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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Ways the funds were deposited and withdrawn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: Fratianne | Date 2021-06-15
When IfamDirect contacted me, I was still hesitant about opening an account with them. But since they were very persistent and they kept giving me lucrative offers, I eventually gave in. I regret it so much now because I only ended up losing my money.
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Author of IfamDirect: Nayeli | Date 2021-06-10
After opening an account at IfamDirect, I never stopped receiving emails from them anymore. They kept encouraging me to add more funds in my account even though I have just deposited. They were saying that it would help me earn more. It became annoying because aside from emails, I also get text messages regarding this.
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Author of IfamDirect: Barath | Date 2021-06-04
I don't know, but when I had an account at IfamDirect, I had a decent experience. It was back when they were only starting and I had a pleasant trading experience. The platform was working well and I was also able to withdraw my funds.
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Author of IfamDirect: Joko | Date 2021-06-04
I failed to see the true colors of IfamDirect broker. I only realized that I have been fooled when their customer support team stopped responding to any of my emails and when they never processed my withdrawal request. I invested $1000 on this broker and I lost it all just like that.
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Author of IfamDirect: Veena | Date 2021-05-17
Even I did not notice anything wrong with the broker. It looked like a decent company with promising trading conditions. It never occurred to me that they could turn out as a fraud because their customer support team is approachable. Having good relation with clients builds trust more easily. That is what this broker did. Then they ran away with all our money.
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Author of IfamDirect: Ericson | Date 2021-05-03
Can I still hope that the owners of IfamDirect will be punished? This broker tricked me into depositing money to them by saying that the returns are guaranteed. Indeed, I am constantly earning, as reflected on my account. But when I tried withdrawing the profits, the broker declined it and after that, I started losing all my funds.
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Author of IfamDirect: Judy | Date 2021-04-29
Because of brokers like IfamDirect, the Forex market is being associated with fraudulent schemes. After months of trading with them, the company just closed down and did not return our money. They did not even leave any statement, they just left us hanging.
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Author of IfamDirect: Ericka | Date 2021-04-19
The owners of IfamDirect must pay for what they did to us. They should suffer in prison for defrauding us and taking away our investment. Because if they simply get away with this, I am sure that they will be planning to start another company and do the same routine until they attract clients whom they will deceive again.
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Author of IfamDirect: Helisa | Date 2021-05-14
They should!! We already suffered the losses brought by this fraudulent broker. Knowing that the owners are still not arrested and punished is just making me feel more devastated. Don't we deserve justice?
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Author of IfamDirect: Erth | Date 2021-04-15
The first few months at IfamDirect were wonderful. I was having a pleasant trading experience and I was profiting more than I expected. Their customer support was also accommodating. However, when I withdrew the profits, I had to wait for more than two weeks only to see that the request was denied. I made another withdrawal request and this time, I waited for a month. After that, the broker shut down my account.
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Author of IfamDirect: Vivian | Date 2021-04-09
I will never be able to forgive IfamDirect. This was my first attempt on Forex trading and I invested on this broker all that I could. I failed and not because of my own incompetencies but because I chose the wrong broker. I chose a broker that only aimed to take their clients; money and fool us all.
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