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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Ways the funds were deposited and withdrawn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: Diya | Date 2021-09-15
IfamDirect just disappeared without returning our funds. The broker did not say anything. We were all trading as usual then suddenly, we could not access the website nor could we contact them. As it appears, the broker went bankrupt thus not paying the clients. But since we trusted them, the least they could do was inform us.
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Author of IfamDirect: Lendar | Date 2021-08-16
IfamDirect is an ordinary broker. I opened up an account with this broker with $1000 and make some profit. When I tried to withdraw profit, they hold for a long time more than 35 days. And in the meantime, I found that they are trading against me and I was started losing my trade trades because of their platform manipulation. They closed my profitable positions. I have nothing good to say about IfamDirect broker.
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Author of IfamDirect: JC Antonio | Date 2021-08-16
After making a deposit at IfamDirect, I was contacted by my account manager. He was very friendly and he assured me that he would be assisting me with anything I need. After a week, he suggested that I make another deposit to make way for higher returns. I did what he suggested and it really did good to my account. However, after that, my account manager never stopped asking me to deposit again. He would contact me only to tell me to add more funds and not to assist me anymore.
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Author of IfamDirect: Heike | Date 2021-07-27
IfamDirect is nothing but a huge fraud. I invested a total of $600 to them and when I tried to withdraw the profits of $100, they got so mad and proceeded to suspending my account. I tried getting an explanation from them but I got nothing. In the end, I was not able to access my account again.
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Author of IfamDirect: Judy | Date 2021-07-21
IfamDirect did not release my money. I asked for the withdrawal of $100 which was only a part of my total profits. But they did not allow it and even charged me with fees for a violation. They did not even say what my violation is. I tried withdrawing again but they did not really give me anything.
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Author of IfamDirect: Yessa | Date 2021-09-06
As for my case, I lost $5000. I also don't remember how I ended up invested such a huge amount on this broker. I think they were taking money from my bank card without my permission because I got surprised with my bills when it came to me. A huge accumulation of money was transferred to the broker.
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Author of IfamDirect: Karilyn | Date 2021-07-16
Out of the many brokers in the market, I decided to choose IfamDirect because of their promising trading conditions. Besides, they do not require high initial deposit. But I was wrong. Instead of getting benefits from it, I only ended up losing all the money I invested. The broker terminated my account right after I made a deposit.
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Author of IfamDirect: Ilyas | Date 2021-08-31
The appearance of IfamDirect was really deceiving. They managed to make themselves look reliable and reputable. I just wish I did not get swayed by this and made a thorough research about the company. If I did, then I wouldn't have to lose my money.
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Author of IfamDirect: Tranjan | Date 2021-07-06
A few months after opening an account at IfamDirect, I noticed that the company has been deducting funds from my account without any reason. They did small deductions so it was not that noticeable but when I did notice, I confronted them right away and after that, they blocked my account.
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Author of IfamDirect: Casandra | Date 2021-06-28
IfamDirect never intended to release the money of their clients. I realized this when I tried to withdraw some profits and I couldn't get past to the verification stage despite providing all possible documents. They kept rejecting everything when it is clear that the documents contain the details they need. After a while, they just blocked my account and I never got a hold of them again.
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Author of IfamDirect: Kimmy | Date 2021-06-23
Since I am a beginner, I did not know some information about the trading industry. For instance, I did not know that most legitimate brokers offers small trading account that require very low capital. IfamDirect asked me for a huge amount of capital which I did not think too much about because they said it would be beneficial for the profit rate. Unfortunately, this only allowed the broker to take a huge amount of money from me.
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Author of IfamDirect: Yoana | Date 2021-08-11
Many fraudsters do really well in pretending to be a reliable one. We have to be very careful when choosing where to invest our funds. We really need to make intensive research about different companies to see what a legitimate one should offer and look like.
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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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