Broker Review

iFOREX Review

iFOREX Review

iFOREX

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Details

Broker iFOREX
Website URL https://en.iforex.hu/
Founded 1996
Headquarters Corner of Agiou Andreou and Eleftheriou Venizelou Streets, Vashiotis Agiou Andreou Building, 2nd Floor, Office 201, 3035 Limassol, Cyprus
Support Number +37-630-0008
Support Types phone , email , fax
Languages english , magyar , cestina
Trading Platform Web Platform | Mobile Platform
Minimum 1st Deposit 100$
Minimum Trade Amount 0.1
Maximum Trade Amount 20,000
Bonus No Bonus
Leverage 1:2 for cryptocurrencies
Spread floating
Free Demo Account Open Demo
Regulated Yes
Regulation Authorized and regulated by Hungarian National Bank
Fees Yes
Account Types Standard account
Deposit Methods Credit Card , Wire Transfer
Withdrawal Methods Credit Card , Wire Transfer
Number of Assets 18 cryptocurrency contracts
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes
Overall Score 94
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General Information

Founded by a group of Forex dealers and bankers back in 1996, iFOREX is one of the brokerage companies that have a long-established track record in the industry. Throughout the years it constantly made improvements to its trading and that is why at the present time cryptocurrency trading is available. In our review, we’ll try to highlight the most important features available at iFOREX, so any person wanting to trade crypto will be able to asses whether this is the right broker to choose.

Trading Platforms

iFOREX relies on a web-based platform, which according to the company is “geared to suit the needs of mobile traders, offering access to a wide variety of features. It is through the platform that clients get access to all account functionalities (opening/closing deals, deposits/ withdrawals, account history) without having to download any software. The platform has firewall access management and a 128-bit secure SSL environment. It all comes down to what each trader expects to find in a trading platform and to what trading strategy each one chooses.

Even though the web-trading platform offers remote access to a trading account from anywhere, iFOREX also has a mobile platform, compatible with both Android and iOS devices. It also offers access to all account functionalities + some additional features like execution gestures and customizable layouts.

Cryptocurrency Trading

At the time of writing, there are 18 different CFDs based on cryptocurrencies available at iFOREX. Clients can trade Bitcoin, Ether, Litecoin, and Ripple against the US dollar, Euro, and Japanese Yen. Dash, EOS, Monero, as well as a few cross pairs are also available.

The minimum deal size for BTC pairs is 0.1 (one mini lot) but goes as high as 280 for Ripple, which is the cheapest coin in their offer. In terms of maximum exposure, the levels are different, depending on the asset, with all the information available here. The margin requirement is 50%, meaning traders are able to use a 1:2 leverage on all crypto-related CFDs available for trading.

When it comes to spreads, most of the rates are in line with what other companies are offering. Traders who want to trade CFDs based on cryptocurrencies should be fully aware that spreads are wider due to the low liquidity.

Education

Another important positive aspect of iFOREX has to do with the educational material available for free, mostly aimed at beginners who want to learn how to trade. There are some resources on the topic of cryptocurrencies, talking about the basics, but what’s also useful has to do with the material related to the technical analysis. Most of the traders who diversify with cryptocurrency contracts don’t have a unique approach and instead use technical setups as well, given they’ve proven to work.

Summary

To summarize, iFOREX is one of the brokers who offer access to a relatively high number of crypto-related CFDs in the US dollar, Euro, and Yen. Traders who want to diversify their holding by adding cryptocurrencies will have plenty of options to choose from. This is a brokerage company with a strong reputation and that’s why we believe it is one of the options, especially for traders based in Europe.