iForex may forbid any practices which are illegal and/or are utilized to give the client an unfair advantage.
If iForex finds that traders are abusing the trading platform or bonus promotions, the broker has the right to take a necessarily actions to the accounts.
Before trading with iForex, you may want to confirm that your trading method is fine and allowed by iForex.
Scalping is a trading method which places many orders (e.g. more than a hundred) in a day and closes them to aim the small profits by the small price differences.
This is a common strategy for traders who is more focused on small but more steady profits, but not large ones by taking times.
Depending on the numbers and times, iForex may restrict this trading methods.
Not all the EAS are allowed for trading.
As iForex offers not MT4, but only FXnet Trader, it may be a bit difficult to find a EA for this platform though, algorithm trading is not supported by iForex.
Also this includes API trading, which interacts as other programs.
API stands for application programming interface, which acts as a middleman between traders and markets and retrieve necessarily information.
Arbitrage is restricted by many brokers as it is a trading method abusing the trading platforms or bonus promotions.
There are some different types of arbitrage though, iForex does not allow any kinds of arbitrage.
- Arbitrage abusing bonus promotions provided by iForex
- Arbitrage using several trading accounts
- Arbitrage to earn swap points without risks
Arbitrage trading is categorized as an illegal trading method as it is not taking general risks of financial markets but it is abusing the trading environment to earn illegal advantages on traders.
Just like a normal broker, iForex may look into your trading history before processing any withdrawals(especially if you have used a bonus promotions), and take necessarily actions if iForex finds that you have abused its system.
It is common that some brokers cancel profits as the trader has illegally earned profits by abusing the system.
Fortunately, iForex has mentioned what is the “unauthorized trading practices” and what is not in its contract specification.
So you may want to read through the contract specification before start trading.
“SCAM confirmation” by bonus abusers
There are so many reviews about brokers on internet though, you may have realized that most of them are not good reviews but reviews claiming that the brokers are working on fraud.
Most of the reviews are submitted by someone who has violated the trading conditions and whom the brokers have taken necessarily actions against.
We, Hercules introduce brokers only if they are officially regulated and authorized to provide financial services.
It may be a smart choice to investigate on the fact by yourself.