iForex.com (.in, .hu) Review

3.161 · 147 REVIEWS

Formula Investment House Ltd

Black Pearl Securities Limited

iCFD Limited

Updated: Jan 27, 2021 · 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

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3.161 · 147 REVIEWS
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Traders Reviews

South Africa,
Nov 7, 2010,

was also pestered by phone call, said an account was opened for me and now i must make a deposit, even when i explained i need to trade in demo account first , still be pushy about making the deposit. that totally turned me against trading with them. have not made deposit.
sri lanka,
Oct 20, 2010,

there platfrom is superb
there custermor care is super
any time we can get a call back
our money is safe as govement bank
Jyoti Prakash Pal,
Jul 30, 2010,

My first forex broker.i loose all of my money.(i don't blame them that was my mistake , i lost all my money due to lack of experience)

Good Thing :
Didn't find any!

Bad thing :
Customer care always looking for new clients with big money.i got 4 calls from different ppls claiming that he/she is my account manager place money with there help.

Hotline No : always busy ... busy ... ans busy ....!

Trading Terminal..... Bullshit ... disconnect ... disconnect .. and again disconnect.. !!! Web platform is far better.. simple and sweet .
Minimum trade lot size more than .. 2000 Unit ...

they have a market anysis section on the website.. nothing is there... !

Fixed Password , i can't change it ...

But they r not scams .. Price feed r nice .. i recommend only those ppls who are not so comfortable with english.as they talk in Indian languages... Use Mt4 for charting.. place the trade. ...

James P.,
May 27, 2010,

This is my first broker so I'll just explain how things went.

I saw an advert on Facebook presenting Forex as a way to get a complementary income. One of the "testimonies" was by a twenty something student inducing me to think that this wasn't so risky as long as you were careful.

To start with, I was given some basic information about pips, support and resistance and calculation. That was it and there was nothing mentionned about news announcements, the dangers of trading against the trend and so on. All this I had to discover by myself.

As for contacting the service, it was ok but they insisted on calling by phone despite me telling them that I'd sometimes be unavailable and e-mail would be more appropriate.

Anyway, I traded mostly on the demo account and soon found that it would be closed without notice. I kept asking for it to be reopened and the account manager, Audrey, finally told me there was a limit in time beyond which it would be closed again, the motive being that it would somehow influence "psychology".

This led me to trade live and it's then that I noticed that the FXNet platform was really buggy sometimes and would crash. It's based on .NET and, for some odd reason, requires to access Internet Explorer to establish a secure connection. So, if IE is non-functional, that means the application won't work properly. I did appreciate steps by a technical-savvy person to install the software but didn't appreciate comments about Windows 2000 being a bad OS because it's irrelevant as long as the software is compatible.

Anyway, this led me to my first big losses and, oddly enough, I was no longer contacted by their service. Either I did a bad trade or committing a mistake by not adjusting the default size some currencies which would something be ridiculously high like 50.000. A few months down the road, I've lost a few thousand euros in an attempt to recover losses.


This could have been a good experience if I'd had enough time on demo to practise. I don't know whether there's a commercial imperative to push people to trade but it would seem that way. Also, I got no reply after I informed them that I had put myself in serious difficulty. It's something that I accept responsability for but a basic respectful reply would have been appropriate.
Mahmut Caferoglu,
Apr 18, 2010,

Its a fact , if you get trained and you learn and be careful , you win ... You take high risk and become careless you loose ! they win ... The customer support is very good , the platform is basic and simple to use .i wouold rate them avarage...
Sagar Saran Lal,
Apr 12, 2010,

I start trading with iforex for about 3 weeks back or so and my experience was horrible as I ended up losing about $ 500 in 3 days time. First and the foremost thing there customer service is horrible they just call you and pester you to deposit funds. Once you have deposited funds they stop calling you and stop responding to your calls. Second thing there trading signals are completely wrong and they also you charge you for it without notifying you. So take my advice if you want to save your money don't trade with iforex.
Feb 26, 2010,

I've been deposited to iForex for the amount of 200USD and end with loosing all my deposit. I only managed to draw back 70USD after i smell something fishy around.

Previously I was introduce to one Account Manager named Syarina. Then few person call me and claimed the are my account manager. One I deposited my fund non of the manager call me while I'm keep on calling or email them. When I insists to talk with my previous ac mgr the said she was in hospital and obviously for the last 3 week she still not recover!

One funny thing happened when I made to 2 open deal at the same pair and with the same T/P and S/L. One with the small amount and another with big amount. One with the big amount end up with loss at the S/L level but the smaller a/c keeps on.

Fortunately a found this website to guide me in the future trade. TQ
Feb 22, 2010,

IForex is a complete cheat/scam/blood sucket etc. They took away my 2000$ in a week time. As most of them have mentioned, I was not able to close the deals when there is a huge gain comes. At one point, I was not able to close any deal either it is a gain or loss. When I talked to the reps in Mumbai they asked me to deposit more so that the lock will be released. They did not help me in any otherway. In order to save my hard earned money I deposited another 200$. But no use. The reps asked me to wait for one day to take effect. But when I opened the account the next day, All my deals got closed automatically and the account balance was 0 (Nil). I lost all my money and when I called the reps, they gave me different reason and they can't help me. Guys be careful. Don't trade with this group of cheaters.
Dec 20, 2009,

iFOREX took me 2600 usd.
broker caught and not let me login. enquando my money was going to end!
asked for help to support, I sent the error screens.
the attendant told me that he understood that I was correct, more so that I could reward with 50, usd.

iFOREX is scam!
Nimrod Dsouza,
Dec 11, 2009,


I have read that they provide a protected account whereby i invest 100USD and they will let me play forex with 100times IE 10,000USD margin for 2 weeks. I am really excited about this scheme and i will be looking forward to depositing 100 in the protected account and see if i can make a good profit.

Will notify if i get paid and everything is smooth.

No ratings since i am just starting with them at the moment.
South Africa,
Dec 6, 2009,

I have to say that iforex provides excellent support,especially if you are a new trader.Their online platform is really easy to use and in terms of their honesty I disagree with the comments that they are cheating you and providing wrong rates.I have an account with them for a few months now and while trading I always follow the rates on bloomberg television and the rates are exactly the same on iforex.So how can they be cheating you??? They also have different types of accounts for investors and the spread for each account differs depending on the type of account you have. I have to say that all the info I read before opening my account was absolutely correct and nothing was false.As far as making money is concerned,that depends entirely on the individual and their knowledge and skill.So if you know what you are doing then you will make money and if you dont know what you are doing then you will definitely loose.So to iforex,keep up the excellent work
Nov 28, 2009,

6 months i am new one forex Trading,But Now i know very well Well about iForex,they Trained Well,i am really happy,they 24/7 support.i give you A+++,Payment Transaction is very Genuine.i give A++++...
Nov 8, 2009,

Yes, this broker has a "good" customer service, the main aim of which is to get you trade actively so you can lose money eventually. I had to close my account last week having realized there is just no way to make money with these guys. Result: $1000+ draw-down. Yes, as a newbie I must have made some mistakes along the line. However, I'm convinced my biggest mistake was ever opening an account with iForex. This said, I have to say my 2 withdrawals went fine, hence the 2 stars.
Nov 3, 2009,

IFOREX is cheating the investors.The iforex online platform where the investor reads currency exchange rates, only gives a false sense that you are trading currency with other investors and traders in the exchange market. But the reality is the you are trading with no other investor; its only the iforex people on the other side with whom you are trading the currency. So your loss is their gain. And to gain from your loss they manipulate the platform to show incorrect currency exchange rates.

Say for example you took a buy position on Euro/USD pair at 1.4290 and chose the stop loss of 1.4285. Lets see what is happening here. As we mentioned that you are trading not in the exchange market but only with iforex. Now you will gain if the price of Euro goes up and loose if the price of Euro goes down against USD. Say, in the exchange market the price of Euro goes up to 1.4299, but what iforex does is that it does not show you the accurate rate on its trading platform. Rather it shows that the price is going down and it makes the price reach your stop loss i.2 1.4285. Once your stop loss price is reached, your position is closed. So how iforex gains here is very simple to assess. It bought the Euro from you at the rate of 1.4285 and sells it in the real exchange market for the real price i.e 1.4299. It made you loose where you were suppose to gain

This is their modus operandi and they have duped numerous number of investors for the lack of regulation in forex markets.
Sep 21, 2009,

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.

Now I have a very strong feeling that its a complete fraud by a few people who have developed this website. And when you deposit your money with them, they do not trade it rather share it among themselves. Now they show you loosing your money on their site by controlling your trades from back end.
I warn all forex traders to beware of this fraudulent so called forex trader.
And yes I lost more than 2000$ to them.
Santiago Guerra,
Quito - Ecuador,
Jul 21, 2009,

Been working with these guys for 6 months now. Good personal support. Spread a little expensive but they lower it, if you place more money. And after reading the things other brokers do i must say that they are an HONEST broker, no question about it. The only thing I don
Nitesh Seth,
Jul 14, 2009,

I have started to trade with iforex and i am really happy with the services and customer suppport they have extended.
Sameh Hady,
May 27, 2009,

Well am a beginner and i started learning with iforex, to be honest i love their support, they train you and call you like every day for like an hour! ( international calls ) , the platform is good enough and you can trade online or with their program.

you should really try them
May 20, 2009,

How many of these positive reviews were posted by Iforex? The names and the fact that only vague locations such as countries have been given seems odd. My experience of them has been shocking. I suggest not using them.

Review Moderation Team Note: The bulk of the positive and negative reviews for this company only specify country. We have rechecked and all of the reviews do seem to come from the countries specified.
Apr 29, 2009,

Iforex is one of the pioneer in the currency market, I know them since 2007 but after 1 year then I joined Iforex. I found that this is a good broker, thier customer service is excellent, I even communicate with their CS almost everyday which i could not do this previous broker.Execution is not bad compared to metatrader platform.I recommend to newbie to chose Iforex as their broker and believe me you are not regret with this broker..thanks
sachin n,
Apr 14, 2009,

i am new trader but my experience with service of i forex and all the profits that i made and the spreads are excellent and the customer support is promt and excellent to provide customer satisfaction and support
South Africa,
Feb 17, 2009,

I am a beginner and I am very impressed with iforex. Their personal service is excellent. I have nothing to complain about. I have done deposits and made withdrawels and had no problem. I haven't been at any other firm, for iforex gave me no reason to move or even to look around. I will rate them excellent. Except for today. It have trouble getting on to the site for some strange reason?
Ahmet Arifoglu,
Jan 3, 2009,

I got interested in Forex , and called their local customer support , They were excellent to the point gave me more warnings of what I should NOT do and what to be careful about . They insisted I try the demo and learn before I trade they even offered me FREE one on one training . As for the Platform it lacks the sophistication especially on the graphs , but very easy to use . I am satisfied overall . I would rate their customer excellent and the platform satisfactory.
Dec 6, 2008,

i am trying not to say iforex is just a scam, but the canadian 1866 number is not in service, cs@iforex.com doesnt answer, live chat doesnt work, and they never call when you ask for a call back. its like there is no way of communicating them. i emailed them the ID requirements 3 days a go, it still says you have to email you id info. so i cant withdraw the money i put in for about a week now. does anyone know how to contact them? thanks.
Sep 20, 2008,

After trying a lot of broker i only use iforex.
The help service is the best.
The spread is for 99% fixed and there are no spread allantoises
the withdraw takes 1 day to come on my bank account.

sometimes the trading platform is slow, but it happens at all the broker.

try it...