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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Ways the funds were deposited and withdrawn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: Noviena | Date 2021-01-11
My trading experience at IfamDirect was not perfect to begin with. Their trading platform is unstable and the fees vary too much that it becomes unreasonable already. I was only think about switching to a different broker but IfamDirect suddenly closed down without paying us or returning our funds.
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Author of IfamDirect: Kinzer | Date 2021-01-06
In my experience, IfamDirect did not bother to make me believe that they are legitimate after I deposited $5000. They only played with my mind until I open an account. Then after that, they straight out terminated my account and took the deposit that I made.
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Author of IfamDirect: Christian | Date 2020-12-29
My remaining balance at IfamDirect when I last checked was $986. I invested more than $1000 but this is what remained because of losses. I decided to close my account because I realized that trading was not fit for me. But the broker held my funds. They did not release it and instead terminated my account. This is when I knew that I made a terrible decision.
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Author of IfamDirect: Mulyana | Date 2020-12-24
I lost more than $5000 at IfamDirect. This was a lesson learned for me. I realized that fraudsters have the capacity to make themselves so believable so I have to be very careful the next time. I guess, the only good thing here is that the broker has stopped their operations and won't get more victims. But I hope they still get arrested.
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Author of IfamDirect: Clarenze | Date 2020-12-14
Karma will get back to these people. The law should have chased them but I think it is far from possible now. I am still hoping that they would be arrested and be fully punished for the deception that they did to us. I lost almost a thousand dollars on this broker. I trusted them but they betrayed me.
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Author of IfamDirect: Thomas | Date 2020-12-09
IfamDirect was a broker that appeared to be reliable. It is not surprising that they were able to attract many clients including myself. My experience only lasted for a few months because I refused to make a second deposit. A representative from the broker kept encouraging me to deposit more but I refused because I had nothing more to deposit. But after a week, my account was no longer accessible and the company was no longer replying to my messages.
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Author of IfamDirect: Pantera | Date 2020-12-03
It was impossible to know that IfamDirect was a fraud. They had received many positive feedback from their supposed clients and they had great trading services. Even their website looked very professional. That is why I did not hesitate to trade with them. Everything was perfect in my trading experience until I tried to withdraw my funds. The broker never released my money and a few days after the request, I could no longer log in to my account.
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Author of IfamDirect: Kyasava | Date 2020-11-16
I have been trading with IfamDirect for a year, and I never get a significant problem. Everything is always going well. The platform is stable and works great, with no slippages, and no requotes. Customer service is so helpful. I always withdraw my fund through MasterCard and never encounter any problem with that. I will keep trading with them, and I recommend IfamDirect to all traders.
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Author of IfamDirect: Julefred | Date 2020-11-16
When I traded with IfamDirect, I used my bank card to fund my trading account. My bank card was linked to the broker and the transaction was pretty fast and convenient. I originally only deposited $300 but after a month, I saw that my bank balance was debited with $200 even though I did not use it. I checked with my bank and found out that the transaction was with IfamDirect. The weird thing here is that the money was not credited to my trading account and also, how was the broker able to do that?
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Author of IfamDirect: Jarabe | Date 2020-11-24
That's awful. The broker did not only trick their clients into investing money to them, they even deliberately took money from their clients' bank accounts. Just how horrible are these people? The broker was not able to take money from my e-wallet without my permission but I invested a thousand dollars to them and it was all gone.
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Author of IfamDirect: Dinaica | Date 2020-11-12
We cannot really blame the people who have been tricked by IfamDirect because let's be honest, the broker really appeared reputable. I was also contacted by this broker and when I visited their website, they had impressive offers. I probably would have believed them and opened an account with them as well if I did not have a broker during that time. I just really feel sorry for those who have been deceived. It is probably going to take them a while before they could get back to trading again.
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