IFOREX – A Quick Review

IFOREX is an international company that has many different branches. The broker will offer trading in foreign currencies as well as trading in silver and gold. When opening an account or withdrawing money, you will notice that it can be a bit heavy. Although you will only need to fill out forms once, you will notice that the process can be a bit hectic.

This trading option will provide you with all that you need to do a do a small amount of trading. This broker will have no obvious advantages and no real bad disadvantages. Although the company is familiar with the markets, it will not be able to offer you any new innovations or challenges. You have two trading platforms to work with. One must be downloaded onto your computer and there is another one that lets you trade over the internet that doesn't require a download or an install. Both of these platforms are very much like. There are no real significant different that distinguish them apart.

People who are looking for a convenient trading program will not be overly excited by the two platforms available from this broker. You can manage your account and access real time quotes by moving from one screen to another, which means a lot of work and time. The graphs are separated from the trading screen.

"Demo Trading" – Yes. You must install the demo program on your computer. There is a time limit with the program but it can be renewed. Score: 7

Initial Investment – You will be putting down two hundred dollars for a so called "Mini" account and for a "premium" account you will need to put down 2000 dollars. Score: 8.8

Withdrawals and deposits to your account – You will have to fill out a decent amount of paper work when you first open an account. Making deposits frequently is very simple. You can make deposits using a credit card. Deposits can also be done via bank transfer. You can only withdraw money to your banking account. Score: 7

Spread – Main current pairs will receive 3 to 5 PIPS. Score: 8

Stop Point – This is guaranteed, but not during quick market fluctuations. If there’s a big different between your ending and beginning positions, GAP, then do not expect this after the weekend.

Leverage – 1:400. Score: 9

Interest – There are no restrictions whatsoever. There are no restrictions on rollover transactions or on the balance in your trading account.

Regulation – It is regulated by the Apex Foreign Currency Ltd., a subsidiary of "Formula" based in the Virgin Islands.

Trading Tools:

Technical and professional support – Yes but not available 24 hours a day.

Literature, professional articles and on-line tools – Financial diary, SMS alerts, trading tips, calculators

Trading courses – Several trading courses are available to help increase your trading abilities.

Market Surveys and Reviews – Daily reviews.

Trading alerts – No.

Help guide for traders- Trading terminology dictionary.

Number of available foreign currency pairs – Thirty-one foreign currency pairs are available and it is possible to trade gold and silver against the dollar.

Languages – There are sixteen different languages supported by the site.

Online trading room – No.

Personal coaching – Regular clients will be offered this for free.

Free gift and bonuses – None.

Trading platform – You have two options to choose from. You can download a program or you can work and trade right over the internet.

Trading program "friendliness" – The program is very reasonable. It isn't all that sophisticated but you will find worse programs.

"Multi" Program – The program can be used for trading foreign currencies and two commodities.

Advantages – There are few real advantages available when doing business with this broker. For starters, the broker will have a lot of experience and will be considered a serious player in the market. The broker will also be able to offer several trading tools to help you out.

Disadvantages – There are many disadvantages that come with doing business with him. It can be very inconvenient and time consuming to open an account. The trading platforms are nothing to brag about either. The trading platforms available aren't the easiest to use. They become increasing complicated as you move from screen to screen which switching to which currency you wish to trade with. Graphs are basically nonexistent. People who need to see a graph will have to visit the broker's website. Another major disadvantage of this is that there is a lack of twenty four hour support.

Broker’s score: 7.5

Note: that it is possible for a business, broker, or commercial company to change their offers, conditions and terms at anytime. They may also change the bonuses that they offer to their clients. It is possible for a specific broker's offer to vary from what is mentioned in this article. Therefore, you should check with each broker to see whether or not their offer differs from this article.