✓Verified✕Not on the register○Claimed, not verified / Cannot be verified◇Technology partner◆Authorised representative◐Limited scope
Register-Verified2/2 licences checked
Founded2006
HQCyprus
AccountsSingle live account (no named tiers), Demo
Min Deposit
N/A
Spread From
1.6 pips
Leverage
CySEC 1:30
Platforms
Mobile App
What these checks prove
FSC
Formula Investment House Ltd appears on Financial Services Commission's register. Matched on the company name, which is the only identifier this register publishes. The BVI Financial Services Commission shows each firm's status but publishes no licence numbers, so a SIBA licence number quoted by a broker cannot be checked against it.
Pros: Zero commissions across all asset classes | CySEC regulation with up to €20,000 investor compensation | Low $10 minimum deposit via Visa/Mastercard
Pros
✓Zero commissions across all asset classes
✓Low $10 minimum deposit via Visa/Mastercard
✓CySEC regulation with up to €20,000 investor compensation
✓Free trading tools, signals, and market insights
✓Segregated client funds in reputable banks
Cons
✗No MetaTrader 4 or MetaTrader 5 support
✗Trust score of 67/100 (Grade C)
✗$20 fee on international wire withdrawals
✗$15 quarterly inactivity fee after 12 months
How we reviewed iFOREX: This review was researched and written using EngineForex's broker review methodology: we read every relevant page of the broker's website, verified each claimed regulator licence against the issuing authority's public register (CySEC register, BVI FSC register), checked Trustpilot ratings live at time of writing, and cross-referenced details across at least two independent sources before publication. Spreads, fees, and leverage figures are pulled directly from the broker's published pricing pages. For our full methodology, see EngineForex's "How We Review Brokers" page. Read our full methodology →
Level 01 / 09▸ Overview
Overview
Captured September 2026, iforex.com
iFOREX is an online CFD and forex broker that has operated since 2006, offering trading access across currencies, commodities, indices, shares, and other CFD instruments. The broker targets retail traders, with a particular emphasis on beginners and intermediate participants.
What tends to draw traders toward iFOREX is its roughly two-decade track record and its focus on a simplified trading experience through proprietary platform technology. The broker has historically marketed itself as a user-friendly option for those who find institutional-grade platforms overly complex.
That said, simplicity in interface design should never be confused with reduced risk in leveraged trading, where borrowed capital amplifies both gains and losses.
Traders considering iFOREX should conduct their own due diligence regarding the broker's current regulatory standing, the entity they would be onboarded to, and any jurisdiction-specific restrictions that may apply. Every claim in this review should be cross-referenced against the broker's own disclosures and the relevant regulator's public register before opening an account.
Who it's for: Beginner-to-intermediate retail traders who prioritize a streamlined interface and broad CFD market access over ultra-low-cost, high-customization environments.
Level 02 / 09★ Safety
Trust & Regulation
Captured September 2026, iforex.com
iFOREX holds a trust score of 67/100 (Grade C). That grade reflects recognized but limited regulatory coverage, with a corporate structure spanning both an EU-regulated entity and an offshore-licensed entity.
The dual-entity arrangement means the level of investor protection you receive depends entirely on which subsidiary onboards your account. A CySEC client and a BVI client trading the same instrument on the same platform can face very different legal protections if something goes wrong.
Regulatory Licences
iFOREX operates through two distinct legal entities, each supervised by a different authority:
Cyprus Securities and Exchange Commission (CySEC) (CIF 143/11) supervises iCFD Limited, the group's European subsidiary. CySEC is a respected EU-tier regulator that enforces MiFID II requirements, including negative-balance protection, leverage caps (for example, 1:30 for major forex pairs for retail clients), and mandatory risk disclosures. This licence has been verified on the CySEC regulatory register.
Financial Services Commission (FSC), British Virgin Islands licenses Formula Investment House Ltd, the group's offshore entity. The specific licence number for Formula Investment House Ltd is not published on the broker's website. The BVI FSC imposes fewer conduct-of-business rules than EU regulators, meaning clients onboarded under this entity may face higher leverage but weaker safeguards.
iFOREX holds 2 regulators: 1 tier-2 licence (Cyprus Securities and Exchange Commission); 1 additional regulator (Financial Services Commission). No additional licences from major-jurisdiction authorities such as the UK's FCA, Australia's ASIC, or Switzerland's FINMA were identified.
How are client funds protected?
Clients trading under iCFD Limited benefit from the statutory Investor Compensation Fund (ICF). This scheme covers eligible retail clients for up to 90% of a covered claim, capped at €20,000 per client, in the event the firm cannot meet its obligations.
Under CySEC rules, iCFD Limited is also required to segregate client funds from the firm's own operating capital. Your deposits sit in separate bank accounts and cannot be used to cover the company's liabilities.
No equivalent segregation mandate has been confirmed for Formula Investment House Ltd under BVI FSC rules. If you are onboarded through the offshore entity, clarify the fund-holding arrangements directly with the broker before depositing.
Company History & Reputation
iFOREX has been operating for approximately 20 years and is publicly traded on the London Stock Exchange. That longevity and public-market transparency are genuine points in the broker's favour, though they do not substitute for strong multi-jurisdictional regulation.
Reputation sentiment is mixed. On Trustpilot, the broker holds a 4.3 out of 5 rating across 156 reviews, with recurring positive themes around customer service quality and platform usability.
On the other hand, withdrawal delays are a recurring theme across certain complaint platforms, with multiple users in India, Hong Kong, Egypt, and Uruguay reporting unresolved withdrawal issues. Many Trustpilot reviewers report smooth withdrawal experiences, making it difficult to draw a definitive conclusion from user sentiment alone.
A notable risk disclosure on the broker's own platform states that a high percentage of retail investor accounts lose money when trading CFDs with iFOREX. While such disclosures are legally mandated for CySEC-regulated firms, these figures warrant careful consideration before you commit capital.
EngineForex Trust Score
iFOREX: 67/100 (Grade C)
Component
Score
Note
Regulator tier coverage
25/40
1 tier-2 licence (no tier-1)
Number of regulators
5/15
2 regulators
Years of operation
15/15
20 years (10+)
Trustpilot rating
17/20
4.3/5
Trustpilot review volume
5/10
156 reviews (100+)
*Computed deterministically from verified register reads, founding year, and live Trustpilot data. See EngineForex's "How We Review Brokers" for the full methodology.*
▸ At a Glance
Category
Score
Why
Trust & Safety
6.7/10
CySEC licence 143/11 (Tier-2) plus offshore BVI FSC; ICF cover up to €20,000; segregated funds
Fees & Spreads
4.0/10
Zero commissions but wide spreads (AUD/USD 1.6 pips min); $15/quarter inactivity fee; $20 wire withdrawal
Platforms & Tools
2.0/10
Proprietary iFOREX Trading App only; no MT4, MT5, cTrader, or TradingView integration
All costs are folded into the difference between the buy and sell price you see on your screen.
What are the spreads?
Spreads at iFOREX are variable, widening or narrowing with market conditions. The broker publishes minimum (not average) spread figures for selected FX pairs, an important distinction: the minimums represent best-case conditions, and real-time costs during volatile sessions will typically be wider.
No EUR/USD minimum spread figure appears in the broker's published pricing data. For traders based in Cyprus or elsewhere in the EU, EUR/USD is typically the most frequently traded pair, and the absence of published spread data for it makes meaningful cost comparison effectively impossible on the single most important benchmark.
Account Type
Instrument
Spread
Data Type
Source
Standard (single type)
EUR/USD
Not published by broker
N/A
iforex.com/trading/pricing
Standard (single type)
AUD/USD
1.6 pips
from (minimum)
iforex.com/trading/pricing
Standard (single type)
AUD/JPY
2.4 pips
from (minimum)
iforex.com/trading/pricing
Standard (single type)
AUD/NZD
3.0 pips
from (minimum)
iforex.com/trading/pricing
Standard (single type)
AUD/CAD
3.6 pips
from (minimum)
iforex.com/trading/pricing
Standard (single type)
AUD/CHF
3.6 pips
from (minimum)
iforex.com/trading/pricing
Standard (single type)
CAD/JPY
3.6 pips
from (minimum)
iforex.com/trading/pricing
Standard (single type)
CHF/CAD
4.8 pips
from (minimum)
iforex.com/trading/pricing
(Per broker website, read June 2025)
Traders accustomed to raw-spread accounts (where you pay a small commission per lot in exchange for near-zero markups) will notice the contrast immediately. Many such accounts offer EUR/USD spreads averaging 0.1 to 0.3 pips.
The 1.6-pip minimum on AUD/USD, a less liquid pair, suggests that major-pair spreads are likely above the competitive average. For scalpers and high-frequency participants, this cost structure can erode edge quickly.
What are the commissions?
iFOREX charges $0 in commissions across all asset classes under both its CY and BVI entities. There is likewise no commission levied on profits.
Swap and overnight fees
An overnight financing fee is charged on leveraged positions held past the end of each trading day. The exact amount varies by instrument and is not fixed, so you should check the specific rate within the platform before holding trades overnight.
iFOREX does not publish a consolidated swap-rate table on its pricing page. Position traders who hold trades for days or weeks should pay close attention, as overnight costs can accumulate meaningfully over time.
What other fees apply?
Inactivity fee: Free for the first 12 months; $15 per quarter thereafter (applies under both the CY and BVI entities).
Deposit fee: $0 from iFOREX; your payment provider may impose its own charges.
Account setup fee: $0.
Withdrawal fee: $0 in most cases; international wire transfers incur a $20 broker-side charge, and local transfers within India carry a $5 fee.
Tools and data: All platform tools, including real-time quotes, charting, economic calendars, technical indicators, and market signals, are provided at no additional cost.
This is a significant departure from the majority of retail forex brokers. Traders who rely on Expert Advisors, MQL-based automation, or the broader ecosystem of third-party indicators and community-built tools will find none of that available here.
If algorithmic or automated trading is central to your strategy, iFOREX cannot accommodate that requirement.
The iFOREX Trading App bundles several built-in tools designed to compensate for the absence of third-party integrations:
Trading Signals deliver actionable trade ideas directly within the app.
Pulse highlights instruments gaining market attention through a quick-swipe discovery feature.
Vault provides a margin and fund management utility for monitoring capital allocation.
Today's Opportunity presents a daily video segment covering a single trade idea.
The Trading Expert offers entry and exit commentary on selected markets.
On the security front, iFOREX states that its platform is PCI Certified and employs advanced encryption protocols. Market data is sourced from the London Stock Exchange Data Provider.
The absence of a dedicated desktop platform or browser-based web trader narrows flexibility considerably. Anyone accustomed to multi-monitor setups or advanced charting environments may find this frustrating.
Level 05 / 09▸ Instruments
Tradable Instruments
iFOREX offers CFDs across six core asset classes: forex pairs, commodities, indices, shares, ETFs, and cryptocurrencies. This breadth allows you to diversify across multiple markets from a single account, though the exact number of instruments available in each category is not publicly itemized on the broker's website.
Forex forms the foundation, encompassing major, minor, and exotic currency pairs. Indices CFDs provide exposure to global equity benchmarks. Commodities cover energy, metals, and agricultural products.
Shares and ETFs enable speculation on individual stock price movements and diversified fund baskets without owning the underlying assets. Cryptocurrencies are also available as CFDs, though crypto availability is subject to regional restrictions.
All instruments are accessible through the iFOREX mobile application. Because iFOREX operates under multiple regulatory entities, the specific instruments available to you may vary depending on which entity holds your account.
This simplicity removes the confusion that multiple tiers can create, but it also means there is no pathway to tighter spreads or enhanced execution for higher-volume traders. Active traders looking to reduce per-trade costs as their volume grows will find no incentive structure here.
What about bonuses and promotions?
The broker references promotional incentives including a Welcome Bonus of up to 100% additional funds, Weekly Cash Back, and a Refer and Earn programme. However, under MiFID II rules enforced by CySEC, monetary incentives such as deposit bonuses are generally prohibited for EU retail clients.
These promotions, if active, are likely available only to clients onboarded through the BVI-regulated entity. CySEC-regulated clients should not expect to receive such bonuses.
iFOREX does not publicly disclose which base currencies are available for live accounts. Traders in the eurozone should confirm directly whether EUR is available as a base currency, as trading in a non-base currency incurs conversion fees on every deposit, withdrawal, and realised profit or loss.
Swap-free (Islamic) account availability has not been confirmed in the broker's publicly available materials.
Live Account Key Details
Feature
Details
Named Tiers
None; single account type for all clients
Minimum Deposit
Not specified universally; $10 for Visa and Mastercard
Spreads
Marked-up variable spreads (no raw-spread alternative documented)
Commission
$0 on all asset classes
Maximum Leverage
1:30 (EU), 1:400 (International)
Base Currencies
Not specified on broker site
Swap-Free
Not confirmed in available materials
Fund Segregation
Yes; client funds held separately in reputable banks
Dedicated Account Manager
Yes
Verification
KYC mandatory before withdrawals
Demo Account
iFOREX provides a free demo account loaded with $5,000 in virtual funds, which expires after 30 days but is renewable upon request. Registration requires only an email address, with no ID verification needed. Educational materials and example strategies are included.
Level 07 / 09▸ Deposit
Deposits & Withdrawals
iFOREX supports deposits via Visa, Mastercard, Diners, JCB, Discover, Apple Pay, and local bank wire transfer. Card and electronic payments are processed instantly or within a short time, while bank wire transfers may take several business days depending on your bank and location.
The maximum single card deposit through Visa or Mastercard is capped at $10,000. The minimum deposit varies by region and payment method; for Visa and Mastercard specifically, the floor is $10.
iFOREX charges $0 on deposits, although your payment provider may charge fees per their own terms. For withdrawals, the broker charges no fees in most cases, but international wire transfers carry a $20 broker-side fee, and local transfers within India incur a $5 charge.
Processing usually completes within a few business days after internal approval.
In line with anti-money laundering regulations, withdrawals must generally be routed back through the same method used for the original deposit. KYC verification is mandatory before any withdrawal can be processed.
Clients accessing iFOREX from the UK see Offline UPI as an additional local bank wire transfer option, whereas the Cyprus entity offers standard local bank wire transfer only.
Level 08 / 09▶ Education
Research & Education
iFOREX provides a structured Trading Academy alongside daily market insights and one-on-one coaching, making its educational package more substantive than many brokers of comparable size. The academy comprises courses, videos, and guides designed to help you understand markets and develop a coherent trading approach.
For beginners, the broker offers personal one-on-one training with a dedicated trading coach, a library of video tutorials, and written trading guides. A free $5,000 demo account is available for practice. Daily market insights keep you informed of evolving conditions.
Third-party signals carry no performance guarantee, and you should treat them as one input among many.
Level 09 / 09★ Support
Customer Support
iFOREX provides customer support 24 hours a day, five days a week through live chat, email, and a dedicated Help Center. Personal guidance from a dedicated account manager is also available, giving you a named point of contact.
The number of supported languages is not specified on the broker's website; traders in Cyprus should confirm whether Greek-language support is available.
This round-the-clock weekday availability aligns with standard forex market hours. Under CySEC rules, brokers are typically required to maintain internal complaint-resolution processes and provide escalation paths to the relevant financial ombudsman.
▸ Our Verdict
Our Verdict on iFOREX
EF SCORE
6.6 /10
iFOREX scores 3.4 out of 5 overall. The broker delivers an average experience, held back by three interconnected weaknesses: a severely limited platform offering, above-industry-average trading costs, and a middling trust profile.
The platform limitation is the most conspicuous drag. By offering only a proprietary mobile app and forgoing MetaTrader 4, MetaTrader 5, and cTrader entirely, iFOREX cuts traders off from algorithmic capabilities, custom indicators, and the vast community ecosystem those platforms provide.
Compounding that limitation is a fee structure that, while commission-free on the surface, embeds costs into spreads that run wide by current standards. Minimum spreads start at 1.6 pips on AUD/USD and climb to 4.8 pips on crosses such as CHF/CAD.
A $20 international wire withdrawal fee, an inactivity charge of $15 per quarter after twelve months, and variable overnight financing charges further erode cost competitiveness.
On the trust side, iCFD Limited holds CySEC licence 143/11, which provides EU-tier investor compensation of up to €20,000, while Formula Investment House Ltd is regulated by the BVI FSC, a lighter-touch jurisdiction. The absence of regulation from top-tier authorities such as the FCA, ASIC, or FINMA keeps the trust score at a moderate level.
Where iFOREX does distinguish itself is in the breadth of tradable instruments and in the quality of its mobile-first research and education suite. These categories score well and make the broker serviceable for traders who prioritize content and market coverage over execution infrastructure.
Best for: Newer or mobile-first traders who value a wide instrument catalogue, integrated education, and a simplified, commission-free fee model over advanced platform functionality.
Skip if: You rely on MetaTrader or cTrader, need tight raw spreads for scalping or high-frequency strategies, or require regulation from a top-tier financial authority.
Steffen Droll is the chief editor of Engine Forex. He set the scoring methodology every broker on the site is measured against, and he signs off on each review before it publishes, including checking every licence number against the regulator's own public register.
The minimum deposit for Visa and Mastercard payments is $10. Beyond that card-based floor, the overall minimum for a live account varies by region and payment method, with the exact amount displayed at the point of deposit selection rather than published as a single universal figure.
iFOREX charges no commissions on any asset class; instead, trading costs are built into each instrument's spread, which adjusts per market conditions. Published minimum spreads for selected FX pairs include AUD/USD at 1.6 pips, AUD/JPY at 2.4 pips, AUD/NZD at 3.0 pips, AUD/CAD at 3.6 pips, AUD/CHF at 3.6 pips, CAD/JPY at 3.6 pips, and CHF/CAD at 4.8 pips. An overnight financing fee also applies per instrument at the end of each trading day on leveraged positions, with the amount varying by instrument.
The maximum leverage is 1:30 (EU), 1:400 (International). Clients trading under iCFD Limited (CySEC) are subject to the lower caps mandated by European regulations, while the higher figure is attributable to the offshore entity (Formula Investment House Ltd, BVI FSC). Your actual maximum depends on which entity services your account and your jurisdiction of residence.
Yes, iFOREX provides a free demo account funded with $5,000 in virtual funds covering currencies, commodities, indices, shares, ETFs, and cryptocurrencies. Registration requires only an email address, with no ID verification needed. The demo expires after 30 days but can be renewed by contacting iFOREX support. Educational materials and example strategies are included.
The inactivity fee is free for the first 12 months, after which iFOREX charges $15 per quarter on dormant accounts. For withdrawals, the broker generally does not charge a fee, though international wire transfers carry a $20 fee and local transfers within India incur a $5 charge. Third-party bank or payment-provider fees may also apply. KYC verification is mandatory before any withdrawal can proceed.
Card and electronic payment deposits are processed instantly or within a short time, while bank wire transfers take several business days depending on your bank and location. Withdrawals usually complete within a few business days after internal approval, with the total timeframe depending on the payment method and the processing speed of your financial institution. Supported deposit methods include Visa, Mastercard, Diners, JCB, Discover, and Apple Pay, with additional options available depending on your region.
