» Easy to open an account, deposit and start trading
» Low minimum deposit ($100)
» Web based version in addition to download
» Available in 18 languages
» Ability to trade via phone
» Customized Leverage up to 400:1
» 24/7 Account Access
» No Commission/Minimal Spreads
» Demo version on download platform only
» No online training
iForex Review rate: 4.00
iForex is an international group started by a group of forex traders and bankers in 1996. Their multi-lingual internet-based trading platform was launched in 2004 and has been soaring since, with a volume of hundreds of billions traded annually. At present, it employs a staff of over 200 employees in several different offices around the world that includes but is not limited to countries like, Istanbul, Barcelona, Athens, Tokyo, Shanghai, and many more.
There are two platforms of trading that are made available. The first is the downloadable client version for the computer. This requires the installation of the .Net environment and is downloaded in a few minutes. Both real money and demo accounts are available in this version. Advanced users can view and operate several deals simultaneously. This version can be accessed in only two languages – Hebrew and English.
The second platform is web-based and can be accessed anytime, no matter where you are. This version allows you to deal in real money accounts only. The web-based version provides you with a choice of 13 different languages, namely, English, Spanish, Italian, Dutch, French, Portuguese, Romanian, Russian, Japanese, Arabic, Chinese, Turkish, and Hebrew.
Both the versions are developed in-house and require the same login information (except the demo account). The account data is also updated alongside in both the versions.
The most exclusive feature of iForex is their innovative Protected Account, which is a funded demo account. This account is introduced as a way to bring in the feel of dealing with real money, while the traders are still using this demo account. This sets the thrill and caution of dealing with real money from the very start but keeps the risk of traders to the minimum. Any losses at the end of two weeks are covered by iForex, however the traders get to carry forward the profits to their real account. With The Protected Account, traders can control 100 times of their initial deposit, irrespective of their actual account balance.
Getting started with an iForex platform is easy. You simply have to fill in a few minimum details and agree to their Terms and Conditions. $100 is the minimum first deposit that is required. The easy way to deposit and withdraw funds is through a credit card, however when you have excess funds flow, it is better to opt for wiring of funds from the bank account to avoid any risks of money laundering.
You need to follow an easy 3 step method to strike a deal –
- Determine which currency pair you need to deal in
- Set the deal amount, which is a minimum of $5000
- Decide if you wish you wish sell or buy the base currency
You need not pre-set any margin for the deal, as this can be determined by the free-balance available in your account. It is up to you if you wish to set take-profit or stop-loss rates. In case, you plan to go ahead with setting the limits, be sure to do it by setting up the total amount of either the quote currency or the base currency at risk. Or, you may even do so by setting some percentage of your deal, or setting up the exchange rate. You can even edit the rates of the deal once it is set.
All your trading action and activities are tracked in the system. The dashboard of the online application summarizes open deals, their current statuses as well as the funding of the account. Although no online trading is provided by iForex, it does provide several helpful analytical tools.
When you sign up, their representative calls to offer assistance in initial trades. Apart from the request for a representative to give you a call, live chat option is also available. For certain locations, meetings with their representatives can also be fixed at their offices or any location that suits you. The site does not mention about VIP customer service or differential account statuses. The differential terms are given only when internet trading is compared with phone trading.
In a nutshell, iForex makes available extensive trading platforms. Though the site offers a lot of trading resources, there is no basic step-by-step guidance available to understand the nuances of the Forex market or tools. Hence, it is important that you have some basic understanding of the Forex market and try some real time trading through their innovative Protected Account (demo account) to know the system, before you get started in trading with iForex.
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