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iFOREX Review 2024

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg

June 14, 2024

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Our research found that iFOREX, previously known as Vestle, is an average option for forex and CFD trading. While it offers a solid proprietary platform and good mobile trading apps, the absence of popular MetaTrader platforms and advanced educational resources makes it a less attractive choice for advanced traders. With 88 forex pairs and 750 tradeable symbols, iFOREX provides a decent range of trading options, but there are better choices available for more comprehensive trading needs.

Overall Rating

7.0 / 10

Minimum Deposit

$100

Trust Score info

Average Risk

Pros and Cons

thumb_up_off_alt Pros

Proprietary Platform: iFOREX offers its own proprietary platform, providing a unique trading experience.
Mobile Trading Apps: The broker's mobile trading apps are well-rated, ensuring good functionality on the go.
Multiple Payment Options: iFOREX supports various payment methods, including bank wires, Neteller, PayPal, credit cards, and Skrill.

thumb_down_off_alt Cons

No MetaTrader Platforms: iFOREX does not offer MetaTrader 4 or 5, which are preferred by many traders.
Limited Educational Resources: The broker does not provide advanced educational videos.
No Copy Trading: iFOREX does not support copy trading, limiting options for beginners looking to follow experienced traders.

Ratings Summary

Investment Types - 7.0/10
Commissions & Fees - 6.0/10
Trading platforms - 7.5/10
Research - 6.5/10
Mobile Apps - 7.5/10
Education - 6.0/10
Overall - 7.0/10

Can I trust iFOREX?

iFOREX is moderately trustworthy. It is authorized by MiFID via the CySEC license from Cyprus. According to ForexBrokers.com, iFOREX's trust score is 75, indicating an "Average Risk".

iFOREX is currently licensed and/or authorised by the following regulatory bodies:

Tier-1 Regulators - regulated in the European Union via the MiFID passporting system
Tier-2 Regulators - None
Tier-3 Regulators - None
Tier-4 Regulators - BVI Financial Services Commission (FSC)

Is iFOREX good for beginners?

iFOREX is a mixed choice for beginners. While it offers beginner education videos, it does not provide advanced education resources. The broker's rating for education and beginners is average.

Feature	iFOREX
Education (Forex or CFDs) info	No
Client Webinars info	No
Videos - Beginner Trading Videos info	Yes
Videos - Advanced Trading Videos info	No
Investor Dictionary (Glossary) info	No

iFOREX commissions and fees summary

iFOREX's commission and fee structure is below average. It does not charge an inactivity fee, which is positive. However, it does not offer VIP discounts and its spread costs are not disclosed. With an average rating for commissions and fees, investors may find better options elsewhere.

Feature	iFOREX
Minimum Deposit info	$100
Average Spread EUR/USD - Mini info	N/A
Average Spread EUR/USD - Standard info	N/A
All-in Cost EUR/USD - Active info	N/A
Active Trader or VIP Discounts info	No

iFOREX trading platforms and tools

tips_and_updates Did you know? Trading platforms comparison

Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.

iFOREX offers a proprietary trading platform and good mobile trading apps. However, it does not support MetaTrader 4 or MetaTrader 5, which may be a drawback for some traders. Overall, its platforms and tools are rated as average.

Trading platforms offered: iFOREX provides a proprietary platform.

Trading tools: Basic trading tools are available.

Copy trading: Not available.

Feature	iFOREX
Virtual Trading (Demo) info	No
Proprietary Platform info	Yes
Desktop Platform (Windows) info	No
Web Platform info	Yes
MetaTrader 4 (MT4) info	No
MetaTrader 5 (MT5) info	No
DupliTrade info	No

Mobile trading apps at iFOREX

iFOREX's mobile trading apps are well-rated, offering good functionality and ease of use. This makes them a solid choice for traders who need to manage their accounts on the go.

Feature	iFOREX
Android App info	Yes
Apple iOS App info	Yes
Mobile Economic Calendar info	No
Mobile Alerts - Basic Fields info	No
Mobile Charting - Draw Trendlines info	No
Mobile Watchlist info	No

How do I open an account with iFOREX?

Visit the iFOREX website.
Click on the "Open Account" button.
Fill out the registration form with personal details.
Verify your identity by uploading the required documents.
Fund your account using one of the available payment methods.

What can I trade at iFOREX?

iFOREX offers a moderate range of trading options with 88 forex pairs and 750 tradeable symbols. Compared to the industry average of 3623 tradeable symbols, iFOREX's offering is limited.

Feature	iFOREX
Tradeable Symbols (Total) info	750
Forex Pairs (Total) info	88
Social Trading / Copy Trading info	No
Cryptocurrency (Physical) info	No
Cryptocurrency (Derivative) info	Yes
Spread Betting info	No

Account funding at iFOREX

iFOREX supports a variety of payment methods including bank wires, Neteller, PayPal, credit cards, and Skrill.

Feature	iFOREX
Visa/Mastercard (Credit/Debit) info	Yes
Bank Wire (Deposit/Withdraw) info	Yes
PayPal (Deposit/Withdraw) info	Yes
Skrill (Deposit/Withdraw) info	Yes
Neteller (Deposit/Withdraw) info	Yes

About iFOREX

iFOREX, founded in 1996, is a brokerage firm offering forex and CFD trading. It is regulated in the European Union via the MiFID passporting system from its CySEC license in Cyprus. The broker aims to provide a reliable trading environment through its proprietary platform and mobile apps.

Compare iFOREX

See how iFOREX stacks up against other brokers.

iFOREX vs FXCM iFOREX vs HYCM (Henyep Capital Markets) iFOREX vs AvaTrade iFOREX vs Vantage iFOREX vs FinecoBank iFOREX vs Octa iFOREX vs Trading 212 iFOREX vs ThinkMarkets iFOREX vs ActivTrades iFOREX vs IC Markets iFOREX vs TMGM iFOREX vs CMC Markets iFOREX vs Libertex (Forex Club) iFOREX vs Markets.com iFOREX vs Eightcap iFOREX vs Moneta Markets iFOREX vs FXGT.com iFOREX vs eToro

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.