Filled with False Information to Deceive Traders
iFOREX has complicated its origin with 2 different web pages showing 2 different details of the same company. It has 2 active websites.
The first is with the domain (https://www.iforex.cz/). The company provided mendacious information about being founded in 1996 and into an internet trading platform since 2004.
iFOREX review team has found that the (https://www.iforex.cz/ ) domain has been registered in the year 2008 only. The company is circulating wrong information at its website.
- domain: iforex.cz
- registrant: IFOREXCZCC
- admin-c: DBA6018224628
- nsset: IFOREX1
- registrar: REG-ZONER
- registered: 02.01.2008 06:14:17
- changed: 27.01.2020 15:21:31
- expire: 02.01.2021
The same web page claims the company to be owned by a Budapest based company Ebrokerhaz Befektetesi Szolgaltato Zrt, best known as Ebrokerhaz Zrt. The company is registered in Hungary and has mentioned in its terms of conditions that it is regulated by the Hungarian National Bank to provide its services in the Czech Republic, Slovakia, and Hungary only.
The second website is with the domain (https://www.iforex.in/). This also cites the company to be incorporated in the year 1996 but is owned by Formula Investment House B.O.S. Ltd.
iFOREX review team have found that https://www.iforex.in/ domain details has been protected. There is no reliable source to estimate the operational dates of the website.
The address of the company is provided to be Cyprus based. It claims, if trusted to be genuine, then, it is registered with the British Virgin Islands Financial Services Commission (BVIFSC).
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The mistrusted origin details have left us confused about the basic origin and registration of the company. If it is based out of Hungary, it does not have the approval to provide services outside that area. If it is based out of Cyprus, why is it regulated by British Virgin Islands Financial Services Commission?
Fined by CySEC
The Cyprus Securities Exchange Commission has fined iFOREX for providing the services which are not licensed by the CySEC. It was also fined for not taking the necessary steps to reduce the operational risks to the customers. In addition to this, comes the dishonest and unprofessional behavior with the clients. The misleading content on its website, insufficient communication with the customers and not analyzing the risks involved for clients. Also, it has failed to maintain the mandated details of the customers. The fine amount was gigantic around 138,000 Euro.
Terrible Trading Platform
In place of the widely accepted Meta Trader, iFOREX provides its private trading platform, FXnet. Meta Trader is the monarch of the online forex trading platforms. It has never been difficult for any trader while using its analytical technical analysis, a flexible trading system with algorithmic trading. Owned by MetaQuotes Limited, the platform can be used for personal computers and support mobile applications also.
The company’s trading platform, on the other hand, does not allow API trading or any other digital trading and scalping. Furthermore, the platform is not available in the desktop version. It is only available in mobile and website based applications. FXnet also has an additional need of a cluster of software to be downloaded which is the cheap third party promotional strategy of the company.
The trading platform of the company keeps on freezing throughout the trading day. It does not support automated trading. iFOREX trading has taken the least steps in removing the bugs from the platform. The main concern here is that the iFOREX provides the password to the trading account and a trader cannot change the password. The frequent disconnects along with recurring crashes definitely make traders to sense the absence of the trusted MetaTrader 4.
No Demo Account and Bogus Spreads
The company, claiming to be a global leader in forex does not provide any demo account to the prospective customers. Any new investor must be provided with the demo accounts to study the trading trends. It also helps to validate the company’s commitment for the leverage and spread. The trading conditions are in a race around condition with the company’s claim.
The company has failed to provide the trading conditions on its web portal. There is no availability of different trading accounts. It is into forex, CFDs, indices, currencies, etc. There is only a trading account provided to all of the traders, irrespective of their trading experience and their requirement. This account requires a minimum amount of $100. It is high as compared to the competitors who are providing the standard accounts with investments as low as $10-$50 and provide free demo accounts also.
The leverage is claimed to be 1:400 which is also too high as compared to the generalized leverage limit of 1:50 set by many US financial institutional regulation bodies. Another setback is the bogus spread committed to the traders. While the company claims the spread to be 2 pips for EUR/USD pair, it is actually 2.5 times the claimed part. It lies in the range of 5 pips while you are trading on FXnet and never comes down than that. The company provides a “protected account” which is not free at all. The trader has to invest $100 and then this account is available for 14 days.
Another stumbling block is the terms and conditions associated with the bonuses provided by the company. The company has mentioned its supremacy that it has full rights to suspend or cancel the liable bonus to the traders. The leading emulators, on the other hand, provide various types of bonuses and promotional offers to the traders alongside maintaining the quality of basic services.
No demo account without any privilege to choose from the available live trading accounts, and on the top is the false commitment of the spreads that define the global quality of the company. In addition to this the deposit and withdrawal conditions are also not defined in any of the legal documents provided by the company.
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If we trust the website of the company, then the company is supposed to be compatible with credit/debit cards, bank wire transfer, E-wallet like Neteller, Skrill, etc. for depositing funds. While the minimum deposit amount is not clarified there are no details about the fee associated with the transactions.
The withdrawal is in no other waters. There is no information over the website about the minimum withdrawal; the modes may be considered the same as the depositing channels and no clarity over the withdrawal fees as well.
The company has lately maintained official accounts on Facebook and Twitter. The Facebook account was last updated in the year 2019 while the Twitter account was lastly updated in the year 2018. The quality of content is also below a satisfactory level.
iFOREX does not perform well in terms of technical support to the trading platform. The trading platform keeps on crashing and the traders are left at the mercy of the support team. Numbers and mail id are provided but the quality of support is low. Unfortunately, the traders end up losing while failing to put an execution on a heavy traffic trading day.
A complicated dossier of company’s origin along with getting fined for not abiding by the rules and regulation makes the company’s claims shady. An inattentive social media account calls for attention and character content. Another slab is the absence of different types of trading accounts and the trusted Meta Trader platform.
- Nasty Scam!
- Major Red Flags
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