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|Case ID||Filed||Case name||Verdict|
|2013-092||2013-07-30||Manish D Pujari vs iforex.com||resolved|
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Friendly warning on iFOREX
Hi All, just wanted to add my experience with iFOREX. Been with them for number of years (lost lots of $ in the process). Just traded with one pair NOK/JPY mainly because after some bargaining got the lowest spread 0.75 pip. Their spreads on all other pairs are really BAD 3-6 pip on average. I trade daily using scalping technique.
Didn't use iFOREX since last year, and in may 2017 wrote an e-mail to my account manager (very nice lady, helped me couple of times with trading bonus) asking her about MT4 (thy don't support). In June got e-mail from her - wonderful news iFOREX is upgrading my account with VIP "zero" spreads. 2 days later got phone call from her, asked her where is the catch? how much is their commission? (just like all other brokers on their "zero spread" acc. charges are 3-6%). She said iFOREX charges NO Commission on zero acc, She said just log on to your web trading station and see. I logged onto my acc and could not believe my eyes: the sell and buy prices on all currency pairs, gold, silver were the same, the spreads were 0. Even on USD/ZAR (normal spread 150 pip) was ZERO. Later that day (in US afternoon) deposited some $40 and opened Sell 5k EUR/JPY. It moved up 3-4-7 pips each pip = $0.45 so I was in red. After a while it reversed and slowly moved down, when the buy price reached my sell price the profit was 0.00, then it started jumping slowly down by 0.1-0.2 pip - by then my sell position should show some profit, that's were I got a shock. The profit was showing 0.00. After moving down full 4 pips was still 0.00 (by then the profit should have been $1.80 but it was ZERO. The price moved down by further 1-2 pips my profit was showing $0.45-0.90
I closed that position, and said to myself F . . . them. I cannot trade like that.
Immediately I withdrew my deposit, which they put back onto my C Card.
So the iFOREX so called VIP Zero Spreads in real terms mean are HIDDEN.
Next day wrote e-mail to my acc. manager, thanked her very much for the "specially for me VIP spreads" but put my spreads back to the one before.
This is just one of iFOREX tricks which I have experienced on myself, and trying to warn my fellow traders.
Do not trust this company they are money minded. If you refuse to top up money they will neglect you.
Aug 22, 2017 - 1 Star They are good at getting money from you once done they gone missing. Once you started to play you can see your trading go on opposite direction until they finish off all your money.
regarding iforex response
my account is held wih iforex.com i have rised chargeback complaint through my bank to iforex in jan 2015 but out 3400 usd they have paid me only 1600 approx and rest usd1829 still withme and they are just playing a lot of request to their department they are not sending me swift copy of transfer remittance and said they have tansfeered the fund . i have checked with my bank and they still fnding it the false transaction details they have given to us.
my account number is 1267821 in iforex.com still you can find it there usd1829 is shown there for refunding and theey are not even talking now. not responding..
please help me..
Jul 23, 2013 - 1 Star REALLY NOW IFOREX IS PROVIDED MALSERVICES TO CUSTOMER AFTER MR ESHKOL AND NANCY HAS LEFT FROM IFOREX SINCE 2012 BEFORE THAT I WAS FULFILLED ALL PROMISED BY MR ESHKOL AND NANCY MY ACCOUNT MANAGER AND GOT KNOWLEDGE OF FOREX TRADING. THEY TAUGHT ME WELL AND NOW THEY SHIFTED TO ANOTHER BROKER. I AM CUSTOMER OF IFOREX SINCE 2009 AND MY A/C ID 1267821 .. AFTER ESHKOL HAS LEFT NO BONUS HAS BEEN GIVEN ME FOR TRADING AND EVERYTIME THEY GAVE INSTRUCTION FOR DEPOSITING MONEY AND WHEN I DEPOSITED AFTER EVERYTIME A/C MANAGER WAS CHANGED AND NOW TILL DATE STORY IS CONTINUING . I HAVE TO CLAIM LOT OF BONUS FROM IFOREX AGAINST MY DEPOSIT WHERE I AM ASKING JUST 250USD OUT OF THAT THEY ARE NOT SUPPOSED TO TALK EITHER ALSO . NO REPLY IN MAIL FROM email@example.com and firstname.lastname@example.org... they treat customer like beggers now... SOMEONE HELP ME FOR GETTING ME BONUSFOR TRADING NOW.. AND THAT IS THERE POLICY. MR ESHKOL HAS GIVEN ME MANIA TIMES.. BECAUSE I WAS ELIGIBLE FOR THAT...I HAVE ANOTHER A/C 1312687 AT IFOREX.COM ON THE NAME OF MY WIFE KALPANA ... IN THAT A/C ALSO I HAVE DEPOSITED TL DATE SINCE 2010 THAT IS AROUND USD 2000 AND NO TRADING BONUS THEY HAVE ME GIVEN TILL DATE ONLY EVERYTIME THEY FLESH ALSO FOR 30% BONUS AGAINST DEPOSIT BUT NO BONUS FOR TRADING THEY ADJUST WITH HUGE VOLUME WE LOST THE ACCOUNT.. SOMETIMES THEY DISABLE THE TRADING SIGNAL ALSO WHERE ONE CAN EASILY BE MISGUIDED.... PLEASE SOMEONE HELP ME ......
bulls*** people, behave like child, no idea how to talk to client, worst service ,worst co.
What is the use trading if you cannot withdraw your funds?
Withdrawing my money is proving to be a real problem. Despite submitting the required documentation a number of times I cannot get past the standard response of ‘You did not provide the required documentation’.
No assistance received form either the account manager or the accounts department to complete the withdrawal.
I was scamed and lost initially $2500 after follow very bad advices from account manager, she take advantage of my newbie state and told me to open high risk positions without stop loss.
She waranted as succesfull signals from the best financial team of experts.
I believed and trusted her because her advices on demo account were highly profitable, but couldnt believe that my account was going to be empty in 2 weeks.
Then I phoned and she told me that I had a chance to recover all the invest if I deposited $500 extra to receive some kind of insurance bonus.
As I didn't want to lost such amount so quickly I accepted and surprise, the next day no insurance, no answer, no money, and good bye to $3000 usd.
I asked my credit card provider to cancell at least the $500 deposit because $2500 were sent via international bank wire.
It was 4 months ago and my bank said the case is in study, their regulators doesnt answer, there's a Cyprus phone number and when you call its always: "Please hold on"
Iforex didn't answer no more emails and I'm here just advicing honest people to keep as far as possible from this profitable disguised Scam. Thanks
I know that I can only use this form only to warn others, regardless of my loss dealing with (iforex.com). Which I cannot in any way to reclaim back (I suppose). I wish this would warn others.
iForex, they have this good modified, easy to use platform, which any dealer can use to trade. However, while you are trading and opening many deals, and especially when you feel the need to bump the account with extra money. You will get to notice that your money is vanishing regardless of your positive position at that time, while you’re supposed to be a winner!!!!
It’s something in the software, which can turn your profits into losses
I sent them email asking for an explanation, but with no answer, and before that, their broker used to call me every day!
So, dear reader, please don't make your self and easy target for such scammers, just like i did to my self.
thats all :(
I had the pleasure to investigate this firm at a more detailed level.
They were recruiting sales staff to sell their services to the Indian Market. I was curious about finding out more about this company from a closer distance, so I got myself invited to the interview :-)
So, it turned out, they have not regulated whats so ever. They have been fined by the Hungarian Financial Authority as well.
Now they are trying to fool some unsuspecting indians. When I asked them whether they are regulated by any regulatory agency in India. The following was the answer:
Yes, we are - by "Virgin Island" !!!! I expressed my surprise by saying that, "I never heard about it"
By this time, their tone changed and asked me, whether I am interested in the job or not.
I knew, i had touched a "PAIN" area. Well, i was quite sure, I won't be selected by that time.... tough for me, since I should have been a lil more careful and try to get in, somehow and get to know them even better.
Anyways, I strongly suggest everyone to keep away from this broker.
Why would you go to a broker who is NOT regulated when you have several regulated brokers out there.
this people stole from me 7,000, is true what people said in here , they start with 100.00 until asked you for 10,000 and more, i did 7,000
the first month they grew up the account to 17,000 when i asked for money they told me to risk more, then the last day of next month i lost everything cero dollar, i think they i had never 17,000 pure bullshit, they make me to risk over the whole 17,000 and the lost it, they send me an email with more deposit, and that the war with ISIS was the cause, a pure SCAM don't believe in them
Hi! I started with I forex last March. In the beginning, I gained 100S without losses. After I had paid my capital, it all started... As soon as i press the deal button, i start loosing, too. I think theat the platform is being controlled :(