iBroker Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this iBroker Review.
iBroker offers a single forex trading account with ECN style execution, leverage up to 1:100, and competitive variable spreads on its proprietary web-based platform.
The Company. Security of funds
iBroker is e new brokerage, headquartered in Spain, that targets Spanish investors (its website is solely in Spanish language). It offers trading in wide range of financial products, including a number of currency pairs, various CFDs, as well as futures and options on futures. It is also a member of the largest European futures and options market – EUREX exchange.
Behind the brand is iBroker Global Markets SV, a company regulated by the Comisión Nacional del Mercado de Valores (CNMV), or the National Securities Market Commission. CNMV is an independent agency but falls under the Ministry of Economy and Finance of Spain.
Licensed financial services providers in Spain are required to keep client funds in segregated accounts, separated from the company’s assets.
What is more, as Spain is a member of the EU, you can be confident of a basic standard of regulation and MiFID compliance. This European Directive is designed to harmonize regulation for investment services across all member states with the objective of increasing competition and consumer protection. Besides, companies regulated in a Member State are entitled to provide their services across the EU.
We also have to point out that iBroker is a member of FOGAIN – the Investors Compensation Scheme for clients of Spanish investment firms, which guarantees their claims up to € 100,000, in case a regulated company becomes insolvent.
Minimum initial deposit
iBroker has set no minimum initial amount, however in order to place a trade, you must deposit a certain sum, so one may start trading with EUR 100.
Spread and Commission
The cost of trading with iBroker is low and competitive: spread averaged 0.2 pips for the EUR/USD and a commission of $7 round trip. So, average trading costs per lot are around 0.9 pips, while most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair.
This broker offers leverage up to 1:100, which is considered a mediocre ratio. A number of brokers offer leverage equal to or even higher than 1:500.
If you are accustomed to MetaTrader 4 (MT4), you will not find it with this broker. iBroker offers its clients solely its in-house web-based platform. Mobile apps are also available.
However, we find the charting of this platform too simplified. EAs are not supported, however the broker offers a copy trading service.
Clients of iBroker may use bank wire transfer, as well as debit/credit cards as payment methods.
iBroker is a well-regulated Spanish broker that utilizes ECN trading model. It offers competitive conditions for trading in forex and CFDs, as well as futures and options. However, it offers only one trading platform and account option.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
iBroker Review Conclusion
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