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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Ways the funds were deposited and withdrawn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: 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.
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.
Author of IfamDirect: Shua | Date 2019-05-17
Beware of this broker! They did all kinds of deception in order to scam me and all the other clients. For now, what I know is they stopped operating in business. But who knows? They might be continuing their scheme in the dark. I hope this serves as a lesson to others to always check if the broker can really be trusted. Don't be easily swayed by promises especially if they seem to be too good to be true.
Author of IfamDirect: Balino | Date 2019-05-31
That is why the Forex industry is being put on the bad light. These fraud brokers are ruining the image of Forex trading. Some of the people I talked with have a negative impression on Forex because what they've heard about are reports on fraudulence. We really shouldn't trust online companies so easily without checking their credibility. I hope these articles serve as warning to newcomers.
Author of IfamDirect: Jessel | Date 2019-05-10
I honestly had no other issues with IfamDirect except for the release of the funds. I had been with them for a year. I refrained myself from withdrawing from my account in that whole year as per advice as well. Because they said I could be more profitable if I didn't take out a part of my fund. I listened to them but I felt a bit offended when they rejected my first withdrawal request for verification reasons. I have verified my account right from the start so I didn't understand them. After that they used the license issue as their excuse. I followed up my request but it just kept being delayed and I still don't have it until now. I also stopped my trading activities with them already.
Author of IfamDirect: Sponx | Date 2019-05-03
IfamDirect is my biggest regret. I should have been wiser in my decision and stayed away from this fraud broker. I invested $2000 at this broker and hoped for a productive journey. But not only did I encounter problems in the platform, I also experienced delays in the withdrawal of my funds. And by the time I decided to take everything and close my account, they also stopped their operations and never gave back our money.
Author of IfamDirect: Xijan | Date 2019-04-25
It is really hard to know whether a Forex broker is a fraud or not. It's not like they would advertise to the world that they aim to scam people, right? And most of the time, we only find out that a broker is a fraud when it has already victimized tons of clients. This is what happened with IfamDirect. I have seen a few negative feedback about them particularly complaining about the delay in the withdrawals. But I ignored them because they were very few and could be just from their competitors. I only believed when I experienced the non-release of withdrawals myself. It was very frustrating. I should have just opted not to open an account anymore when I saw those reviews.
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.
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