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iFOREX can be Trusted....? Plz Guide

Discussion in 'Scam Alerts' started by Irfan Shaikh, Sep 6, 2010.

  1. Irfan Shaikh

    Irfan Shaikh Recruit

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    Hi

    Im new to Trading Forex.I have recently seen an offer from iForex.com saying that a client can open an account by depositing say 100 USD and they get 100 times the value for trading in real.The Best part ( according to them ) is that they say this account will be valid for 15 Days only and any Profits made during this period is for the user to keep and the Losses would e Absorbed by iForex.com....

    I read a few negative reveivws about them on the net but I reques everyone around to plz guide me in this....Should I proceed with them...? Are they really Genuine? Anyone having anything to sshare...Good or Bad ...? Plz revert.

    Thanks.
     
  2. NickB

    NickB Forex4Noobs Rep.

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    I have looked at their site and do not see any offer. What comes to mind is if it sounds too good to be true it probably is and that sounds too good to be true. If it is true hello iForex I am about to take you for $1million.
     
  3. NickB

    NickB Forex4Noobs Rep.

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    Offer aside the broker itself is primarily located in Hungary. This is the first broker I have seen from Hungary so I am not sure about how well Hungarian brokers are regulated. It is very important that you do proper research and find out if the broker is regulated and what the requirements for regulation are in Hungary.

    Here is a link to the 'Hungarian Financial Supervisory Authority'

    HFSA - Home

    These are the people you want to contact.
     
  4. Pharaoh

    Pharaoh Colonel

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    Sounds like 100:1 leverage. That's offered by a lot of brokers and is nothing special.
     
  5. NickB

    NickB Forex4Noobs Rep.

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    That's what I thought to start with Pharaoh but he says they give it to you for 15 days so that sounds more like some scammy promotion? Could you link us directly to the page that you read this from?

    Either way it cannot be true as anybody could exploit the system. A simple way would be for me and a friend to open an account and I go long while he goes shot on a voltile pair. If the broker eats the losses as the OP said then one account you would B/E and the other you would rake in a quick $50k. It just makes no sense.

    Also I am no mod here but does this belong in the scams section. As far as I know iForex has done nothing wrong, it is unfair for them to have their name marred in the scam section until they actually scam someone.
     

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