IdealFX has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Phones: UK: +44 2039364236, Singapore: +65 31591214, Hong Kong: +852 58081110
Addresses: BSH Group 180 Bencoolen St 12-05 The Bencoolen Singapore 189646 This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.idealfx.com.
I had a dispute with IdealFX and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Excellent charting|Reliable uptime|Economic calendar|Easy to use platform
Cons: No phone support on weekends|Search feature is basic
KYC with IdealFX is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Customizable dashboard|Good analytical tools|Portfolio tracking tools
Cons: Desktop app not available on Linux
I have been trying to close my account with IdealFX for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Intuitive for beginners|Good analytical tools|Quick verification
Cons: Some tools only available on higher tiers
I requested my data from IdealFX under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Reliable uptime|Regular updates|Personal attention|Social trading features
Cons: Account statements could be more detailed|Cannot customize dashboard fully
IdealFX changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: No hidden fees|Portfolio tracking tools|Demo account available
Cons: Mobile app could be improved
IdealFX seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Social trading features|Easy withdrawals
Cons: Currency conversion fee exists|Cannot customize dashboard fully
My withdrawal request from IdealFX has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Quick verification|Copy trading available|Two-factor authentication|Competitive fees
Cons: Search feature is basic|Account statements could be more detailed
IdealFX offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Responsive team|Comprehensive tools|Fast deposits|Real-time alerts
Cons: Inactivity fee applies after 12 months|Would like more payment methods
I gave IdealFX a fair chance. After since I opened my account last year of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Good analytical tools|Professional team|Stable platform|Wide product range
Cons: Website design could be more modern