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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Ways the funds were deposited and withdrawn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.

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: Nia | Date 2019-04-16
IfamDirect doesn't waste time as well, do they? My trading experience with them was very short but really impactful (and in this case it was a terrible impact). I deposited $5000. I already put in a big amount because I don't like to replenish it every now and then. So my account was ready for trading right? But the platform was very shaky, laggy, and complicated. Most of the time, it crashed. When a month had passed and the platform did not have any improvement, I decided to take all of my fund and just close my account. But the staff told me that I have violated a policy thus I cannot redeem my funds. I couldn't understand what they meant and they also couldn't give a proof of this violation. But still, in the end, they closed my account without paying me.
Author of IfamDirect: Arumi | Date 2019-03-26
Before I totally lost communication with IfamDirect, I have been waiting to receive my withdrawal. It was a $300 withdrawal and it was delayed to over 3 months. I have been bombarding them with follow-up emails but they just kept telling me that the request is already on queue. I tried to be patient for so long but three months is just unreasonable. Naturally, I got mad and got into an argument with them wherein they also got mad at me for being annoyingly persistent on asking for an update. Isn't that natural for a client who has been waiting for her money for months? A few days after that argument, I suddenly couldn't access my account anymore. I tried to reach them through all means but I can't connect to them for some reason. I still have over $2000 left in my account and I don't think there is hope to take that back.
Author of IfamDirect: Ace | Date 2019-04-12
Delays in the funds payout should be a red flag in Forex trading. Unless the broker makes the effort to update us on the status of our withdrawal request and gives us valid reason for the delay, then there is a high probability that the broker is a fraud. I never imagined that I could also be a victim of this scheme. I was very confident in entrusting my funds to them because they appeared reliable. But even the smartest people make mistakes, right? This is a lesson learned for me. What they did is unforgivable and they should be punished. But I choose not to focus on this failure and look ahead for the future.
Author of IfamDirect: Ace | Date 2019-04-12
Delays in the funds payout should be a red flag in Forex trading. Unless the broker makes the effort to update us on the status of our withdrawal request and gives us valid reason for the delay, then there is a high probability that the broker is a fraud. I never imagined that I could also be a victim of this scheme. I was very confident in entrusting my funds to them because they appeared reliable. But even the smartest people make mistakes, right? This is a lesson learned for me. What they did is unforgivable and they should be punished. But I choose not to focus on this failure and look ahead for the future.
Author of IfamDirect: Tveiew | Date 2019-03-24
I start to work with IfamDirect with real account on 12 December. I'm trading here and completely satisfied with the parameters of trading and processing. . During the 3 months trading with them I never have a reqoute order and SL or TP hit accurately, and until now I face only two time slippage but both are on high volatility market. I am very happy to making profit constantly. Until now, I have withdraw my profit 2 times, first one was $320 and second one was $470 which I withdraw end of the last month using Skrill both I got within 6 hours. Of particular importance to me is speed of withdrawals and they are very good with this.
Author of IfamDirect: Josh | Date 2019-04-05
Are you sure you're trading with IfamDirect? Because it's impossible that someone would say they process withdrawals fast. A good platform? Alright, I could give that to them. Indeed, they provided a stable and smooth-running platform where there are no requotes and the order execution is fast. But they only did that to give the illusion that we are making money and earning well. This way, it is easier for them to convince us to deposit more fund. I was blinded by the amount of profit I'm earning that I listened to whatever they told me to do. I was only slapped with the reality when I requested for a withdrawal which they repeatedly denied. I never got a single dollar from almost $5,000 worth of deposit.
Author of IfamDirect: Limma | Date 2019-03-07
It's very sad that they had to fool and steal from people like this. Same as you, I was also told that they will soon have their license as it is just waiting to be official. They are pretty convincing and they sounded really professional. (That's why it's really hard to tell if a broker is a fraud) So I deposited $1000. The platform was terrible and I couldn't place my orders properly so in the end, my account was wiped. I reported it to them but they did not respond. And later on they closed my account.
Author of IfamDirect: Danda | Date 2019-02-20
In this industry, we have to be smart because there are many frauds out there who take advantage of less knowledgeable people. IfamDirect is one example. I admit that I was gullible and somehow clueless about the reality of Forex trading. This weakness of mine was taken advantage by IfamDirect. They made me believe their tempting guaranteed return of profits. It was really convincing and it made me deposit $4000. To my dismay, the platform was manipulated and I continually lost every bit of my capital. Take note that I was guided by a representative through it all and I followed her trading action advice. Now I am left with nothing.
Author of IfamDirect: Jiyeon | Date 2019-03-21
This is what I always tell my fellow forum members who are still new to trading and are asking for advice. I have learned my lesson from my experience in IfamDirect. I still consider myself lucky that I didn't start with a very large capital since I also want to know the system of this broker first. So in a sense, I didn't lose much. But the fact that I was one of the victims of embezzlement, it was a reminder to really think twice before investing. And more importantly, to choose wisely on which broker you will trust. There really are many bad people out there so we should always be careful and smart in our decisions.
Author of IfamDirect: Jenaica | Date 2019-02-04
When I inquired at IfamDirect, I asked them about not having a license. They said that it is still being processed and that there is nothing to worry about then quickly shifted to why I should deal with them. They were able to erase my doubts about them and I opened an account. I invested $2000 and went on with trading. It was going well but when I requested for my first withdrawal, they kept delaying it. First, they said that it's on queue for processing, then they said they are still settling something with my bank, then that there is an internal concern. Until they closed the company and wasn't able to pay me anymore.
Author of IfamDirect: Adrian | Date 2019-01-30
I was trading at another broker before I became a trader at IfamDirect. I switched brokers because I did not like how the platform in my first broker occasionally crashed and lagged. The other services were fine but of course, I want to find the best one. I saw IfamDirect and was impressed by its claims. Truly, their services were impressive. Their platform is a lot better than my first broker and they have tight spread. My capital was $5000. My trading experience was smooth sailing so when I reached 50% profit, I decided to withdraw half of it. Here is when I realized that this was worse than my first broker. I requested for a withdrawal multiple times but they did not process it. When I told them I am closing my account so I'm taking my fund, they immediately closed my account but never gave me my fund.
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: Prima | Date 2019-01-25
I had the same experience! I really thought they were honest and reliable. The representative I talked with was a female so I easily felt comfortable as I am also a woman. I talked to her through phone and her voice is very calming. She was giving me a few advises and encouraging me to trade. She said that she will guide me until I am confident. I ended up depositing $2000. She was actually asking me to add more but that's the only amount I can afford. She helped me out for two months then I requested for a withdrawal. They only sent me an email rejecting my request then my account was closed right away.
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: Robert | Date 2019-02-27
My experience was similar! Everything was perfect in this broker until I asked for a withdrawal. I even tried to convince my uncle to invest some of his money here. I told him how I profited after a few months and how smooth my trades went. Basically, I was telling him my positive experience at this broker. But then he asked about withdrawals. He said that he would only be convinced if withdrawals are processed well. I thought, makes sense. So I tried withdrawing a part of my balance. At this moment, I was faced with the truth. They denied my withdrawal without giving any reason then after a few days terminated my account.
Author of IfamDirect: Senifei | Date 2019-02-13
It is true that this broker provides remarkable trading platform and educational resources. But I cannot agree that they release the funds of their clients. Having an excellent platform and other services is just their way to make their clients enjoy the experience and stay and to attract more clients. In the end, their sole intention is to take all the investments that we put to them. I deposited $7000 and withdrew nothing. They never processed my withdrawal requests and suspended my account.
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.
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