iForex Europe (was Vestle.com/.it) – upgraded review, what has changed?

The company has completely rebranded now to iForex Europe. The name is pretty fresh, obviously but are their services and offerings improved? Let’s find out together in this review below.

iForex (Vestle) quick review: the website and platform

You might have noticed that there are not that many iForex or Vestle reviews online. The reason is simple, there are not that many reviewers who are aware of the fact that the company exists at all. The company is relatively young and is still trying to establish itself in the market. Despite this, the broker had to still offer better websites and informative sections. What we see instead is an unprofessional and hard-to-use website. There are no details about most needed information such as account types, spreads, and other important offerings of the company.  The first thing you see is the face of some random dude that is staring into the middle distance, with some graphs that are tangentially related to Forex painted in front of him. This is cool but helps traders very little in defining how good the trading terms are. First of all, it is pointless. But moving on from that, we need to talk about how informative the page actually is. Hint: it’s not. Well, to be honest, it does mention a couple of things. First of all, the page mentions that they offer several kinds of financial assets to their users. Then they go on to talk about the fact that they offer several payment systems. The problem is, they don’t talk about the terms and conditions of using any of these in any obvious way. We are inclined to believe, specifically because the information is not easily available that the broker is immature and inexperienced in the field it operates. Simple market research would solve 90% of these issues and the lack of that research indicates that this broker is not recommended for our readers.

The safety and security of iForex

On their homepage, it says that the company was able to receive a license from iCFD. iCFD is a private company, which was founded as a result of a number of companies coming together and promising to regulate themselves. It is by far the least trustworthy financial trading regulator in Europe, and they have licensed some of the most not trusted companies internationally. Although the broker also claims to be licensed by CySec. So we went ahead and looked through the records of the regulator and iCFD is really holding a license which is the iForex company.

The broker is regulated now by the CySEC or Cyprus Securities and Exchange Commission which is a pretty robust regulator as it has been on the scene for a long time now.

the broker is also licensed by the British Virgin Islands Financial Services Commission (BVI FSC).

The CySEC license is on the iCFD the company behind the broker iForex. The license is legit.

iForex  Fees and spreads

The spreads for major pair EURUSD variate between 0.6-1 pip. We believe what this information indicates is that the spreads are from 1 pip which is pretty acceptable as it is the industry average. GBPUSD spreads start from 1.1 pips. The minimum spread for BTCUSD starts from 15 pips, still pretty normal for cryptos. All spreads and fees seem very average and competitive with other brokers. Our issue with iForex is how minimum the information is on their website regarding important matters.

iForex Accounts, deposits, and withdrawals

We were not able to find out information about account types and their specs. There are not enough support options to contact the broker and ask them these questions directly. We assume there is just one live account that offers average spreads and no commission for trading and that’s it.

This is not just the case with the information about their platforms either. It seems that the iForex (Vestle) Forex broker goes out of their way to limit the information that they offer to the users. It is possible to find the info, but it takes a lot of time and effort, and once you do find it, you don’t want to trade with them. With huge spreads and pretty terrible terms, each type of asset comes it is not surprising why the broker is hiding this info. The information is not found on dedicated pages which talk about what each kind of trading is, what going short vs long is, and so on, which is also suspicious. While it is good to educate your users, when you are just trying to establish a relationship with them, the best thing to do is to actually give them information on your services. What are your spreads, margins, leverage, so on and so on? We were not able to identify that info from the get-go and even after a bunch of research. So, the bottom line is, we don’t like what they have.

Deposits and Withdrawals

Wire transfer, Visa/ MasterCard, and PayPal are payment methods for both deposits and withdrawals. While there are only three options for payments all of these are robust and diverse and we have no issues with that. The thing is, there is no information about fees for deposits and withdrawals. The company mentions that they do not charge fees, but payment providers may charge indicating that there are fees for both deposits and withdrawals.

iForex Trading assets and features

Currencies, Commodities, indices, share CFDs, ETFs, cryptos, and non-leveraged CFDs are among the offerings of the iForex broker. We could not define what kind of rebranding the company had, the only obvious one seems the name change. All other issues are remaining. No live chat, no information about account types, and no information about minimum deposit requirements. Yes, the list of tradable instruments is huge with exact spreads provided, but this is not enough to define if a broker is good or not.

iForex trading platforms

Beyond that, the broker also fails to discuss the platforms and the general terms of working with them in sufficient detail. I mean, they do mention the fact that they have a web trader for those who want to try trading with them, and they do mention that there are some terms, but it is incredibly hard to find any more detail than that. In order to actually get your hands on this information, you would have to actually register with them and start trading with them. While not necessarily a sure sign that the company is a scam, it is for sure an indicator that it is not to be trusted. After all, this trick is pretty old. There is no iForex MT4, only their in-house produced app, which is not good and has only been used by about 40 people in total, and their web trader, which every scam, fraud, and start-up is able to offer.

iForex promotions overviewed

But, you might say, there are bonuses that the broker offers that look really attractive! Where did you find those bonuses? Because when we scrolled down to the iForex bonus section, all we could find was information on the offers they have for people who are starting out to trade with them. These offers, labeled as promotions, are two of the most baseline offers that a Forex broker can offer in the industry. One is the offer to start a demo account with them. If you have been looking for a broker to start trading within the past hour, you know that most brokers that are to be trusted (or even the ones that you should not trust) offer a chance for you to do so. It is one of the most popular products among beginner traders, after all, so why wouldn’t they offer it?

iForex Customer Support review

It is hard to talk to a broker if there are no methods available to connect with the broker. Yes, they lack live chat which is the biggest inconvenience of all. With live chat, it is easy to connect with the support quickly and ask for information about everything you need, but without live chat, the process is either lengthy with email support or costly with the phone call. An extremely low score in this metric as well. Live chat is essential and after rebranding the company should have solved this challenge together with other issues.

Education on iForex

There are no educational resources on the iForex website and the tools provided are also scarce. The promotions include 1 on 1 coaching sessions but they will require a live account opening and depositing.

Should you consider iForex broker?

One of the best ways to find out the answer to the question “Is iForex legit?” is to start looking at the reviews they have available online. The first thing you are going to notice is that there are not that many available. You might blame the fact that the company is very new to this and ignore it. On the other hand, you could do what we do, and be suspicious and do a little more research.

Coming to a conclusion

We did not need to go into too deep a dive into the history of the company, or into their services, in order to figure out why we should be providing you with the iForex rating that you see above. The company is still not mature enough and needs many major improvements to be made.

There are still plenty of things to be improved and the rebranding itself is not enough to offer even better services. The website needs to be more informative and the lack of live chat is a pain for every client who wants to get support. All in all, this broker is not recommended as there are other much more reliable and regulated brokers offering higher quality services and products. Not recommended.