iFOREX
iFOREX is a BVI-licensed retail CFD broker founded in 1996, offering spread-based trading across 900+ instruments via proprietary web and mobile platforms to 8M+ users in 100+ countries, with strategic focus on India, LATAM, and the Middle East and a February 2026 LSE Main Market listing.
- Company typePublic
- Founded1996
- HeadquartersTórtola, Spain
- Headcount101–250
- GTM typeB2C
- OfferingServices
What iFOREX does
iFOREX is an online retail CFD broker founded in 1996, operating through Formula Investment House Ltd., a BVI-incorporated entity licensed by the British Virgin Islands Financial Services Commission. The company offers trading across more than 900 financial instruments — including forex, commodities, indices, shares, ETFs, and cryptocurrencies — through proprietary web-based and mobile platforms with leverage up to 400:1. Differentiated platform features include Pulse, an in-app market scanner that surfaces curated instruments based on trading activity, and "Trading Expert," which lets users replicate independent traders; the company also markets AI-assisted trading tools and a full suite of charting, sentiment, and signal add-ons. The company monetizes primarily through bid-ask spreads on commission-free CFD trades, supplemented by deposit bonuses (up to 100% welcome bonus) and ancillary revenue from Introducing Broker, Affiliate, and White Label programs.
The firm's customer base is retail and globally distributed: it claims 8M+ users across 100+ countries with 35K+ daily transactions, supported in 16+ languages. Strategic emphasis is on emerging and underpenetrated markets — India, LATAM, the Middle East (including Saudi Arabia and the UAE), and South Korea — with regional websites, local-language support, and recently added Saudi and South Korean equity CFDs. The company pursues a product-led, self-serve go-to-market supplemented by IB and affiliate partner channels, with no disclosed enterprise or institutional customer concentration. In February 2026, iFOREX completed an IPO on the London Stock Exchange Main Market under ticker IFRX at a £43.3M post-money valuation, raising £8.75M in gross proceeds earmarked for client onboarding automation, AI risk management, market expansion, and talent. Recent financials show revenue around $48.8–55.1M (FY2024 / TTM June 2025) with sharply declining profitability — net profit fell to roughly $3.0M TTM June 2025 from $25.8M in 2022, and H1 2025 net profit declined 63.5% year-over-year — indicating meaningful top-line and earnings pressure heading into the public listing.
iFOREX firmographics
Firmographics- Name
- iFOREX
- Legal name
- Formula Investment House Ltd.
- Website
- https://iforex.in
- Company type
- Public
- Founded year
- 1996
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- iFOREX is a BVI-licensed retail CFD broker founded in 1996, offering spread-based trading across 900+ instruments via proprietary web and mobile platforms to 8M+ users in 100+ countries, with strategic focus on India, LATAM, and the Middle East and a February 2026 LSE Main Market listing.
- Ownership category
- akta.pro rank
iFOREX industry classification
Industry- Product category
- Online CFD Brokerage
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Retail FX/CFD Broker Trading Venues (FSAFADAD)
- akta.pro secondary industry
- Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG)
Keywords
Where iFOREX is headquartered
LocationHeadquarters
- HQ city
- Tórtola
- HQ country
- Spain
- HQ region
- Europe
Offices1 record
Markets served
iFOREX business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Marketing or Sales, Personnel, Operations, Infrastructure, Others
Revenue model
- CFD Trading Spreads: iFOREX generates revenue primarily through spreads on Contracts for Difference (CFDs) across multiple asset classes including forex, commodities, indices, shares, ETFs, and cryptocurrencies. The company offers commission-free trading while earning from the bid-ask spread.
- Trading Bonuses: Revenue is supplemented through deposit bonuses (up to 100% welcome bonus on first deposit, plus additional 50% after first trade on mobile) which incentivize trading activity and increase trading volume.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Commission-free CFD trading |
| Hybrid | One time/ perpetual license | Welcome Package |
| Unit Pricing | Pay-as-you-go | Minimum Deposit |
| Freemium | Pay-as-you-go | Demo Account |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
iFOREX product offering
Product offeringCore offering
iFOREX operates an online CFD brokerage providing retail traders with access to over 900 financial instruments across forex, commodities, indices, shares, ETFs, and cryptocurrencies through proprietary web-based and mobile trading platforms. The company earns revenue primarily through bid-ask spreads on trades, offering commission-free trading with leverage up to 400:1. iFOREX also runs Introducing Broker, Affiliate, and White Label programs that enable partners to refer clients or rebrand the platform.
Product overview
iFOREX operates as a unified online and mobile trading platform offering CFD trading across Forex, commodities, indices, shares, ETFs, and cryptocurrencies. The core product is the proprietary iFOREX Trading Platform accessible via web and mobile app. The ecosystem includes various trading tools (Pulse, Trading Expert, Economic Calendar, Trading Signals, Live Charts, Market Intelligence) and client acquisition programs (IB Partner Program, Affiliate Program, White Label Program). The company recently listed on the London Stock Exchange in February 2026.
Differentiator
Problem solved
Functional benefit
Brands
- iFOREX Group: The parent brand for iFOREX's trading operations and services
- iFOREX Partner Program
Products and services
- iFOREX Trading Platform Proprietary web-based trading platform providing retail traders access to over 900 financial instruments including Forex, commodities, indices, shares, ETFs, and cryptocurrencies through CFDs, with real-time data, advanced charting, and educational resources.
- iFOREX Mobile App
Quantifiable outcome
- Access to 950+ financial instruments across multiple asset classes
- +2 more outcomes
Companies that use iFOREX
Customer profileSegments3 records
Ideal customer profiles3 records
iFOREX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
iFOREX partnerships and signals
Strategic signalScale indicators9 records
Recent moves8 records
Expansion highlights6 records
iFOREX competitors and assessment
Company assessmentDirect peers
- IC Markets: IC Markets is a global retail FX/CFD broker offering tight-spread trading across forex, commodities, indices, shares, and crypto via MetaTrader and cTrader. Comparable to iFOREX in retail CFD broker model and emerging-markets distribution, though IC Markets targets more active/professional traders.
- Exness: Exness is a global retail FX/CFD broker offering trading across forex, metals, energies, indices, shares, and crypto with high leverage and emerging-markets focus. Comparable to iFOREX in retail CFD product, high-leverage positioning, and emerging-market (LATAM, Asia, MENA) customer base.
- AvaTrade: AvaTrade is a multi-regulated retail FX/CFD broker offering trading across forex, commodities, indices, shares, ETFs, and crypto via proprietary and MetaTrader platforms. Comparable to iFOREX in retail CFD offering, educational content focus, and multi-jurisdictional presence.
- Plus500: Plus500 is a publicly listed retail CFD broker offering commission-free trading across multiple asset classes including forex, commodities, indices, shares, ETFs, and crypto. Closely comparable to iFOREX in business model, product breadth, and retail self-serve distribution, though Plus500 is materially larger and holds more Tier-1 regulatory licenses.
- eToro: eToro is a multi-asset retail trading platform offering CFDs across forex, commodities, indices, shares, ETFs, and crypto, with social-copy-trading features. Comparable to iFOREX in retail self-serve multi-asset CFD offering and emerging-markets focus.
- Pepperstone: Pepperstone is a global retail FX/CFD broker offering spread-based trading across forex, commodities, indices, shares, and crypto via MT4/MT5 and cTrader. Comparable to iFOREX in retail CFD focus and emerging-markets expansion strategy, though Pepperstone targets more sophisticated traders.
- CMC Markets: CMC Markets is a publicly listed retail CFD broker offering spread-betting and CFDs across FX, indices, commodities, shares, and crypto via proprietary platforms. Closely comparable to iFOREX in product offering and target customer base, with stronger Tier-1 regulation.
- XTB: XTB is a publicly listed retail broker offering CFDs on forex, indices, commodities, shares, ETFs, and crypto through proprietary web and mobile platforms. Comparable to iFOREX in product breadth, target retail customer, and PLG motion, with stronger European regulatory footprint.
Broad incumbents
- IG Group: IG Group is one of the largest and most established retail CFD/FX brokers globally, listed on the LSE, with multi-jurisdictional Tier-1 regulation. Comparable to iFOREX in core product (retail CFDs across FX, indices, commodities, shares) but operates at vastly greater scale and brand recognition.
- FXCM (StoneX subsidiary): FXCM is an established retail FX/CFD broker (now part of StoneX) offering spread-based trading across forex, indices, commodities, and shares via proprietary and third-party platforms. Comparable to iFOREX in retail CFD focus and proprietary platform offering, with stronger Tier-1 regulation and institutional integration.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
iFOREX social profiles
Digital presenceiFOREX financial estimates
Financial estimateRevenue estimate
Valuation estimate
iFOREX leadership team
Management profileNumber of profiles
Profiles2 records
iFOREX subsidiaries and ownership
Company hierarchySubsidiaries3 records
iFOREX funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
iFOREX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about iFOREX
What does iFOREX do?
iFOREX operates an online CFD brokerage providing retail traders with access to over 900 financial instruments across forex, commodities, indices, shares, ETFs, and cryptocurrencies through proprietary web-based and mobile trading platforms. The company earns revenue primarily through bid-ask spreads on trades, offering commission-free trading with leverage up to 400:1. iFOREX also runs Introducing Broker, Affiliate, and White Label programs that enable partners to refer clients or rebrand the platform.
Is iFOREX a public or private company?
iFOREX is a public company. It is classified as public and is currently operating.
When was iFOREX founded?
iFOREX was founded in 1996. It employs 101 to 250 people.
Where is iFOREX based?
iFOREX is headquartered in Tórtola, Spain, in the Europe region.
How does iFOREX make money?
Two revenue lines are on record. CFD Trading Spreads are the primary driver. The others are trading Bonuses.
Who are iFOREX's main competitors?
Direct peers on record are IC Markets, Exness, AvaTrade, Plus500, eToro, Pepperstone, CMC Markets and XTB. Broad incumbents are IG Group and FXCM (StoneX subsidiary).
Does iFOREX have an API?
No public API is recorded for iFOREX.
What industry is iFOREX in?
iFOREX's product category is Online CFD Brokerage. Its primary akta.pro industry code is FSAFADAD, Retail FX/CFD Broker Trading Venues, with a secondary code of FSAPADAG, Brokerages & On/Off-Ramps (fiat rails, instant buy/sell). Its NAICS code is 5231 and its SIC code is 6200.