Islamic principles that do not allow interest. They do have a demo account, but you can only get one once you have real account. This means that there is no way to get hands-on experience of the platform without first investing money with them, which may be a barrier for some novice traders who just want to try it out.

iForex boasts 24/5 customer service, so unless you are trying to contact them on weekends, there should not be a problem. You can reach them via email, fax, phone, and most importantly live chat.

iForex claims that their main advantage over other brokers is that they claim no commission from opening positions and only make their money from the spread between buy and sell rates.

Now that you know all you might need to know about iForex, it is up to you if they are the best forex broker to trust with your money.

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