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Rating: 3/10
Online Forex trading does offer a legitimate way of earning a profit from your hard earned cash. However, it is unfortunate that the same industry is being exploited by many unscrupulous traders and scammers. One of the online Forex trading platforms that are gaining attention in the past years is the iForex. If you are aspiring to earn cash from Forex trading using this system it is most prudent to ask yourself first is iForex a Scam? Many aspiring Forex traders are probably considering of trying out iForex but before you move forward to your prospect investment with iForex it is best to know something about this company.
Is iForex A Scam? – An Overview
There is not much information to gather about iForex except that it claims to have been founded by bankers in 1996 and was offered as an online income opportunity in 2004. The platform is being marketed as one of the growing Forex trading firms worldwide that deals with hundreds of billions of dollar every year. By using the system you will be trading your money like a pro and you can potentially earn profits even without the experience about Forex trading.
The problems with iForex
There are already so many negative feedbacks and reviews about the company. iForex users complain that its trading platform is unreliable and potentially operating some illegal activities. The system is certainly working with bugs that interfere with real time trading. Noticeable are the changes on the data after some lags on the system which can be a suspicious activity that the data are being manipulated to benefit the people behind the iForex. Another problem seen from the iForex is the significant difference on the spread which is the difference between the buying and the selling price of the currency. iForex is gaining a lot from the spread and may cost you money along the process from your trading investment. Moreover, for several years the company is ineffective in resolving the common issues that its subscribers have been raising over the past years. The customer support is actually very poor since the majority of the complaints were not acted upon. Some complaints were never given any response from support at all.
The iForex also appears to be unregulated. This means that there is no guarantee that you can actually sue the company in case it engages in illegal activities or when they illegally use your investment or money. Moreover, there is also no guarantee that you will get payment. Some users complain that the company is making it difficult to get their payments by asking them unreasonably too many documents to comply with before processing payments. As a result of this process not too many users were actually able to get their payments from iForex.
The good side about iForex
In order to start trading using the iForex platform you need to make a minimum investment of $100 for new accounts and $2,500 for VIP account. This is considerably lower than what other Forex trading companies will require as some will require a minimum of $250. There is no charge for a commission when you open a position in iForex but there a wide spread between the buy and sell rates. There are tradable products in iForex including commodities and indices, CFDs on equities, precious metals like gold and binary options. If there is something good about the iForex is there are some sophisticated training tools available that you can use while trading. It allows you to place a limit order and cancel orders.
In addition, iForex also provides some training and educational materials to help you understand Forex trading. Using the materials and tools will be helpful if you are not so familiar what Forex trading is all about. There are interesting video courses that you can use which include all the Forex trading basics, common trading mistakes and understanding Forex news and how to use them in gaining profits. The materials are very easy to understand and can easily relate to any trader from different level of trading skills. The fund deposits also provide different options which make it less difficult to trade using the system.
Conclusion
Considering there are too many risks involved when you trade using the iForex platform, it is always important to always ask is iForex a scam? and weigh the pros and cons involved. While the system offers a lower initial deposit to start trading the risk of not getting paid is too high considering the difficulties that many of its users were complaining about. You are basically gambling on whether or not you will have the chance of getting back your money by using an unregulated Forex trading system. If there is something good about using the system is getting the learning materials, however you can always get wealth of information online about Forex trading for free.
