Forex Broker

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Ways the funds were deposited and withdrawn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: 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.
Author of IfamDirect: Syifa | Date 2021-03-23
IfamDirect appeared trustworthy. I did not notice anything odd when I opened an account with them but I guess I was also just not meticulous enough. Especially since I was a beginner, I lacked knowledge particularly when it comes to fraudulent activities. I wish I was more careful.
Author of IfamDirect: Dowan | Date 2021-03-11
IfamDirect seemed trustworthy when I first saw it. Their website looked clean and professional and they looked like they would be able to provide an excellent brokerage service. I invested $500 on this broker and the first three weeks were amazing. However, they started encouraging me to deposit more funds and I kept saying no. It went on for more than a week until my account was suspended and I never got it back again.
Author of IfamDirect: Sebille | Date 2021-03-05
I believe even after being called out for the complaints thrown at them, IfamDirect continued operating for a while using a different domain. This just shows how much they are eager to make profit out of dirty business. And it also showed that they had no remorse in doing this to people. Only heartless and greedy monsters could do this!
Author of IfamDirect: Bram | Date 2021-02-22
IfamDirect left a scar on me. My experience with them is something that I will never forget. I traded with them for almost a year and I trusted them wholeheartedly because they were very accommodating and nice. I felt so betrayed when they terminated my account just because I refused to deposit more and they never released any money to me as well.
Author of IfamDirect: Karolina | Date 2021-02-08
I lost a thousand dollars at IfamDirect. Looking at their website, there was nothing suspicious that you could see. In fact, it rather looked professional. That is why I did not hesitate to open an account with them when their employee called me to offer their services. I guess this is the length of efforts that fraudsters are willing to take just to rob people.
Author of IfamDirect: Dutta | Date 2021-02-01
I had an amazing experience at IfamDirect. They had a great trading platform which can even handle high volatility. I remember getting out of the market with huge profits during news announcements. But then the broker suddenly shut down and I was not even able to withdraw any amount from my account. The broker also did not bother returning our money anymore.
Author of IfamDirect: Ukamaka | Date 2021-01-26
I invested $3000 at IfamDirect. After almost a year, I was able to earn more than a thousand dollars. I decided to take the profit and keep my initial capital on my trading account. I sent a withdrawal request and was just waiting for it to be completed but a week has passed and there was still nothing. I asked for an update from the broker but they were not responding. A month has passed which turned into months and there was still nothing. In the end, the company closed my account without my permission and I never got my money back.
Author of IfamDirect: Hayashi | Date 2021-01-21
My account at IfamDirect was suspended for a week because of a violation which they did not clearly discuss to me. I had more than a hundred dollars before they suspended it and when I got it back, only $50 was left. They said that it was due to the charges I incurred. I thought that it was normal at first but then they started asking me to replenish my account and if I don't, I would lose what's remaining in my account and even threatened me that I will be in debt. That was when I confronted them and with that, they just closed my account and blocked me.
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.
Author of IfamDirect: Cozma | Date 2021-04-01
That is true. Their representative promised me an excellent trading experience, but after having an account and starting making trades, their services are just terrible. The fees are ridiculously high. I should not have invested a huge amount right away. This is what I regret the most. I trusted them too much.
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