This review discusses what it feels like trading with iforex brokers. It gives a brief history of how they started forex trading as well as details on how trading is carried out. Discussing the merits and demerits helps you gauge if trading with this forex brokers suits your needs as a forex trader.
It took joint efforts of bankers and forex dealers to come up with iforex in 1996. However, things did not turn out as they expected until 2004 when iforex got a breakthrough in forex trading. From that time, it has managed to provide liquidity to traders all over the world operating under iCFD limited. iforex is regulated by Cysec and MNB operating from Greece.
As a way of giving you protection, iforex uses 128- bit SSL encryption and a negative balance protection program to help you not go beyond the necessary trading levels. By doing this, they prevent you from financial losses making it possible for you to trust iforex brokers. They adhere to regulatory instructions to improve transparency in trading operations so as to achieve loyal customers.
iforex trading platform
For you to access this platform, you need to download the application and install it on an internet connected computer. The multilingual internet based trading platform gives you integrated charts that you can use to place trades on. A once click execution opens you to different trading options that you can consider. Make your trading platform fun by customizing your view.
Mobile trading platform
If you do not have access to a computer, worry not for iforex gives you an alternative to trade forex through your phone on mobile trading platform without going to any specific venue to be able to trade forex on.
Web based trading platform
You do not necessarily need to install the iforex application for you to trade. This platform allows you to access trading application with a standard browser. Most standard browsers will support the web based trading platform.
By incorporating a state of the art technology, iforex provides you with different accounts to choose from. Open any of the five trading accounts from iforex and enjoy specific bonuses offered by each account. These accounts include:
- Islamic account
- Managed account
Looking at an Islamic account, you will realize that it is somehow similar to a demo account offered by other forex brokers. By depositing at least $ 100, you get protection from financial losses within the first 14 days of trading forex.
They provide you with global trade products and vast liquidity needed for forex trading. Updated financial news keeps you abreast with what is happening in forex market. Giving you a direct link to interbank arena, you get to use real time market prices even from a demo account. Spectacular margin policy makes trading not only interesting but also effective.
Using programs such as a full margin usage policy helps you fully maximize your forex trading potential. You also get protection from financial losses through a balance protection program helping you manage risks that may affect how you trade.
These forex brokers allow you to hedge on a position so that you can speculate the rising or falling of prices in the market. Hedging lets you pull out when the prices do not go as expected so that you don’t suffer a loss. Feel free to trade different kinds of instruments such as currencies, commodities and indices.
Get to enjoy free signals and bonuses by opening any account with iforex. Each account provides you with different percentages of bonuses. You acquire 15% to 20% bonus from any iforex account.
Commissions, leverage and spreads
Trading with iforex requires you to spend on tight pip spreads and commission even as you utilize their margin facilities. It also comes with a 1:400 maximum leverage.
Deposit and withdrawals
Swipe your credit card to withdraw funds from your account. You can also use wire transfer option to deposit money to your trading account.
These forex brokers are committed to offering you with high quality customer service. Get into contact with iforex staff through email, fax, phone calls and live chats.
- A wide range of platforms lets you gauge which one will suit your trading needs the best.
- Access to remote technical assistance makes you understand good trading strategies to implement in forex trading
- Protection against overtrading helps you not suffer losses
- Some people complain about poor customer service. You cannot compare the quality of service offered by iforex to other forex brokers.
In comparison with other forex brokers, iforex has a long way to go. They should incorporate use of advanced trading platforms such as Meta trader 4 so as to enhance the volume of trading. Offering poor customer support is a big challenge to iforex because a company is defined by the people it serves.