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Ways the funds were deposited and withdrawn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: Amit | Date 2020-06-30
It was my sister who had an account at IfamDirect. Until now she is still devastated and she still hasn't regained her confidence in decision making. She feels like everything would turn out to be a mistake because of what she experienced with this broker. That is understandable because she fully trusted this broker and deposited quite a huge amount. Fraudsters can really ruin someone's life.
Author of IfamDirect: Vasja | Date 2020-06-22
I was a client of IfamDirect. This broker is horrible. They made me believe that I would be able to earn well as long as I follow their recommendations. At first, following them gave me positive trading results. They took advantage of my bliss and asked me to add more fund in my account. Since I was too happy about the results, I easily complied. But then, after that, my trades no longer profited. I had huge losses and eventually lost everything. The company tried to ask me to replenish my account but when I refused, they immediately terminated my account.
Author of IfamDirect: Candius | Date 2020-06-16
Back in 2016, I deposited a total of $900 at IfamDirect. This broker showed up in my advertisements in that year and I got very interested. I saw that they had promising services and it did not take long until I finally opened an account. It only lasted for a few months because complaints started to emerge and the company ran away with our money.
Author of IfamDirect: Ipud | Date 2020-06-09
My total investment at IfamDirect is $1200. I opened at account with this broker in 2016 but my trading activities also stopped in 2017 because the broker disappeared. It was too late when I learned that the broker was a fraud and as you would have expected, I lost all of my investment. I don't know what happened to the owner but I do hope they get punished.
Author of IfamDirect: Janich | Date 2020-06-01
It has been years already since IfamDirect was exposed of their malicious scheme. But the trauma that they have caused me still lingers. No matter how much I try, I cant seem to still have the courage to start an investment venture again. I am afraid that I will once again be fooled and betrayed by a broker. It is very hard to trust again. That is why I wish that no one falls victim to frauds ever again.
Author of IfamDirect: Giraldo | Date 2020-05-19
I had an active account at IfamDirect for about a year and a half. My trading experience was great at the start. It only started going downhill after a year when I started showing my interest in withdrawing my funds. I made my first withdrawal request and it was rejected together with the instruction of verifying my account again. I did what they told me to do and made another withdrawal. This time, they said that there is a problem with the bank. On the third time, my request was put on queue. I waited for it to be processed by a month has already gone by and there was still nothing. Until the broker closed and I completely lost access to my account.
Author of IfamDirect: Abian | Date 2020-05-12
I traded with IfamDirect for a year and it was the worst experience that I had. It was a year of trickery and lies. For a year, I trusted the wrong company. I wasted my effort, time, and money on a broker that only aims to take their clients' money. This broker, especially the employees are very good at deceiving people. I only trusted them because they appeared to be trustworthy! I never thought that they would ever turn out to be a fraud.
Author of IfamDirect: Julnelle | Date 2020-05-06
Back when I was still trading at IfamDirect, they still did not have this issue and I had a decent trading experience with them. The platform was manageable and I was able to earn well. The customer support team is also approachable and they really help out their clients.
Author of IfamDirect: Lamsi | Date 2020-05-28
Well not anymore. This broker turned out to be a fraud after all. You are lucky if you were able to take back your money. But in my time, everyone had a problem withdrawing their funds. I, for one, was never allowed to withdraw my money. Not even my own capital. At first, the experience was really great. The trading platform was always running smoothly. But then the day came when we just lost access to our accounts the broker disappeared.
Author of IfamDirect: Vien | Date 2020-05-05
My experience at IfamDirect is horrible. If only I could turn back the time, I would do everything just to stay away from this broker. I would never have entertained their calls and messages. But what's done is done. All that is left of me is regret. Regret that I trusted a scam broker. It was hard not to when they sounded and seemed professional. I really thought that I was trusting the right broker. Well, I am starting to accept the reality now and I am trying to move on. But I still want this broker and the people behind this to be lawfully punished.
Author of IfamDirect: Ilaria | Date 2020-04-20
IfamDirect ran away with my money. I was trading with them for almost a year and my trading activities were going well. I decided to wait until I reach a year of trading before withdrawing my profits. However, I haven't yet reached a year and this broker suddenly disappeared. I just suddenly couldn't access my account anymore and no one from the company is responding to my emails. The just went away taking all of our money.
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