iFOREX is a proprietary-platform CFD business with two materially different customer contracts: Formula Investment House Ltd for its international service and iCFD Limited for iFOREX Europe. The parent, iFOREX Financial Trading Holdings Ltd, listed on London’s Main Market on 25 February 2026 under IFRX. That listing identifies the corporate group; the account remains with the regulated operating business named in its agreement.[6]
Account comparison01
Account and service routes at a glance
| Account / service | Contract and customer scope | Platform and principal condition |
|---|---|---|
| International CFD account | Formula Investment House Ltd — International, subject to restricted countries; retail clients | iFOREX proprietary platform. International fee schedule; instrument spread and financing apply.Source 9Source 3 |
| European CFD account | iCFD Limited — EEA excluding Belgium and Cyprus, subject to acceptance; retail clients | iFOREX Europe proprietary platform. Retail European fee schedule; instrument conditions apply.Source 10Source 4 |
| Interest-Free Account | iCFD Limited — EEA excluding Belgium and Cyprus, subject to acceptance; retail clients | iFOREX Europe proprietary platform. Discretionary approval under the published religious-eligibility annex.Source 18Source 4 |
| Demo account | Formula Investment House Ltd — International, subject to restricted countries; retail clients | iFOREX web and mobile service. Virtual funds only; renewal by request.Source 17Source 3 |
Legal entities, residence and group ownership
Sections ↑Entities & regulation02
The current entity map
| Business | Regulatory evidence | Customer relevance |
|---|---|---|
| Formula Investment House Ltd | BVI FSC’s named page, dated 31 August 2026, lists the firm as currently regulated for dealing as principal. | International iFOREX counterparty. Broker contact disclosures give licence SIBA/L/13/1060.Source 3Source 26 |
| ICFD Ltd / iCFD Limited | CySEC’s named current record identifies licence 143/11, company 254495, the iFOREX Europe trade name and approved domains. | Cyprus operating company. Do not confuse it with the BVI firm or a payment-services company.Source 4 |
| iFOREX Financial Trading Holdings Ltd | London Stock Exchange confirmed admission on 25 February 2026. | Listed parent; the stock-exchange listing does not itself supply a retail CFD trading licence.Source 5 |
| Formula Investment House B.O.S. Ltd | International website identifies treasury and back-office services. | A services-provider reference is not a substitute for checking the trading counterparty on the account agreement.Source 19 |
Account comparison03
Who can use each service
| Route | Published availability | Restriction that matters |
|---|---|---|
| iFOREX Europe | The group’s 2026 disclosure describes EEA service excluding Belgium and Cyprus. | Country acceptance is assessed at application; European terms are separate from the international offer.Source 6 |
| International iFOREX | Available only where the service is permitted and the broker accepts the customer. | Restricted locations include the US, Canada, Australia, New Zealand, Belgium, BVI, Israel, Russia and Turkey, among others.Source 7 |
| Location during use | The international restriction notice covers residence and attempts to access from a restricted country. | Travelling to an excluded jurisdiction can affect account/platform access even when an account was opened elsewhere.Source 7 |
| EU applicant and client category | Client agreement excludes legal entities and requires age 18 or the higher local legal-consent age. Retail treatment is the default. | Professional reclassification requires a written request and company acceptance; it is not an automatic account upgrade.Source 8 |
Account choices and opening requirements
Sections ↑Account comparison04
Current accounts and services without obsolete labels
| Choice | What the public terms establish | Important qualification |
|---|---|---|
| International live CFD account | The public account FAQ directs clients to terms for their individual needs. | A current Raw, ECN, Cent or VIP tier matrix was not established from this information. Obtain the actual offered terms before comparing accounts.Source 29 |
| International entry deposit | Forex page advertises US$100 to begin. | The payment page says the actual minimum varies by region and payment method and is shown during funding. US$100 is not a verified universal payment minimum.Source 14Source 15 |
| European live CFD account | European website offers the proprietary multi-asset CFD service. | The current payment page makes minimum funding dependent on region and account/payment conditions; no universal numeric opening deposit is asserted here.Source 2Source 16 |
| EU Interest-Free Account | Discretionary approval for clients following the Muslim faith / Sharia law. Overnight financing is waived. | Wider spreads apply and a transaction held beyond 30 days is automatically closed at the platform price.Source 18 |
| International Islamic | Swap-free across assets; 30-day limit, then discretionary closure/conversion. | No bonuses, promotions or cashback; eligibility discretionary.Source 11 |
| International demo | US$5,000 virtual funds; 30-day access, renewable on request. Available through iOS and Android. | The current demo page says initial access needs registration rather than ID verification. Real-account verification and execution conditions are separate.Source 17 |
Account comparison05
Historical offers excluded from the current account menu
| Old feature | Published change | Why it affects comparison |
|---|---|---|
| International Zero Spread Account | The broker announced termination from 31 December 2018 and conversion to Standard accounts. | Old zero-spread reviews do not establish a present account option.Source 23 |
| Non-leveraged CFDs | Both international and European notices discontinued this option from 31 December 2023. | Older cost-document examples of 1:1 CFDs should not be presented as a live offer or physical-share ownership.Source 23Source 24 |
Products, ownership and contract units
Sections ↑Account comparison06
Markets offered through the CFD service
| Market | Exposure | What to check |
|---|---|---|
| Foreign exchange | International page advertises 90+ currency pairs, including major and less-liquid crosses. | Use the actual instrument’s quote, minimum deal size, margin and trading session; promotional counts are not an availability guarantee.Source 14 |
| Shares and ETFs | International product document describes cash-settled CFDs with no rights in the underlying asset. | A share CFD is not a custody account, transferable shareholding or entitlement to shareholder voting rights.Source 13 |
| Indices, commodities and crypto | The European app explicitly supports these CFD groups alongside FX, shares and ETFs. | Availability depends on the regional service. A crypto CFD does not create a wallet balance that can be sent on-chain.Source 20 |
| Instrument universe | European account materials advertise 900+ CFDs. | An account’s current platform list and regional permissions determine its usable subset.Source 2 |
Pricing & charges07
Units and published illustrations
| Instrument example | Documented convention | Limit of the illustration |
|---|---|---|
| EUR/USD | One pip is 0.0001 USD per EUR; the product-document example uses a deal of 10,000 EUR. | Its 2-pip spread is an assumed scenario, not a measured current typical quote.Source 13 |
Spread, commission and account fees
Sections ↑Pricing & charges08
Published charging model
| Charge | International account | European account |
|---|---|---|
| Execution commission | US$0 deal-ticket commission; spread varies with market conditions. | Commission-free CFD pricing with a spread in the quoted buy/sell prices.Source 9Source 10 |
| Account opening | No setup charge. | No setup charge.Source 9Source 10 |
| Overnight financing | Instrument- and direction-dependent debit or credit for overnight positions. | Instrument-dependent financing for leveraged CFDs; current rates are shown in the platform.Source 9Source 10 |
| Inactivity | US$15 per quarter after one year. | US$15 per quarter after one year.Source 9Source 10 |
| International bank-wire withdrawal | US$20; payment intermediaries can add fees. | US$20; payment intermediaries can add fees.Source 9Source 10 |
| India local withdrawal | US$5 under the international schedule. | Do not import this regional international-payment offer into the European account.Source 9 |
The fee pages use a zero-fee deposit/withdrawal headline but explicitly retain the wire-transfer charges above. A cost comparison should use those exceptions, the current deal-ticket spread and the intended holding period. This profile contains no measured spread sample or live execution test.[9][10]
Pricing & charges09
Holding costs and contract events
| Cost or event | Documented effect |
|---|---|
| International FX financing | Currency-rate differences plus annual markup starting at 0.75%; current terms permit higher, different long/short markups.Source 11 |
| Financing timing | Market Info gives GMT cutoffs; five-day instruments: triple on their last weekly trading day.Source 11 |
| International inactivity cap | Limited to remaining equity below US$15.Source 11 |
| Futures-based index CFDs | The product document describes contract rollover and a spread charge for positions held at rollover. The adjustment offsets the gap between expiring and next futures prices.Source 13 |
| EU conversion | CFD amounts in another currency are converted into the account currency; this can alter realised costs.Source 12 |
Leverage and margin closeout
Sections ↑Protections & eligibility10
Leverage and maintenance requirements
| Route | Published framework | Qualification |
|---|---|---|
| International | Headline maximum leverage up to 400:1. | It depends on the instrument and permitted region; the funding amount is not the notional exposure.Source 1 |
| European retail | Headline maximum leverage up to 30:1. | Lower asset-specific caps apply; professional-client treatment must be separately established.Source 2 |
| International margin | 20% of Used Margin; actual platform percentage applies. | Total Equity includes bonuses.Source 11 |
| International exposure | US$15m/client plus instrument caps. | Limits may change.Source 11 |
| European maintenance margin | 50% of Used Margin. | Equity at or below maintenance triggers automatic closeout. This is a margin ratio, not a 50% stop-loss on each trade.Source 12 |
| EU net exposure | Published maximum total net exposure is €12 million per client. | Instrument limits and company changes also apply; this is not a promised margin facility.Source 12 |
Protections & eligibility11
Closeout sequence and hedging
| Rule | Consequence |
|---|---|
| International / EU closeout | Largest margin-consuming deal first, oldest tie; whole instrument if one closure cannot sufficiently reduce maintenance.Source 11Source 12 |
| Hedged exposure | Closing one side of a hedge can increase net exposure and the margin needed for the remaining position.Source 12 |
| Closed underlying market | If no eligible instrument is trading, liquidation must wait for an available quote.Source 12 |
Execution and prohibited strategies
Sections ↑Platforms & products12
The broker’s execution model
| Item | Documented arrangement |
|---|---|
| EU counterparty | iCFD acts as market maker and principal, and is the sole execution venue. It may hedge with another firm, offset positions or retain a proprietary position.Source 8 |
| Market and pending prices | International notices explain client/server-price tolerance: outside tolerance the server price applies; substantial differences may lead to rejection. Pending orders can fill at the first available price with favourable or adverse slippage.Source 23 |
Platforms & products13
Strategies that conflict with the published terms
Proprietary platform, analysis and education
Sections ↑Platforms & products14
Functions documented on the current apps
| Tool | Use | Scope |
|---|---|---|
| International app | Trading, charts with technical indicators and drawing tools, real-time margin and exposure, account history and funding. | Proprietary iFOREX service; the account’s market and residence permissions remain applicable.Source 19 |
| European app | CFD dealing, stop-loss/take-profit settings, multi-timeframe charts, margin monitoring and account management. | Separate iFOREX Europe app and terms.Source 20 |
| Trading signals and Pulse | Signals/alerts and a swipe-based tool for discovering trending assets. | Analysis and discovery features do not establish an automated copy-trading account.Source 19 |
| Today’s Opportunity / Trading Expert | Video ideas and explanations of trade setups, entry/exit levels and risk considerations. | Broker-produced analysis; it is not independently audited trading performance.Source 19 |
| AI and learning tools | The EU app advertises AI-assisted pattern/context tools, tutorials and demo access. | The agreement describes information as non-advisory; the client remains responsible for investment decisions.Source 20Source 8 |
Vault and promotional equity
Sections ↑Account comparison15
How the international Vault changes available margin
| Feature | What it does | What it does not establish |
|---|---|---|
| Vault allocation | Moves selected available funds out of active trading equity; they can be restored to support trading. | It is an allocation inside the broker relationship, not a completed bank withdrawal.Source 21 |
| Access and price | The feature page describes it as optional and free to use. | It does not establish a separate bank deposit, deposit guarantee or fixed-interest savings product.Source 21 |
| Risk-management role | Separates unused funds from day-to-day trading allocation. | It does not replace stop-loss controls or make remaining leveraged positions risk-free.Source 21 |
| Vault restrictions | No bonuses; restore original allocations separately. | Inactivity automatically returns funds to equity; dormancy fees apply.Source 11 |
Account comparison16
International first-deposit credit and CashBack
| Component | Published condition |
|---|---|
| Initial credit | 50% of the first eligible deposit, capped at US$250.Source 22 |
| Additional app credit | A further 50%, capped at US$250, after deposit, document approval and the first mobile-app trade. Combined first-deposit credit is capped at US$500.Source 22 |
| Eligibility and withdrawal | New clients who have never traded with iFOREX; credit is for margin only and cannot be withdrawn. Withdrawing funds can remove the bonus.Source 22 |
| Cash versus credit | The terms attach conditions to promotional equity. More available margin increases potential exposure; it is not a cash rebate or guaranteed protection from loss.Source 22 |
| Credit cancellation | Withdrawal/Vault allocation may remove bonuses; 30-day inactivity cancels trading bonuses.Source 11 |
| CashBack | Three-month earning window from award; weekly cash realisation against assigned volume. Opening and closing turnover count. Only realised CashBack is withdrawable; pending awards are not cash.Source 11 |
Deposits, verification and withdrawals
Sections ↑Account comparison17
Payment methods and processing stages
| Area | Published rule | Why timing can differ |
|---|---|---|
| International deposits | Cards, bank wire and region-specific alternative payment methods. | Cards/electronic payments are usually prompt; bank transfers take several business days. The support article gives 3–5 business days for bank crediting.Source 15Source 33 |
| International withdrawal approval | Request in the account; verified identity is required. Funds generally return through the deposit method. | The main payment page describes a few business days after approval, followed by provider receipt time.Source 15 |
| European payments | Methods and minimum deposits depend on country and the options displayed for the account. | The European payment page describes prompt card/electronic crediting and potentially several business days for bank transfers.Source 16 |
| European withdrawals | After approval, card and electronic transfers are processed the same business day, subject to provider delays. | Identity verification and same-name payment methods apply; funds normally return through the deposit method.Source 16 |
| Available cash | Funds committed to margin cannot simply be withdrawn as if they were free balance. | Use the account’s displayed withdrawable amount and allow for outstanding verification and transaction checks.Source 15 |
Account comparison18
International withdrawal details beyond the headline fee
| Situation | Published support guidance |
|---|---|
| Card deposit returned within one year | Return to the credit/debit card; profits are paid by bank transfer.Source 31 |
| Older card deposit | After one year, support describes return by bank wire instead of card.Source 31 |
| Card receipt time | Published support guidance allows up to 28 days depending on the issuer. This is a provider-receipt estimate, not the broker’s approval time.Source 32 |
| Bank receipt time | Published support guidance gives 3–5 business days. The article is older than the main payment page; obtain a current method-specific estimate for the intended withdrawal.Source 32 |
| Japanese-speaking clients | Support lists JPY 2,000 for bank withdrawals of JPY 5,000–100,000.Source 30 |
| Hindi-speaking clients in India | Support lists US$5 for local and US$20 for international transfers; card providers and intermediary banks may impose their own charges.Source 30 |
Protection, support and complaint resolution
Sections ↑Protections & eligibility19
Protection mechanisms and their boundaries
| Mechanism | Published basis | Limit |
|---|---|---|
| International negative balance protection | Product document limits trading-loss liability to funds deposited plus accumulated profits. | It does not preserve the trading balance from loss or guarantee recovery in an insolvency.Source 13 |
| European retail negative balance | Trading-loss liability is capped at deposits plus profits. | Market losses still occur.Source 12 |
| European segregation | The protection page says client funds are held separately from company capital in bank accounts. | Segregation and market-risk protection are different safeguards.Source 25 |
| European compensation | The published legal-update notice gives the lower of €20,000 or 90% of a covered claim. | Investor Compensation Fund eligibility and firm-failure conditions apply; trading losses are not reimbursed.Source 24 |
| European account security | The protection page describes optional two-factor authentication in account settings. | Use the regional official platform and support channels; the feature has not been tested for this review.Source 25 |
Protections & eligibility20
Human support and formal escalation
| Service | Published channel / target | Next stage |
|---|---|---|
| International customer support | Monday–Friday, 04:00–20:00 GMT; +30 210 374 2599; [email protected]; live chat. | This dedicated contact schedule is more specific than the generic 24/5 marketing wording.Source 26 |
| International formal complaint | [email protected]; significant complaints acknowledged within seven business days, with a target response within one month. | The procedure addresses unresolved cases and communication with BVI FSC; a regulator complaint is not a guaranteed compensation award.Source 27 |
| European formal complaint | [email protected]; acknowledgment within five business days; final response within two months. | A justified delay must be explained and cannot extend beyond three months from submission.Source 28 |
| European external escalation | If dissatisfied with the final response, the procedure permits referral to the Financial Ombudsman. | It specifies four months from the final response for that referral; court remedies are separately mentioned.Source 28 |
Assessment for the intended trading style
Sections ↑For an account comparison, prioritise the terms that affect the intended trading and funding workflow: position duration, strategy permission, usable margin, conversion and cash availability. Assess promotional credit separately from withdrawable money. This is desk research; no account was funded and no trading, withdrawal or support-speed test is claimed.
Company background & evidence
Sections ↑- Headquarters
- Operating entities in British Virgin Islands and Limassol, Cyprus; separate listed parent
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
Formula Investment House Ltd
British Virgin IslandsSource 3
| Issuer & identifier | Recorded status | Date & scope |
|---|---|---|
| British Virgin Islands Financial Services CommissionSIBA/L/13/1060 | Authorised | Checked 10 Oct 2026BVI FSC confirms the named firm is currently regulated for dealing as principal; the licence number is supplied by the broker’s current contact disclosure.Source 3Source 26 |
iCFD Limited
CyprusSource 4
| Issuer & identifier | Recorded status | Date & scope |
|---|---|---|
| Cyprus Securities and Exchange Commission143/11 | Authorised | Checked 10 Oct 2026CySEC lists ICFD Ltd, company 254495, iFOREX Europe as approved trade name and the regional approved domains.Source 4 |
Sources & further reading
- iFOREX international service iFOREX · Accessed 10 Oct 2026
- iFOREX Europe service and instrument range iCFD Limited · Accessed 10 Oct 2026
- Formula Investment House Ltd: current regulated entity British Virgin Islands Financial Services Commission · Accessed 10 Oct 2026
- ICFD Ltd: current firm record and approved domains Cyprus Securities and Exchange Commission · Accessed 10 Oct 2026
- London Stock Exchange welcomes iFOREX to the Main Market London Stock Exchange · Accessed 10 Oct 2026
- iFOREX Financial Trading Holdings Ltd: AGM results and group description, 18 June 2026 iFOREX Financial Trading Holdings Ltd / RNS · Accessed 10 Oct 2026
- Restricted countries and location-based access Formula Investment House Ltd · Accessed 10 Oct 2026
- iFOREX Europe client agreement, CA24062024 iCFD Limited · Accessed 10 Oct 2026
- International fees and pricing Formula Investment House Ltd · Accessed 10 Oct 2026
- European fees and pricing iCFD Limited · Accessed 10 Oct 2026
- International trading conditions Formula Investment House Ltd · Accessed 10 Oct 2026
- European trading conditions iCFD Limited · Accessed 10 Oct 2026
- Company Product Information, CPI18052026 Formula Investment House Ltd · Accessed 10 Oct 2026
- International forex markets and entry deposit Formula Investment House Ltd · Accessed 10 Oct 2026
- International deposits and withdrawals Formula Investment House Ltd · Accessed 10 Oct 2026
- European deposits and withdrawals iCFD Limited · Accessed 10 Oct 2026
- International demo-account offer and expiry Formula Investment House Ltd · Accessed 10 Oct 2026
- Interest-Free Account annex, IFA15052022 iCFD Limited · Accessed 10 Oct 2026
- International app functions and tools Formula Investment House Ltd · Accessed 10 Oct 2026
- European app functions and tools iCFD Limited · Accessed 10 Oct 2026
- Vault fund-allocation feature Formula Investment House Ltd · Accessed 10 Oct 2026
- International first-deposit promotion terms Formula Investment House Ltd · Accessed 10 Oct 2026
- International service changes and discontinued products Formula Investment House Ltd · Accessed 10 Oct 2026
- European legal and product updates iCFD Limited · Accessed 10 Oct 2026
- European segregation and account-security controls iCFD Limited · Accessed 10 Oct 2026
- International contact channels and staff hours Formula Investment House Ltd · Accessed 10 Oct 2026
- International client complaint procedure, CCP28112024 Formula Investment House Ltd · Accessed 10 Oct 2026
- European client complaint procedure iCFD Limited · Accessed 10 Oct 2026
- International published account-choice FAQ iFOREX Support · Accessed 10 Oct 2026
- Withdrawal verification, channels and local fees iFOREX Support · Accessed 10 Oct 2026
- Card-deposit return policy iFOREX Support · Accessed 10 Oct 2026
- Published card and bank withdrawal receipt times iFOREX Support · Accessed 10 Oct 2026
- Published bank-deposit crediting time iFOREX Support · Accessed 10 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.