iForex.com (.in, .hu) Review

2.993 · 118 REVIEWS

Formula Investment House Ltd

Black Pearl Securities Limited

iCFD Limited

Updated: Aug 11, 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

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2.993 · 118 REVIEWS
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Traders Reviews

Nimrod Dsouza,
India,
Dec 11, 2009,
Guest

Hi,

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.
Nimrod,
India
 
Manish,
Mumbai, India,
Jul 22, 2013,
Guest

Issue escalated to Traders Court Manish D Pujari vs iforex.com | RESOLVED
The FPA is happy to report that this issue has been resolved.

i have requested for withdrawal of fund from iforex and it is almost a month now and the money is still not credited to my bank account , I have sent so many mails to complaince dept and the acct manager and I was given ARNno and asked to check with my bank. I checked with my bank and they are asking for TT copy from Iforex and iforex is not giving that which proves that they are not in intention to give the money back.please somebody from iforex help me to get the money credited to my acct
 
boon613,
Australia,
Aug 21, 2007,
Guest

Also wish I had read this site before making a deposit. I have spoken directly with the company and its consultants. They seem pretty straight. I agree the platform is very amateurish but it is accessible at any computer all over the world as it is an online platform therefore not requiring any software download. I would be interested to know if there are any other possibly more reputable companies out there offering the same service.
I think iForex is the global trading name but the company is certainly affiliated in some way to Efix in Israel as this is what appears on your credit card statement after you make a deposit. They are both somehow connected to FIH or Formula Investment House in Geneva.

I have gone through the process of making a withdrawal and all seems kosher. will keep you updated if problems arise.
 
James P.,
Belgium,
May 27, 2010,
Guest

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.

Conclusion:

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.
 
South Africa,
Sep 17, 2017,
Registered user

Friendly warning on iFOREX

Hi All, just wanted to add my experience with iFOREX. Been with them for number of years (lost lots of $ in the process). Just traded with one pair NOK/JPY mainly because after some bargaining got the lowest spread 0.75 pip. Their spreads on all other pairs are really BAD 3-6 pip on average. I trade daily using scalping technique.
Didn't use iFOREX since last year, and in may 2017 wrote an e-mail to my account manager (very nice lady, helped me couple of times with trading bonus) asking her about MT4 (thy don't support). In June got e-mail from her - wonderful news iFOREX is upgrading my account with VIP "zero" spreads. 2 days later got phone call from her, asked her where is the catch? how much is their commission? (just like all other brokers on their "zero spread" acc. charges are 3-6%). She said iFOREX charges NO Commission on zero acc, She said just log on to your web trading station and see. I logged onto my acc and could not believe my eyes: the sell and buy prices on all currency pairs, gold, silver were the same, the spreads were 0. Even on USD/ZAR (normal spread 150 pip) was ZERO. Later that day (in US afternoon) deposited some $40 and opened Sell 5k EUR/JPY. It moved up 3-4-7 pips each pip = $0.45 so I was in red. After a while it reversed and slowly moved down, when the buy price reached my sell price the profit was 0.00, then it started jumping slowly down by 0.1-0.2 pip - by then my sell position should show some profit, that's were I got a shock. The profit was showing 0.00. After moving down full 4 pips was still 0.00 (by then the profit should have been $1.80 but it was ZERO. The price moved down by further 1-2 pips my profit was showing $0.45-0.90
I closed that position, and said to myself F . . . them. I cannot trade like that.
Immediately I withdrew my deposit, which they put back onto my C Card.
So the iFOREX so called VIP Zero Spreads in real terms mean are HIDDEN.
Next day wrote e-mail to my acc. manager, thanked her very much for the "specially for me VIP spreads" but put my spreads back to the one before.
This is just one of iFOREX tricks which I have experienced on myself, and trying to warn my fellow traders.
 
Iforex resigned employee,
Mumbai, India / Colombo, Sri Lanka,
May 5, 2013,
Guest

I work in this scam for some time and I got thousands of dollers from my fellow Indians..
I can't do it any more.

I quit I forex job
came back to India

I forex is a scam
plat form is is a fraud they control it the way they want it.

Client will never gain always lose (99% lose the money)

Dont get in to this trap

Finally I want to say sorry to my clinets I folled...

Operate from Colombo Sri Lanka (Bamalapitiya )
 
om prakash ,
india , pune, India,
Mar 13, 2013,
Guest

i had started trading with iforex and stopped for few month cuz of my busy shedule and now again i want to start trading with my remain money $ 500 with iforex but i unfortunately i forget my log in password and i am asking them since last 25 days but they are not sending me ...i feel like cheated.....i feel like iforex is cheater.
 
fxjockey,
, Hungary,
Nov 3, 2014,
Guest

I had the pleasure to investigate this firm at a more detailed level.

They were recruiting sales staff to sell their services to the Indian Market. I was curious about finding out more about this company from a closer distance, so I got myself invited to the interview :-)

So, it turned out, they have not regulated whats so ever. They have been fined by the Hungarian Financial Authority as well.

Now they are trying to fool some unsuspecting indians. When I asked them whether they are regulated by any regulatory agency in India. The following was the answer:

Yes, we are - by "Virgin Island" !!!! I expressed my surprise by saying that, "I never heard about it"

By this time, their tone changed and asked me, whether I am interested in the job or not.

I knew, i had touched a "PAIN" area. Well, i was quite sure, I won't be selected by that time.... tough for me, since I should have been a lil more careful and try to get in, somehow and get to know them even better.

Anyways, I strongly suggest everyone to keep away from this broker.

Why would you go to a broker who is NOT regulated when you have several regulated brokers out there.
 
Abhijeet,
Mumbai, India,
Mar 23, 2013,
Guest

In forex never you can earn money. It is the game for rich people and who can affort the losses. Indian can not make any success in forex. with $500 or even $1000 you can play for few days but the platform is so confusing due to big players (Central Bank, American and other big private bank in EU and USA) you will be trapped. Now, IFOREX....Don't do trading with iforex because thier pips are high..bonus less and no regulatory authority ...no tips...they try to trap indians by advertisement....forexstreet never recommend this broker firm...
 
Gill,
ENGLAND,
Jun 6, 2008,
Guest

IF YOU WANT YOUR MONEY STOLEN, YOUR ID STOLEN AND HAVE A BIG HEAD ACHE, JUST SIGN INTO iForex.
I made a deposit, realised the whole thing is just a scam, they are the ones who makes the real money, we just get ripped off. then they ask you for proof of address, passport or ID and copy of both sides of your card so they can make your withdrawals, they say is to protect us against money laundering, have they never heard of duplicate identity??? what if all this informatiob get's in the wrong hands??? nothing in this world would ask you for so many documents to be sent trough the post, why would getting your money back be so difficult like this? I have contacted my Bank, they have sent me the money back and they will dispute the transaction with iforex,

I MADE THE DEPOSIT FROM A DEBIT CARD AND THEY CHARGED ME