iFOREX Review 2026: Is this Forex Broker Legit or a Scam?

Executive Summary: iFOREX is a veteran broker established in 2011 with a mixed safety profile. While it holds a reputable European license, it suffers from an “Unverified” offshore regulatory status and multiple recent withdrawal complaints.With a WikiFX Score of 5.73, it sits right in the middle: not a blacklisted scam, but not a flawless industry leader either.

Finding a trustworthy Forex broker can feel like walking through a minefield. You want to trade the markets, not worry about whether your withdrawals will ever arrive. In this iFOREX review, we will peel back the marketing layers to look at the hard data: their licenses, their user complaints, and their software security. Is your money actually safe here?

Question 1: iFOREX Regulation & Safety: Is my money safe?

When you hand over your ID and bank details, the first question must always be: “Who is watching this broker?” For iFOREX, the answer is a “Good Cop, Bad Cop” situation.

The Good News:

iFOREX is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 143/11.

• Why does this matter? CySEC is a major European regulator. It requires brokers to keep your money in “Segregated Accounts.” This means the broker cannot use your deposits to pay for their office rent, Ferraris, or electricity bills. If iFOREX were to go bankrupt, your funds in the specific European entity (ICFD Ltd) would theoretically be protected by the Investor Compensation Fund (ICF).

The Bad News:

The database also lists a license from the Financial Services Commission (FSC) of the Virgin Islands, but its status is marked as “Unverified.”

• What is the risk? Real iFOREX regulation requires transparency. When a license is “Unverified,” it implies the offshore branch might not be correctly overseen, or the broker might be operating in a grey area. If you register under this offshore entity (often done to get higher leverage), you lose the European protections mentioned above. In an unverified jurisdiction, “Counterparty Risk” becomes real—if they refuse to pay you, no government agency is coming to save you.

Question 2: What are real traders complaining about?

A license is a piece of paper; user experience is reality. In the last 3 months alone, WikiFX has received 10 complaints regarding iFOREX. When we analyze the specific case descriptions, a worrying pattern emerges regarding withdrawals/negative balances.

Case Study 1: The “Chargeback” Conflict (Egypt)

A trader reported a complex issue where his account was locked with a negative balance of -$520. The dispute arose after he used a different bank card for deposits. The broker seemingly deducted funds, claiming the money was “recovered by the bank.”

• Educational Moment: This sounds like a conflict over “Third-Party Payments” or a Chargeback. Legitimate brokers strictly forbid depositing with someone else's card (even a family member's) due to Anti-Money Laundering (AML) laws. If a bank reverses a transaction (chargeback), the broker will immediately freeze the trading account to recover funds. While the trader feels scammed, this is often a strict banking policy trigger.

Case Study 2: Withdrawal Blocks (Uruguay)

Multiple users from Uruguay reported being unable to withdraw profits. One user explicitly stated valid profits of 300,000 Uruguayan pesos were held back, with the user crying out, “They scammed me.”

Verdict on Complaints:

Where there is smoke, there is usually fire. While some disputes (like the Egypt case) might be technical/legal misunderstandings, the sheer volume of “Unable to withdraw” complaints suggests iFOREX's approval process for releasing funds is strict, slow, or problematic.

Question 3: What software will I use?

Most brokers use the industry-standard MetaTrader 4 (MT4) or MT5. iFOREX does things differently. They use a Self-Developed (Proprietary) Platform called “iFOREX Europe CFD Trading.”

The Risk of Proprietary Apps:

While their app is customizable and supports mobile trading, proprietary software is a “closed box.” Unlike MT4, which is a third-party software that makes it harder for brokers to tamper with live prices, a self-built app gives the broker total control over the data feed.

• Security Alert: Our data indicates the platform lacks “Two-Factor Authentication (2FA)” or biometric logins.

Protect Your Account:

When using the iFOREX login page, be hyper-aware of your surroundings. Since the app lacks advanced 2FA security features found in modern banking apps, if a hacker guesses your password, they walk right in. Never save your iFOREX login credentials on shared computers or public Wi-Fi networks.

Final Verdict: Should I open an account?

iFOREX is a survivor in the industry, operating since 2011, which lends it some credibility. However, the contrast between its solid CySEC license and its “Unverified” offshore status creates a confusing safety picture.

Pros:

• Regulated by CySEC (Europe).
• Over a decade of history.

Cons:

• Score 5.73 (Mediocre).
• Proprietary platform (No MT4/MT5 alternatives listed as primary).
• Recent complaints about frozen funds and negative balances.

Advisor's Tip: If you live in Europe and fall under CySEC protection, iFOREX is a standard option. However, if you are an international trader being routed to the “Unverified” BVI entity, the risk of withdrawal issues is too high to ignore based on recent user data.

Status changes daily. Before depositing, check the WikiFX App for the latest real-time certificate and unverified warnings.