iForex24 Review

iForex24 Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this iForex24 Review.

iForex24 Review

iForex24 is allegedly a forex and CFD broker. The company’s presentation of the trading conditions feels somewhat poor. The fact the Premium account type requires a smaller investment than the Standard one is not a mistake on our part.

The Company. Security of Funds

iFroex24 is registered on the Marshal Islands and does not claim affiliation with any financial regulator. The combination of an off-shore, unregulated company spells danger.

You may or may not be aware of it, but the financial services sector is highly regulated in most developed countries. This is due to the fact, there is a huge potential for companies to scam unsuspecting investors. Different countries have different specific agencies, which oversee the sector. For instance, in the United Kingdom, the Financial Services Authority (FCA) performs this role.

All forex brokers who are registered with the FCA must frequently submit reports on their activity. Furthermore there are multiple rules, which must be followed. From a trader’s standpoint two are the most important – account segregation and participation in the Financial Services Compensation Scheme.

Account segregation means, a broker can not freely access the deposits, made by its clients. This prevents the most basic possible form of fraud. On the other hand, participation in the Financial Services Compensation Scheme or FSCS means traders are protected against broker bankruptcy. If you happen to trade with an FCA-regulated company, which becomes insolvent, the scheme will cover your investment, up to GBP 50,000.

Needless to say, when dealing with an unregulated company, you do not receive these forms of protection – you are only taking the company’s word. Other than the fact they are not regulated iForex24, has being flagged by Italy’s financial watchdog, CONSOB.

Trading Conditions

Minimum Initial Deposit

iForex24 requires a minimum deposit of $200, in order to open a new account. This is slightly higher than the current industry average, which is around $100. On the other hand there are brokers which require much lower deposit levels, in order to attract new clients. For instance, you can open a cent-account with FXTM, after depositing only $5.

Average spreads & Commissions

Spreads at iForex24 are a an interesting topic. The company claims to provide both fixed and floating spreads, with the fixed ones starting from 3 pips and the floating ones from 2.2. Both of these are not competitive with the current state of the financial services industry, but perhaps an even more interesting question is “who would choose to trade with the higher ones?”. Our tests with the demp platform revealed a 1.6 spread on EUR/USD, which although better than the conditions provided at the website is still slightly worse than what you could find at other brokerages. If you want to follow the current offers of some of the world’s leading brokers, you can do so by using our real-time spread comparison platform.

Leverage

iForex24 has set capped the leverage they offer at1:200. This is a very high leverage level, which can bi risky if placed in the hands of an inexperienced trader. You may think this isn’t the case if you are following recent developments in the industry, as many brokers offer 1:500 or even higher levels.

Keep in mind leverage is a double-edged sword, which can imply your losses as well as your winning trades.

Trading Platforms

iForex24 offers two trading platforms: MetaTrader4(MT4) and Sirix. When it comes to MetaTrader, this is the most popular currency trading platform in general. It is provided by a lot of brokers and adored by lots of traders. MT4’s charting is top-notch and it is further highlighted by the most unique feature – the coding environment. MetaTrader allows the creation of new technical indicators and automated trading systems (Expert Advisors).

Sirix is one of the less popular alternative platforms. While charting is slightly worse than the one provided by MetaTrader, Sirix has other advantages. It places a bigger emphasis on social trading – a feature which allows you to copy the trades of successful traders, who have registered as signal providers. Many platforms offers some sort of copy trading, with eToro being a broker fully dedicated to this activity.

That being said, we couldn’t start the Sirix platform provided by iForex24.

Methods of Payment

The payment options at iForex24 include Bank Transfer, Credit/Debit Card and Skrill. While only one e-wallet is covered, it is probably the most popular one, when it comes to trading.

iForex24 is an unregulated, off-shore broker. We would not recommend dealing with such a company. Their website is full of inconsistencies, which contribute to the negative feeling. Trading conditions are either not clearly specified or a bit illogical.

The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

iForex24 Review Conclusion

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