- Who is the iFOREX Group?
- Who is iCFD Limited?
- Why is important to trade with a regulated Investment Firm?
- 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 centers around the world.
A: iCFD Limited is a member of the iFOREX group, and is a registered Cypriot Investment Firm (CIF), regulated by the Cypriot Securities & Exchange Commission (CySEC ) under license number 143/11. iCFD Limited's license is subject to the Cyprus Investment Services and Activities and Regulated Markets Law of 2007, which harmonized the relevant laws of the Republic of Cyprus with the requirements of the European Parliament's Markets in Financial Instruments Directive (MiFID) to ensure a high level of protection for investors and that the services clients receive comply with applicable regulations.
When trading with a regulated firm, clients are assured of the security, transparency and integrity of their daily transactions. As a licensed investment firm, iCFD Limited activities are supervised by the Cyprus Securities and Exchange Commission, better known as CySEC. CySEC is the supervisory body of Cypriot investment firms and is a member of the European Securities and Markets Authority (ESMA).
As a licensed investment firm, iCFD Limited is under stringent requirements, set under the Cypriot Regulated Markets Law of 2007 (Law 144(I)/2007) which implement the requirements of MiFID (the EU directive governing financial services) in Cyprus.
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.
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 individual's needs. For more information on account types or our different 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. Minimum transaction size for a new account is €2,000 (or the equivalent), with up to 400:1 leverage.
A: iFOREX provides various means of online and offline funding methods 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 your name, telephone number and your request. Alternatively, call +357 25204600.
A: The billing name on credit card transactions will appear as 'iforex.com'.
A: To withdraw funds from your account, kindly Login to your account and generate a Withdrawal Request from the withdrawal page.
Requests to transfer funds to 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 or 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 6 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 immediately to our compliance department for immediate processing.
2. Via fax to our compliance department at +357 25204600
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 by 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 a wire transfer will apply).
In the event the credit card you used to fund your account has been cancelled or has expired, 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 E-mail us at firstname.lastname@example.org while providing 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 iFOREX’s sole discretion and applicable laws and regulations.
Should you have any open exposure; the amount you may withdraw will be 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's account.
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 Margin Calls. iFOREX has faith in its clients and allows 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 his/her account.
24 Hours of Trading and Support
iFOREX offers 24 hours a day trading and support services, starting on Sunday night and non-stop until Friday night (GMT).
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.
Have any questions which don't appear on this page? Kindly send them to us by E-mail at email@example.com