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
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Ways the funds were deposited and withdrawn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 Later, the official representatives of the broker made the following statement: “Money can not be withdrawn due to the financial difficulties of the dealer.”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
Even experienced traders fell victims. As stated in one of the complaints, the trader was never reimbursed his $875.
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.
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IfamDirect has a poor server, As my position always delays 10 to 20-sec, which effect is 5 to 30 pips slippage from my desired position. IfamDirect freeze my withdrawal. When I complained to their support but didn't get any solutions. Overall IfamDirect broker is disgusting for business.
I still had more than a thousand dollars in my account when the broker suddenly disappeared. Without even saying anything, the company just left us with nothing. We did not have any idea about what will happen next. Eventually, we just accepted that we wouldn't be getting back anything anymore.
So far, I'm enjoying my trading with IfamDirect. I have nothing to complaint them because my trading always going smoothly. I have a good trading experience with them, I'm using their mt4 platformwhere my trading is profitable and it's easy to withdraw. I still trading with famDirect and I will recommend IfamDirext to all my colleagues.
My account manager promised me that he will help me boost my account at IfamDirect. On the first five months, he stayed true to the promise. I had a very high profit rate and it is what made me add more funds. The same thing happened on the next few months but when I said that I won't be adding funds again yet, suddenly, all the following trades lost and only $50 was left on my account. Later on, my account was shut down.
I invested $1000 to my account at IfamDirect. This money came from my savings that is why it really hurt when I realized that the company was a fraud and that I can never get my money back anymore.I should have just let it stay on my savings.
For more than a year, I traded with IfamDirect and I did not even notice anything wrong. I was comfortably trading with the broker, casually replenishing my account every now and then without knowing that the broker has been happily receiving my funds which they never intended to give back.
When I opened an account at IfamDirect, I used my bank card to fund it. I never thought that the broker would be able to take my money from my bank without my permission. This fraud company is beyond understanding.
I also did not expect this. I guess the gravest mistake I did was linking my bank card to this broker. I now appreciate e-wallets because it prevents schemes like this. IfamDirect charged my credit card with ridiculous amount which I had no choice but to pay to my bank.
It would have been better if I lost all my money because of my lack of experience and wrong trading decisions. But losing all my money to a fraud is just unacceptable. I did not even have a good fight. It was unfair right from the beginning.
IfamDirect was a broker that had a lot of potentials. Their trading conditions are favorable and their platform was remarkably excellent. I don't understand why they chose to deceive their clients instead of providing honest services when they could have been an amazing broker.
Right? The broker was already providing great trading services. It is so weird that they still chose to deceive their clients that just to continue providing services. If they are able to develop decent platforms and tools, they should have just focused on it.
I was wrong to think that since the broker was asking for a high deposit, then the quality of their services would be paramount. It did not occur to me that I will only be defrauded by this company. I guess this shall serve as a lesson for me to think carefully of my decisions.
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IfamDirect exits market embezzling clients funds