iForex.com (.in, .hu) Review

3.151 · 146 REVIEWS

Formula Investment House Ltd

Black Pearl Securities Limited

iCFD Limited

Updated: Jan 22, 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

Live discussion

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

Go to forums

Video

Your company video here? Contact ad sales

3.151 · 146 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

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

Your feedback matters!

Traders Reviews

S.D,
India,
Mar 23, 2011,
Guest

This Shahid is a F*** idiot and he is one of the so called account manager of iForex.com.There customer care is the worst in the world and this type of account managers are only for taking money from the customer by telling lies.
 
David,
Israel,
Oct 4, 2007,
Guest

I am trading within iFOREX for about one year. In general they meet my expectations, except of the fact that they do not have graphs and trailing stops. Although I hear a lot of criticism about them around. One of my teachers in the FX course said that they are "market makers", so when I open a trade they are actually play against me and if this trade has an SL they make a price spike to reach it. I lost with them $1500 of my money.
 
India,
Dec 17, 2018,
Registered user

iForex is a fraud company, after depositing $15000 I saw that I was unable to close my trades and lost the entire money. Their spreads also randomly change. Initially I was making money but then things changed. I was wooed into investing so much. When I tried to withdraw also I did not get the money even after 45days, I am still following up but no response to emails and complaints on phone. They are unable to give me transaction details (ARN Number) of deposit they said they made. How is it possible that even after 45days they are unable to give transaction details? They are cheats. They also made small withdrawals from the card that we register with them for deposits. You can't reach them and I don't know how to get back my money. Why is that such websites banned?
 
Malaysia,
Sep 13, 2017,
Registered user

Do not trust this company they are money minded. If you refuse to top up money they will neglect you.

Aug 22, 2017 - 1 Star They are good at getting money from you once done they gone missing. Once you started to play you can see your trading go on opposite direction until they finish off all your money.
 
SLSPY,
Colombo, Sri Lanka,
May 22, 2012,
Guest

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.
LEGALITY
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).
FURTHERMORE IT IS NOT EVEN REGISTERED WITH RBI, INDIA OR WITH ANY OTHER LOCAL OR INTERNATIONAL GOVERNING BODY.
DEPOSIT
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).
LOCATION OF OPERATIONS
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).
PLEASE BE CONCERNED AS YOU ARE GOING TO BE DEALING WITH YOUR MONEY.
However if you feel that this is not true, you have the option to try it using your money.
 
Thomas,
Brazil,
Jun 9, 2007,
Guest

Do not trade with this broker, its a SCAM, they store all your credit card information. You cannot withdraw after you make the deposit, your money goes with no reason. You do not have access to charts to trade you have to use other programs. I do not recommend to anyone.
 
Neels,
Centurion, South Africa,
May 29, 2015,
Guest

What is the use trading if you cannot withdraw your funds?

Withdrawing my money is proving to be a real problem. Despite submitting the required documentation a number of times I cannot get past the standard response of ‘You did not provide the required documentation’.

No assistance received form either the account manager or the accounts department to complete the withdrawal.
 
S K BAHL,
DELHI, India,
Jun 17, 2013,
Guest

I would like to inform that i had open a real account with IFOREX.COM and like most of the people on this forum i too had this vibes of being cheated. I too went through the similar situations where in once they got the real money all the sweet talkers form Iforex disappeared and later some general 5-7 pdf files were sent on trading and trading psychology as part of training. THATS ALL!! Then someone is introduced as your accounts manager and this person ask for your documents and persuades u to trade in real account. When i told them i know nothing about trading, the only principle/logic they have is IF THE SCRIPT/PAIR IS IN +VE SO U BUY AND SELL IF ITS -VE.
I wasn't able to contact on their customer care number also and later i was told that there was a technical fault. IMAGINE such a fault in forex/financial services.
BECAUSE, I WAS MAKING LOSSES AS PER THEIR TRADING LOGIC(calls) in my demo account and I was very disappointed by the way they handle the clients after the money is deposited. SO I never traded in my real account.
HOWEVER, the brighter part of my experience was that my account manager Mr. AJAY of IFOREX promised/assured me that once i upload my documents i would get my money back without any delay/problems. I was very skeptical of submitting my docs as i too felt cheated of 100$.
FINALY, I uploaded the docs and to my surprise i got my 100$ back with in 4-5 working days. THANKS TO AJAY from IFOREX.
IN THE END I WOULD LIKE TO TELL THE READERS THAT 2 THINGS U SHOULD NEVER DO DEALING WITH CREDIT/DEBIT CARDS. 1> If the front of the card is to be scanned and sent. HIDE THE FIRST 12 DIGITS. 2> NEVER GIVE/DISCLOSE YOUR 3 DIGIT NUMBER AT THE BACK OF THE CARD. THATS YOUR CV2 NUMBER. Thanks
 
elizabeth_miranda,
panama, Panama,
Sep 30, 2014,
Guest

this people stole from me 7,000, is true what people said in here , they start with 100.00 until asked you for 10,000 and more, i did 7,000

the first month they grew up the account to 17,000 when i asked for money they told me to risk more, then the last day of next month i lost everything cero dollar, i think they i had never 17,000 pure bullshit, they make me to risk over the whole 17,000 and the lost it, they send me an email with more deposit, and that the war with ISIS was the cause, a pure SCAM don't believe in them
 
HIB,
Russia,
Nov 8, 2009,
Guest

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.