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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Ways the funds were deposited and withdrawn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: Shawen | Date 2020-09-22
IfamDirect was one of the many fraud brokers that appeared to be trustworthy. This broker put an effort in building up their website and spreading good word about their company. Eventually, they were able to attract clients including me. I believed that in my trading activities, I was doing very well. Because I was happy, I immediately obliged when I was advised to deposit more fund. The problem started when I tried to withdraw my profit. At first, they were saying that there was a technical issue so it can't be processed yet. Until they just stopped responding to my messages and in the end, my account was terminated.
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Author of IfamDirect: Farida | Date 2020-09-16
For more than a year, I traded with IfamDirect. I used my bank card to transfer fund to my trading account. Deposits are transferred instantly. But none of my withdrawal requests was ever processed. I tried to withdraw my profit thrice but the company would always disapprove it. They were giving excuses which they can't seem to be able to fix at all. When I lost my patience, I just decided to close my account and take my fund. But the broker only closed my account without giving me my money.
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Author of IfamDirect: Azan | Date 2020-09-08
IfamDirect appeared reputable. Their website is one of the best ones I've seen in terms of design and ease of navigation. Their customer support was also responsive. They displayed a sense of security. It was inevitable for some people to open an account with this broker. I too, became their client and victim. I invested $500 and everything was thrown away. This broker closes the account of their clients who show interest in withdrawing their funds.
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Author of IfamDirect: Irneli | Date 2020-09-01
All I can do now is regret that I ever made business with IfamDirect. I foolishly believed that they are a reliable broker. I was easily fooled by the great results that I had during the start of my trading experience. I did not know that my account was simply manipulated and whatever was displayed on my account was all fake. I lost $300 on a horrible fraud broker.
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Author of IfamDirect: Nizam | Date 2020-08-20
A few years back, I tried trading at IfamDirect. I was only using their demo account back then but there has already been a lot of errors. It was always difficult to open a single trade on my desired price because the platform is slow to execute orders. There were even times when the platform would freeze. Because of that, I decided not to switch to a real account and I stopped demo trading with them. I am thankful now that I did because this broker was actually a fraud.
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Author of IfamDirect: Iann | Date 2020-08-12
I had a trading account at IfamDirect for three months. In that duration, I was able to make a few decent trades. These made me establish a trust with the company. Also, the customer support team was responsive which added to reliability. However, complaints against the broker started arising. Many clients have been complaining about the non-release of their funds. I was alarmed so I tried withdrawing my profit. To my dismay, the broker rejected it. Not long after, the broker closed down.
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Author of IfamDirect: Samson | Date 2020-08-25
I had a similar experience. Everything seemed to be going really well while trading with IfamDirect. My account manager also advised me not to withdraw my profit right away because it is better to keep it there for higher profit opportunity. I listened to him for a year. But when I decided that it's fair time to withdraw a part of my profit already, the broker did not allow it. My account was suspended for a week then it was back. And then after a few days, it was just completely gone.
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Author of IfamDirect: Martina | Date 2020-08-03
For a year, I traded at IfamDirect. In that whole year, I did not attempt to withdraw any of my profits because this is what my account manager advised me. Besides, I also really wanted to see my money growing. However, something happened and I needed to take some of my profits. I requested for a withdrawal which they declined. I tried to request a few more times but it ended up being rejected all the time. Until one day, I just completely lost access to my account and the customer support team did not respond to me anymore.
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Author of IfamDirect: Vilma | Date 2020-07-27
I have been a client of IfamDirect for about seven months. The trading experience per se is average. It is not something that would stand out among the rest of the brokers. But their bonuses are really great. They have all kinds of bonuses and it is their main attraction. However, this broker is still a fraud. Those bonuses would be credited to the client's account but they would never be available for withdrawal. As a matter of fact, even the client's own money will never be released again.
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Author of IfamDirect: Yesenia | Date 2020-07-21
Nowadays it is just impossible to distinguish a fraud broker from a legitimate broker. Fraudster are really good at deceiving people. IfamDirect for instance did not show any sign of malice and I, as an aspiring trader, believed what they said about their company. I gave my trust to them because their representative was very pleasing to speak with. But then after some months of trading, their true color came out and all of my investment was gone.
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Author of IfamDirect: Nabbi | Date 2020-07-13
I had an account at IfamDirect for a year. In terms of trading activities, I would say that I haven't really had any big issue. The platform is not perfect but it still runs decently and I was still able to earn. However, withdrawal of funds was the real issue. This broker did not allow any withdrawal request because according to them, they still need to complete the process in getting a license. I waited but in the end, the broker just closed down and my money was gone.
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