Our Review of iForex
iForex was founded in 1996 as an international group of forex companies. A group of bankers and forex professionals founded the company. The company has thousands of forex customers today. The company launched its Internet based trading platform in 2004. The online trading platform helped the company to reach out to tens of thousands of customers. The company generates trading volumes to the tune of hundreds of billions of dollars annually. The company runs its operations with the support of thousands of employees located in all major financial centers around the world.
iForex offers various account types. These include forex, commodities and indices. iForex offers a bunch of tradable currency pairs to trade via its forex accounts. The company’s forex accounts allow customers to enter the massive currency market. The currency trading market is 10 times bigger than the stock market. The daily trading volumes reach over $4 trillion. The forex account allows trading on a 24/7 basis.
iForex offers commodity trading accounts to trade commodities such as gold, silver and oil. You can trade these commodities from an individual trading account. A commodities account allows the customer to trade either contract for difference (CFD) or spot, depending on the commodity chosen. CFD allows customers to trade various financial instruments without physically owning them. An iForex commodities account allows trading without any commissions.
A third type of account allows trading indices in the form of CFDs from your computer or mobile device. The CFD format allows customers to purchase and sell indices without physical ownership. You can trade indicates without commissions. iForex also offers a commission free Islamic account for forex and CFD trading.
Commissions and Spreads
iForex does not charge commissions on its forex, commodities and indices trading accounts. There is a spread between buy and sell rates. The spreads in opening and selling positions apply in all trading platforms and accounts. The spread for spot and forward positions ranges from 0.02 percent to 0.05 percent. The spread varies for commodities and indices, depending on the type of the product.
iForex offers several convenient trading platforms to its customers. A web-based platform allows customers to access the accounts online and trade from anywhere. A downloadable platform for personal computers is also offered. A mobile trading platform is also offered for trading via most popular smart phones and tablets.
Deposits and Withdrawals
There are various means to fund your account. iForex allows online and offline options to deposit money into your account. You can use credit cards, wire transfers, debit cards and e-wallets. You can email iForex with details of the wire transfer such as name, contact number and information about the transfer request. If you use credit card, then your credit card statement will reflect charges against iForex.com.
You can withdraw money by logging into your online account. You cannot request the funds to be transferred to a third party. The customer needs to sign and send 3 sets of documents in order to withdraw money. These documents include a personal identification document such as passport or driving license, proof of residence such as bank statement or utility bill and a copy of credit card if you deposited money using credit cards. You can send the documents electronically or via fax.
iForex provides customer support 24 hours on all 5 weekdays. You can reach customer service by chat, email or phone. Expert customer service personnel are available to answer any questions related to trading, account setup, commissions, margin, deposit, withdrawals and any other issues.
iForex operates within the regulations offered by various countries where trading transactions are conducted. The company adheres to the restrictions and regulations setup by local and international agencies.
The forex and commodities accounts offer leverage up to 400:1. The indices CFD accounts offer a leverage of 200:1. The leverage is subject to local regulations.
iForex offers several promotions to its customers. The iForex VIP service provides advanced forex education, training, educational materials and tutorials. The service comes with advanced charts, signals and mobile trading tools. The service also offers special bonuses and a dedicated account manager. The company also offers a free 1-on-1 personal training with access to e-training courses. The current promotions also include access to the iForex mobile trading platform, which allows trading from most popular mobile devices.