There is a large number of Forex brokers competing for retail traders’s capital, yet only a few can really stand out and deliver promises. And since your chosen broker can significantly impact your trading performance either directly or indirectly, it is essential to thoroughly review a specific Forex broker before tying your capital to them. Here is an unbiased review of one of the most prominent brokers in the foreign exchange world today – iForex.
iForex is a multinational organization that was started by a handful of Forex traders and bankers in 1996. Today, iForex heads hundreds of employees in various international offices. The group launched their first multi-lingual online trading platform in 2004 and, since then, has been popularly downloaded and used by retail traders across the globe. In fact, the platform handles trade traffic worth hundreds of billions per year.
The trading platform a broker provides play a key part in attracting new traders to open accounts with them. iForex excels in this category by offering two platforms. The first one is a downloadable desktop version. For the platform to operate effectively, a .Net environment must be installed and updated. Both live and demo accounts can be opened and used with this platform. Experienced traders can manage and operate multiple charts and open orders simultaneously. The platform only has two language settings available – English and Hebrew.
The second trading platform is web-based, meaning it can be accessed with different devices and from anywhere. This version only enables live trading, but is packaged with 13 different languages including English, Italian, French, Russian, Japanese, etc. Both trading platforms are proprietary and ask for the same login data.
iForex offers an innovative Protected Account, which is a sponsored demo account. This way, newbies get to experience the markets and the feel of dealing with real money without actually risking any of their capital on the trades they make. If they incur any losses at the expiry of the account, which is 2 weeks, it will be covered by the broker. On the other hand, if you make money from the account, you get to carry that profit into a real account. A leverage of 100:1 is offered for all types of accounts.
Opening an account with iForex is fairly easy. You only need to fill out some basic information and agree to the broker’s Terms and Conditions, which is made fair and transparent. iForex has a minimum cash deposit of $100, meaning anyone can start trading live without having to invest a large portion of their funds.
Opening and Closing Trades
Once you’ve opened a live account, iForex makes it effortless to execute orders. First, identify the currency pair you wish to trade, then set the lot size, and finally indicate if you wish to buy or sell the base currency. There are no tricky panels to navigate through or numerous buttons to learn about.
While most trading platforms and software rarely encounter problems, glitches are not avoidable. If you are experiencing any sort of problem during your trading time, you must have immediate access to a live support representative from your broker’s firm. At iForex, a live chat feature is available apart from the traditional phone-based support system. This way, you get instant solutions for any platform- or trading-related problems.
Overall, iForex is a good broker with sound company fundamentals, innovative trading platforms, and dependable customer service. Before starting live, make sure you take advantage of their Protected Account to avoid exposing your capital from newbie trades.