iForex is EFix’s internet arm, which was founded in 1996 by a group of ex-bankers. With their experience in the foreign exchange market the company operates dealing rooms around the world, enabling clients with various portfolios to trade directly with them. iForex was founded in 2004 thus adding the option of trading via the internet to that of trading over the phone.
iForex offers two trading platforms, both developed in-house, one which requires downloading to the users computer and the second is web-based. The downloadable client version takes a few minutes to download, and it requires a .Net environment installed as well. The download version offers both demo and real money accounts, while the web based version offers real money accounts only.
The download version is meant for more advanced users as it enables viewing and operating several deals all at the same time. The advantage of the web-based version is that it may be accessed from anywhere anytime and it overcomes security systems which don’t allow downloading desktop applications.
Both versions may be accessed using the same login information (demo account for the client version requires separate login), and the account data is updated in real time on both.
The web-based version is available in 13 languages: English, Spanish, French, Italian, Dutch, Portuguese, Romanian, Turkish, Russian, Arabic Japanese, Chinese and Hebrew. The download version is available in English and Hebrew only.
Registration to the iForex platform requires filling in minimal details and agreeing to the Terms and Conditions.
A minimum of $100 is required for the first deposit. This can be done easily by submitting credit card details or in a more complicated procedure by wiring funds from a bank account. The latter requires going offline to deal with the bank and then faxing confirmation to EFix. Withdrawal of funds back to same credit card is as easy as the deposit, while any excess funds must be deposited back into a bank account to prevent money laundering risks.