iForex Table of Contents

  1. What is iFOREX?
  2. Company Information
    1. Contact Information
    2. Financial License & Regulation
    3. Reviews and Ratings
      1. Withdrawal Refusals & Troubles
    4. Bonuses & Account Opening Campaigns
      1. Account Opening Bonus
    5. Tradable Instruments
    6. Cryptocurrency FX
      1. Trading Environment & Conditions
    7. Maximum Leverage
      1. Instruments and Maximum Leverage
      2. Leverage Restrictions
    8. Trading Tools
      1. Signal Trade Delivery
    9. Trading Environment and Conditions
      1. Account Types
      2. NDD? DD?
      3. Zero Loss Cut Level
      4. NBP
    10. Prohibited Transactions & Methods
    11. How to Open a Demo Account
    12. Deposit and Withdrawal Methods
      1. Things to Note When Depositing via Credit Card
      2. Deposit and Withdrawal Fees
    13. Account Maintenance & Management Fees
    14. From Account Opening to Tax Payment
      1. 1. Identity Verification at Withdrawal Time is OK
      2. 2. Banks Where Deposits Cannot Be Made
      3. 3. iFOREX Specialized Terms
      4. 4. How to Cancel an Account
      5. 5. About Tax Returns

What is iFOREX?

iFOREX is a forex broker registered in the British Virgin Islands.

Founded in 1996, iFOREX is one of the oldest companies in the industry, boasting over 20 years of history and achievements.

Over 120 countries have traders using iFOREX.

Official Website (iforex.jpn.com)

Company Information of iFOREX

Below is the company information for iFOREX.

Forex Broker iFOREX
Year Established 1996
Operating Company Formula Investment House Ltd.
Capital $14,922,898
Headquarters Republic of Greece
Address 15, Nikis st., Syntagma Square, 10557 Athens, Greece
Financial License BVI FSC
Client Asset Management Segregated Management
Order Processing OTC Method (DD Method)
Age Limit 18 and over
iFOREX does not offer custodial protection. It provides segregated management.

The accounting and management services of iFOREX are carried out by its subsidiary, Formula Investment House B.O.S. Ltd. (FIH B.O.S).

More details and latest information here

Customer Support and Contact Information of iFOREX

Below is the contact information and customer support details for iFOREX.

Email Address cs-jp@iforex.com/info@iforex.com
Phone Number +30-210-374-2583/+34-93-271-0699/+30-210-374-2559/+30-210-374-2555
Phone Request Possible
Fax +30-210-374-2598
Business Hours Monday to Friday, 1 PM to 9 PM
Languages Supported 16 or more

iFOREX customer support responds within 24 hours, excluding weekends (Saturday and Sunday), holidays.

The office in Barcelona, Spain, has been open since April 2017.

Calls from iFOREX may originate from the headquarters in Greece or may be made from Spain.

Calls from Spain are identifiable by the country code +34. If you receive a call stating it’s from iFOREX, it is from the iFOREX desk.

Please answer calls from iFOREX customer support and discuss any issues, consultations, or desired services.

Depending on the content, individual support may be provided.

Financial License & Regulation of iFOREX

The forex broker iFOREX is registered with the Financial Services Commission of the British Virgin Islands.

Below is the registration information for the financial license and regulation obtained by iFOREX.

Financial License British Virgin Islands Financial Services Commission
Company Name Formula Investment House Ltd.
Registration Number SIBA/1/13/1060
Registration Address 1 Wickham’s Cay, Road Town, Tortola, BVI VG1110

Reviews, Ratings, and Reputation of iFOREX

Forex broker iFOREX has a long history and is often referred to as “iFOREX when it comes to FX.”

There are many traders and a wealth of reviews.

Apart from some malicious abusers, there are no issues with profit cancellations or total withdrawal refusals including principal.

Traders using high leverage and minimal margin with no additional margin call (NBP) at iFOREX are called “iFOREX Warriors.”

Official Website (iforex.jpn.com)

Withdrawal Refusals & Troubles – Nothing but Drawbacks

Searching “iFOREX” may display related keywords such as “scam” or “withdrawal troubles” and “cannot withdraw large amounts.”

Talk of withdrawal refusal is just a reputation rumored among all forex brokers, including iFOREX.

Financially licensed entities like iFOREX that provide forex trading can lose their licenses depending on the nature of the withdrawal refusal claims, potentially ending their ability to operate.

If you have made a withdrawal at iFOREX but it is not reflected in your bank account (still pending?), or if the withdrawal is slow (taking days or hours), you should inquire.

Bonuses & Account Opening Campaigns at iFOREX

Below are the bonuses and account opening campaigns at iFOREX.

  • $50 Account Opening Bonus
  • $30 Account Opening Bonus
  • $200 Account Opening Cashback
  • $100 Account Opening Cashback
  • Trading Volume Cashback
  • 125% Deposit Bonus
  • 100% Deposit Bonus + 25% Deposit Bonus
  • 50% Deposit Bonus – bitwallet Exclusive
  • Special Interest Grant 3%
  • Refer a Friend Campaign $250 per person
The bonuses at forex broker iFOREX are called trading tickets or “torechike.”

If you log into the iFOREX web trader (member page) after a long absence, you may receive special bonuses.

What is the iFOREX Account Opening Bonus?

Forex broker iFOREX occasionally offers an account opening bonus that allows you to start FX trading without any initial funds.

The account opening bonus (no-deposit bonus/unfunded bonus) is the most popular bonus among beginners to FX trading, as it is available simply by opening an account.

Please check the iFOREX account opening campaign page for the availability of the account opening bonus.

Tradable Instruments at iFOREX

Below are the categories of tradable instruments available with an iFOREX FX account.

  • FX currency pairs
  • Precious metals (Metals)
  • Energy (Crude oil & Natural gas)
  • Commodities
  • Stock indices (Indexes)
  • Securities (Stocks/Individual stocks)
  • ETFs (Exchange-Traded Funds)
  • Cryptocurrencies (Digital assets/Cryptocurrencies)
Japanese stocks, US stocks, gold (XAUUSD/gold), WTI crude oil, the Nikkei Stock Average, Bitcoin, and more can all be traded from one FX account.

Over 750 instruments are available for trading in the iFOREX FX account.

Open an Account (Free) Here

Cryptocurrency FX at iFOREX

Forex broker iFOREX allows for cryptocurrency FX trading.

Below are the cryptocurrencies available for trading in iFOREX’s cryptocurrency FX (digital asset CFD/Bitcoin FX).

Trading Environment & Conditions for Cryptocurrency FX at iFOREX

The trading hours for cryptocurrency FX at iFOREX are 24/7, excluding some maintenance times.

On Saturdays and Sundays, trading may not be possible due to maintenance.

The maximum leverage is a high leverage of 20 times.

Cryptocurrency FX Account Here

Maximum Leverage at iFOREX

The maximum leverage at forex broker iFOREX is 400 times.

Major currency pairs such as USDJPY can be traded at a leverage of 400 times (required margin rate of 0.25%).

Instruments and Maximum Leverage at iFOREX

Below are the maximum leverage values for each tradable instrument available in the iFOREX FX account.

Instrument Maximum Leverage
Currency pairs 400 times
Precious metals 200 times
Energy 100 times
Commodities 100 times
Stock indices 200 times
Securities 20 times
ETFs 20 times
Cryptocurrencies 40 times
Changing the maximum leverage at iFOREX requires contacting customer support.

The leverage for gold is 400 times, WTI crude oil is 100 times, the Nikkei Stock Average is 200 times, etc. The leverage for each FX and CFD instrument is set.

The latest leverage information can be found on the trading conditions page under General Trading Conditions in the Product Details section.

Latest Leverage Information Here

Leverage Restrictions at iFOREX

At forex broker iFOREX, leverage restrictions apply depending on the trading hours.

An increase in required margin typically occurs around trading suspensions and their precedents, usually doubling the normal required margin. This policy is to mitigate the risks of potential price gaps that could occur at this time and cause serious damage to investors’ funds. During weekends, the increased required margin applies to all non-tradable instruments.
Standard Algorithm: The above margin increases apply about 15 to 90 minutes before and after trading suspensions. These trading suspension periods include daily and weekly suspensions, holiday-related suspensions, and those driven by our company or other circumstances. The margin increase remains effective until about 15 minutes after market reopening. On Fridays, most instruments have an increased required margin starting from GMT 18:00.

From iFOREX “Increased Required Margin for Product Details”

Below is an example for USDJPY.

Leverage
Normal times 400 times
90 minutes before close 200 times
15 minutes after opening 200 times

If you have any questions, please contact iFOREX’s live chat or customer support.

Official Website (iforex.jpn.com)

Trading Tools at iFOREX

The trading tools (trading platform/trading software) of forex broker iFOREX are called FXnet and include a web trader and mobile app.

The specifications of the iFOREX mobile app are for Android 5.X and above and iPhone 4S and above. Tablets are not fully supported.

You cannot log in or trade on your iFOREX account with MT4 (MetaTrader4) or MT5 (MetaTrader5).

iFOREX Trading Tools Here

In the past, trading tools compatible with MT4 were distributed, but even if you had an account type that could use MT4 at that time, it is not available now.

Signal Trade Delivery at iFOREX

At forex broker iFOREX, you can receive buy and sell signals called “VIP Signals” from iFOREX’s exclusive analysts if you request support.

If you wish to receive signal trading, please contact customer support below.

Apply for VIP Signals Here

In the iFOREX Web browser-based FXnet Viewer, technical indicators such as moving averages can also be displayed with a single button.

Trading Environment and Conditions at iFOREX

Below are the trading environment and conditions for the iFOREX FX account.

Account Currency Unit USD Account
Minimum Deposit Amount $100
Tradable Instruments Currency pairs, precious metals, energy, stock indices, securities, ETFs, cryptocurrencies
Maximum Leverage 400 times
Minimum Trade Volume 1,000 units
Minimum Spread 0.7 pips
Trading Fees Free
Swap-free Not applicable
Dividend & Adjustment Payments Occur
Margin Call Level 0% of maintenance margin
Loss Cut Level 0% of maintenance margin
NBP Support No additional margin call
Limit Orders Possible
Partial Settlement Can be settled in parts
Scalping Prohibited
Hedging Possible
Automated Trading EA not allowed
Copy Trading No service
If the currency amount is displayed in units (10,000 units per unit), the maximum number of units per order is 500. If displayed in the standard FX lot of 100,000 currency units, the maximum is 50 lots.

Details of swap points (overnight interest rates/rollover) and securities CFD dividend adjustments can be confirmed using the trading tool.

Start with an Account Opening (Free)

Account Types at iFOREX

There are two types of accounts at forex broker iFOREX.

  • Standard Account
  • Elite Account

The difference between a Standard account and an Elite account is in the spreads, with the Elite account having narrower spreads.

Since 2018, iFOREX has been focusing on reducing spreads and trading costs through the “Super Spread Promotion.”

Apply for an Elite Account Here

iFOREX trading accounts are limited to one account per person.

Is iFOREX NDD or DD?

iFOREX is a DD (Dealing Desk) forex broker.

DD forex brokers, such as NDD’s ECN or STP, are often viewed less favorably, but being a DD broker is not a reason to avoid iFOREX.

It is merely a method of order processing by the forex broker and does not inherently disadvantage traders just because iFOREX is a DD broker.

iFOREX’s Zero Loss Cut Level

The loss cut level at forex broker iFOREX is 0% of the required maintenance margin.

Loss cut level refers to the level at which forced liquidation occurs. Loss Cut Level is also known as the Stop Out Level.

As long as the margin doesn’t drop to $0 due to unrealized losses, trading can continue.

Even if the account balance goes negative due to slippage, there are no additional margin calls because of NBP support.

NBP at iFOREX

iFOREX is an NBP (Negative Balance Protection) compliant forex broker.

NBP stands for protection against negative balances and no additional margin calls.

Traders at iFOREX are not at risk of incurring debt beyond the deposited margin.

Open an Account (Free) Here

Prohibited Transactions & Methods at iFOREX

Below are the prohibited transactions and methods that cannot be used in iFOREX’s FX account.

  • Scalping prohibited
  • Automated trading including algorithmic trading prohibited (auto trading not allowed)
  • API trading
  • Indicator trading prohibited
The indicator trading prohibited at iFOREX refers to trading around approximately 2 minutes before and after significant economic indicator announcements.

Bonus arbitrage (arbitrage trading) and hedging with other forex brokers (FX brokers/FX companies) are prohibited methods like other brokers.

Such prohibited trading methods can lead to profit confiscation, account freezing, refusal to execute orders (unable to settle), and no NBP.

How to Open a Demo Account at iFOREX

At forex broker iFOREX, you can open a free demo account.

A demo account is merely a trial account where you can simulate trading.

A demo account can be opened after making an initial deposit into a real account.

Open a Demo Account Here

At iFOREX, you can also open a corporate account for a demo.

Deposit and Withdrawal Methods at iFOREX

Below are the payment methods available for depositing and withdrawing funds in an iFOREX FX account.

  • Credit Card
  • Debit Card
  • bitwallet
  • Cryptocurrency
  • Domestic Bank Transfer (Domestic Transfer)
  • Wire Transfer
Online wallets like Neteller and Skrill are not available in some countries and regions.

You can deposit and withdraw funds using cryptocurrencies such as Bitcoin and Tether.

Deposit Page Here

Things to Note When Depositing via Credit Card at iFOREX

If you deposit margin into forex broker iFOREX using a credit or debit card, withdrawing to the card is the top priority.

Once the amount deposited by the card is fully withdrawn, other methods such as domestic bank transfer can be used for withdrawal.

Even with credit card brands that are supported by the forex broker (VISA, MasterCard, JCB, American Express, etc.), there may be instances where you cannot deposit funds. This is because the credit card issuing company (e.g., Rakuten Card, Rakuten Debit, Sumitomo Mitsui VISA Card, etc.) restricts payments to forex brokers. Please try another credit card.
Reference page: What to Do & Why You Can’t Deposit into FX Account by Credit Card

Moreover, to prevent money laundering and unauthorized use of credit cards, the use of credit and debit cards is limited to those issued in the depositor’s name.

Proceed to the Card Deposit Page

The copy of the credit card requested by iFOREX is intended to verify the depositor’s name.

Deposit and Withdrawal Fees at iFOREX

The deposit and withdrawal fees at forex broker iFOREX are, in principle, free.

However, if you withdraw by wire transfer, a withdrawal fee of approximately $30 may apply depending on the withdrawal amount and the number of withdrawals that month.

Withdrawal Amount Number of Withdrawals That Month Withdrawal Fee
Over $1000 Up to the 3rd time Free
Over $1000 4th time onwards Approximately $30
Less than $1000 Irrelevant Approximately $30
The breakdown of approximately $4,500 in withdrawal fees is $15 for iFOREX’s withdrawal fee and about $20 for the bank’s lifting charge.

During the withdrawal process, iFOREX’s side of the withdrawal procedure is processed within 2 business days of the trader’s withdrawal request.

Account Maintenance & Management Fees at iFOREX

Forex broker iFOREX does not charge account maintenance or management fees, in principle.

However, if there are no trading records for the last year (in the case of a dormant account), a fee of $5 per month will be deducted from the account balance.

If an account becomes dormant, $15 for 3 months will be deducted from the account balance, and another $15 will be deducted after another 3 months.

Account maintenance fees are deducted until the account balance reaches $0.

Official Website (iforex.jpn.com)

Account maintenance fees are not deducted from an account with a balance of $0. Additional margin calls do not occur due to account maintenance fees.
In cases deemed necessary by law or when reusing an account that has not been used for a long period, you may be asked to resubmit previously submitted documents or submit additional documents.

From Account Opening to Tax Payment at iFOREX, Explained in Detail

Here’s a detailed explanation of everything from account opening, depositing, trading, withdrawing, and even paying taxes on your tax returns at forex broker iFOREX.

  1. Identity Verification at Withdrawal Time is OK
  2. Banks Where Deposits Cannot Be Made
  3. iFOREX Specialized Terms
  4. How to Cancel an Account
  5. About Tax Returns

1. Account Activation at Withdrawal Time at iFOREX

At forex broker iFOREX, account activation (KYC/identity verification) is conducted at the time of withdrawal procedures.

Account activation involves submitting personal information documents for customer identity verification.

Below are the documents required for uploading at the time of withdrawal at iFOREX.

  • A photo ID such as a passport, driver’s license, or My Number card
  • A document with your name and current address that has been issued within the last 6 months, such as a residency certificate for address verification
  • An electronic form for withdrawal request that you fill in, print, sign by hand, and then scan to send
  • If there is a record of card deposits, an image copy of both sides of the card

A health insurance card with a handwritten address is not valid as a document.

Login to iFOREX Here

Currently, there is no address registration (address input) or document upload related to personal details required before trading at iFOREX, so no notification is needed for address changes.

2. Banks Where You Cannot Deposit to iFOREX

For depositing and withdrawing funds to and from an FX account, banks like Sony Bank, Rakuten Bank, SBI Net Bank, and Shinsei Bank are recommended for their low remittance fees.

With a Sony Bank account, you can withdraw funds by transfer, but you cannot deposit.

Latest Deposit Methods Here

3. Understanding the Language of iFOREX Charts

The trading tool at forex broker iFOREX is not MT4 or MT5, but the Web browser-based FXnet Viewer.

Below are the meanings and functions of the terms displayed in the Web browser-based FXnet Viewer.

Specialized Term Meaning
Available Margin The balance available for new orders, excluding the margin in use
Effective Holding Amount The total funds in the account, including profits and losses
Contract Amount Coverage Rate The ratio of the balance to the margin required for open positions
Trading Signal iFOREX’s unique notification feature that indicates the timing of trades
VIP Signal Service Same as trading signal
Maximum Contract Amount The maximum contract amount is 400 times the effective holding amount

In addition to the above, it’s also important to understand the necessary margin for profit and loss calculations and the methods and calculations for Swap (Swap).

4. How to Cancel an Account at iFOREX

If you want to cancel your trading account at forex broker iFOREX, simply withdrawing all funds is all that’s typically required.

In that case, even after the withdrawal is completed, you may still receive regular emails about deposit bonuses (trading tickets).

If you want to cancel your account, please contact iFOREX customer support.

iFOREX Support Here

5. Downloading Necessary Trading History (Annual Transaction Report) for Tax Returns

If you trade at iFOREX as a side job (secondary income) as a salaried worker, you are definitely required to pay taxes if you make a profit of over $2000 in a year.

Applicable Profit From January 1 to December 31
Tax Payment Timing Around March (after tax returns)
Necessary Documents Annual Transaction Report (Trading History)
Tax strategies such as hedging profitable open positions over New Year’s Eve to the New Year for tax savings are sometimes introduced, but be aware of market fluctuations and trading platform restrictions during the year-end and New Year period.

How to Obtain the Annual Transaction Report at iFOREX

iFOREX does not distribute the annual transaction report via email.

Traders need to check it from the “Settlement History” on the trading screen.

Not filing tax returns is considered tax evasion, which is illegal.

Different tax laws and systems apply to domestic FX and international FX. Domestic FX is subject to separate taxation, while international FX is subject to comprehensive taxation. Learn more here
Hercules Finance does not feature any services related to binary options at iFOREX.