iFOREX

iFOREX broker has been operating since 1996 and, with around 30 years of history, is one of the oldest forex brokers in the world. Instead of MetaTrader, this broker offers its own proprietary platform, and commission-free trading is one of its main features. In this overview, we review iFOREX's licenses, account, platform, payment methods and, most importantly, its service status for Iranians based on Teagle's data.

What kind of broker is iFOREX?

iFOREX is a broker whose country is listed as Israel in Teagle's data, and by its own account it serves millions of traders around the world. iFOREX provides access to more than 900 assets, including currency pairs, commodities, stocks, indices and cryptocurrencies, through its proprietary platforms. Negative balance protection, risk management tools and educational services are among the key features mentioned in the broker's profile.

iFOREX licenses and credibility

According to Teagle's latest review, iFOREX holds two active licenses:

• CySEC Cyprus (No. 143/11) for the broker's European branch;
• FSC British Virgin Islands (No. SIBA/L/13/1060), under which the main international company operates.

The CySEC license is a reputable one, but the British Virgin Islands FSC is considered an offshore regulator. According to the broker's profile, iFOREX's main operations fall under the FSC, and CySEC only covers the European arm; so European protections apply only to clients of that arm. To better understand this difference, read the articles broker regulation tiers and the difference between offshore and onshore brokers .

Does iFOREX serve Iranians?

No. Teagle's review shows that Iran is explicitly named in iFOREX's list of restricted countries. For this reason, signing up and trading with this broker always carries the risk of account suspension for Iranians. iFOREX also has no Persian website or support, and accessing it from Iran requires changing your IP. Teagle's expert does not recommend this broker for traders residing in Iran. If you are looking for a safe alternative, see the article prohibited brokers and how to choose a safe broker in Iran .

iFOREX trading account

Teagle's data lists one real (Real) account for iFOREX. This account is commission-free, and its floating spread on EUR/USD is recorded at around 1.1 pips. The minimum deposit by credit card is $10, but with other methods it varies depending on region and payment method. Maximum leverage is 1:400, and an Islamic (swap-free) account is also offered. The stop-out level was not found in the broker's official sources and the requote status is also unclear; ask support about these two points before trading.

iFOREX platforms and services

Trading at iFOREX is done only on the proprietary iFOREX app, whose iOS and Android versions are available on the App Store and Google Play. This broker does not support MetaTrader 4 and 5, and using EA robots is prohibited; so if your trading relies on expert advisors and trading robots , this broker is not right for you. Hedging and phone trading are available; we have explained the use of hedging in the article risk hedging . Additional services include bonuses, cashback, rebates, education and an economic calendar.

iFOREX deposits and withdrawals

According to Teagle's table, iFOREX accepts deposits via credit card (Visa and Mastercard), e-wallets, bank transfer, Apple Pay and cards such as Diners, JCB and Discover. Deposits are usually free and are instant with cards and Apple Pay. Credit card withdrawals take 3 to 5 business days, and other methods take several business days. Bank transfer withdrawals carry a fee, while other methods are usually free. No crypto method is recorded in Teagle's data, and none of these methods are practical for users inside Iran.

iFOREX rating and risk on Teagle

iFOREX's final rating on Teagle is 3.41 out of 5: Trustpilot 4.6, WikiFX 3.33, Teagle expert 3.2 and Forex Peace Army 2.51; Teagle users have not submitted any reviews yet. The Teagle Eye risk index for this broker is 32 out of 100, in the "low to medium risk" category; its 30-year history and CySEC license have worked in its favor. See its position in the low-risk broker rankings .

Pros and cons of iFOREX

• Pro: around 30 years of operation and a CySEC license for the European branch
• Pro: commission-free trading and more than 900 assets
• Pro: negative balance protection, Islamic account and leverage up to 1:400
• Con: Iran is on the list of restricted countries
• Con: no MetaTrader 4 and 5, and EA robots are prohibited
• Con: the international company's license is offshore and there is no Persian website

Who is iFOREX suitable for?

iFOREX suits traders outside Iran who want a wide range of assets, commission-free trading and a simple mobile platform. It is not a good option for residents of Iran or those who work with EA robots or MetaTrader. If you live in another country, compare it with another long-established broker in the iFOREX vs AvaTrade comparison .

Conclusion

With its long history and CySEC license, iFOREX holds an acceptable position in terms of overall credibility, but Iran's inclusion on its list of restricted countries makes it high-risk for users inside the country. If you are outside Iran, start with a small amount, make a test withdrawal and follow the latest warnings on the investment risk warning page .