iFOREX Account Overview: Demo Account and Withdrawals

iFOREX Overview

Founded in 1996, iFOREX has decades of experience in the trading industry. The platform offers a wide range of trading instruments, including forex, commodities, indices, stocks, ETFs, and cryptocurrencies, with a total of over 800 financial assets.

As a regulated broker, iFOREX operates under the supervision of the BVI FSC and CySEC. It provides leverage of up to 1:400, with spreads starting from 1.8 pips and a minimum deposit requirement of $100. However, the platform restricts scalping and automated trading strategies.

iFOREX also offers localized services, supporting multiple languages, including English, Spanish, Italian, and Arabic, making it accessible to traders worldwide. The platform is best suited for traders with margin trading experience seeking diversified investment opportunities.

Pros and Cons of iFOREX

Is iFOREX Legit?

Yes, iFOREX is regulated by the Cyprus Securities and Exchange Commission (CySEC) under a Market Making (MM) license (License No. 143/11), ensuring compliance with financial regulations in Cyprus. While this oversight provides a level of investor protection, traders should assess whether it aligns with their risk tolerance and regulatory expectations.

To enhance security, iFOREX implements strict financial and risk management protocols:

• Segregated Client Funds – Funds are stored in leading banks, fully separated from company capital.
• Prudent Risk Management – Professional teams monitor and manage risk to minimize exposure to market volatility.
• Advanced Encryption – Client data is protected through encryption, firewalls, and SSL protocols.
• Negative Balance Protection – Ensures traders never lose more than their initial investment, even in highly volatile conditions.

Account Types

iFOREX claims to offer a variety of account types, but specific details are only available through customer service. Additionally, the platform provides a demo account, allowing traders to explore its features before committing real funds. The following are the detailed trading steps.

Steps to Open a Trade on iFOREX

1️⃣ Select a Trading Instrument – Choose the asset you want to trade, and a deal slip will open.

2️⃣ Decide on Trade Direction – Select “Buy” (long) if you expect the price to rise or “Sell” (short) if you anticipate a decline.

3️⃣ Set Deal Size – Adjust the trade volume according to your preference.

4️⃣ Execute the Trade – Press the “Deal” button to confirm your order.

???? Tip: You can set Stop Loss and Take Profit limits to automatically close your trade when it reaches a specified price level.

Trading Costs & Fees

iFOREX does not charge traditional commissions but instead generates revenue through spreads, which vary by trading instrument. Forex spreads are generally tight, with major currency pairs starting from 1.5 pips. While these spreads are competitive, overall trading costs may increase when using leverage or trading high-volatility instruments like commodities.

One important consideration is the inactivity fee. If an account remains inactive for a specified period, iFOREX may apply a fee. This can be a drawback for traders who prefer to take breaks from active trading. The inactivity fee typically starts after 90 days of no trading activity.

iFOREX Trading Instruments

iFOREX offers a wide range of trading instruments, including Forex, commodities, indices, stocks, ETFs, and cryptocurrencies, making it suitable for traders seeking market diversification. Operating on a spread-only model with no additional commissions, traders can benefit from competitive pricing; however, spread costs may fluctuate based on market conditions, potentially impacting profitability.

The platform provides real-time pricing and fast execution, enhancing the trading experience. However, high leverage options (up to 1:400) can amplify both gains and risks, requiring careful risk management to mitigate potential losses.

The specific types of trading instruments are as follows:

1. Forex Trading – Trade major, minor, and exotic currency pairs with leverage up to 1:400 and competitive spreads.
2. Commodities – Includes gold, silver, crude oil, natural gas, and agricultural products, with real-time market prices and flexible contract sizes.
3. Indices – Access major global indices such as S&P 500, NASDAQ 100, FTSE 100, DAX 40, and Nikkei 225, influenced by global economic conditions.
4. Stocks & ETFs – Trade popular US, UK, EU, and Asian stocks, including tech, financial, and energy sectors, with ETFs available for diversified exposure.
5. Cryptocurrencies – Trade Bitcoin, Ethereum, Litecoin, Ripple, and more, benefiting from high volatility and trading opportunities.
6. CFDs (Contracts for Difference) – Speculate on price movements across stocks, indices, commodities, and cryptocurrencies without owning the underlying asset.

Deposit & Withdrawal

iFOREX provides country-specific deposit and withdrawal options, including bank wire, credit cards, debit cards, and e-wallets.

Payment Methods

For example, Malaysia supports e-wallets, bank transfers, and prepaid cards, while other regions may have different methods. The detailed supported currencies and withdrawal information are as follows.

How to Withdraw Funds from iFOREX?

1. Log in to your account.
2. Click on 'Withdraw Funds' in the menu.
3. Enter the withdrawal amount and click 'Continue'.
4. Select your preferred withdrawal method (availability may depend on previous deposit methods).
5. Fill in the required details and follow the instructions.

⚠ Note: If your Identification Questionnaire is incomplete or your identity is unverified, you must complete these steps before proceeding. iFOREX does not process withdrawals for unverified accounts.

Withdrawal Fees

• Credit/Debit Card Withdrawals: No fees from iFOREX, but your bank or provider may apply transaction fees (e.g., cash advance or foreign exchange fees).
• Bank Wire Withdrawals: A fee of up to $20 may apply.
• Japanese-speaking clients: ¥2,000 fee for withdrawals between ¥5,000 and ¥100,000.
• Hindi-speaking clients:$5 fee for local bank wires, $20 for international bank wire withdrawals.

iFOREX Trading Platform

The iFOREX trading platform supports both mobile and desktop trading, offering a flexible multi-device experience. Users can download the iFOREX mobile app for free from the App Store and Google Play, allowing them to trade anytime, anywhere. Meanwhile, the desktop platform requires no downloads, as it can be accessed directly through a standard web browser.

For traders who want to test the platform before committing real funds, iFOREX provides a demo account, allowing users to explore platform features with virtual funds. This helps them familiarize themselves with the trading environment and reduces the learning curve.

Bonus

Boost your trading funds with a 50% bonus on your first deposit and an additional 50% bonus upon uploading the required documents (terms apply). Enhance your trading skills with 1-on-1 training, guides, video tutorials, a demo account, and educational articles, helping you make more informed trading decisions.

Conclusion

Overall, iFOREX is a solid choice for traders seeking a simple and user-friendly platform for forex and CFD trading. It offers a variety of trading instruments, excellent educational content, and reliable customer support. However, potential traders should be mindful of the inactivity fee and consider whether the platform's regulatory status aligns with their risk tolerance.

For beginners or traders looking for an accessible, low-barrier entry platform, iFOREX can be a good option. On the other hand, experienced traders or those requiring advanced tools and stricter regulatory oversight may want to explore alternative platforms with more sophisticated features.

However, iFOREX does not provide services or open accounts for users in restricted regions. Users must comply with local laws, as access may be considered unlawful. Accounts may be blocked if accessed from restricted areas.

FAQs

What services does iFOREX offer?

iFOREX provides CFD trading on shares, commodities, forex, indices, ETFs, and cryptocurrencies with real-time market access. It also offers educational resources, including 1-on-1 training, video tutorials, and multilingual customer support.

How can I cancel a withdrawal request?

To cancel a withdrawal:

1. Go to the ‘Withdrawal’ section on the trading platform.
2. Under ‘Pending Withdrawals’, click ‘Cancel’.

How long does a withdrawal take?

• Credit/Debit Cards: Up to 28 days (varies by provider).
• Wire Transfers: Typically 3-5 business days.

Does iFOREX charge registration fees?

No, account registration, opening, and closing are completely free.