iForex.com (.in, .hu) Review

3.119 · 140 REVIEWS

Formula Investment House Ltd

Black Pearl Securities Limited

iCFD Limited

Updated: Nov 30, 2020 · Visit site  · Is this your company?

iForex is a forex broker. i Forex offers the Mobile and Web Based trading currency platforms. iForex.com offers over 80 currency pairs, cryptocurrencies, indices, shares, ETFs, gold, silver, commodities and cfds for your personal investment and trading options.

iForex.com (.in, .hu)
Other websites of this company include Vestle.com, Vestle.it.

The default language is Chinese but English is available in the language button at the upper right corner.

Broker Details

Minimum Trade Size: 0.015
Maximum Leverage: 400:1
Minimum to Open Live: $100
Established: 1996
Address: 1 Wickham’s Cay, Road Town, Tortola, BVI VG1110, Virgin Islands, British
Contact: info@iforex.com, +30-210-374-2599
Regional offices:
Regulators: BVI FSC #SIBA/L/13/1060
Prohibited countries:
Trading platforms: WebTrader, Mobile Trader
Web Trading: Yes
Mobile Trading: Yes
Currencies: (80+)
Cryptocurrencies: (15+) Bitcoin, Litecoin, Ethereum
CFD: (760+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard
Withdrawal Methods: Bank Wire, VISA, MasterCard

Live discussion

Join live discussion of iForex.com (.in, .hu) on our forum

Go to forums


Your company video here? Contact ad sales

3.119 · 140 REVIEWS
Forex Peace Army

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

Srilanka, Sri Lanka,
Feb 21, 2013,

100% Scam.. don't believe the iforex. it is totally lie...
if any body want more details please contect me..
hmpcstr@gmail.com. don't deposit. mony was lost more then 120,000 RS... they will call u before u deposit money, but if deposited they will never call you..
Saurav Anand,
DELHI, India,
Jan 13, 2013,

I think Iforex must be banned. I deposited nearly USD 2200 and when I wanted my money back ,they were not responding my emails or calls. I had mad profit though but now it seems they are total fraud and I wasted my hard earned money. Can you please help me out to get my hard earned money back.
Colombo, Sri Lanka,
May 22, 2012,

Hello Guys,
I have been watching over this iFOREX thing for past few months and am glad to share my findings with you. However this is just my evaluation about iFOREX and its operations. Therefore the conclusion is up to you.
Actually iFOREX, which is said to be located in Athens, Greece, is not a subsidiary of Formula Investment House Ltd (however iFOREX customer care center guys define FIH Ltd as the mother company of iFOREX). The reality is that the FIH Ltd is the sister company of iFOREX and is the creator of the web-based online trading application used by iFOREX. On the other hand, if you have already got a call from iFOREX customer care center, you might have been informed that iFOREX is a registered company under UK's Financial Service Authority (FSA). This is also false as none of these companies is registered or had been registered under FSA- UK (you can check it yourself by logging into www.fsa.gov.uk or clicking on http://www.fsa.gov.uk/ukla/officialMainList.do?view=true ). You can also check it by clicking on the red color COMODO icon appears bottom right corner on www.iforex.com ; under contact details there will be nothing.(Or else you can ask them to send a document proof or a link that will back this: definitely they will put the phone down).
They make all these lies to convince you to deposit money on iFOREX' account. If you already got a call from them, you should know that THEY ALWAYS ASK TO MAKE THE DEPOSIT USING YOUR CREDIT CARD OR DEBIT CARD...??(Even though there are 6 methods of payment altogether) and the other trick they will use is that you will be asked to try with your debit card as it isn't sure that it'll be working... (BE CAREFUL….,these Call center guys are very cunning, and they know that customers can deposit money using debit cards as well though there isn’t a separate option for debit card on Deposit page as credit & debit cards are used in the same way). Moreover if they feel that a customer is on fence (not sure whether to deposit or not) they will tell him that there is a special promotion that he will get a $50 training pack free if he makes the deposit now.(this training pack is only a pdf document with max 15 pages).
The most important thing about iFOREX is the location they are based and operating from. Whenever they call they will tell you that they are calling from their headquarters in Athens, Greece. As per my findings, for Indians and Sri Lankans this isn’t true. The truth is, for Indians they make calls from Sri Lanka from a Sri Lankan call center named Evolve Technologies (Pvt) Ltd. Their SL address is given below.
Evolve Technologies (Pvt) Ltd
6th floor, Meewella Building,
Colombo 04. (Bambalapitiya)
Sri Lanka.

For Sri Lankan, they are calling somewhere from India. (If you are an Indian please be keen to find this as it will help to save thousands of Sri Lankans from this fraudulent organization). If you are an Indian citizen, you may also know that most of these call center guys (according to them; training managers) are EITHER INDIAN OR SRI LANKAN AND THERE IS NO SINGLE AGENT WHO IS A GREEK. HOW IT BE POSSIBLE IF THEY ARE CALLING FROM GREECE.(let’s assume that Indians and Sri Lankans are there to assist Indian or Sri Lankan clients; then why almost everyone still communicate in English but not in an Indian or Sri Lankan language. If it is in English, this can also be done by Greeks as most of them can speak English??) The other point is they are always telling that they have an office in Mumbai. (Actually in malad, Mumbai). This is also false as there is no branch office of iFOREX in Mumbai at all. (If someone will have found such in future please be kind to comment.)
If you check their advertisement carefully all the ads are casted by models and they are not real traders. (Some of them are present in advertisements of other organizations).
However if you feel that this is not true, you have the option to try it using your money.
Nikhil K,
Bangalore, India,
Mar 26, 2012,

they charge negative swap on Both sides even if you go long or short i feel that they are market makers and i took an eur chf long and they started charging FW PIPS as swaps and that too they were large close too -2PIPS/Day they keep on accumulating. I would like to know if that is legal to charge swaps like this
Lakshmi Narasimham,
Hyderabad, India,
Mar 13, 2012,

I would like to tell one and all that all this are waste and its my sincere request to every one that you will never get money in this and all the amount you invest would go into wain thats it nothing much than that.

i have lost $200 with this idiotic site and again and again i request to every to not invest in this kind of trading companies.
mumbai, India,
Feb 22, 2012,

Even i opened an a/c with this company & all they kept asking for is to deposit the amount.....thats all they care about.....
Chennai, India,
Feb 21, 2012,

I wont say they are Fraud or not . With my experience I am quoting some points
a) There spread is too high. If you do one trading they get a profit of $1 ( INR 50 )
b) We wont be able to Phone the support. They will tell that they will revert you soon ... But we will get a call after a Week
c) They wont teach you in Demo account.They will force you to do in Live account
d) Lot of hidden factors .
e) If they tell that they are offering you 15% Bonus mean, If you are trading for more than 1500000, only you will get that bonus. Mean while if thre is no minimum balance , that too wont get
Oct 8, 2011,

iFOREX Set to Resume Forex Trading in European Markets >> this means they are properly regulated in Hungary. Their press release is here http://www.businesswire.com/news/home/20110928005059/en/iFOREX-Set-Resume-Forex-Trading-European-Markets

I started with iForx on 29th August 2011. So, its only 10 days yet. My experience with them was very, very nice.
At least they provided me a Start and Entry into the Forex market, on which I may be procrastinating long enough. They requested me to deposit $100, and I did so. Then on the telephone a representative gave me one on one training, and described basically how to make deals. At the time of deposit they also promised to send some educational materials instantly in the e-mail worth $50. I got them and was quite satisfied with those mini-books. The Training Manager and My Account Manager both warned me not to make deals in the Real Account until and unless I have sufficient knowledge and practice in the demo Account. But mistake I put a deal in the real account, they gave me instant call back, explaining "Sir, you should not do it at this time in the real account". This means they don't want me to ruin my balance foolishly. 2 days later I again tempted to do some deals in the real account and so again My account manager called me. He explained this way your account will be wiped out easily, either you should take VIP signals and decrease your brokerage from 5 pips to 3 pips a deal. For that I have to deposit around $300. So, I deposited $500. And still practicing in the demo Account. I requested for advanced educational materials and he unlocked 2 of them for me.
Their trading platform of web site version is really good and very secure. The rates are very accurate and up-to-date. Trailing and Stop Loss features available, you can change your passwords. Dealing desk can only view your account and they can't make or change deals for you. The only problem that I faced was unable to call their Toll free number 000800-100-7970 which I doubted may not be real. But I searched and found major companies like Oracle also do have this 0008- Toll free numbers. I was trying to call from mobile networks which are not supported.
The final experience I may get at the time of withdrawal. As I believe will go without any glitch. I have already submitted my Address proof and ID documents. Withdrawal remains strict from any trading platform. They have to watch money laundering, tax-evaders, and other law brokers.
One day I thought to search there name on internet and I found around 100 to 200 people giving negative comments about the company. 100 to 200 people must not be any percentage of their business. And if you ask them instant withdrawal or refund, then no one wants to loose their client and potential business source. So, they may be some hesitant. People don't follow the rules and blame others mostly their brokers. Most of the novices don't get the correct way of trading and loose big amount. Which makes them disturbed. And this company gets most of the comments because of heavy internet ads, which attract novices, driven by greed. These people create false impression about the company through their negative comments and experiences. If they are crook and scammers how could they have been so long into the business or even online with the same name!!?? Even iForex people steal my money $600 + profit, I don't think that will make them King of England. And risk is every where >> you put money in Bank its risky, even government gives insurance but to limited amount. You put money at home its risky. You invest in gold or land, price fluctuations and land mafias are the big risk.

So, conclusion is if you don't want to take risks, then don't come near trading or investments. Go to your 9 to 5 jobs, and spend all the money each month. Or keep it in your savings account, which is also not 100% risk free.
Shubhankar Chakraborty,
Aug 31, 2011,

I am a forex player thro Iforex and I am satisfied with their services..Iforex is an honest broker ...their representatives guide you properly...if at any point of time we loose money its our faulty playing techniques not the Brokers fault...best of luck..

south africa,
Aug 3, 2011,

hey guys damn iforx is a load of rubbish I deposited $100 and was told i would be contacted by a live account manager within a week I waited and waited till I got tired I started trading on my own and quickly made $233 I requested a withdrawal and submitted all my documents I then continued treading and me around $400 I was phoned by the consultant and I enquired about my account withdrawal he said its pending (yeah right) anyway he commented on my trades(sounded very suprised) guess what when i returned to my pc my open Gold buy position had turned into a sell position and i had lost all my money.