iFourX
Pros and Cons
Pros
- Trading platform: MT5 with advanced features
- Maximum leverage of 1:500
- Offers demo accounts for practice
- Minimum deposit starting at $100
- Spreads from 0.7 pips on VIP accounts
Cons
- No regulation in major jurisdictions
- High minimum deposit requirement of $10,000
- Wide spreads starting from 3.0 pips
- Limited trading instruments (no crypto, stocks, or ETFs)
- Reported issues with withdrawal processes
Basic Information
User Reviews
iFourX Overview
iFourX is a forex broker established in 2024 and headquartered in Saint Lucia. However, it operates without any valid regulation, which raises concerns for potential traders regarding the security and oversight of their investments. As an unregulated entity, iFourX lacks the protections and assurance typically provided by reputable financial authorities, making it crucial for traders to exercise caution when considering this broker for their trading activities.
The broker offers a range of trading instruments, primarily focusing on forex, indices, and commodities, with leverage reaching up to 1:500. iFourX utilizes the MetaTrader 5 platform, known for its advanced trading tools and functionalities, allowing traders to execute trades efficiently. Customer support is available through various channels, including email and phone, although responsiveness has been questioned by users. Notably, iFourX claims to provide a demo account and a minimum deposit requirement of $100, which may appeal to new traders looking to explore the forex market. However, the absence of regulation and the high minimum deposit for some account types should be carefully considered by prospective clients.
Is iFourX Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No valid regulation | Saint Lucia | No investor protection measures |
Is iFourX Regulated and How Are Client Funds Protected?
iFourX is not regulated by any recognized financial authority, which raises significant concerns regarding its legitimacy and the safety of client funds. With no oversight, traders may face risks such as a lack of investor protection and higher potential for fraud. Furthermore, negative balance protection is not guaranteed, which could lead to substantial financial loss for traders. It is crucial to exercise caution when considering trading with an unregulated broker like iFourX, as the absence of regulation often indicates higher risks associated with trading activities.
Trading Products and Services
What trading instruments does iFourX offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/NZD | Many |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | Apple, Tesla, BP | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
iFourX offers a diverse range of trading instruments, including Forex, commodities, indices, stocks, and cryptocurrencies. This wide selection caters to various trader profiles, from beginners looking for straightforward trading options to experienced professionals interested in advanced trading strategies. By providing multiple asset categories, iFourX enables traders to diversify their portfolios effectively, making it easier to adapt to changing market conditions. Whether you prefer trading Forex pairs or exploring commodities, iFourX’s offerings can support a range of trading strategies and investment goals, enhancing flexibility for all types of traders.
Account Types and Trading Conditions
What Account Types and Fees Does iFourX Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Platinum Account | Beginners and Retail Traders | Low minimum deposit, competitive spreads | Suitable for small-capital practice |
| ECN Account | Experienced Traders | Tight spreads, lower commissions | Requires higher trading volume |
| VIP Account | Professional and High-Volume Traders | Premium services, best spreads and commissions | Requires significant capital |
Account Opening Process
To open an account with iFourX, traders must follow a straightforward process. First, users need to submit personal information, including their name, address, and contact details. Next, employment details and financial information must be provided to assess the trader’s experience and financial situation. Identity verification is crucial, requiring valid ID and proof of address documents. Traders should note that there is flexibility in the account structure, allowing for upgrades to a professional account as trading volumes increase over time.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.7 | $5 (VIP), $7 (ECN), $10 (Platinum) | Tight spreads for major pairs |
| Forex (GBP/USD) | 0.8 | $5 (VIP), $7 (ECN), $10 (Platinum) | Competitive rates for GBP pairs |
| CFDs (Indices) | 1.5 | $0 | Standard spreads for indices |
| CFDs (Commodities) | 2.0 | $0 | Transparent pricing on commodities |
| Cryptos (BTC/USD) | 1.5% | 0.1% | Variable depending on market conditions |
Other Fees
iFourX has various additional fees that traders should consider. There may be deposit and withdrawal fees depending on the method used; for example, bank transfers may be free, but card payments can incur charges. Inactivity fees may apply if an account remains dormant for an extended period. Additionally, traders should be aware of overnight interest (swap rates) for positions held overnight and potential currency conversion fees on deposits or withdrawals in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does iFourX Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4/MT5 | Windows, macOS, iOS, Android | 2FA, encryption, multiple order types, technical indicators | Demo accounts, VPS |
| Web Version | Any device with internet access | Secure login, market search, price alerts | No |
| Mobile App | iOS, Android | Biometric login, push notifications, one-click trading | No |
iFourX offers a range of trading platforms including MT4/MT5, a web version, and a mobile app. MT4/MT5 is ideal for advanced traders due to its extensive features, while the web version provides accessibility from any device. The mobile app ensures convenient trading on the go, featuring biometric logins and real-time alerts. Regardless of the platform, iFourX emphasizes secure logins, fast order execution, and efficient search tools, catering to diverse trading needs.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee, 0.5% bank fee | Min 100, Max 15k/day | EUR |
| GrabPay | Instant | No platform fee, 1.5% charge | Min 20, Max 5k/day | SGD, MYR |
| SPEI | Instant | No platform fee | Min 100, Max 10k/day | MXN |
| Credit/Debit Cards | 1-3 business days | No platform fee | Min 50, Max 20k/day | USD, EUR, GBP |
| Cryptocurrency | Instant | No platform fee, 1% network fee | Min 50, Max 5k/day | BTC, ETH |
Minimum Deposit
iFourX requires a minimum deposit of $50 for standard accounts. This amount may vary based on the payment method used, with certain methods allowing deposits as low as $20. Additionally, premium account types may have differing minimums, so users are encouraged to check their specific account requirements.
How to Withdraw
To withdraw funds from your iFourX account, follow these steps:
- Log into your iFourX account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred payment method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and review any applicable fees.
- Submit your request and wait for the processing confirmation.
Customer Support
iFourX Customer Support Overview
Support Channels
iFourX offers multiple channels for customer support to ensure that traders can easily find help when needed. The main contact methods include:
- Email: Customers can reach out to the support team via email at support@ifourx.com.
- Live Chat: For instant assistance, iFourX provides a live chat option on their website, enabling real-time communication with support staff.
- Telephone: Traders can also contact iFourX by phone at +971 521663172 for direct assistance.
- Social Media: Customers can follow and contact iFourX through their social media platforms for updates and support.
Service Availability
The customer support service at iFourX is available 24/5, ensuring that assistance is accessible during trading hours. Multilingual support is also offered, with assistance available in several languages to cater to a diverse clientele.
Additional Resources
iFourX provides a range of educational resources to enhance the trading experience. These include:
- Video Tutorials: Helpful guides that cover various trading strategies and platform usage.
- Webinars: Live sessions that offer insights into market trends and trading techniques.
- Market Analysis: Regular updates and analysis to help traders make informed decisions.
- Trading Signals: Services that offer trading signals to assist traders in identifying potential opportunities.
Overall, iFourX aims to provide robust support and resources to help customers navigate their trading journey effectively.
Frequently Asked Questions
No, iFourX is currently unregulated, which means it does not have valid regulatory oversight. This poses a higher risk for traders as there may be limited recourse in case of disputes.
iFourX offers trading with a maximum leverage of 1:500 and a minimum deposit requirement of $100. The spreads start from 3.0 pips depending on the account type, and they provide access to forex, indices, and commodities on the MT5 trading platform.
As iFourX is not regulated, the security of client funds may not be guaranteed. It’s essential to be cautious when trading with unregulated brokers, as they may not offer protection against negative balances or other financial risks.
iFourX provides customer support via email and phone, but there have been reports of slow response times and issues with withdrawal requests. It is advisable to consider these factors when deciding to trade with them.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.