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IfamDirect exits market embezzling clients funds


Forex brokerage company IfamDirect has been operating on the market for over 10 years. The broker used to give big promises to its clients, such as perfect trading environment, various campaigns, low spread, and interest on the deposit balance. The company disappeared from financial markets after it became widely known that it had been applying fraud schemes against traders. As of October 2018, IfamDirect is closed. The dealer’s representatives did not give official comments on this.

Deceived traders call IfamDirect “a fraud writ large” and alert colleagues to avoid cooperation with this company.

Brief information about IfamDirect

Forex broker IfamDirect was founded in 2006. It is registered in the Seychelles and not licensed by international regulators. The brand is owned by International Finance & Asset ManagingGroup, represented in the financial industry for over 15 years.

In 2014, the company headed for the CIS and a Russian-language version of the official site appeared, although the conditions were not adjusted to the new situation. The website was hardly updated, the latest information was of 2012. Moreover, it was impossible to find any information about the company management, its employees or responsible persons.

Nevertheless, the brand was promoted intensely. IfamDirect used to cooperate with various organizations, including “The Laboratory of Investment Technologies” which was actively promoting the broker.

Complaint from client Irek Khaziakhmetov

Irek Khaziakhmetov
Reply: Irek Khaziakhmetov
To: zhaloba naforex
Good afternoon, please see the complaint against a dishonest broker below.
Khaziakhmetov Irek Sabirovich
Broker Ifam direct
Account 74316427
I chose this broker with assistance of The Laboratory of Investment Technologies, the company I heard of on radio
Amount $3500
I was in touch with IfamDirect representative in the beginning of 2017 and with the IT Laboratory in October 2017 (Khlebnikov)
Comment: This broker acted dishonestly. I hope to withdraw funds with your cooperation.
Attachments: The invoice and the IT Laboratory license agreement

It can be seen in the complaint context that the cooperation between the two companies was fruitful. Traders got caught in the net and, as a result, lost their money.

Ways the funds were deposited and withdrawn

Operations of deposit and withdrawal of funds were carried out in two ways: whether through wire transfer or via bank cards (Visa, MasterCard).

The process of crediting funds to the client account or withdrawal was supposed to occur within five days, yet, traders often complained about delays. According to the information shared by IfamDirect clients on the web, some of them had to wait up to 2-6 months for their applications to be processed and never received their money. IfamDirect technical and finance staff asked for patience or ignored messages at all. Later, the official representatives of the broker made the following statement: “Money can not be withdrawn due to the financial difficulties of the dealer.” They also asked customers to wait "until better times" so the company could improve its financial status. However, it never actually happened.

There are suggestions that IfamDirect took a pause and might get back on track soon. One way or another, customers’ trust is lost as well as the company's reputation. It is close to impossible to get that back, even though, the broker has tried. The official site has been renamed from ifamdirect.com to ifmx.com.

They changed the sign and kept running the business.

The Internet is full of negative feedbacks and heartbreaking stories of deceived investors. One of the worst fraud cases happened when $247 thousand of profit was written off from the trader’s account. Unfortunately, thereis way more of examples.

Complaint from client Viktor Maltsev

Viktor Maltsev
To: me
Yes, I have left my email as I was a victim of IfamDirect.
I had been depositing funds to the investment account of this broker via wire transfers and from my Visa VTB24 card during 2015-2016. The total amount of invested money was $875. Then, after I had sent a withdrawal application in September 2017, the broker simply “disappeared”. At the moment, there is no trading terminal, no website and no opportunity to get the money back. As it turned out, I am not alone in this trouble. Basically, that is it.
Best regards,

Even experienced traders fell victims. As stated in one of the complaints, the trader was never reimbursed his $875.

IfamDirect inbox
Zhu Yu
To: me
Good afternoon!
I have been a client of Ifam since February of this year. Currently, it is impossible to withdraw funds from an account. The company gives the same reason to everyone - obtaining a license. I am consulting with my lawyer at the moment regarding the application to the prosecutor's office and the MIA. I would like to know if you do anything to protect your interests, so, perhaps, we could work on it together.

Another IfamDirect client who never got his money back. Among various reasons for the delays the company also mentioned that it had been “in the process of obtaining a European license”.

The bottom line

Sometimes it is quite difficult to recognize a broker-fraudster. Most often it opens up that the company is doing a dishonest business after a huge number of people have been deceived already. So, first of all, a trader should not trust a broker who does not have a regulator and, therefore, neither it has a license to provide financial services.

There are also honest brokers without a license, although these are usually young companies and the lack of relevant documentation is a matter of time.

IfamDirect could not stand the competition and following major financial issues. As a result, the company had to close without paying off the money owed to the traders.

There are plenty of decent brokers with a good reputation and financial stability on the market. These companies do not require investing large amounts and provide comfortable trading environment for experienced traders as well as for the beginners.

Author of IfamDirect: Dezhie | Date 2019-01-03
IfamDirect is so good at projecting themselves that I was not able to sense any fraudulence coming from them. They gained my trust right away thanks to their high-quality customer support system. I mean, they were very kind and considerate that I felt very comfortable and unashamed to ask about things I didn't understand. I didn't know that this is just a front. Because I trust them, I follow their suggestions especially when it comes to depositing to my account. I've put around $7000 and profited almost 50%. And I was never able to withdraw any of it. They just took everything.
Author of IfamDirect: YuriChernenko | Date 2018-12-27
I have an excellent profitable trading experience with IfamDirect's MT4 platform in the Bronze Account. Really I enjoyed scalping trade for the fastest execution on their platform. So I can always open an order where I want to set. In their platform, Also I have added an EA and didn't get any troubles. Their payment proceeded within four days via wire transfer. Their economic calendar helps me to make a profitable news trading. The company has a good reputation. So I have trusted them.
Author of IfamDirect: Bonheir | Date 2018-12-13
On the last time I had access in my trading account at IfamDirect, my balance was over $10,000. I was never able to withdraw anything from my balance because this broker did not let me. They ignored my request for 4 months and when they acknowledged it, they told me that they cannot process the withdrawal. They told me to wait while they settle their internal matters. I lost my enthusiasm but still continued trading because I could be charged with dormant fee. After a few months, I tried to request a withdrawal once again but this time, they no longer responded. And until now, I still haven't heard from them and I have no access to my account.
Author of IfamDirect: Arisa | Date 2019-01-17
This is so frustrating, right? The same thing happened to me. I had a little less than $5000 in my account and when I asked for a withdrawal, they denied it. They made various excuses like I'm missing a document for verification (my account is already verified), and that they detected a cheating strategy used in my account. They asked me to wait, and I did. After a month, I tried to withdraw again but this time they did not respond anymore. No matter which communication platform I use, as soon as I start bringing up the withdrawal, they stop responding.
Author of IfamDirect: Aadaread | Date 2018-10-17
I have used 4 brokers, IfamDirect is only the one with genuine instant execution. I trade on a real account, tried various strategies, every things is fine. Even have had orders executed during news events with excellent fills. Only once I got slippage which is acceptable compare to other broker. After trading two months, I made a profit $560 . And last week I was made my first withdrawal and I money comes to my Neteller account within same day. Yeah, will recommend.
Author of IfamDirect: Evy | Date 2018-12-05
Why hasn't this same experience happened to me? I have traded at this broker for more than a year and yes, their platform is good although I won't consider it the best. They have fast execution but not instant. In general, it's a pretty average platform. But no matter how perfect their platform, website, and support are, they won't mean a thing if they don't process their clients' withdrawal properly. On my first request, it took a month before being acknowledged then another 2 weeks before being transferred. But aside from the long awaiting, I requested $700 from them but I only received $300. They said that a surge of withdrawals came and they had to portion the amount they would release. So illogical, isn't it? I let that slide. But then on my next request, it was never approved. Then my account was closed without any notice.
Author of IfamDirect: Olu | Date 2018-04-09
So far, all of my trades have been executed as expected. I like ifamdirect trading platform. Customer service has been very responsive in addressing my administrative questions.Withdrawal also get well as promised. My withdraw USD1000; USD500 and others was smooth.
Author of IfamDirect: Iren | Date 2017-10-26
I don’t have any regret about trading with this broker because the result of my activities has been quite good since I opened my account 4 months ago. I usually use EURUSD and GBPUSD because they have the best spreads. I started with a deposit of $200 and immediately started to set my positions on these pairs with good expectations. After they closed, I had earned $300. The connection of all servers is excellent, so I didn’t use any VPS or something similar. Also, I used wire transfer to deposit and withdraw and I don’t have any problem. I hope to keep on earning more!
Author of IfamDirect: Eusebio | Date 2019-01-09
You are lucky if you had this kind of experience. Or maybe this experience was when they were still operating well. I don't know if they already intended to embezzle our money right from the start of they were just about to get bankrupt. But no matter their intention, they did what they did and it is wrong. They got more than $5000 from me and they did it but repeatedly rejecting all my withdrawal requests until I can't contact them anymore.
Author of IfamDirect: Monteya | Date 2017-09-29
I am new and still not much experienced if compare to you all. I have been trading forex for almost 2 years. Ifam Direct is the third broker I have tried so far and well said the MT4 and MT5 platform both working well for me. Less slippage on platform and order are executing so smooth through it. I don’t expect that trading could be source of living however it is still good at least to add some additional pocket money. I have started initial paid of a $100 to mini account and hardly turning it to profitable trades within 3 months. It took more than 7 months to make a consistent trading activity. By now, I am quite satisfied with Ifam at least monthly I can bring back $300. Normally, payment method prefer by Wire transfer since it seems more efficient compare to others. Good job IfamDirect!
Author of IfamDirect: Quinn | Date 2018-12-27
They were also very nice to me at the beginning. And I admit, they processed my first withdrawal amounting to $150. I also used wire transfer and I received it after a week. I actually just withdrew that in order to know if this broker would process it. And because they did, I trusted them. Little did I know that this is also part of their scheme. They will allow the first withdrawal to gain their client's trust then they will convince the client to replenish the account (which I also did). In my case, they told me to deposit an amount greater than my withdrawal to cover my capital. I obliged and after that, all my succeeding withdrawal requests were denied. Until now, I still haven't received anything.
Author of IfamDirect: Lexor | Date 2018-12-17
They usually take advantage of the new and small traders. Those who are still not very familiar with how the Forex industry works. Newbies usually request for a smaller withdrawal amount so this broker gives it to them to gain their trust. Then later on will ask the trader to replenish his account to increase the profit rate. When you have already deposited a lot and have already found your trading style and strategy, that is when they start turning down withdrawal requests. I know this because they did this to me as well. At that time I already had more than $10,000 in my account and they suspended it. They said it would only be temporary but it has been more than a year now and I still can't access my account.
Author of IfamDirect: lugad | Date 2017-09-04
I don't have any regrets investing my money with them because the result of my trading activities are quite good since I opened an account three months ago, that was 1st week of June 2017. You might be asking what instrument/s I traded with? Well, I only traded two trading instruments, the USD/JPY and GBP/USD. These two have the consistent spreads. Before I start narrating my trading experience, I just you to know that I started with 650 USD. It was my brother-in-law who recommends this broker to me. He was the one who guides and am happy to say that I learned a lot from him. My most profitable day was last week, that was Thursday night around 7:30 PM. My two positions were closed in less than 2 seconds. Take note, I only used my local Internet connection and I have no plan to subscribe to VPS service because the execution is almost perfect. That night, I almost had an heart attack not because I am worried, but because of happiness. My earning that night was worth 151 USD. Hope to earn more here!
Author of IfamDirect: Oris | Date 2018-11-27
I wonder how your trades went till the end. Were you still as happy and satisfied as when you wrote your review? Probably not, especially if you already tried to withdraw your fund. This very same thing happened to me. I had a good start. Flawless platform, instant execution, high profit rate, and tight spread. I remember at that time my profit shot up to over a thousand dollars. Then I requested for a withdrawal of $500. They declined it saying that my account needs to be verified. I complied and submitted the necessary documents but they kept declining it. Until the company is down and I didn't get a hold of my money.
Author of IfamDirect: Bonolu12 | Date 2017-09-04
I started to go live with IfamDirect after using their demo account and there is big difference. During the last Fed rate announcement opened two order on USD/JPY pair one is demo account and is live account same using EA. Surprisingly I got profit 193$ in demo trade and but live account EA does not work. When I contact with their live support they told me they I cannot use EA on news time. This is ridiculous. After this i couldn't even think to trade with this broker anymore.
Author of IfamDirect: Taabu | Date 2017-08-09
Along my journey with ifamDirecy, I experienced that they are such a great broker and as for now I can still rely and believe on the system. At the moment, they offered a tight spread and consistent as low as 0.2 pips for most desired pair such as EUR/EUS and USD/JPY. Well, I still remember the initial deposit was only $200 into trading account and great I earned profit even at first cycle trade on the platform. Last week, I just withdrawal a profit of $300 via wire transfer and normally less than 72 hours money already credited into bank account. One thing, ifam also a very honest broker and stated all term clearly in the agreement which give me better experiences and security wise compared to other broker. Guys, you will not lose anything if you have a right trading skills and ifam will never let you down. Thanks and keep up the good job!
Author of IfamDirect: Shai | Date 2018-11-23
Are you sure about this? Because this is definitely the opposite of what I've experienced. Yes, they may offer good a good trading environment but that is just to conceal the truth about this broker. That they are actually a fraud. They provide us with stable platform so that we would enjoy trading. But once the time comes that we already want to withdraw our fund, that's when we'll see their true color. I already earned more than $500 of profit so I decided to withdraw $300. But they ignored my request for about three months only to tell me that it was denied. The reason? They are processing their license. I tried to be patient and waited but it never came to me. And now, this broker is gone together with my money.
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