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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Ways the funds were deposited and withdrawn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: Andrey | Date 2020-03-31
These days, it really is impossible to distinguish a legitimate broker from a fraud because these fraudsters are making huge efforts to appear attractive to clients. IfamDirect used their customer service to earn the trust of their potential clients. I know this because this is how they got me to accept their proposal to open an account with them. I didn't think that I would only end up losing everything.
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Author of IfamDirect: Jenipur | Date 2020-03-25
I have been depositing money to my trading account at IfamDirect through my credit card. I had multiple deposits of small amount. In total, I deposited $1100. None of it ever returned to me. As a matter of fact, for some unknown reason, this broker was able to get another $200 from my credit card. It was deducted from my card but it did not reflect on my trading account. I asked them about it but they kept denying it. Well, in the end, they are still a fraud.
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Author of IfamDirect: Felipe | Date 2020-03-20
I was recruited by a fellow forum member to start trading at IfamDirect. He showed me his trading results and activities and they were impressive. He told me that the broker is reliable and was the one that helped him to grow his investment. As someone who is aspiring to invest my savings on something productive as well, I gave it a try. I deposited $500 and started trading. I did not have the same impressive results as he did and when I tried to contact him to seek for some trading tips, I realized that he has already blocked me.
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Author of IfamDirect: Oksana | Date 2020-03-10
I used my Skrill account to deposit fund in my trading account at IfamDirect. My initial capital was $500. But then the broker would always close my trades early which all resulted to losses. When my account balance has dropped to less than 50% of my capital, my account manager advised me to replenish my account. I deposited another $500 and the same thing happened. I refused to replenish my account again and I asked for the withdrawal of my remaining balance. However, the broker suspended my account and did not release my money.
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Author of IfamDirect: Joyenne | Date 2020-03-03
IfamDirect never released my money. I traded with them for almost a year. Everything was going well. I was trading normally, earning and losing but mostly profiting. The customer support team is also easy to reach and they are professional to talk with. Honestly, there is no hint at all of this broker being a fraud. You will only find it out once you made your first withdrawal request. I requested from this broker and I waited for a month only to be told the the request was not approved. I made another request and the same happened. On my third attempt, my account was suspended and I was never able to access it again.
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Author of IfamDirect: Mahefa | Date 2020-02-27
I traded at IfamDirect years ago. I became their client for more than a year. I let myself be deceived for more than a year. I found out about their fraudulent scheme when I tried to withdraw my fund. My request had been pending for two months and despite my constant request for a follow-up, they still ignored me. After the request has been processed, it was denied. I made another request and this time, I wasn't only ignore, my account was also terminated.
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Author of IfamDirect: Brenna | Date 2020-02-13
A few years ago, I traded at IfamDirect for more than a year. My experience back then was really great. My account manager took good care of me and assisted me whenever I was having trouble with my trading activities. Their platform was also running smoothly. The only reason I stopped trading with them is because I had to use all my fund for a family emergency. When I told my account manager that I need to close my account, he was saddened but still respected my decision.
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Author of IfamDirect: Joaquin | Date 2020-02-10
Keep yourselves away from brokers like IfamDirect which only operates in order to take other people's money. I traded at this broker for a few months. The trading experience was average. It wasn't perfect. The trading platform would lag every now and then but not too much that it would lose all my capital. I just let it be because in my mind, there is no perfect broker anyway. However, I am not progressing at all so I decided to just end my trading activities and close my account. The company did not allow me to do it. When I insisted, they terminated my account but did not return my remaining account balance.
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Author of IfamDirect: Matthew | Date 2020-02-03
I chose this broker because they promised high returns at the end of the year. They promised me that they will assist me in my trading activities to make this possible. I deposited $500 and started my trading activities but the platform is faulty. It always hangs and the orders are not executed at the right price. I asked help from the customer support but they only told me that it would be fixed soon. Months went by but the platform is still not fixed. Then a few more months and the broker disappeared together with our funds.
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Author of IfamDirect: Eric | Date 2020-01-29
There is nothing else to describe the owners of IfamDirect but monsters. They do not have any conscience for stealing other people's money. I wish I never opened an account with them and never deposited anything. I took $500 from my savings hoping that I will be able to grow it through trading. But I only ended up throwing it away for nothing. The owners must be punished because what they did is a crime.
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Author of IfamDirect: Ludi | Date 2020-02-17
My dad entered Forex trading in the hope that it could be an extra income. My dad had a background with finance and economics so we had no problem about it. However, he wasn't very careful with choosing his broker. He ended up with IfamDirect which according to him, had convincing offers and services. It really does appear that way but the problem is that we never thought that this broker would be a scammer. My dad lost a huge amount on this broker and he isn't planning on going back to this industry at all.
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