iFOREX's international site (iforex.com) is operated by Formula Investment House Ltd, licensed by the BVI Financial Services Commission; its EU company, ICFD Ltd, is licensed by CySEC (143/11) for iforex.eu. It uses its own trading platform, offers negative balance protection and a welcome bonus of up to $500 (two 50% steps of up to $250 each) that's non-withdrawable. Maximum leverage and minimum deposits vary by region and aren't published on its general pages.
- Costs2.2
- Trading conditions3.3
- Safety3.6
- Bonuses4.5
- Platforms and tools3.0
Best for Beginners who want a simple single-account platform
Pros
- Negative balance protection
- Deposit bonus available
- Local-language support
Cons
- Lower maximum leverage (400:1)
- Higher minimum deposit ($100)
- Offshore licence: limited investor protection
- Max leverage
- 400:1
- Min deposit
- $100
- Bonus
- 50% deposit bonus
- Negative balance protection
- Yes
- Stop-out level
- 0%
- Platforms
- Own platform
Facts checked 4 November 2026How we score
Compare iFOREX side by side with other brokers
iFOREX bonuses and promotions
| No-deposit bonus | None |
|---|---|
| Deposit bonus | New clients: 50% on first deposit (max $250) plus another 50% (max $250) after verification and a first trade in the app; total cap $500; not withdrawable |
| Rebates and loyalty | None |
| Other promotions | None |
Bonuses as published on each broker's official pages. Terms change by country and over time, so check the broker's site before you sign up. N/A means no published information was found. checked 2026-10-31.
iFOREX key facts
| Max leverage | 400:1 |
|---|---|
| Min deposit | $100 |
| Bonus | Welcome bonus: two 50% steps, up to $500 in total |
| Account types | 1 account type |
| Platforms | Own platform |
| Licence | BVI FSC |
| Bonus offered | ✓ |
| No-deposit bonus | None |
| Deposit bonus | New clients: 50% on first deposit |
| Negative balance protection | ✓ |
| Stop-out level | 0% |
| USD/JPY spread | 1.8 pips |
| EUR/USD spread | 1.1 pips |
| EUR/USD spread (low-spread account, no commission) | No such account |
| Gold spread | 68 pips |
| USD/JPY spread (raw account) | No such account |
| EUR/USD spread (raw account) | No such account |
| Commission (per lot, round turn) | No such account |
| Withdrawal time | Processed within 2 business days |
| Deposit & withdrawal methods | Bank wire, credit/debit cards and e-wallets |
| ECN account | ✗ |
| Cent account | ✗ |
| Scalping allowed | ✓ |
| EAs allowed | ✗ |
| Copy trading | ✗ |
| Swap-free | ✓ |
| Crypto CFDs | ✓ |
| Stock CFDs | ✓ |
| Local-language support | ✓ |
| Rebates and loyalty | None |
Verdict
iFOREX is an older brand with its own platform rather than MT4/MT5, negative balance protection, and a modest welcome bonus capped at $500. Its international company is licensed in the British Virgin Islands; the EU arm has a CySEC licence that covers only EU clients. It publishes less detail on costs and leverage than most brokers we cover.
Good for: beginners who want a simple proprietary app and an account manager; traders who value negative balance protection.
Not for: MT4/MT5 or EA users; traders who want published spreads, leverage tables or raw-spread accounts.
Company and licence
| Company | Regulator | Licence | Website |
|---|---|---|---|
| Formula Investment House Ltd | BVI Financial Services Commission | Not shown on the footer (licence PDF linked) | iforex.com |
| ICFD Ltd (“iFOREX Europe”) | CySEC, Cyprus | 143/11 (since 23 May 2011) | iforex.eu and other EU domains |
Both companies are named in the iforex.com footer, and the EU one is on the CySEC register as ICFD Ltd (previous name iFOREX (Cyprus) Ltd). Treasury and back-office services are provided by Formula Investment House B.O.S. Ltd.
What the BVI licence protects: a supervised, audited investment firm. What it doesn’t: the EU’s investor compensation and leverage caps apply only to ICFD Ltd’s clients. See offshore vs regulated brokers and broker licences explained.
Accounts, costs and leverage
iFOREX doesn’t publish account tiers on its general pages. Its trading conditions page explains:
- No commission: the cost is the spread (shown per instrument on the platform)
- Overnight financing uses interbank rates plus a mark-up that starts at 0.75% a year on currency pairs
- Margin close-out: positions are closed when equity falls to the maintenance margin, 20% of used margin
- Its worked examples use 0.25% margin on USD/JPY (400:1) and 0.5% on gold (200:1); these are examples, not a published maximum
Funding and withdrawals
From the payments FAQ: methods include cards, bank wire and alternative methods depending on your country; minimum deposits vary by region and method; iFOREX doesn’t typically charge deposit fees; withdrawals usually go back to the deposit method and are processed “within a few business days after approval”. Exact times aren’t published.
Bonus
From the welcome bonus page, for new clients who have never traded with iFOREX:
| Step | Bonus | Cap |
|---|---|---|
| First deposit | 50% | $250 |
| After document approval and a first trade in the iFOREX app | Another 50% | $250 |
| Total | $500 |
The bonus is a trading bonus for margin only and can’t be withdrawn; profits made with it can be. If you withdraw any funds while holding the bonus, it may be removed. See how bonus rules work.
Risks and open questions
- Maximum leverage and minimum deposit for international clients (region-dependent, not published)
- Withdrawal processing times
- The BVI licence number (in a PDF we didn’t review)
Bottom line
iFOREX suits beginners who want a guided, app-based experience with negative balance protection.
On the bonus maths: the first step pays 50% of your first deposit up to $250, so a $500 first deposit earns the full $250 and a $200 deposit earns $100. Because a withdrawal while you hold the bonus may remove it, plan to leave the deposit in place while you use the credit. Before you deposit, ask iFOREX for the maximum leverage and minimum deposit that apply in your country, since they aren’t published, and keep the reply. Written answers from support are useful if the terms you’re shown later differ. A demo account on the iFOREX app is also a good way to see its platform before you commit any money. If you want transparent spread and leverage tables, MT4/MT5 or a large bonus, other brokers fit better.
Compare: beginner brokers, bonus brokers.
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Frequently asked questions
Is iFOREX regulated?
Yes. Formula Investment House Ltd, which operates iforex.com, is licensed and supervised by the British Virgin Islands' Financial Services Commission. The group's EU subsidiary, ICFD Ltd, is licensed by CySEC under 143/11 and runs iforex.eu and other EU domains.
What is the iFOREX welcome bonus?
For new clients: 50% of the first deposit up to $250, plus another 50% up to $250 after your documents are approved and you make your first trade in the iFOREX app, so $500 at most. It's a trading bonus for margin only and can't be withdrawn.
What happens to the iFOREX bonus if I withdraw?
iFOREX says that if you withdraw any funds while you have the trading bonus, the bonus may be removed from your account.
Does iFOREX have negative balance protection?
Yes. iFOREX says clients are protected from negative balances and can never lose more than they deposited.
Can I use MT4 or MT5 with iFOREX?
No. iFOREX uses its own web and app platform rather than MetaTrader, so MT4/MT5 expert advisors and indicators won't run there.
