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Contract reading

What iFOREX Europe legally published, but does not want you to read

Every clause below is published by iFOREX Europe itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: iCFD Limited

sole discretionhidden feewithdrawalsunilateral amendmentclient moneydeemed acceptancekyc freezeprofit voidingalgo bancompensation cap

iFOREX Europe is CySEC regulated and puts negative balance protection in writing. It can also close your account and keep everything in it if it decides you acted in bad faith. There is no ceiling on its spread, no deadline on your withdrawal, and two working days to dispute a trade. The contract is English only, on all eight of its language shelves.

Back to iFOREX Europe

Contract risk

Money at risk
6.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
20
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
68
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 20 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning13
Notice1

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical2 working daysTime to complain. Jump to the clause this comes from.Two working days to object, then the record standsCritical$15Fee on an unused account. Jump to the clause this comes from.A dormant account can be emptied by its own fee8In the contract. Jump to the clause this comes from.Eight language shelves, one English contract$20Fee you were not shown. Jump to the clause this comes from.Up to US$20 to wire money out, plus your bank's cut

What the documents say

20 clauses worth knowing about, worst first, each quoted from iFOREX Europe's own files

01

iFOREX Europe can decide on its own that you used its service in bad faith, close your account and keep everything in it. Clause 8.1.21 never defines bad faith, and you waive your right to claim the money back.

Why this matters

Your deposit goes too, not only your profit. The clause sits among the promises you make about yourself, nowhere near the sections on withdrawals or fees, so a reader checking how to get money out will never meet it.

Exhibit 1CriticalRarely seen

In the event that the Company deems that the Client has been using the Services in bad faith the Company shall have the right to close the Client's Account and the Company shall be entitled to retain all monies therein. Client hereby expressly waives any future claims against the Company in such regard.
Clause 8.1.21 in Client Agreement
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 13The conduct rules decide when this retention clause bites, and iFOREX Europe writes both tests.
  • Worse together with Exhibit 8One clause takes the balance, the other reverses the trades that built it, and neither owes you a reason.
02

The contract gives iFOREX Europe no deadline to pay you. Clause 10.3.4 says transfers start without delay, then lets the firm delay any request while it suspects you breached the agreement.

Why this matters

If the firm is not satisfied with a document you send, clause 10.3.6 lets it reverse the withdrawal and put the money back in your trading account. Nothing says what satisfied means or how long a review can run.

Exhibit 2CriticalHarder than usual

Money transfers (withdrawal from Trading Account) shall be initiated by the Company without delay and in accordance with applicable law. Upon receiving a withdrawal request, the amount requested shall be deducted from the Balance.
Clause 10.3.4 in Client Agreement
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 7A review with no clock sits on top of a payout route you cannot choose.
  • Worse together with Exhibit 16A freeze on suspicion and a delay on suspicion are the same hold written into two clauses.
03

You get two working days to object in writing to anything on your account statement. After that, clause 12.2 makes the firm's own record final and binding on you.

Why this matters

Clause 12.3 starts the clock at the trade itself, not when you spot the problem. Two working days means days Cyprus banks are open, so a weekend or a Cyprus holiday eats into them.

Exhibit 3CriticalHarder than usual2 working days

Any confirmation or proof for any act or Account Statement or certification issued by the Company in relation to any Transaction or other matter shall be final and binding on the Client, unless the Client has any objection in relation to such Account Statement or certification and the said objection is filed in writing and received by the Company within two (2) Working Days from the receipt or the deemed date of receipt of any Account Statement or certification.
Clause 12.2 in Client Agreement
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must run a complaints procedure that takes a retail complaint, answers it inside set time limits and tells the client how to take it further. iFOREX Europe publishes such a procedure. This clause works separately from it: once two working days pass, the firm's own statement of your trades is final and binding.

iFOREX Europe is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

04

After a year with no trades, iFOREX Europe treats your account as inactive and charges US$15 a quarter. Clause 14.3 takes the account's entire equity instead when the balance is under US$15.

Why this matters

A small balance you left behind is gone in a few quarters, and the last charge takes whatever is there rather than stopping at the fee. The pricing pages name the quarterly fee and say nothing about the sweep.

Exhibit 4CriticalHarder than usual$15

Inactive accounts are charged with a quarterly maintenance fee of US$15 or the account's entire Equity if the Equity is less than US$15.
Clause 14.3 in Client Agreement
Downloaded from the broker's site on Open the reference
Our own capture of iforex.eu, taken on Oct 15, 2026The claim, on Spanish pricing page, inactivity fee tile under other charges and feesVisit this page on the broker's siteDownload the full size image file

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
A year with no tradingiFOREX Europe treats the account as inactive and can deactivate it.7.2.8
Start of the next calendar quarterThe first US$15 maintenance fee is charged.14.3
Every quarter after thatAnother US$15 goes while the account stays inactive.14.3
Equity under US$15The whole remaining balance is taken instead of the US$15.14.3
Equity reaches zeroCharging stops.14.3
05

There is no limit to how wide your spread can get, the gap between the buy price and the sell price. Clause 11.1.5 lets iFOREX Europe widen it at any time, without notice, and partly on your own profile.

Why this matters

A wider spread costs you on the way in and on the way out, including on a position you already hold. Clause 11.1.2 also makes the firm's own prices the only prices that count for your trades.

Exhibit 5CriticalHarder than usual

The client acknowledges and agrees that (i) values of minimum spreads will be available on the Trading Conditions on the website, and (ii) changes of spreads will be made at any time and without prior notice, and (iii) that there is no limit to how wide Spreads may be, as the Company has the right, at its sole and absolute discretion, to increase or decrease spreads on Financial Instruments depending on - but with no limitation to - market conditions and/or the Client's profile.
Clause 11.1.5 in Client Agreement
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 17The firm sets the spread with no ceiling and is also the only source of the price it charges you.
06

iFOREX Europe keeps a legal document shelf for eight languages, and the client agreement is the same English file on every one of them. The Spanish shelf calls it Acuerdo del Cliente and serves the English text.

Why this matters

Clause 1.2 makes accepting that file a confirmation that you have read and understood it. Of the seven documents we compared, five are genuinely translated, so the contract that binds you is one of the two that are not.

Exhibit 6WarningStandard wording8

BY ACCEPTING THIS AGREEMENT ON THE COMPANY'S WEBSITE, THE CLIENT CONFIRMS THAT IT HAS READ, UNDERSTOOD AND AGREED TO BE BOUND BY THIS AGREEMENT WHICH SHALL GOVERN THE USE OF THE TRADING PLATFORM AND THE TRANSACTIONS ENTERED INTO BETWEEN THE CLIENT AND THE COMPANY.
Clause 1.2 in Kundenvereinbarung
Downloaded from the broker's site on Archived copyOpen the reference

Two clauses let iFOREX Europe keep what is in your account

Clause 8.1.21 lets iFOREX Europe close your account and retain all monies in it when it deems you acted in bad faith, a term the contract never defines. Clause 11.5.6 lets it reverse any transaction at any time and for any reason. The listed examples include the two minutes either side of a critical news release, and clause 11.5.7 says no reason is owed.

Money already earned1 clause flagged

iFOREX Europe can refuse, reverse, freeze or close any of your orders or positions at any time and for any reason. Clause 11.5.6 gives it that power, and clause 11.5.7 says the firm owes you no reason, before or after.

Why this matters

Reversing a transaction removes a profit you have already taken. The listed examples include the window around every big economic announcement, which is exactly where a fast gain comes from.

Exhibit 8CriticalHarder than usual

Without prejudice to any other provisions herein, the Client acknowledges that the Company shall have the right, at its sole discretion, at any time and for any reason and without giving any notice or explanation to: refuse, reverse, suspend, freeze, limit the size and/or close any Order, Position or Transaction, including without limitation in the following cases:
Clause 11.5.6 in Client Agreement
Downloaded from the broker's site on Open the reference

The price of a trade here has no stated ceiling

Clause 11.1.5 says there is no limit to how wide iFOREX Europe can make its spread, and it can widen it without notice on your profile alone. Any commission or financing fee can change on seven days of a website post. A wire withdrawal costs up to US$20, and the interest your balance earns belongs to the firm.

Cost disclosure3 clauses flagged

A wire withdrawal costs up to US$20 under clause 14.4, and clause 10.3.5 puts your bank's own transfer charges on you as well. The pricing page shows deposits and withdrawals at $0 and puts the $20 below it.

Why this matters

Because profit can only go to a bank account, this is the charge every profitable client pays to get paid. The contract says up to US$20 and never says what sets the amount.

Exhibit 9WarningStandard wording$20

Withdrawals made through wire transfer are subject to a transfer fee of up to US$20.
Clause 14.4 in Client Agreement
Downloaded from the broker's site on Open the reference

iFOREX Europe can change any commission, cost, charge or financing fee at its own discretion. Clause 14.1.4 makes the notice a website post that stays up for seven days, and your consent is given in advance.

Why this matters

You will not get an email. If you do not check that page in the week it is posted, the new charge applies to you anyway.

Exhibit 10WarningHarder than usual7 days

The Company reserves the right to amend at its sole discretion all such commissions, costs, charges and financing fees, by informing the client of any material change relating to such commissions, costs, charges and financing fees, via the Website at the News and Updates section where such changes will be available continuously for the period of seven days. The Client specifically consents to the provision of such information through the Website as described in this paragraph.
Clause 14.1.4 in Client Agreement
Downloaded from the broker's site on Open the reference

Your money earns interest while iFOREX Europe holds it, and clause 10.1.5 has you waive all of it. The firm keeps that interest to cover its own costs of running the bank account.

Why this matters

On a balance sitting between trades, that is a real return you never see. Nothing in the contract tells you how much interest was earned or kept.

Exhibit 18WarningStandard wording

The Client agrees to waive any of his rights to receive any interest earned in the money held in the Bank Account and consents that the Company will benefit from such interest earned to cover registration, general expenses, charges, fees or interest related to the administration and maintenance of the Bank Account.
Clause 10.1.5 in Client Agreement
Downloaded from the broker's site on Open the reference

Getting paid depends on a review with no clock on it

Clause 10.3.4 sets iFOREX Europe no deadline to pay you and lets it delay any request it finds suspicious. Clause 10.3.6 lets it reverse a withdrawal when it is not satisfied with your documents. Profit can leave only to a bank account in your own name, and the Spanish payments page offers Spanish clients five methods that are all cards or e-wallets.

Exit conditions1 clause flagged

Your deposit comes back the way it went in, and clause 10.3.6 lets profit go only to a bank account in your own name. With Spain selected, the payments page lists five methods and every one is a card or an e-wallet.

Why this matters

If you fund by card and win, you need a bank account to be paid, and that route is the one iFOREX Europe charges for. Without a bank account in your own name there is no way out for your profit.

Exhibit 7WarningHarder than usual

Withdrawals of funds deposited can only be made using the same method used by the Client to fund the Account and to the same remitter. Withdrawals of profits may only be transferred to a bank account under the Client's name.
Clause 10.3.6 in Client Agreement
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 9Profit can only leave by the single route that carries a charge.

The agreement can change without you, and two termination clauses disagree

Clause 17.2 lets iFOREX Europe amend this contract for any reason without your consent, and clause 17.3 gives you 15 days and a registered letter to object. The current version added a stricter termination clause and kept the looser one as clause 18.4. Hedging and automated trading are both bannable conduct, and clause 13.3 lets the firm close your positions to fund another account.

What the firm may change4 clauses flagged

iFOREX Europe can change this agreement for any reason it decides, and clause 17.2 says your consent is not required. Your only answer is to close the account within 15 days by sending a registered letter.

Why this matters

Say nothing in those 15 days and clause 17.3 treats your silence as acceptance. A registered letter is a trip to the post office, while the change itself can reach you as a website post.

Exhibit 11WarningHarder than usual15 days

In any such case, the Company shall notify the Client of the said amendment either in writing or per electronic mail or through the Website, or through the Trading Platform and the Client's consent shall not be required for any such amendment.
Clause 17.2 in Client Agreement
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 10A fee change and a contract change both reach you the same way, as a post on the website.

iFOREX Europe added a stricter termination clause to this version and left the old looser one underneath it. Clause 18.3 needs reasonable and objectively justified grounds; clause 18.4 needs only that the firm believes you breached the spirit of the agreement.

Why this matters

Both clauses define the same term, Events of Default, and only clause 18.3 promises to tell you immediately. The 2022 version of this agreement carried the looser test alone.

Exhibit 12WarningRarely seen

(vi) The Company has reasonable and objectively justified grounds to believe that the Client has violated any provision of this Agreement;
Clause 18.3 in Client Agreement
Downloaded from the broker's site on Open the reference

iFOREX Europe decides what counts as abusive trading. Clause 8.1.15 includes holding a long and a short position in the same instrument at the same time, and clause 8.1.16 bans every form of automated trading.

Why this matters

These are the doors into clause 8.1.21, where the firm can close your account and keep what is in it. Holding both sides of a trade is a normal way to manage risk, and here it can be treated as abuse.

Exhibit 13WarningHarder than usual

Such practices may further include holding long and short Positions in the same or similar instruments at similar times, including through different accounts, accounts held with different entities connected to the Company or together with others, for the purpose of manipulating or taking advantage of the Company or any of the services and benefits it may offer.
Clause 8.1.15 in Client Agreement
Downloaded from the broker's site on Open the reference

iFOREX Europe can move money between your accounts without asking, and clause 13.3 lets it close your open positions to do it. Clause 10.1.4 lets it set off what it says you owe and merge your accounts.

Why this matters

A trade you wanted to keep open can be closed to cover a balance somewhere else. You do not have to authorise it, and you get no say in which position goes.

Exhibit 15WarningHarder than usual

If the Client has opened more than one Account, the Company is entitled to transfer money from one Account to another, even if such transfer will necessitate the closing of Position(s) or other trades on the Account from which the transfer takes place.
Clause 13.3 in Client Agreement
Downloaded from the broker's site on Open the reference

The window to dispute a trade is two working days

Clause 12.2 makes iFOREX Europe's own account statement final and binding once two working days pass, and clause 12.3 starts that clock at the trade itself. Working days are days Cyprus banks are open. If you do bring a claim, clause 15.1 caps the firm's liability for its own gross negligence or fraud at your deposits less your withdrawals.

Challenging a decision1 clause flagged

You cover iFOREX Europe's costs if a claim arises from it providing the service or from following your own orders. Its liability to you, even for its gross negligence or fraud, stops at what you paid in less what you took out.

Why this matters

That cap wipes out your profit as a recoverable loss, because profit is not a deposit. Clause 15.15 does keep the firm liable for fraud, death and personal injury caused by its negligence.

Exhibit 14WarningHarder than usual

the Company's aggregate liability towards the Client in respect of claims of the Company's gross negligence, deliberate omission or fraud will be limited to the aggregate amount of the deposits less withdrawals made by the Client in the relevant Account
Clause 15.1 in Client Agreement
Downloaded from the broker's site on Open the reference

A suspicion is enough to freeze the account

Clause 7.2.6 lets iFOREX Europe stop deposits, decline orders, delay withdrawals and close positions where it suspects a breach or a money laundering risk. A card chargeback triggers the same freeze with no notice, under clause 10.2.7. Documents can be demanded at any point in the relationship, and two days' notice ends the agreement if you do not send them.

Verification holds1 clause flagged

A suspicion is enough. Clause 7.2.6 then lets iFOREX Europe stop deposits, decline orders, delay withdrawals, close your positions and return your balance to its source.

Why this matters

A chargeback from your card issuer triggers the same freeze with no notice at all, under clause 10.2.7. The firm can also ask for fresh documents at any time, and end the agreement on two days' notice if you do not send them.

Exhibit 16WarningStandard wording

the Company may freeze the Account, either by prohibiting additional deposits, declining Orders, declining or delaying any withdrawal requests, refunding balance to the deposit source, terminating existing Positions and/or any other means it is allowed or required, subject to Applicable Law.
Clause 7.2.6 in Client Agreement
Downloaded from the broker's site on Open the reference

iFOREX Europe is your counterparty and its own price source

Clause 4.5 says the firm acts as market maker and is the sole execution venue for your orders. It may hold a position of its own to profit from. Clause 11.1.2 makes its prices the only prices that count, and clause 11.1.4 frees it from quoting any price that a real market quotes.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Who you trade against1 clause flagged

iFOREX Europe trades against you as principal and is the only place your orders are executed, under clause 4.5. It may also keep a position of its own to make a trading profit from it.

Why this matters

When you lose on a trade, your counterparty is the firm that quoted the price. Clause 11.1.4 says it is under no obligation to quote any price that a real market quotes.

Exhibit 17WarningStandard wording

In relation to any orders placed with the Company, the Company will act as a Market Maker (principal) and not as an agent. The Company is the sole Execution Venue for the execution of the clients' orders.
Clause 4.5 in Client Agreement
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must identify conflicts of interest and tell a retail client when the firm itself is the counterparty to their trade. iFOREX Europe says so in clause 4.5. Its Spanish pricing page explains the spread as the cost of the product without naming the firm as the other side of the trade.

iFOREX Europe is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

iCFD Limited holds your money pooled, with a 20,000 euro backstop

You contract with iCFD Limited, a Cyprus firm under CySEC licence 143/11 trading as iFOREX Europe. Clause 10.1.1 holds your money in accounts in the firm's name, pooled with other clients' money. The Investor Compensation Fund pays the lower of 90% of a claim and 20,000 euro.

Who holds the money2 clauses flagged

Your money sits in accounts held in iFOREX Europe's name and mixed with other clients' money. Clause 10.1.1 calls these omnibus accounts, and clause 10.1.2 says the firm is not liable if the bank holding them fails.

Why this matters

If iFOREX Europe could not meet its obligations, the Investor Compensation Fund pays the lower of 90% of your claim and 20,000 euro. Anything above that is not covered.

Exhibit 19WarningStandard wording$20000

any assets in the Client's Account shall be held in an account or accounts maintained by, and in the name of, the Company and at the Bank Account/s of the Company's choice and that the assets in the Client's Account shall be commingled with the assets of other customers of the Company (omnibus accounts)
Clause 10.1.1 in Client Agreement
Downloaded from the broker's site on Open the reference
Set against a regulated standard: CySEC (Cyprus)

Firms licensed by CySEC must keep retail client money apart from their own and belong to the Investor Compensation Fund, whose payout is capped per client. iFOREX Europe states both in this contract. It adds that the money is pooled with other clients' money in accounts in the firm's name.

iFOREX Europe is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

The legal shelf keeps dated copies of past agreements, but the file at the 29 September 2022 address is the current one. It quotes a Cyprus law passed in 2026.

Why this matters

If you want to check the terms you agreed to in 2022, that link will not show them. Four other links on the same shelf are dead, including one costs and charges document.

Exhibit 20NoticeStandard wording

In accordance with Article 27D of the Protection of the Consumer (Amending) Law of 2026 (Law 30(I)/2026), the Company shall provide the Client with adequate explanations to enable the Client to understand whether the financial services (and any secondary or related services) are suitable for the Client's needs and financial circumstances.
Clause 1.6 in Client Agreement
Downloaded from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The pricing page promises no hidden fees while the contract puts no ceiling on the spread and ties it partly to your profile.

Said in public, in Spanish

No hay tarifas ocultas.

Word for word in English: There are no hidden fees.

Spanish pricing page, answer to the question on what spreads are

In the contract · clause 11.1.5

that there is no limit to how wide Spreads may be, as the Company has the right, at its sole and absolute discretion, to increase or decrease spreads on Financial Instruments depending on - but with no limitation to - market conditions and/or the Client's profile

02

The French pricing page promises no hidden fees, and the contract lets iFOREX Europe change any fee with a seven day website post.

Said in public, in French

Il n’y a pas de frais cachés.

Word for word in English: There are no hidden fees.

French pricing page, answer to the question on what spreads are

In the contract · clause 14.1.4

The Company reserves the right to amend at its sole discretion all such commissions, costs, charges and financing fees, by informing the client of any material change relating to such commissions, costs, charges and financing fees, via the Website at the News and Updates section where such changes will be available continuously for the period of seven days.

03

The payments page says funds go back the way they came, and the contract sends profit only to a bank account in your name.

Said in public, in Spanish

Los fondos se devuelven generalmente mediante el mismo método utilizado para el depósito, de conformidad con la normativa contra el blanqueo de capitales.

Word for word in English: Funds are generally returned using the same method used for the deposit, in line with anti money laundering rules.

Spanish payments page, answer on how withdrawals work

In the contract · clause 10.3.6

Withdrawals of profits may only be transferred to a bank account under the Client's name.

04

Withdrawals are advertised as same business day once approved, and nothing in the contract says when approval has to happen.

Said in public, in Spanish

Una vez aprobados, los retiros con tarjeta y las transferencias electrónicas se procesan el mismo día hábil; pueden producirse demoras según el proveedor del método de pago.

Word for word in English: Once approved, card withdrawals and electronic transfers are processed the same business day; delays may occur depending on the payment method provider.

Spanish payments page, answer on how long withdrawals take

In the contract · clause 10.3.4

The Company reserves the right at its sole discretion to decline a withdrawal request if the request is not in accordance with Section 10.3.6, or delay the processing of the request if it suspects that the Client is in breach of the Agreement or applicable law.

05

The advertised inactivity fee is US$15 a quarter, and the contract takes the whole balance instead once it falls under US$15.

Said in public, in Spanish

de $15 por trimestre, después de un año

Word for word in English: from $15 per quarter, after one year

Spanish pricing page, inactivity fee tile under other charges and fees

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of iforex.eu

In the contract · clause 14.3

Inactive accounts are charged with a quarterly maintenance fee of US$15 or the account's entire Equity if the Equity is less than US$15.

06

The Spanish legal page offers the client agreement under a Spanish name, and the file it serves is the English one.

Said in public, in Spanish

Acuerdo del Cliente

Word for word in English: Client Agreement

Link label on the Spanish legal documents page

In the contract · clause 1.2

BY ACCEPTING THIS AGREEMENT ON THE COMPANY'S WEBSITE, THE CLIENT CONFIRMS THAT IT HAS READ, UNDERSTOOD AND AGREED TO BE BOUND BY THIS AGREEMENT

What changed quietly

Nothing can be compared yet, because iFOREX Europe has no earlier review.

  • ADDEDClause 18.3 · CA 10042022 to CA11102026

    A termination clause with a higher test arrived above the old one, which stayed in place as clause 18.4.

    (vi) The Company has reasonable and objectively justified grounds to believe that the Client has violated any provision of this Agreement;

  • REWRITTENClause 11.6.8 · CA 10042022 to CA11102026

    Two phrases were added to the same clause: iFOREX Europe now changes trading conditions without prior notice, and checking them is your sole responsibility.

    The Company shall have the right to change the Trading Conditions at any time without prior notification, unless agreed otherwise in this Agreement. The Client agrees that it is the Client's sole responsibility to check the full specifications of any Transaction before placing any Order.

  • REWRITTENClause 1.1 · CA 10042022 to CA11102026

    The brand on the contract changed from Vestle to iFOREX Europe while the company you contract with stayed iCFD Limited.

    operating under the brand name ‘iFOREX Europe’, is a Cyprus Investment Firm, incorporated and registered under the laws of the Republic of Cyprus under Certificate of Registration No. 254495

The documents this reading is based on

68 files, all published by iFOREX Europe. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording iFOREX Europe publishes.

How this reading was done

Every clause above was read out of a document iFOREX Europe publishes itself

This reading was published on .

Documents
0 of 68downloaded from the broker's site of the 69 we found, none of them read end to end
Pages opened
83pages walked to find those documents, footer links included
Older copies
2earlier versions downloaded, 2 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
EN vs ES vs FRthe language it advertises in, against the language it contracts in

Who the contract is with

iCFD Limited

You contract with iCFD Limited, a Cyprus Investment Firm registered under number 254495 in Limassol and licensed by CySEC under number 143/11. iFOREX Europe is its trading name. The same company traded as Vestle in 2022 and as iFOREX before that. The brand on the contract has changed twice while the counterparty has not. Clause 4.5 makes iCFD Limited the other side of every trade you place. The iFOREX Group also runs a separate non-European company supervised in the British Virgin Islands. This contract does not name it. Clause 7.1.3 bars legal entities, so this agreement is for individuals.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Clause 13.7 puts negative balance protection in writing, so your equity cannot fall below zero. Slippage is described as running in both directions, either way. The pricing pages name the US$15 quarterly inactivity fee and the US$20 wire charge, which many brokers leave buried in the contract. Every page carries the 83% retail loss figure. Old versions of the legal documents stay online with the date in the filename. The costs document, complaints procedure, privacy policy, conflicts policy and client categorization policy are all genuinely translated into Spanish and German.

This review covers the current client agreement up to clause 21.4. Its final sections and two appendices are not covered, so the review says nothing about which law or courts govern a dispute. The 2022 and 2023 agreements are covered in part. The rest of the shelf is not covered in this review. That includes the costs and charges document, the complaints procedure, the order execution policy, the conflicts policy, the privacy policy and all six key information documents. Where a cost or a deadline lives only in one of those, it is not covered here. The two working day objection window in clause 12.2 is the only deadline here we can show you. Four links on the shelf are dead: one costs and charges document and three inducements disclosures.

How to check any of this yourself

Every quote above links to the iFOREX Europe file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document iFOREX Europe publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge iFOREX Europe on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 15, 2026.

If you represent iFOREX Europe and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on iFOREX Europe. Whether its licence is real and current is a separate check on the broker profile.

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