iFOREX - Forex Broker

Broker nameiFOREX
Company nameiFOREX
Online since2006-01-01
Site urlhttp://www.iforex.com
CountryBritish Virgin Islands
Minimum account size100.00
Minimum account size currencyUSD
Minimum position size0.500000
Maximum leverage400
Maximum leverage descriptionup to 1:400
Spread levelhigh
Spread description3 pips on EUR/USD
Is regulatedNO
Regulation descriptionUnregulated
Easy registrationYES
Votes count110
Email[email protected]

Please rate this broker


  • Web and stand-alone trading platforms available.


  • No MetaTrader 4 software support.
  • No demo accounts available.


  • Bank wire
  • Credit cards


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23 Reviews

  1. D. Poddar:

    I think Iforex is a reliable Forex broker. I have spent with them one year. The ones who write bad things about this broker are just not good traders and know it very well. They are not a fraud, but some people just losers. If I lost my equity, I would make a comment about that. I would admitted that I had have experienced a bad luck or I just a newbie and do not have enough experience in Forex trading..
    Thank you
    D. Poddar
    Media Profession
    New Delhi

  2. Shibu:

    Guys please take to attention that Forex trading always comes with is a high risk. No one can be sure in getting some profit and this is regardless of what experience you have. If somebody says you that it is enough just to have some experience and after all you will be able to make some profit, this is not true. Even the most experienced traders are never sure whether they will get some income of not. And this is unrelated to the speed on execution.
    As to IFOREX, I do not advise you to trade with the broker who is from Cyprus, Greece, Virgin island companies. They are real bucker shop! They will take your money. If you are looking for a reliable broker, it is better to trade with the ones who are regulated with the US regulatory such as CFTC OR THE UK, the NFA, Regulatory the SFA. Regards

  3. Azad Ali:

    Is iForex call center is not available for India? Every time I try to call their customer service on number
    022-43515678, I got the only message that “our office is close today due to bank holiday.” There is really something wrong with this company.

  4. p bop:

    I have no idea whether this company is real. I opened my account with $100. They promised me all the feedback, but they do not provide with direct contacts. I have sent to them many email as well as filled out many forms. But I did not get any replies. I have been waiting from this company a reply. I think this is a fraud company.

  5. Sudipto:

    To Szabo from Budapest. I have no idea how they are operation in Budapest, but here in Indian they are just cheating the peoples. There is not help for us from their customer services. Once you have deposited your money, you can forget about getting helped. They state that they have the spread for EUR/USD of 2 pips and you can check this information on their website, however it is really 5. They will not reply your emails, but will send you various promotional offers. I opened a live account with them and they could not update my document, so I had to resend them twice. I did not have much experience at the time I traded with them, so I cannot really blame them in my losses.

  6. Pradeep:

    Thanks to all traders for their honest reviews. I am also going to check the other information on the Internet about this company before I get account with them and deposit some money. If you need to find some IP, you can ask the government authorities who are able to trace any ip location. If they want to provide a better security, they really should do it.

  7. Saanton:

    I have spent Euro100 to open my account just for practicing within 10 day and after this time their consult asked me to pay more to open a live account with them. I was trying to explain them that I did not have much experience and did not feel comfortable about opening a real account. And one woman, who has a name Maya, told me that I have to leave their company because she just wastes her time on me! What can I get from this situation is that this company is only looking for people who can give them their money easily. They force people to make false moves. I recommend you to leave this broker and search in some other places for more reliable services. I wish you all luck,

  8. Amit:

    Iforex is a scam company. If you like to know they address that will tell you that they are based in Greece and their call center is in Mumbai, but they will not give you any information on their address in India. And this is I guess because according to RBI rules FOREX trading is illegal in India. I have no idea why there are some companies like this operating in India. You can ask them if trading is legal in India and you will not get a reply from them. What they will tell you is that it your business whether you want to trade in India on not.
    I do recommend you not to open an account with this kind of company. In case if you run into some problem with them, you will not get a thing. And this is because their activities are not legal. Even if you right on 100%, you will get nothing. I really advise you not to open a live account with Iforex. They are clearly cheating the traders. I along with my friend got a very bad experience with this. If you are looking to a reliable trader, then I can suggest you to open an account with http://www.forex.com or http://www.fxcm.com. They are in the listed companies and their will be able to fill out all the documentation in the proper way.

  9. Szabo:

    Dear traders,
    First of all I would like to bring you attention to the fact that you do not have much experience in trading on Forex marker. I myself is employed by Budapest branch of this company and I can say that we have a lot of satisfied with our services clients. I think you understand a very important matter: Forex trading is not about luck and you need to gain some experience in order to become a good trader.
    @Mr. HELMUT from SWEDEN As I can see from the records, Mr. Ahmed (who by the way sits just near to me) is from Egypt. He can speak seven languages. We also have some Indian employees. For your information, we have everything recorded and we can see this information very clearly. There are people who do need to spend a lot of time of practice, practice and again practice. After they have spent some time practicing, they can become good traders.
    Now, I want to clarify things about the lady who stated that she lost her money or the records that were erased from her account. This just could not be so. You belong to the category of people who all the time tells horrible stories making other people to believe in them.
    Demo and training costs nothing seeing because this is your right to ask for the money during the demo period. The FX market is not for traders with EUR200 to invest from the piggy bank or other little amount that they have saved. If you want, you can check on the Internet the information about us and great reviews that we deserve. This is a perfect place to practice.

  10. Pieter Dauw:

    I have nothing bad to say about this broker. Currently I am covering up all living expenses trading with this broker. I am not a user credit card, but what I use is my bank account. I can withdraw every day, ones it has been approved. Hey, people with bad experience, are you sure that we are talking about the same broker. I have been trading with them for a few years and have never met such problems as you have. They were established in 1996. My earning per month this them reaches about Euro6,000.

  11. Sunshine:

    Thanks you all for the review.
    This is what I got today
    Thank you for our company, your gateway to the international Forex market.
    As a new customer, we would like to invite you in our unique training program.
    This program involves a session with one of our greatest specialists and will take you 20 minutes only. In this session you will gain useful knowledge about Forex trading.
    By participating in our training program, you will get the information on how to successfully manage your trading as well as get the comprehensive explanation on all the tools that we use.
    See the enclosed for further information.
    On 1th of February 2011 you will get your 1-to-1 personal training session with one of our best specialist.
    So, guys, I am going to let you know after who it went. Once I got registered with them, they called me, but asked them to call me back the next day. I wanted to make some research on this company. I am wondering if credit card is fine with them.

  12. Helmut:

    Somebody from iForex called me, explaining that he was my personal trainer. So this is how the conversation went: I was already looking for my credit card, but finally I realize something strange. Ahmed told me that he was calling me from Hungary, but I speak a bit Hungarian, so I made a little test for him. I do not think that they even use their real name. There is no way that Arabian can have such a distinct Hindu accent. Moreover, I am sure I heard many people speaking Indian language, which made me doubt even more. So, in the end he asked me for some money and this was for opening a demo account with them. I am going to resist Ahmed’s attack tomorrow…he was probably nice but this is not enough for me.


    I requested to get my money but even after six weeks I still did not get them.

  14. siju:

    I think they are a fraud company. My first deposit was of $100. I bought something and got the increased balance. In just a little time all of my money simply disappeared. I wrote them via email and did not get a reply. I got a call from their manager, who explained me how to trade. I decided to act cleverer and deposited only $50. For three hour I have been trading with Euro and Gold and in about 2 and half hours my account reached $300. Clearly I was very happy and wanted to get my money, but I was asked to send some confirmatory documents. I was told that I would get the money in 10 days. But suddenly all my balance disappeared. I was shocked for a moment. I think this business is cheating. Do not give them you money. If you want to trade, them use hedge equities, ICICIbank, and other known Indian trading brokers

  15. Madhukar Deshmukh:

    Dear Sir,
    Iforex is getting a great advantage from inexperienced traders.
    1. They want you to give them $100 just to check their demo platform. If you want you can open an account with other broker for just $50 or eve $25 if you have a live account with them.
    2. Their spread is 5 pips on EUR/USD and you can find spreads of 1 or 2 with other brokers.
    3. they would tell you that you need to deposit a min, of $100 to activate your account. They need first of all you to deposit on their real account and only after with they will give you an access to their demo account. They provide some training to teach you how to trade. Only after you have completed your learning you can trade with them. They give you an option to withdraw your $100 if you do not want to continue with them. I asked them whether they can let me talk to somebody who got their money back or a happy with them client, so how can I trust you?

  16. Lucky:

    I am another victim of iForex. Please avoid them. They are lying to people. You will only lose your money with them. I advise to avoid any forex trading website. They will not tell you the whole truth. You will pay them, and they will never reply you back. The only way to talk to them is call them by phone. I have a bad experience with them. Their head Eshkol never reads clients’ complains and never replies to them.

  17. Mark Mest:

    I have just read some of your comment. I did not have some problems. I think first of all, you should train yourself to become good traders as if you are not you will naturally lose your money. Try to read the new and practice in trading. Only this is the way to make money on Forex market.
    iForex is not a scam! This broker is regulated in European Union! This information is published on their website. I like them. I have earned much money with them.

  18. Jayaprakash:

    Just looking for some information on an authenticated agent for Iforex.

  19. Paresh:

    iFOREX_India: Welcome to IForex! Let me to introduce myself as your chat representative.
    iFOREX_India: How can I help you?
    Paresh: hi
    Paresh: I need the information on how can I deposit
    Paresh: hello
    Paresh: are you there
    iFOREX_India: hello, how can I help you
    Paresh: hello, what is the minim deposit
    iFOREX_India: You need to deposit a min. of $100 to activate your account. After this, you will be provided with our demo account, and 1-to-1 training to learn how to trade. After you become an experienced trader, you will get an access to your $100 that you have deposited. If you do not want to continue with us, you money will be returned on your account.
    Paresh: how can I get my money
    Paresh: I came to know from Dr.Modi
    Paresh: who is trading with u
    iFOREX_India: i did not understand you
    Paresh: can u ask somebody to call me
    Paresh: Please are you there
    iFOREX_India: yes sir
    Paresh: when
    iFOREX_India: who is your account manager?
    Paresh: can you tell me who account manager for Dr. Modi’s is
    Paresh: name
    Paresh: nobody called me, but I was referred by Dr.Modi
    iFOREX_India: ok
    iFOREX_India: please wait I am checking
    Paresh: ?
    Paresh: are you here
    iFOREX_India: yes sir
    iFOREX_India: i will arrange call for you
    Paresh: can you please call me after 7.30 today
    Paresh: where your office in India
    iFOREX_India: in Mumbai
    Paresh: where
    iFOREX_India: Malad
    Paresh: can you add me?
    iFOREX_India: I am sorry about that
    Paresh: you
    Paresh: can you give me your details?
    Paresh: please
    Paresh: because I am trading with Alpari
    Paresh: and they have off in Mumbai
    Paresh: BKC
    Paresh: ??
    Paresh: hello
    Paresh: is this how you deal with your customers?
    iFOREX_India: sir I will arrange a call for you for this
    Paresh: why cannot you tell me
    iFOREX_India: we do not give addresses
    Paresh: ok
    Paresh: are you regulated
    iFOREX_India: we have more than 30,000 customer and all of them are happy with us.
    Paresh: ok
    Paresh: but are you regulated?
    iFOREX_India: further details please ask your account manager.
    Paresh: ok
    Paresh: who is CEO in your company
    Paresh: I need to know this all, to know if can trust you.
    iFOREX_India: yes sir I understand
    Paresh: so who is you ceo
    Paresh: ?/
    Paresh: ok who is the owner of your company?
    Paresh: are you there
    Paresh: there
    Paresh: I am going to invest
    Paresh: $5000
    Paresh: today if I get all answers
    Paresh: ok
    Paresh: I got the answer that you all are frauds
    Paresh: from many websites
    Paresh: through you blogs
    iFOREX_India: wait
    Paresh: what
    iFOREX_India: Sir, the people who lose their money often say we are fraud if see the market has fallen by 800 pips during a month
    Paresh: ok
    Paresh: then
    iFOREX_India: if you are a good trader, you will not lose your money. If you do not how to trade on the market, you will certainly lose your money
    Paresh: but I have read on the blogs about problems with withdrawals
    Paresh: u might not give me back your money
    iFOREX_India: If the information is correct, the money is sent within 8-10 working days.
    iFOREX_India: Please remember that our competitors can also make some comment on blogs, which we do not do
    Paresh: but you cannot tell me if you are regulated.
    Paresh: I think this can be happening only if a company is not good with assets and investments
    iFOREX_India: Sir, if you have read on regulations of this market, you should understand that this is totally unregulated.
    Paresh: I know the market and I think that that broker must be regulated
    iFOREX_India: Sir, we are not an investment company but are trading company. This is referred to as Formula Investment House ltd.
    Paresh: ok this is the name but what is the regulator?
    iFOREX_India: we are registered in British Virgin land Greece Athens.
    Paresh: Greece and Virgin Island are two different countries
    Paresh: so this is not a good proof
    iFOREX_India: Sir, if you want we can send you our agreement where from you can see the all information on our company. If you accept all our terms and conditions we can go on further.
    Paresh: this agreement will be between you and me
    Paresh: but this is not the fact that you are registered somewhere.
    Paresh: can u give me any membership number of your company
    Paresh: do you understand it
    Paresh: I think you do not have more to say

  20. Sajan:

    Review on Iforex) . It has been read by many fooled traders. They simply stole their money. If you just search some information on the Internet about them, you will find low rating on them and the comment that they are fraud.
    There is no regulation for them, so you will not be able to give your complain. All you can do is just to make a bad review on them.
    Check out these testimonies
    babypips.com [http://forums.babypips.com/forextown/28152-iforex-com-scam-what-your-experience.html#post137969 ]
    Do not believe this broker! I swear you about this. I traded with them for a year.
    Reviews from trade2win.com
    “iforex is taking people’s money. I am sure they are scam.
    -When you are getting a good profit, they will not let you to close your trade.
    -They can manipulate their platform
    -They give you the password which you will not be able to change
    -Their office address in the tutorial different from the one on their website
    -They will ask you to send a scanned copy of credit card, which is dangerous thing. No one does that.
    -They promises 2 pips and give 3 pips on the demo, but on live trade account you will be charged with 5 pips.
    -If someone calls from Greece, it always the same person with local Mumbai accent.( do think they are from Mumbai)
    -The Guy calling from Greece (as he says) admitted that he gets a commission from deposits. So he asked me to tell Iforex team that he forced me to increase my deposit
    -They would not give me their address in Mumbai
    -No regulatory for Iforex.com
    - They platform is not reliable, you can check
    forexpeacearmy.com [http://www.forexpeacearmy.com/public/review/www.iforex.com]
    Iforex is fooling people. They are cheating people. Many traders from Asia Pacific region lost their money because of them. The company states that is located in Athens, but according to it tutorial documents, it is based in Virgin Islands. There are many gaps and proofs of frauds, but unfortunately new traders are not experienced enough.
    forextopten.com [http://forextopten.com/iforex/comment-page-1/#comment-1428]
    Everything is scam, they are liars and fraud. Iforex steal the money from the people. I think all positive reviews are written by this broker itself.
    Trade with iforex, if you cannot wait to lose all your money
    compareforexbrokers.com [http://www.forexbrokercomparisons.com/reviews/iforex-broker/ ]

  21. Neeraj:

    Iforex is a total scam and not a trading company. You can easily confirm this information if you do some search on the Internet. You will deposit your money with them and will never see them again and the worst thing is that you will not be able to do anything about that. They can do some tricks with your account so that you lose your money. If you win something, they will delay withdraw by all means. They are liars. Beware of this broker. They state that they have offices in several countries, but will not give you their addresses. They probably protect themselves from fooled traders.

  22. Donatus Williamson:

    I like this broker because if you have a live account with them, you will get every day a good forecast of four pairs. These forecasts are good. If you trade with them, you can make $1000 a week with just a $100 of deposit.
    The withdrawals are fast and easy. I want to share my great experience with them. You can open an account and try them for a month to make sure that they are a good broker.

  23. sood:

    People saying all bad things ,i think have not traded with ,they are very helpful and have helped me in getting all the money back which i lost earlier…..u r doing good job dudes,keep it up

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