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IfamDirect exits market embezzling clients funds

IfamDirect


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Ways the funds were deposited and withdrawn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
Hello!
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,
Viktor

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.
Regards,
Yuriy

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.

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author of IfamDirect: Wics | Date 2019-08-13
I was contacted by IfamDirect. I didn't find it suspicious back then because I was really looking for a Forex broker and I thought I might have just left my contact details somewhere. They were very calm at first, sweetly trying to persuade me to open an account. They were successful on that and I became their client. However, after my first deposit, they became aggressive and constantly asked me to add more deposit. I refused their suggestion and they suspended my account.
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Author of IfamDirect: Venisse | Date 2019-08-07
Their enticing bait of a promise of returns is what made me open an account with them. I didn't have any prior experience on online investments so I wasn't aware that there are a lot of fraudsters and that guaranteed returns are not true. I didn't know better and let myself become a victim. I deposited $1000 and another $500 as I was advised to do so. I traded for a while and got decent results. I was told to deposit again but I refused because I no longer have extra fund.They got mad when I refused and terminated my account. They also blocked me in their contact channels.
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Author of IfamDirect: Poneria | Date 2019-08-01
I have become a trader at IfamDirect for a year. I have been depositing money through my bank card and it totaled to $1200. My trading activities went well. There were no issues in the platform so I never thought that this broker could be a fraud. I remember my account having a balance of around $3050 before the company completely disappeared. Their site and trading platforms were inaccessible. And all their contact lines were unreachable. I never had contact with them ever since.
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Author of IfamDirect: Halben | Date 2019-07-16
I have been constantly replenishing my account with new deposits as per the advice of the broker. They told me that the rate of returns is higher if I have higher account balance. But then after my deposits has reached $1200 and when I inquired about the withdrawal, they suddenly suspended my account. When I got access again, the money in it has dropped by more than 50%. I don't even know how that happened.
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Author of IfamDirect: Greniel | Date 2019-07-08
Since the company went bankrupt, all of us clients were affected. I don't understand how they reached bankruptcy because my trading experience went so well. I didn't even sense that the company was struggling. Anyway, what upsets me is that there was none left for us. I thought there was a segregated account for us assuring that we will receive something no matter what happens to the company. But I guess they lied about that.
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Author of IfamDirect: Foria | Date 2019-07-02
I don't know what their reason is for embezzling clients' funds, but I'd like to be fair and share my own experience at this broker. I started trading with them just a few years after they start their operation. They had good offers from tight spreads, stable platforms, to low trading costs. I also didn't have any trouble withdrawing my fund. It was always processed within 2-3 days. I just really had to stop trading due to family issues but I was able to easily take all of my money and close my account peacefully.
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Author of IfamDirect: Keriya | Date 2019-07-01
This case is hopeless. I think what I can just do now as a former trader and a victim of fraudulence is to share my experience to spread awareness to other aspiring traders. I opened a demo account at IfamDirect and I liked the experience. When the trial period is about to end, I was constantly contacted by the company trying to convince me to continue with a live account. I was swayed and deposited $100. I traded and was asked to deposit more from time to time. In total, I deposited $2500. But then I suddenly lost access to my account until it was reported that IfamDirect disappeared.
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Author of IfamDirect: Lula | Date 2019-06-19
Because of my experience with IfamDirect, I now understand why most people are hesitant to take part in it. It is very hard to distinguish a fraud broker from a legitimate one. Especially when a fraud is meticulous in every detail and is dedicated to deceiving clients. I hope they just did business honestly because my trading experience was honestly decent. Trading platform was working well. Why did they have to do it?
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Author of IfamDirect: Depil | Date 2019-06-11
It is saddening that I lost more than a thousand dollars because I let myself be fooled by fake promises. Maybe I was also greedy, looking for high returns but that doesn't excuse the fraudulence that this broker did. For now, I will just be charging this to experience and new learning. Next time, I will be extra careful.
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Author of IfamDirect: Jhezelle | Date 2019-06-03
I regret ever crossing paths with IfamDirect. I did not only lose my money, I also lost trust in the Forex industry and the similar fields. I would always think that I will only by scammed all over again. There was even a point where I withdrew all my money from my bank account because I was afraid it wouldn't return to me as well. Although now, I have gotten over that. But the point is being scammed is traumatizing and the people behind it should be punished accordingly.
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