iforex.com is operated by Formula Investment House Ltd, an investment firm licensed and supervised by the British Virgin Islands' Financial Services Commission. The group's EU company, ICFD Ltd (CySEC 143/11), serves EU clients only. iFOREX says client funds are held in leading banks, separate from company capital, and that negative balance protection means you can't lose more than you deposited. The BVI licence is offshore: no EU-style compensation scheme or leverage caps cover international accounts. Japan's FSA has warned Formula Investment House (June 2017).
The companies
From iforex.com’s footer and Trade Safe page, read on 2 November 2026:
| Company | Regulator | Licence | Serves |
|---|---|---|---|
| Formula Investment House Ltd | BVI Financial Services Commission | Licence certificate linked as a PDF; listed on the BVI FSC register as “Dealing as Principal” | iforex.com (international) |
| ICFD Ltd (“iFOREX Europe”) | CySEC, Cyprus | 143/11 | EU clients |
| Formula Investment House B.O.S. Ltd | n/a | n/a | Treasury and back-office services |
The BVI FSC’s register of regulated entities lists Formula Investment House Ltd. We didn’t review the licence PDF, so we don’t quote a licence number. The CySEC register lists ICFD Ltd (formerly iFOREX (Cyprus) Ltd).
What the BVI licence does and doesn’t do
Does: puts a licensed, supervised investment firm behind your account. iFOREX says that under the FSC it is “continuously audited and reviewed”.
Doesn’t: bring the EU’s investor compensation fund, EU leverage caps or a statutory compensation scheme to iforex.com accounts. Those apply to ICFD Ltd’s EU clients only. The BVI regime is offshore and lighter than EU, UK or Australian supervision. See offshore vs regulated brokers and broker licences explained.
Protections iFOREX describes
- Segregated client money: “Client funds are stored in leading banks, fully separated from company capital”. The banks aren’t named: segregated funds and client protection.
- Negative balance protection: losses are limited to the funds in your account, and iFOREX says slippage doesn’t affect this: negative balance protection explained.
- Margin close-out at 20% of used margin, closing the largest-margin deal first: iFOREX leverage.
- Account security: encryption, optional two-factor authentication, and a policy of never cold-calling clients.
Regulator warnings
Japan’s Financial Services Agency lists Formula Investment House Ltd (service name iFOREX), warned in June 2017, and iFOREX Co., Ltd, warned in January 2011, among unregistered overseas firms soliciting Japanese residents (FSA list of unregistered firms). The warnings concern Japanese registration, not fraud, but they show the group has marketed beyond its licences. Background: Japan’s FSA warning list explained.
Impersonation risk
iFOREX warns about fake sites using its name, including iforexbonus.com, iforexindia.com, iforextradings.com and iforextraders.co.in. It says staff will never ask you to install anything other than the iFOREX app, never request card details or passwords by phone, and use only official iFOREX e-mail addresses. Report doubts to cs@iforex.com: scam check guide.
What to check yourself
- The BVI FSC licence of Formula Investment House Ltd, on the regulator’s register
- That your client agreement names the BVI company, not the EU subsidiary (CySEC 143/11)
- Which banks hold client money, which iFOREX doesn’t publish; withdrawals take “a few business days after approval”
Practical steps
- Check your country isn’t on iFOREX’s restricted list: open an iFOREX account.
- Verify early and make a small test withdrawal: iFOREX withdrawals.
- Remember that a withdrawal may remove your bonus: iFOREX bonus.
| Broker | Licence | Visit broker | ||
|---|---|---|---|---|
 XMFeatured | 4.9/5Editorial rating | FSC Belize | ✓ | Visit |
 iFOREX | 3.1/5 | BVI FSC | ✓ | Visit |
 easyMarkets | 3.7/5 | EF Worldwide Ltd, FSA Seychelles securities dealer | ✓ | Visit |
 Axi | 3.5/5 | AxiTrader LLC, registered in St Vincent and the Grenadines | ✗ | Visit |
Compare licence strength on the safest brokers list. Back to the iFOREX review.
Related
Is it safe? at other brokers
Frequently asked questions
Is iFOREX regulated?
Yes. Formula Investment House Ltd, which operates iforex.com, is licensed and supervised by the BVI Financial Services Commission. Its EU sister company ICFD Ltd holds CySEC licence 143/11 for EU clients.
Does the CySEC licence protect international clients?
No. It covers ICFD Ltd's EU clients. Accounts opened on iforex.com are with the BVI company, so EU investor compensation and leverage caps don't apply.
Is my money segregated at iFOREX?
iFOREX says client funds are stored in leading banks, fully separated from company capital. It doesn't name the banks.
Can I lose more than I deposit with iFOREX?
No. iFOREX's negative balance protection limits losses to the funds in your account, including after slippage.
Has any regulator warned about iFOREX?
Japan's Financial Services Agency lists Formula Investment House Ltd (service name iFOREX) among unregistered firms it warned in June 2017, and iFOREX Co., Ltd in January 2011. These concern soliciting Japanese residents without registration.