iFOREX was established in 1996 by a group of forex dealers and is one of the largest and most respected firms in the industry. The fact that the company has been in business for 23-years tells a lot about the organization. iFOREX offers direct access to the global capital markets and focuses on forex, equities, indices, commodities and crypto currencies – all in the form of CFDs. iFOREX offers access to trading and risk management hedging with real-time margin protection, ensuring that it limits losses automatically using risk management precautions to prevent negative account balances.
Operations Around the Globe
iFOREX is global and operates in multiple judication with offices located in Cyprus and the British Virgin Islands (BVI). The company is a brand of Formula Investment House LTD, under the license SIBA/L/13/1060. According to the company, the customer service agreement states that the laws of the BVI govern the license agreement and the BVI courts have sole jurisdiction over any disputes. The company does not offer access to every jurisdiction including traders that live in the United States.
Cyber Security and Negative Balance Protection
iFOREX takes cybersecurity very seriously. It focuses on security sensitive information by passing it through encrypted services. The company uses a combination of firewalls and security socket layers (SSL) to secure client information. iFOREX broker uses a negative balance protection procedure which prevents clients from losing more than they have on deposit with the company.
Platforms
At iFOREX, clients can trade via two platforms: Web based and a mobile trading platform.
Web Based Platform
iFOREX has a web-based experience with a clear and efficient trading platform. This is a proprietary platform and not a white label of the MT4 or MT5 systems. iFOREX says that their customized system has been developed by surveying customers over the 23-years of experience. The provide several unique features such as the ability to create your own watchlists by clicking on the star to the left of the instrument you want. This will add the item to your favorite watchlist.
The watchlist allows you to click on a preferred instrument which opens a trade ticket and allows you to specify your trading ticket. Separately, your key information is clearly stated. Your account information reports your available margin, the equity in your account, any maintenance margin as well as your profit and loss. The iFOREX charting software allows users to easily see historical price action. The technical analysis tools cover all the major categories including trend following, momentum and mean reversion.
The web-based platform can be accessed with ease from any computer that has a standard internet connection. iFOREX also offers traders access to a demonstration account. This is an account that allows you to place trades in real-time without risking your real capital.
Mobile Platform
The mobile application is secure providing advanced security measures like fingerprint match identification for opening the application. The mobile app offers the majority of the same features as the web-based platform. It provides access to a sentiment indicator, so you can see which way the market is leaning. Execution is efficient and viewing your balance sheet, P&L, and positions are just a swipe away. iFOREX offers a efficient mobile charting package that is clearly displayed with several technical analysis indicators which can assist you in making more informed trading decisions.
