- Who is iFOREX?
- What tradable products are available at iFOREX?
- What services are offered by iFOREX?
- What are the different accounts offered by iFOREX?
- What is an Islamic Account?
- How is online trading done?
- What is the required minimum deposit for online trading?
- How do I fund my account?
- How will my credit card deposits appear on my card's statement?
- How do I withdraw money from my account?
- Does iFOREX use Margin Calls?
- What are the features that iFOREX has over its competitors?
A: iFOREX is an international group of online trading companies founded in 1996 by a group of bankers and forex dealers. In 2004, with an existing wide client base numbering in the thousands, our multilingual internet-based trading platform was launched. Since then, iFOREX has expanded its client base to tens of thousands, generating trading volume to the tune of hundreds of billions annually. At present, iFOREX employs hundreds of staff in offices located in the major financial centres around the world.
A: There are many tradable products at iFOREX, including:
- CFDs on Shares, Commodities and Indices, including Facebook, Apple, Crude Oil, US 30, Japan 225 (USD), etc.
- Spot and Forward on Currencies and Precious Metals, including the EUR/USD, AUD/USD, EUR/JPY, Gold, etc.
iFOREX also offers Binary Options on many of the above products in specific jurisdictions, subject to regulatory restrictions.
A: iFOREX offers online trading education, 1-on-1 tutorials, technical support, and customer support in an array of different languages. Additionally, iFOREX operates a dealing room for trading foreign exchange, including spot and forward transactions, and CFDs. iFOREX provides clients with direct access to experienced dealers 24/5. These round-the-clock services provide clients with competitive prices and the ability to execute deals quickly at real-time.
A: iFOREX offers traders a variety of accounts tailor made to suit individuals needs. For more information on account types and our recent offers, click here
A: An Islamic Account is an interest-free account which adheres to Islamic Sharia Laws applicable to Forex, Shares, Commodities and Index Trading.
A: iFOREX provides traders the choice of three user-friendly online trading platforms (A web based and a downloadable platform for PC and a mobile trading platform for smartphones).
A: To open a new transaction and trade online, you need a minimum deposit of US$100. The minimum transaction size for a new account is $2,500 (or the equivalent), with up to 400:1 leverage
A: iFOREX provides various means of online and offline fund deposit options for your convenience. These options include:
Bank Wire, Credit Card, Debit Card and eWallets.
For instructions regarding deposits via wire transfer, please e-mail firstname.lastname@example.org and provide details of your name, telephone number and your request.
A: The billing name on credit card transactions will appear as 'iforex.com'.
A: To withdraw funds from your account, simply login to your account and generate a Withdrawal Request from the withdrawal page.
Requests to transfer funds to a third party will not be processed.
Withdrawing funds from an account is only possible upon signing and sending the following documents:
(Documents 1-3 are required only once)
1. Personal identification certificate: passport, driving license or any other government issued document evidencing your name, date and place of birth, citizenship, and bearing your photograph and signature (Front and Back).
2. Proof of current residence: Here are some examples of the documents that can be sent to show your proof of residency:
PO Boxes are not acceptable and the document cannot be more than six months old
3. If you have deposited via Credit Card or Debit Card, please send the copy of both sides of the card as follows:
Note: When sending your credit card copy, we require only a clear view of the last 4 digits of the card, the cardholder name and the expiry date.
4. Withdrawal and credit card deposits confirmation (Click "Continue" in order to generate and print this document)
In order to comply and increase security, the following document sending methods are available:
1. Through our Secure Upload System: This is our preferred choice as it will allow you to send all your documents directly to our compliance department for immediate processing.
2. Through fax to our compliance department at +30-210-374-2536, +30-210-374-2556
Alternatively, you can send your Proof of ID and Proof of Residence by email to email@example.com.
Please do not send credit card details or copies via email.
Funds deposited with credit cards, will be credited upon withdrawal to the card/s, up to the limit of the deposited amount. Any excess funds will be wired to your bank account which details must be provided below ($20 bank fee for wire transfer will apply).
In the event the credit card you used to fund your account is cancelled, the funds will be returned by your credit card vendor to the bank account from which the card was issued.
Should the denomination of the funds withdrawn from your trading account differ from the denomination of your credit card and/or bank account, the amount refunded will be converted by the credit card vendor, using the current local exchange rate at the time.
Should you wish to withdraw funds in a mean different to these described above, kindly email us to firstname.lastname@example.org providing details of your name and contact number alongside your request. Please note that certain regulatory limitations may apply and a withdraw in means different to the means stated above may not be guaranteed and is subject to iFOREXs sole discretion and applicable laws and regulations.
While having an open exposure, the amount you may withdraw is subject to the minimum margin requirements.
A: No, iFOREX does not use Margin Calls.
The Term Margin Call is wide spread among online brokers and it refers to a closure of all open positions by the broker when the level of minimum margin security is breached. The customary minimum level of margin ranges between 1% to 2% during week days, increasing to 3% to 4% over weekends and holidays. As a result, positions may be closed despite a positive free balance in the client account. The iFOREX philosophy is to allow investors to make full use of their free balance as margin for their opened positions, which means that positions will remain opened as long as the investor has a positive free balance in his account.
A: No Commission for opening & closing positions
iFOREX does not charge any commission for opening & closing positions, though there is a spread between the buy and sell rates, which some may view as an indirect cost. The spread between the buy and sell rates is customary in all dealing rooms and online trading platforms throughout the world.
The spread iFOREX offers for spot and forward positions ranges between 0.02% (2:10,000) and 0.05% (5:10,000) for the Major currencies and higher for some exotic crosses or currency pairs which tend to have lower liquidity. Commodities or indices CFDs' spreads vary according to the product.
Full Margin Usage
iFOREX does not operate full Margin Calls. iFOREX has faith in its clients and allow them to use their collaterals in full in favor of their opened positions. Consequently, no deal will be terminated as long as the client has positive free balance in the account.
24 Hours of Trading and Support
iFOREX offers trading and support services 24 hours a day, starting on Sunday night and non-stop until Friday night (GMT).
Special Limit Orders
iFOREX investors have at their disposal several sophisticated trading tools, including one which allows them to place a Limit Order at a better rate, which in turn cancels other orders once executed. Also, investors may pre-determine a Stop Loss or a Take Profit.
It is also possible to gain or risk by setting a pre defined rate with which to open or close a position.
Utilizing Future Profit in Order to Open a New Position
At iFOREX the investor is not obliged to set a stop loss rate. The investor has full control over his or her exposure and so he/she may open new positions based on future profits from existing open position.
Constant up-to-date Account Monitoring Options
This allows the client to view his/her opened positions, collateral and exposure values in real time. This real-time service gives investors full control over his/her portfolio and aids management immensely.
Do you have a question which does not appear in this page? Kindly send it to us by E-mail on email@example.com and we will be glad to add it.