iFOREX Europe review.

Overview

TrueBroker is a free broker safety checker, and this page is our review of iFOREX Europe, scored 5.7 out of 10 across regulation, fees, platform, support and reviews. The single fact worth knowing before anything else: the CySEC licence that covers this brand does not cover everyone who lands on its website. iFOREX Europe is the trading name of iCFD Limited, a Cypriot investment firm, and the firm’s own pages describe a second, non-European entity that non-EEA visitors are routed to instead.

Overview Table

Facts List

• The CySEC register lists iCFD Limited under CIF licence 143/11, licensed 23/05/2011, company registration 254495, with iFOREX Europe recorded as its approved trade name.
• That CySEC licence covers the firm’s European Economic Area clients; visitors from outside the EEA are directed to the group’s non-European subsidiary, which the licence does not cover.
• The BVI Financial Services Commission register lists Formula Investment House Ltd as regulated for Dealing as Principal; the licence number SIBA/L/13/1060 comes from an earlier review of the firm, not from the register export itself, which publishes no licence numbers.
• iFOREX Europe’s own About page refers to the group “gaining a second license” from the BVI FSC in 2013, without naming the licensed entity on that page.
• We searched 1,444 warning-list entries mirrored from CySEC, the FCA and the Mauritius FSC, and iFOREX Europe appears on none of them.
• Two lookalike domains, iforex300.com and www.iforex24.com, are listed by CySEC on its List of Non Approved Domains; CySEC does not name which firm they imitate, and neither is the firm under review here.
• Retail leverage is capped at up to 1:30, per the firm’s own root page for the UAE market.
• The fees page states deposits and withdrawals carry “none to minimal costs on our side,” but an international wire transfer withdrawal costs $20, and a $15 per-quarter inactivity fee applies once an account has sat idle for a year.
• The firm’s mandatory risk disclosure, repeated across the pages checked, states that “80% of retail investor accounts lose money when trading CFDs with this provider.”
• The footer references a “Costs and Charges Document” PDF as the source for full pricing detail, but that document could not be fetched in our evidence, leaving pricing specifics limited to the general “per market conditions” wording on the site.

Who actually holds an iFOREX Europe account

The CySEC register confirms iCFD Limited as the holder of CIF licence 143/11, with iFOREX Europe as its approved trade name. That is a real, checkable European licence. But the firm’s own About page also refers to the group “gaining a second license” from the British Virgin Islands Financial Services Commission in 2013, and does not name the entity on that page. We checked the BVI FSC register directly and found it lists a different company, Formula Investment House Ltd, as regulated for Dealing as Principal. The licence number usually quoted for that entity, SIBA/L/13/1060, is not published in the register export we checked; it comes from an earlier review of the firm, not from the BVI FSC’s own record. A reader who signs up from outside the EEA may be opening an account with Formula Investment House Ltd rather than iCFD Limited, and the protections attached to a CySEC CIF licence do not travel with that account.

What iFOREX Europe charges

iFOREX Europe’s fee page describes its cost structure as spread-based: commission is listed as free across currencies, commodities, shares, indices, ETFs and crypto, with the spread “built into the instrument’s pricing.” Account setup is free, and deposits and withdrawals are described as carrying “none to minimal costs on our side,” with the note that a payment provider may charge separately. Two costs are stated in fixed terms: a $20 charge on withdrawals made by international wire transfer, and a $15 per-quarter inactivity fee once an account has gone a year without activity. Leveraged positions held overnight attract financing charges or credits, applied per instrument at the end of each trading day. The firm’s footer points to a “Costs and Charges Document” for the full schedule, but that PDF did not load in the pages we fetched, so the size of the spread itself is not something we can quote a figure for.

Platform, markets and the demo account

iFOREX Europe trades through its own proprietary web platform, rebuilt with an updated interface in 2023, plus a proprietary mobile app offering charting, risk-management tools and features the firm brands as Pulse and Trading Signals. It is not a MetaTrader offering. The firm’s About page puts the total instrument count at “over 900,” spanning forex, commodities, indices, shares, ETFs and cryptocurrencies including Bitcoin, Ethereum and Solana. A demo account is available with a $5,000 virtual balance, which the firm says uses a “Live-Mirror Protocol” to reflect real bid/ask pricing on the same instrument set as a live account.

Support, and the terms that bind a client

Contact channels include phone lines for general inquiries, customer service and compliance, email addresses split by department, WhatsApp and live chat, alongside local European phone numbers for eleven countries where the firm states it “does not have any physical presence.” The homepage advertises “24/5 Live human support,” while the contact page gives support hours as Monday-Friday, 04:00-20:00 GMT, a narrower window than “24/5” suggests. On the contractual side, iFOREX Europe’s terms state that the firm has the right to change the website from time to time, including adding and/or discontinuing services… at its sole discretion, and that “the customer shall have no complaint, claim, or right to indemnification of any kind” for damage arising from such a change. The same terms say that where the website and the firm’s internal books disagree, “the information recorded in iFOREX Europe’s books shall take precedence,” and that a client who does not supply valid identity documents within 14 days of account activation “may have their account blocked.”

Key Takeaways

The overall number here is 5.7, and it is pulled down hard by fees (3) and pulled up by support (8). That split is the review: this is a broker whose contact channels are genuinely thick and whose pricing page is genuinely thin.

Regulation: a European licence that does not follow every reader

• The CySEC register lists ICFD Ltd under CIF licence 143/11, licensed 23/05/2011, company registration 254495, with iFOREX Europe as its approved trade name. That is a confirmed entity, checked directly against the regulator’s own record.
• That licence covers only part of the readers of this brand. Visitors outside the EEA are routed to the group’s non-European subsidiary, licensed in the British Virgin Islands, which the CySEC licence does not cover.
• The firm’s own About page refers to it “gaining a second license” from the British Virgin Islands Financial Services Commission in 2013, but that page does not name the licensed entity. The number often quoted for that licence, SIBA/L/13/1060 against Formula Investment House Ltd, comes from our earlier review not from the firm’s own pages in our evidence, and the BVI FSC’s own export does not publish licence numbers at all.
• We searched the BVI FSC register directly for this firm and found nothing, but that snapshot is 42 days old and may simply predate this firm’s licensing there, so it is not being treated as an absence.
• We searched 1,444 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, and this firm appears on none of them.
• Two other domains on CySEC’s own List of Non Approved Domains, iforex300.com and www.iforex24.com, sit close enough to this firm’s name to catch a reader who mistypes it. CySEC lists them as unauthorised to provide investment services under any Cypriot licence and does not name which firm they imitate, and they are not this firm.

What iFOREX Europe charges

• The firm’s fee page puts account setup, deposits and withdrawals at $0, describing “none to minimal costs on our side” while flagging that a payment provider may charge separately.
• International wire transfer withdrawal is priced at $20 specifically, per that same fee page.
• An inactivity fee of $15 per quarter applies once an account has gone a year without activity, also per the fee page.
• Spreads across every instrument class we checked, currencies, commodities, shares, indices, ETFs and crypto, are described only as “per market conditions” and “built into the instrument’s pricing,” with commission listed as free across the board. No actual spread figures or ranges appear on the page we read.
• The footer points to a “Costs and Charges Document” PDF as the source for detailed pricing, but that document failed to fetch in our evidence, so the only pricing behind the headline numbers is the general wording above, not a schedule.
• Retail leverage is capped “in line with regulatory requirements,” stated by the firm as up to 1:30.
• The minimum deposit is not published: the fee page tells a prospective client “you can view the applicable minimum once you register.”

Platform and markets

• iFOREX Europe runs a proprietary web platform, not MetaTrader, relaunched with an updated interface in 2023 per the firm’s own About page, plus a mobile app with charting, risk-management tools and an AI trading companion.
• The demo account carries a $5,000 virtual balance and, per the firm, uses a “Live-Mirror Protocol” reflecting actual Bid/Ask prices on the same instrument set as a live account: forex, commodities, indices, shares, ETFs and cryptocurrencies.

Contract terms worth reading before signing

• Under the Change of Conditions clause, the firm states it has the right to change the website from time to time, including adding and/or discontinuing services… at its sole discretion, and that “the customer shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.”
• Under Information reliability and trustworthiness, the terms state that “in all cases of contradiction and/or incompatibility between the information appearing in the website and the information recorded in iFOREX Europe’s books, the information recorded in iFOREX Europe’s books shall take precedence”, so published figures yield to the firm’s internal records if the two disagree.
• The same section disclaims responsibility “for damage of any kind liable to be caused as a result of use of the website and/or of the information presented in it.”
• Under Documentation and AML Rules, clients who don’t supply valid ID documents “within 14 days since the time of their account activations” may have the account blocked until compliance receives them.

Support and two claims that don’t match

• Support channels are genuinely wide: phone lines split by purpose (general, customer service and technical, compliance), email addresses split the same way, WhatsApp, live chat, and local phone numbers published for eleven European countries.
• Those local numbers sit oddly against the firm’s own statement that it “does not have any physical presence” in any of those countries.
• The homepage advertises “24/5 Live human support,” while the Contact Us page states support runs “Monday-Friday, 04:00-20:00 GMT,” roughly sixteen hours a day rather than continuous.
• Every page we checked carries the same mandatory disclosure: “80% of retail investor accounts lose money when trading CFDs with this provider.”

Licenses & Regulation

The Cyprus Securities and Exchange Commission’s register lists iCFD Limited under CIF licence 143/11, licensed 23/05/2011, company registration 254495, with iFOREX Europe named as its approved trade name. That is a confirmed entry against a named regulator, and it is the only licence in our evidence that a reader can check directly against a government register. The firm’s own legal page states the same relationship: iCFD Limited is the regulated investment firm, iFOREX Europe the brand traders see.

What the CySEC licence covers, and what it doesn’t

The CySEC entry is confirmed for iCFD Limited, but it only covers part of the people reading this review. Visitors outside the European Economic Area are routed to the group’s non-European subsidiary, licensed in the British Virgin Islands, which this CySEC licence does not reach. In other words, an EEA client and a non-EEA client using the same “iFOREX Europe” brand are, on the firm’s own routing, dealing with two different regulated entities under two different regulators.

The British Virgin Islands side of Formula Investment House

The firm’s own About page refers to the group “gaining a second license” from the British Virgin Islands Financial Services Commission in 2013, but that page does not name the licensed entity, so a reader cannot check the claim against it alone. An earlier review had put a number to it: SIBA/L/13/1060, held by Formula Investment House Ltd. We checked the BVI FSC register directly and found Formula Investment House Ltd listed there as regulated for Dealing as Principal, which confirms the entity exists on the register. The register export itself does not publish licence numbers, though, so “SIBA/L/13/1060” remains the firm’s own figure rather than one the register shows. That BVI FSC snapshot is also 42 days old at the time of this check, so it may not reflect the current licensing position, and we are not treating its silence on a licence number as evidence either way.

What the warning-list search on iFOREX Europe found

We searched 1,444 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, and none of them match iCFD Limited, iFOREX Europe or Formula Investment House Ltd. Before relying on that empty result, we ran a positive control against all three registers, searching for a firm known to already be listed on each, so that a clean result here means absence rather than a broken search. That result covers only the regulators we mirror, not a global sweep, but within that scope, this firm’s operating entities carry no warning-list entry.

Domains CySEC has flagged that are not iFOREX Europe

The same warning-list check surfaced two entries worth flagging to anyone searching for this broker by name: CySEC’s List of Non Approved Domains includes iforex300.com and www.iforex24.com, both listed as unauthorised to provide investment services under any Cypriot licence. CySEC does not name which firm either domain imitates, and neither domain is iCFD Limited or iFOREX Europe, the naming similarity is the risk here, not a finding against the firm under review.

Terms iCFD Limited sets for itself

The terms and conditions we read give iCFD Limited wide latitude over its own platform and information. Under “Change of conditions,” the firm states it “has the right to change the website from time to time, including adding and/or discontinuing services and/or changing instructions and conditions of use of the website and/or discontinuing the activities of the website in whole or part, at its sole discretion,” and that “the customer shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.” Under “Information reliability and trustworthiness,” the same document disclaims responsibility “for damage of any kind liable to be caused as a result of use of the website and/or of the information presented in it,” and sets out that “in all cases of contradiction and/or incompatibility between the information appearing in the website and the information recorded in iFOREX Europe’s books, the information recorded in iFOREX Europe’s books shall take precedence.” A separate clause on documentation states that clients “who fail to provide such valid copies within 14 days since the time of their account activations – may have their account blocked until such documents are e-mailed or faxed to our compliance department.”

On leverage, the firm’s own root page states retail leverage is capped “in line with regulatory requirements,” giving up to 1:30. Its contact page also lists local phone numbers for Austria, France, Germany, Greece, Hungary, Italy, the Netherlands, Poland, Romania, Spain and Sweden while stating in the same material that it “does not have any physical presence” in any of those countries.

How to Trade

The instrument list comes from the firm’s own market pages: forex CFDs covering major, minor and more exotic pairs, commodity CFDs on metals, energy (crude oil WTI and Brent, natural gas) and agricultural produce, cryptocurrency CFDs on Bitcoin, Ethereum, Solana and others which the firm says trade 24/7, share CFDs “from multiple countries and industries”, index CFDs on “leading capital markets around the world”, and ETF CFDs. The firm’s about page rolls these up into a claim of “over 900 tradable instruments”. Everything is a CFD; there is no stock, ETF or spot crypto ownership on offer.

How iFOREX Europe prices a trade

The fee page for all of these instrument classes gives the same wording: cost is “built into the instrument’s pricing, it reflects the current market valuation and the costs required to provide a CFD for this instrument”, with commission listed as free across currencies, commodities, shares, indices, ETFs and crypto. In other words, the spread is the main cost of trading itself, and the firm does not publish a specific pip or percentage figure for it on this page; overnight financing, a $20 international wire withdrawal fee and a quarterly inactivity fee are listed separately. The footer of the pages we fetched points to a “Costs and Charges Document” PDF as the source for a full pricing schedule, but that document failed to load in our evidence, so no spread numbers can be reported here. A leveraged position also carries overnight financing, charged or credited at the end of each trading day, with the direction and size depending on the instrument and the position’s direction.

Leverage and the accounts that carry it

The firm’s own page states retail leverage is capped “in line with regulatory requirements”, giving a figure of up to 1:30. That page does not separate the EU book from the BVI book, so it is not clear from this evidence whether the 1:30 cap applies to both, or only to the CySEC-regulated entity, iCFD Limited, which is subject to European retail leverage rules. Minimum deposit is not published: the fees page tells a prospective client only that they “can view the applicable minimum once you register”, so the figure that applies to any given trader is not visible before sign-up.

A demo account is available with a $5,000 virtual balance and, according to the firm, a “Live-Mirror Protocol” that reflects actual bid/ask prices, running on the same instrument list and platform as a live account.

The platform itself

Trading runs on a proprietary web platform, not MetaTrader, which the firm describes as its “Unique trading platform” and says was relaunched with an updated interface in 2023. A matching mobile app carries live market access, charting, risk-management tools, an AI trading companion, a “Pulse” feature, trading signals and a “Today’s Opportunity” feature, according to the firm’s own platform page.

Terms that bind an open position

iFOREX Europe’s own terms and conditions give the firm wide latitude over the trading environment itself. Under “Change of conditions” the terms state: “iFOREX Europe has the right to change the website from time to time, including adding and/or discontinuing services and/or changing instructions and conditions of use of the website and/or discontinuing the activities of the website in whole or part, at its sole discretion. The customer shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.” A trader has no contractual recourse if the firm alters or withdraws part of the service.

Under “Information reliability and trustworthiness” the terms also state that “iFOREX Europe is not responsible for damage of any kind liable to be caused as a result of use of the website and/or of the information presented in it,” and separately that “In all cases of contradiction and/or incompatibility between the information appearing in the website and the information recorded in iFOREX Europe’s books, the information recorded in iFOREX Europe’s books shall take precedence.” Read together, these two clauses mean the prices, figures and other information a trader sees on the website are not something the firm will stand behind if its internal books show something different, and it disclaims responsibility for losses tied to reliance on that published information.

Separately, under “Documentation and AML Rules”, the terms state that clients “who fail to provide such valid copies within 14 days since the time of their account activations – may have their account blocked until such documents are e-mailed or faxed to our compliance department,” tying continued access to a trading account to a 14-day identity-verification deadline after opening it.

Account Types

iFOREX Europe does not sell tiered account packages. The firm’s own AE accounts page describes a single account setup, alongside a Demo Account funded with $5,000 in virtual balance at no cost. The demo runs on what the firm calls a “Live-Mirror Protocol”, said to reflect actual Bid/Ask prices, and gives access to the same CFD instrument range and the same platform as a live account: forex, commodities, indices, shares, ETFs and cryptocurrencies.

The firm’s AE fees page states account setup costs $0, with “None to minimal costs on our side” for deposits and withdrawals, though it notes a payment provider may charge separately. That same page puts an inactivity fee of $15 per quarter once an account has gone a year without activity, and a $20 charge specifically on withdrawals made by international wire transfer.

What iFOREX Europe charges to trade

Pricing runs through the spread rather than a separate commission line. The AE fees page lists commission as “Free” across every instrument class shown, currencies, commodities, shares, indices, ETFs and crypto, and states the spread is “built into the instrument’s pricing, it reflects the current market valuation and the costs required to provide a CFD for this instrument.” No specific pip or percentage figures are given on that page. The footer of the site points to a “Costs and Charges Document” as the source for a fuller pricing schedule, but that PDF could not be fetched in our evidence, so we cannot report the numbers it would contain.

Leveraged positions carry an overnight financing charge, applied at the end of each trading day and described as capable of running either as a cost or a credit depending on the instrument and direction of the trade. The AE root page states retail leverage is capped “in line with regulatory requirements” at up to 1:30.

What it takes to open an account

The minimum deposit is not published. The firm’s UK fees page tells prospective clients “you can view the applicable minimum once you register,” so the figure only appears after sign-up rather than on any page we could read. The same page requires that deposits be made using accounts or cards registered in the client’s own name, and identity verification is required before a withdrawal is approved. The terms and conditions add a deadline to that verification step: clients who do not supply valid documentation within 14 days of account activation “may have their account blocked until such documents are e-mailed or faxed to our compliance department.”

Funding methods vary by country of residence and are shown after registration, but the fee pages and legal pages name credit and debit cards, bank transfers, international wire transfer, and electronic payment providers including Skrill Limited, Neteller (cleared via Paysafe Financial Services Limited) and PayPal (Europe) S.a r.l. et Cie, S.C.A., each authorised or licensed in its own right under the UK Financial Conduct Authority’s e-money regime or, for PayPal, under Luxembourg’s Commission de Surveillance du Secteur Financier.

Clients reached from outside the EEA are routed to the group’s non-European entity, which the firm’s own About page says holds “a second license” from the British Virgin Islands Financial Services Commission obtained in 2013, without naming the licensed entity on that page. Whatever account terms apply to that BVI proposition are consequently not disclosed in the material we could read; the CySEC licence held by iCFD Limited under the iFOREX Europe trade name does not extend to those clients.

Negative Balance Protection

iFOREX Europe’s own risk disclosure, repeated on the pages we checked, states that “80% of retail investor accounts lose money when trading CFDs with this provider”. That single line is the firm’s clearest first-hand statement about what actually happens to client money on this product, and it applies before any question of margin calls or account freezes comes up.

The leverage cap iFOREX Europe publishes

iFOREX Europe’s UAE-facing root page states that retail leverage is capped “in line with regulatory requirements,” giving the figure as up to 1:30. A lower leverage cap reduces how much a given price move can wipe out relative to the margin put up, but the page does not go on to describe a margin-call level, a stop-out percentage, or a point at which open positions are automatically closed. The fee pages we read cover account setup, overnight financing, inactivity charges and withdrawal costs, and say nothing about what triggers a forced close-out once losses eat into margin.

Two licences, and which one a client actually gets

The CySEC register we checked lists ICFD Ltd under CIF licence 143/11, licensed 23/05/2011, company registration 254495, with iFOREX Europe recorded as its approved trade name. That licence covers only part of the readership of this brand: visitors outside the EEA are routed instead to the group’s non-European subsidiary, which the CySEC licence does not cover. iFOREX Europe’s own About page refers to the group “gaining a second license” from the British Virgin Islands Financial Services Commission in 2013, without naming the licensed entity on that page. An earlier review of this firm reported that entity as Formula Investment House Ltd, under licence SIBA/L/13/1060. We searched the BVI FSC register directly and it does list Formula Investment House Ltd as regulated for Dealing as Principal, but the register’s own export does not publish licence numbers, so SIBA/L/13/1060 remains that earlier review’s figure rather than something we could confirm on the register itself; the export we checked is also 42 days old. What this means for a client is that which entity, and which rulebook, applies to their account depends on where they are signing up from, and the firm’s own pages do not spell out on their face what differs between the two for a client whose account moves into loss.

What iFOREX Europe’s terms say about its own liability

The terms and conditions we read put several clauses between a client and any claim over a loss:

• On information the client relies on: iFOREX Europe is not responsible for damage of any kind liable to be caused as a result of use of the website and/or of the information presented in it… iFOREX Europe shall not bear responsibility for damage and/or losses of any kind liable to be caused as a result of reliance on the information appearing in the website.
• On what counts if the website and the firm’s own records disagree: “In all cases of contradiction and/or incompatibility between the information appearing in the website and the information recorded in iFOREX Europe’s books, the information recorded in iFOREX Europe’s books shall take precedence.” A client checking a quoted price, a spread, or an account figure against what the site shows has no guarantee that figure is what the firm’s internal books will use.
• On the firm’s right to alter the service at all: “iFOREX Europe has the right to change the website from time to time, including adding and/or discontinuing services and/or changing instructions and conditions of use of the website and/or discontinuing the activities of the website in whole or part, at its sole discretion. The customer shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.” This extends to terms governing open positions, not just the website’s features.

When iFOREX Europe can block an account

The same terms set a hard deadline on identity documents: “Clients who fail to provide such valid copies within 14 days since the time of their account activations – may have their account blocked until such documents are e-mailed or faxed to our compliance department”. A blocked account is relevant to loss exposure in its own right: a client who cannot act on an account, whether to add margin or to close a position, has no way to manage a drawdown while the block is in effect, and the terms do not describe what happens to open positions during that period.

The footer of the pages we checked references a “Costs and Charges Document” as the source for fuller pricing detail, but that PDF could not be fetched in our evidence, so any close-out or margin-call schedule it might contain is not something we can report on here.

Trading Instruments

iFOREX Europe’s own markets pages describe CFDs across six instrument classes. Forex is covered on major, minor and “more exotic” currency pairs. Commodities run to metals, energy (crude oil WTI and Brent, natural gas) and agricultural produce. Cryptocurrency CFDs cover Bitcoin, Ethereum, Solana and others, with the firm describing that market as tradable 24/7. Shares are offered “from multiple countries and industries,” alongside indices on what the firm calls “leading capital markets around the world,” and ETFs are listed among the instrument classes available on both the demo and live platform. The firm’s About page rolls these up into a headline claim of “Over 900 tradable instruments,” a figure we take from that page rather than from counting a published instrument list ourselves.

How iFOREX Europe prices what it offers

The firm’s fee page prices every one of those instrument classes the same way: spread, not commission. For currencies, commodities, shares, indices, ETFs and crypto alike, the page states the spread is “built into the instrument’s pricing, it reflects the current market valuation and the costs required to provide a CFD for this instrument,” and lists commission as free across all of them. No per-instrument spread figures appear on the page we fetched; pricing is described in that general “per market conditions” language rather than as a schedule of numbers. The footer points to a separate “Costs and Charges Document” as the source for detailed pricing, but that PDF failed to fetch in our evidence, so we cannot check the actual spread or financing figures behind the general wording.

Leveraged positions carry overnight financing, applied at the end of each trading day and described as capable of running either as a charge or a credit depending on the instrument and the direction of the trade. Leverage itself is capped for retail clients “in line with regulatory requirements,” stated on the firm’s own page as up to 1:30.

What the demo account shows and what it doesn’t

The demo account carries a $5,000 virtual balance and, according to the firm, uses a “Live-Mirror Protocol” so its spreads reflect actual bid/ask prices; it gives access to the same CFD instrument set and the same platform as a live account. That’s a useful way to see the instrument range before funding an account, though it is still the firm’s own description of the protocol, not something we tested ourselves.

A gap in what’s published versus what’s promised

The instrument list itself is described consistently across the pages we read. What is not available in our evidence is the pricing detail that would let a reader compare instruments against each other: no minimum spread figures, no per-instrument commission table, and no access to the Costs and Charges Document that the firm’s own footer names as the source for that detail. A reader who wants to know what a specific forex pair or share CFD actually costs to trade cannot get that from the pages checked here.

Education & Analysis

iFOREX Europe does not run its trades through MetaTrader 4 or 5, the platforms most CFD brokers offer. The firm’s own About page describes a proprietary, self-developed web platform, which it calls its “Unique trading platform”, relaunched with an updated interface in 2023. Alongside the web platform, iFOREX Europe publishes a separate mobile app.

What iFOREX Europe’s platform includes

The firm’s platforms page lists the app’s features as live market access, charting, and risk-management tools, plus a set of named add-ons: an “AI-powered trading companion”, a tool called Pulse, Trading Signals, and a feature called Today’s Opportunity. Our evidence does not describe how any of these four tools work, what data feeds them, or what a signal or an “opportunity” alert actually consists of beyond the name on the page.

The firm’s About page states the platform gives access to “Over 900 tradable instruments” across forex, commodities, indices, shares, ETFs and cryptocurrencies, and the same instrument classes are listed as available on both the demo and the live account. Charting and analysis tools, on the pages we read, sit inside this single proprietary environment rather than a third-party charting package.

The demo account

iFOREX Europe’s accounts page sets out a demo account funded with $5,000 in virtual balance, at no cost. The page states that demo spreads use what it calls a “Live-Mirror Protocol”, which it says reflects actual Bid/Ask prices, and that the demo runs on the same CFD instrument set and the same platform as a live account. We have not tested this claim against live pricing ourselves; it is reported here as the firm’s own description of its demo, not as something we verified.

What we could not check

Our evidence notes that the firm’s footer references a “Costs and Charges Document” in PDF form, and that the fetch of that document (gb-fees-3.pdf) failed during our evidence’s collection. That document sits under fees rather than platform tooling, but its absence from our evidence means we cannot confirm from it whether the analysis or charting tools carry any separate cost, since the pages we did read describe spreads and commissions but say nothing about charting or platform fees either way.

Taken together, the material we read describes a single in-house platform with a built-in signal and “opportunity” layer, rather than a choice between multiple third-party platforms of the kind offered by brokers who support MetaTrader or cTrader alongside their own interface. The pages we fetched do not mention MetaTrader, cTrader, or any other external platform option for iFOREX Europe clients.

Special Offers

iFOREX Europe publishes no page in our evidence labelled as a promotion, bonus, deposit match or cashback offer. What we fetched instead is the fee schedule and the account page, and the honest thing to do here is describe what those actually say rather than convert our not having found a promotions page into a finding about the firm.

What iFOREX Europe’s fee page actually covers

The firm’s own fee page states that account setup costs $0, with “no onboarding/setup cost stated” beyond that. The same page prices deposits and withdrawals at $0 on the firm’s side, describing this as “None to minimal costs on our side” while noting a payment provider may charge separately, and it carves out a specific $20 charge for withdrawals made by international wire transfer. An inactivity fee of $15 per quarter applies once an account has gone a full year without activity. None of this is framed by the page as a discount, a rebate or a limited-time rate; it is presented as the standard, ongoing cost structure.

On pricing for trading itself, the same fee page describes spreads across every instrument class it lists, currencies, commodities, shares, indices, ETFs and cryptocurrencies, as “built into the instrument’s pricing”, reflecting “the current market valuation and the costs required to provide a CFD for this instrument”, with commission stated as Free across all of those classes. That is a description of how the spread is built, not a promotional rate, and the page does not attach any conditional discount, volume tier or welcome pricing to it.

The footer of the pages in our evidence points to a “Costs and Charges Document” as the source for a fuller pricing breakdown, but that PDF could not be fetched in our evidence, so we cannot say whether it contains any offer-like terms that the fee page itself does not mention.

The demo account is the only no-cost feature on offer

The one thing in our evidence that functions like a give-away is the Demo Account described on iFOREX Europe’s account page: a $5,000 virtual balance, free to open, using what the firm calls a “Live-Mirror Protocol” that it says reflects actual Bid/Ask prices, with access to the same CFD instruments, forex, commodities, indices, shares, ETFs and cryptocurrencies, and the same platform as a live account. It is a practice account rather than a trading incentive tied to a deposit, and the page attaches no expiry, no minimum trading volume and no conversion condition to it.

Any offer sits underneath a clause that lets iFOREX Europe change it without recourse

Whatever terms iFOREX Europe might attach to a promotion at any given time, its own terms and conditions reserve the right to alter them. Under “Change of conditions” the document states: “iFOREX Europe has the right to change the website from time to time, including adding and/or discontinuing services and/or changing instructions and conditions of use of the website and/or discontinuing the activities of the website in whole or part, at its sole discretion. The customer shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.” Read against any current or future offer, that clause means a published promotional term is not fixed for the client’s benefit; the firm can withdraw or amend it and the client has no contractual claim over the change.

A related clause under “Information reliability and trustworthiness” adds that “In all cases of contradiction and/or incompatibility between the information appearing in the website and the information recorded in iFOREX Europe’s books, the information recorded in iFOREX Europe’s books shall take precedence.” For a client relying on the wording of any offer as published on the site, this means the firm’s internal record, not the published page, is what ultimately governs if the two disagree.

Taken together, the pages we read describe a fee structure built on spreads with free commission, a small set of account-level charges, and a free demo account, and they say nothing about welcome bonuses, deposit-matching, cashback or loyalty tiers. Readers who have seen such offers advertised for this brand elsewhere should treat that as something to verify directly with iFOREX Europe’s support channels rather than something confirmed or ruled out by our evidence.

Opening an Account

Opening an account with iFOREX Europe means accepting terms that give the firm wide latitude over the relationship before a single trade is placed. Our evidence does not include a step-by-step signup walkthrough, so what follows covers what the firm’s own pages disclose about verification, minimum funding, and who the terms bind.

What iFOREX Europe discloses about the minimum deposit

The firm does not publish a minimum deposit figure on its fees page. Instead, the page states: “You can view the applicable minimum once you register.” A prospective client cannot compare the cost of entry against other brokers before handing over personal and payment details to create an account.

The demo account, by contrast, is fully disclosed: a $5,000 virtual balance at $0 cost, running what the firm calls a “Live-Mirror Protocol” said to reflect actual Bid/Ask prices, on the same CFD instrument range (forex, commodities, indices, shares, ETFs, cryptocurrencies) as a live account.

Verification demanded before funds move

iFOREX Europe’s own terms and conditions set a firm deadline for identity documents. Under “Documentation and AML (Anti Money Laundering) Rules,” the terms state: “Clients who fail to provide such valid copies within 14 days since the time of their account activations – may have their account blocked until such documents are e-mailed or faxed to our compliance department.” A client who opens an account and delays on paperwork risks having it frozen until compliance receives the documents by email or fax.

The firm’s fees page separately confirms that identity verification (KYC/AML) is required before any withdrawal is approved, and that deposits must be made using accounts or cards registered in the client’s own name.

Who the terms say can hold an account

Our evidence contains no explicit nationality or residency exclusion list. What it does show is a jurisdictional split at the point of onboarding: the CySEC licence (143/11) held by iCFD Limited covers the European trading name iFOREX Europe, but the CySEC register confirms this licence covers only part of the brand’s readers, since visitors outside the EEA are routed to the group’s non-European subsidiary in the British Virgin Islands, a firm this CySEC licence does not cover. The firm’s own About page refers to it “gaining a second license” from the British Virgin Islands Financial Services Commission in 2013, but that page does not name the licensed entity, so a reader routed to that side of the business cannot confirm from this page alone which company they are contracting with. The BVI FSC register lists Formula Investment House Ltd as regulated for Dealing as Principal under SIBA/L/13/1060, though the register’s own export publishes no licence numbers, so that number remains the firm’s claim rather than something we read directly off the register.

Terms that bind a client from account opening onward

Once an account is opened, iFOREX Europe’s terms give the firm broad unilateral control. Under “Change of conditions,” the terms state: “iFOREX Europe has the right to change the website from time to time, including adding and/or discontinuing services and/or changing instructions and conditions of use of the website and/or discontinuing the activities of the website in whole or part, at its sole discretion. The customer shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.”

Under “Information reliability and trustworthiness,” the terms also state that if the website and the firm’s internal records disagree, “the information recorded in iFOREX Europe’s books shall take precedence,” and that the firm “shall not bear responsibility for damage and/or losses of any kind liable to be caused as a result of reliance on the information appearing in the website.” A client opening an account is agreeing that what they read on the site, including pricing or account details, can be overridden by records they cannot see.

Leverage available to retail clients

The firm’s own page states retail leverage is capped “in line with regulatory requirements,” giving a figure of up to 1:30. No separate tier for professional or elective-professional clients appears in the evidence gathered.

Lookalike domains to watch for when searching for iFOREX Europe

Searching for this broker online carries a separate risk worth flagging at the account-opening stage. CySEC’s List of Non-Approved Domains includes iforex300.com and www.iforex24.com, both listed as not authorised to provide investment services under any Cypriot licence. CySEC does not name which firm these domains imitate, and neither domain is the entity under review here; anyone opening an account should confirm they are on iFOREX Europe’s own site rather than one of these names.

Deposits & Withdrawals

Deposits carry no cost the firm itself states: the fee page for iFOREX Europe puts account setup at $0 and describes deposits and withdrawals as “None to minimal costs on our side,” while noting a payment provider may still charge separately. The same page sets one specific charge on the way out: withdrawals made by international wire transfer cost $20. No other withdrawal method carries a stated figure on that page.

What iFOREX Europe charges to move money

Beyond the $20 wire withdrawal fee, the published fee page lists an inactivity charge of $15 per quarter once an account has sat untouched for a year, an account-setup cost of $0, and overnight financing applied to leveraged open positions at the end of each trading day, which the firm describes as either a charge or a credit depending on the instrument and direction. Spreads across every instrument class the fee page covers, currencies, commodities, shares, indices, ETFs and crypto, are described as “built into the instrument’s pricing,” with commission listed as free for all of them. None of that pricing detail is broken out into a per-instrument table on the page we fetched; the firm’s fee page describes the spread mechanism in general terms rather than publishing specific figures. The footer of that page points to a separate “Costs and Charges Document” for fuller detail, but that PDF failed to load in the material we pulled, so the fee page’s general wording is as far as the pricing evidence in our evidence goes.

Rails and who can pay

The firm’s GB fee page lists credit and debit cards, bank transfers, and “selected electronic payment solutions,” with the exact menu shown only after registration and varying by country of residence. Named clearing providers appear in the firm’s own legal disclosures: Neteller is cleared through Paysafe Financial Services Limited, authorised by the UK’s Financial Conduct Authority for e-money issuance under register number 900015; Skrill Limited is separately authorised by the Financial Conduct Authority for e-money issuance under register number 900001; and PayPal payments run through PayPal (Europe) S.à r.l. et Cie, S.C.A., a credit institution supervised by Luxembourg’s Commission de Surveillance du Secteur Financier. The GB fee page also requires that payments be made using accounts or cards registered in the client’s own name, which rules out third-party funding or third-party withdrawal destinations.

What has to happen before money comes out

The same GB fee page requires identity verification (KYC/AML) to be completed before a withdrawal is approved. The firm’s own terms, read directly for this review, sharpen that: clients who fail to provide valid identity documents “within 14 days since the time of their account activations – may have their account blocked until such documents are e-mailed or faxed to our compliance department.” That is a real operational constraint on withdrawal timing, not a formality, since a blocked account is a frozen one regardless of what the fee page says about withdrawal cost.

Terms that sit behind the numbers

Two clauses in the firm’s terms and conditions matter for anyone relying on the fee page itself. First, iFOREX Europe’s terms state that “In all cases of contradiction and/or incompatibility between the information appearing in the website and the information recorded in iFOREX Europe’s books, the information recorded in iFOREX Europe’s books shall take precedence,” meaning the published fee figures, including the $20 wire charge and $15 quarterly inactivity fee, yield to the firm’s internal books if the two disagree. Second, under the “Change of conditions” clause, the firm “has the right to change the website from time to time, including adding and/or discontinuing services and/or changing instructions and conditions of use of the website,” and states the customer “shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.” Read together, both the pricing and the rails described above can change at the firm’s discretion, and a client has no contractual recourse if a fee or method changes to their disadvantage.

One more gap worth naming plainly: the GB fee page says minimum deposit requirements vary by region and account type, and “you can view the applicable minimum once you register.” The evidence we pulled does not give a minimum deposit figure, a maximum withdrawal figure, or a processing-time figure for any method, so none of those are stated here.

Customer Support

iFOREX Europe publishes a wide spread of contact channels on its contact page. Phone lines are split by purpose: a general inquiries number (+357-252-04600), a customer service and technical support number (+357-252-04694), and a separate compliance and documentation number (+357-252-04668). Email is split the same way, across info@iforex.eu, cs@iforex.eu, tech@iforex.eu, a dealing room address (dealing@iforex.eu), a compliance address for AML documentation (compliance@iforex.eu), and a data protection officer address (dpo@iforex.eu). There is also a WhatsApp number (+35725204610) and a live chat widget on the site.

iFOREX Europe’s stated hours don’t match its own homepage

The contact page gives support hours as Monday to Friday, 04:00-20:00 GMT. That is roughly sixteen hours a day, five days a week, with no weekend coverage stated. The homepage, in the same set of pages we fetched, advertises “24/5 Live human support” elsewhere on the site. The two firsthand pages disagree: “24/5” implies support runs continuously across the trading week, while the hours actually published leave gaps outside that 04:00-20:00 window and no coverage at all on Saturday or Sunday. A reader relying on the homepage claim would expect more availability than the contact page itself commits to.

Local European numbers with no local office behind them

The contact page lists local phone numbers for Austria, France, Germany, Greece, Hungary, Italy, the Netherlands, Poland, Romania, Spain and Sweden. The same page states the firm “does not have any physical presence” in any of these countries. Calls to those local numbers are not reaching a local branch or office; they are routed to the same underlying support operation. This is worth flagging to anyone who assumes a local dial-in code means a local presence.

What binds a client who complains or delays on paperwork

The firm’s own terms and conditions, read directly rather than summarized, set out several clauses that shape how a support interaction can actually go. Under Change of conditions, the terms state that “iFOREX Europe has the right to change the website from time to time, including adding and/or discontinuing services and/or changing instructions and conditions of use of the website and/or discontinuing the activities of the website in whole or part, at its sole discretion,” and that “the customer shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.” A client escalating a service issue tied to a changed feature or discontinued function has no contractual claim against that change under this clause.

Under Information reliability and trustworthiness, the terms state that “iFOREX Europe is not responsible for damage of any kind liable to be caused as a result of use of the website and/or of the information presented in it,” and separately that “iFOREX Europe shall not bear responsibility for damage and/or losses of any kind liable to be caused as a result of reliance on the information appearing in the website.” The same section also states that “in all cases of contradiction and/or incompatibility between the information appearing in the website and the information recorded in iFOREX Europe’s books, the information recorded in iFOREX Europe’s books shall take precedence.” A client disputing a figure or statement they read on the site is, by this clause, disputing something the firm’s own internal books can override.

Under Documentation and AML (Anti Money Laundering) Rules, the terms state that “clients who fail to provide such valid copies within 14 days since the time of their account activations – may have their account blocked until such documents are e-mailed or faxed to our compliance department.” A support query about a blocked account inside that window is, per the firm’s own wording, a documentation problem rather than a service one, and the fix runs through the compliance email or fax channel rather than general support.

Other public-facing contacts

The contact page also lists a press and media address (iforex@camarco.co.uk) and an investor relations address (investors@iforex.com), separate from the client-facing channels above.

Prohibited Countries

None of the firm’s own pages in our evidence list countries or nationalities that iFOREX Europe refuses to serve. What they do show, and what the public registers add to it, is a split between two regulatory entities that between them decide which rulebook a given visitor trades under, without spelling out on the page itself where that line falls.

The CySEC licence covers part of the readers, not all of them

The CySEC register lists ICFD Ltd under CIF licence 143/11, licensed 23/05/2011, company registration 254495, with iFOREX Europe as its approved trade name. That entry is confirmed on the regulator’s own register. But that licence covers only part of the readers of this brand: visitors outside the EEA are routed to the group’s non-European subsidiary, licensed in the British Virgin Islands, which licence 143/11 does not cover. The firm’s own pages describe iCFD Limited as the European regulated investment firm trading as iFOREX Europe, and separately mention a non-European subsidiary licensed by the British Virgin Islands’ Financial Services Commission, but the page does not say which countries or regions each entity serves.

What iFOREX Europe says about its second licence, and what the BVI register actually shows

iFOREX Europe’s own About page refers to the firm “gaining a second license” from the British Virgin Islands Financial Services Commission in 2013, without naming the licensed entity on that page. Our earlier review (not the firm’s own words) names that entity as Formula Investment House Ltd, holding licence SIBA/L/13/1060. Checking the BVI FSC register directly confirms Formula Investment House Ltd is listed there, regulated for Dealing as Principal, so the entity itself is confirmed on the regulator’s own record. The BVI FSC’s public export publishes no licence numbers at all, so SIBA/L/13/1060 remains the firm’s own claim rather than something the register itself states. A reader outside the EEA who ends up dealing with this BVI entity is dealing with a firm regulated outside CySEC’s regime, under protections that licence 143/11 does not extend to them.

No stated leverage or eligibility test by country

The one client-facing restriction tied to regulatory status that does appear on iFOREX Europe’s own pages is a leverage cap: retail clients are capped “in line with regulatory requirements,” stated as up to 1:30. That cap is described as applying to retail clients generally, not to a named list of jurisdictions, and the page does not set out a professional-client alternative or a country-by-country breakdown of who gets which cap. Beyond that leverage line and the CySEC/BVI entity split above, the pages fetched for this review say nothing about specific prohibited or restricted countries, and we did not find a jurisdiction exclusion list published anywhere in our evidence. That absence is a gap in what we were able to fetch, not a register finding, and should be read that way: it means the eligibility test iFOREX Europe applies by country is not laid out on the pages we read, not that no such test exists.

Conclusion

iFOREX Europe scores 5.7 out of 10 overall, a figure built from a licence that is real but only covers part of the firm’s audience, fee disclosure that stays vague where it matters most, a proprietary platform, and support that is easy to reach but inconsistent about its own hours.

Regulation: a real Cyprus licence with a narrower reach than the brand suggests

The CySEC register lists ICFD Ltd under CIF licence 143/11, licensed 23/05/2011, company registration 254495, with iFOREX Europe recorded as its approved trade name. That licence is confirmed on the regulator’s own record, but it covers only part of the readers of this brand: the firm’s own pages route visitors outside the EEA to the group’s non-European subsidiary, which this Cyprus licence does not cover. The firm’s About page refers to it “gaining a second license” from the British Virgin Islands Financial Services Commission in 2013, without naming the entity holding it on that page. We checked the BVI FSC’s own snapshot for this claim and could not confirm it there, but that snapshot is 42 days old, predates this review, and does not establish an absence. Separately, the same BVI FSC register does confirm a different entity: Formula Investment House Ltd, listed as regulated for Dealing as Principal. Whether the licence number SIBA/L/13/1060 attaches to that listing is the firm’s own claim rather than something the export itself publishes, and the 42-day-old snapshot caveat applies here too. We also searched 1,444 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, and iFOREX Europe appears on none of them. CySEC’s own List of Non Approved Domains separately names “iforex300.com” and “www.iforex24.com” as unauthorised, but CySEC does not identify which firm those domains imitate, and neither is iFOREX Europe. The About page also states the iFOREX Group is listed on the London Stock Exchange under ticker IFRX following what it describes as a completed IPO in 2026, a claim a reader can check against the LSE’s own listings.

What iFOREX Europe charges

The fee score of 3 tracks what the firm’s own fee page does and doesn’t disclose. Spreads across every instrument class, currencies, commodities, shares, indices, ETFs and crypto, are described only as “built into the instrument’s pricing” and reflecting “market valuation and the costs required to provide a CFD for this instrument,” with commission listed as free; no numeric spread figures appear on the page we read. The footer points to a “Costs and Charges Document” for the detailed schedule, but that document could not be fetched in this pass, leaving pricing specifics limited to that general wording. The same fee page states an inactivity charge of $15 per quarter after a year without activity, and a $20 charge specifically on withdrawals made by international wire transfer, while deposits and withdrawals by other means are described as carrying “none to minimal costs on our side.” The minimum deposit is not published either: the fees page states a prospective client can “view the applicable minimum once you register.” The firm’s own risk disclosure, repeated across the pages checked, states that 80% of retail investor accounts lose money trading CFDs with this provider.

Contract terms that favour the firm

iFOREX Europe’s own terms and conditions give it broad one-sided rights. The change-of-conditions clause states the firm “has the right to change the website from time to time, including adding and/or discontinuing services,” and that “the customer shall have no complaint, claim, or right to indemnification of any kind for damage that he claims was caused to him because of the change.” The information-reliability clause disclaims responsibility “for damage of any kind liable to be caused as a result of use of the website,” and separately states that where the website and the firm’s internal books disagree, “the information recorded in iFOREX Europe’s books shall take precedence.” The AML section states clients who fail to provide valid identification documents “within 14 days since the time of their account activations” may have their account blocked until those documents reach the compliance department.

Platform and support

iFOREX Europe runs a proprietary web platform, described on its About page as relaunched with an updated interface in 2023, plus a mobile app offering charting, risk-management tools and an AI-powered trading companion, neither is MetaTrader. The demo account carries a $5,000 virtual balance and, per the firm’s accounts page, uses what it calls a “Live-Mirror Protocol” to reflect real bid/ask prices. Support scores 8 on the strength of the channels the contact page lists: phone lines split by general inquiries, technical support and compliance, several dedicated email addresses, WhatsApp and live chat. That same page states support runs “Monday-Friday, 04:00-20:00 GMT,” which sits at odds with the homepage’s claim of “24/5 Live human support”, the two firsthand pages disagree on how continuous that coverage actually is.

iFOREX Europe, the CySEC-licensed (143/11) trading name of iCFD Limited, gives readers a proprietary platform and reachable support but discloses no public spread numbers and binds clients to terms it can change without recourse. TrueBroker scores iFOREX Europe 5.7 out of 10, down from our previous score of 5.9.

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