iFOREX has overall 4 user-friendly trading platforms to choose from. You have a selection of two downloadable versions, one easy-to-use online platform and last but not least the mobile interface for any smartphone.
Mobile Platform – keeps you updated with most accurate market rates and innovative interface. The platform offers over 80 currency pairs, indices and commodities with customizable layout and new swipe to close feature.
FXnet Platform – downloadable platform suitable for both beginners and experienced traders. All the necessary tools and features allow executing one click deals, limiting orders and customization of the interface based on your requirements.
Web-Based Platform – online platform, available on any computer with an internet connection. Open and close positions, fund your account and view the trading history anywhere, anytime. The platform brings over 30 tradable currencies and all the necessary trading tools to make right analysis and decisions.
iForex provides direct access to global markets with interbank spreads on specific majors. Hedging and other trading styles are welcomed. iForex reviews its execution as 1 click deal with guaranteed stop loss levels for exposure closing. The maximum leverage is up to 400:1.
There are various way to protect yourself from risk with real time margin protection and automatic risk management execution.
Among account types there is an Islamic Account, which is an interest-free account following Islamic Sharia Laws applicable to Forex and CFD Trading.
The minimum transaction size is $2,500 with leverage of up to 400:1.
Margin Call is wide spread among forex brokers and it means the closure of all open positions when minimum margin is breached. iForex doesn’t adopt margin call option, meaning that traders use their balance as margin and positions remain open as long as you still have money in your account. Good for the broker, bad for your risk management!
There is, however, limit orders at a better rate, which cancels other orders once executed. There is also stop loss and take profit tools to control and protect your funds.
Minimum deposit requirement is $100. Unfortunately the broker doesn’t allow much alternative is funding options. The available payment methods are only Wire Transfer, Credit/Debit cards and eWallet. Note that there is wire transfer withdrawal fee of $20.
There are several promotions available for your consideration:
First, all new traders get free 1-on-1 personal training, tutorial guide in PDF format and access to e-course. There is also some sort of educational package with beginner and advance course.
$100 First Deposit Bonus
Honestly, the promotion is a bit weak with an offer of up to $100 for a deposit of at least $1,000. That’s only 10% welcome bonus! If you are looking for a great first deposit deal, this is definitely not the best out there. Most brokers today give you 100% match bonus not only for the first deposit, but on the subsequent funding.
One thing that did catch the attention is the “Interest Free Trading” offer with leverage of up to 1:400. This may be worth checking out more.
iForex provides well-informed customer support with ability to answer your questions about the broker, services and assist you with any technical requests. The support can be reached via online form, email, phone and online chat available 24/5 during trading hours.