Cons Very minimal analytical tools or news feeds makes the mobile app barely more than a way to check an account or trade status. Phone support was available during all market hours with several options for international callers. What is the system requirements for using web-based trading platform? Each category encapsulates the key elements needed for thorough evaluation.
That is until you realize that the web trader is sometimes inaccessible. Also, their FXnet requires Internet Explorer to establish a secure connection, sometimes crashes repeatedly and disconnects are frequent.
As a developper, I'm not at all impressed. Lastly, you forgot to mention the fact that the company is not very newbie friendly. I've been in touch with a few of their recent customers and they've all had their demo accounts closed after only two weeks.
That's absolutely ridiculous and a surefire way to make newcomers blow their account. Okay not a single thing on this post is anything against IForex.
First off most brokers do offer bonuses or commissions to get people to deposit funds. I sent them an e-mail asking if it could be changed a few months ago and have still not gotten a reply which is pretty poor service in itself.
As I've already said, their web site states that they're based in Greece but that's just the administrative office and the company is actually based in the British Virgin Islands which is a fiscal paradise with it's own legislation.
So good luck filing any complaints. Some of their representatives have gone so far as to say that the company is regulated but all it turns out to be is that company simply has to comply with EU. This is in no way comparable with being registered with a regulatory body such as the FSA. The account manager I had actually stated it as being a constant contrary to what you're saying.
From feedback I've gotten from other customers, this is a constant with bonus promises which are inapplicable in practise from most people x trades during a given time frame or x amount in deposit in a certain time frame. Furthermore, their staff are easy to contact in the introductory phase but suddenly become silent once deposits and a few trades have been made. This again is a poor practise and seems to underline where their priorities lie.
Imo, the platform behind it is incapable of handling the number of customers they have. This would be indicative of a poor infrastructure when it comes to their servers. In short and to reiterate previous sentiment, stay away from iForex.
It's in your best interest! They might not be outright scammers but they seemingly make no effort to hide that all they're interested in is your money.
I see you're relatively new to Forex trading. Even some apparently reputable companies have changed their tone and simply done a runner with client's money.
My opinion is iforex is not a good option for traders because they want just to take your money and they want to make a lot of trades for their profit!
I suggest to anybody that if they demand a deposit to open a demo account, look elsewhere. With the amount of choice out there, why would anyone trade with a company who charge for a demo? For example, if prices move against you, you may be required to make additional payments beyond your initial investment to keep any trades open. CFDs have been the subject of increasing scrutiny, and new regulations governing CFDs recently went into effect. CFD trading may not be appropriate for everyone.
You should fully understand the risks and seek independent professional advice before deciding whether to start CFD trading, including about the new regulations. While we didn't see any evidence of insolvency or other financial issues, it's fair to say that a BVI registration does not have the best reputation in the industry.
We were also concerned with iForex's average level of internet encryption technology, especially since the trading platform is only available on a web platform. There are no guaranteed stop losses but account holders are provided with negative account balance protection.
The expected oversight and protection from the financial authorities iForex is registered with is minimal. While the negative balance protection may be attractive there are offsetting disadvantages in the form of limited protection in the event of default to consider. Typical trading platforms like MetaTrader 4 or similar are not available and the web-based trading platform was bare-bones. However, there were a few extra features that we thought were worth a mention and may be of interest to some traders, including cryptocurrencies, an economic calendar from Econoday, and technical trading signals from Trading Central.
There weren't many special or unique features offered by iForex. But, depending on your needs there may be some advantages to the analysis from Econoday and Trading Central.
The technical reports, alerts, and analysis from Trading Central can be educational as well as actionable for traders who don't have a lot of experience analyzing the markets on their own. The desktop application is web-based and runs in a browser.
Order entry, finding quotes, and adding stocks to a "favorites" watchlist was intuitive and easy to access. The mobile platform functions like the web application so traders shouldn't have much of a learning curve switching between the two environments.
There is nothing to install because the platform runs in a browser, which may be easier for some traders. Order entry was straightforward and advanced order types like buy and sell limits are available.
Each asset class shares, forex, indexes, crypto, etc. The advantages of the web-based trading app are its simplicity and ease of use. The typical charting and analytical tools are either barebones or missing from the trading platform.
Details like market breadth, volume, and fundamental analysis tools were largely nonexistent. Advanced traders who need to do more analysis for their trades will likely be disappointed. The mobile trading platforms offer similar functionality to the desktop applications. Traders can access trading instruments, advanced order types, a favorites watchlist, and account information all from their mobile device.
The mobile platform also includes charts, however, the charting functionality is limited. The mobile apps were easy to use and had enough minimal functionality to execute trades and do some analysis. The asset classes Forex, shares, indexes, commodities, cryptocurrencies, etc. For checking orders and making some trades, the mobile app should meet the minimum requirements for most traders.
Very minimal analytical tools or news feeds makes the mobile app barely more than a way to check an account or trade status. The app was easy to install but had minimal security beyond password access which could be a deal-killer for traders who rely on mobile access.
Customer support hours were comprehensive and there were multiple methods to contact a support representative. However, we found responses to be slow. This was not the best experience. The searchable FAQ database was very good and easy to use, which may help traders looking for faster answers for some questions. Phone support was available during all market hours with several options for international callers.
We found chat support to be buggy and inconsistent and email requests for support were not returned. There are some reasons that could cause some delays on your execution. Here, we are going to introduce why and how to solve the problem. Internet Connection This could be the reason for most of the execution delays. Order Volume The Larger the volume is the slower the execution. Trading smaller volume simply helps the trading server to execute the orders quicker.
News Time During a news time, for instance when an important economical report is released , the market volatility could be high and there are many orders than usual hours.
Some traders open dozens of charts, it was the reason delaying the executions. What is the system requirements for using web-based trading platform? I can't login to FXNet trading platform. How can I install Remote Assistance tool to get direct support from iForex's team? What is Dividend Adjustment? How it is calculated and when? Does all symbols have contract rollover dates? What happens to these future contracts? Is there a cost for holding a live account?
What happens if there is an error in market price feeds? Are there any prohibited trading methods on iForex's trading platforms?