RESOLVED Case# 2013-092 | Manish D Pujari vs www.iforex.com

Based on the available evidence, do you believe that iforex.com is guilty?

  • Guilty

    Votes: 29 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
    29
  • Poll closed .
Messages
180
Dear adil

First of all very few regulated brokers are available, secondly even regulated brokers play mischief knowing fully well that forex trading in India is illegal, hence you can not go to regulatory authority to complain.

Prasanna
If Forex Trading in India is illegal then one should use more than extreme caution trading with brokers over there. If it is difficult to handle regulated brokers how much more unregulated and harsh policies on forex trading in India?

I support doing a thorough due diligence before enrolling with any broker. Auditing & Regulatory Plus Years of Integrity is a plus but anything still can happen.
 

George Mcall

Corporal
Messages
89
Really sad to read scams every other day on FPA, specially about withdrawals, :mad:

I have no idea why people don't do a proper homework and a research before depositing their funds to any 'broker'.
I suggest to trust a broker which is a subsidiary of a bank. Specially when you are making serious deposits.

No, iforex,xforex,gforex,bforex, or brokers with ads screaming you to make a deposit and their call agents calling and begging you for deposits is very clear to understand.
Its not their fault if you lose or they don't give back you your money, its your fault to trust them at the first place.

Make sure who is the auditing firm of the broker before you choose in future.
Opening a live accounts and showing funds inside a 'live' mt4 account to the client is very simple, and in reality when you lose,
and these phony brokers with a catchy website and a cheap live support chat, they keep your funds with them.

Regulated Brokers offering STP accounts, No dealing desks involved, and annually audited with renowned auditing firms should be preferred.
These are very good questions. I do not know the answer. However it may just be that unless one is in the developed world it may be impossible to open a trading account because the usual ID documents are just not available. The major brokers are really hot on proper ID to fight the fight against money laundering. If you can not produce them, they will not open the account. In the undeveloped world such documents may not be immediately available. It would be interesting to hear from Manish whether he had tried to open an account with one of the major brokers. Anyway these questions are not going to cloud my judgement in determining the issues.
 

Jim Ballou

Private
Messages
10
I agree adil,
We read about people wanting their money back, but they didn't do their homework and then we attempt to clean up the mess. The "*forex" broker then closes shop and opens again with a new name....we start the process all over again. I believe that is the main reason so many people have stopped voting on these cases.
 

George Mcall

Corporal
Messages
89
It must be a priority with every broker to get funds to customers as quickly as possible following a request. I accept mistakes can happen even with the best. However when mistakes occur every step must be taken to correct them and get the money to the customer. This clearly has not happened and Manish is still without his money. There can be little doubt as to the guilt and I shall be voting accordingly.
 

Pharaoh

Colonel
Messages
19,831
A list like that would only be of limited use. Crown Forex was a big Swiss brokerage that stole a lot of money. PFG Best was a big NFA-regulated US brokerage that stole a lot of money. People need to watch any broker carefully and be ready to pull out most of all of their money on the first hint that something may be wrong. Sadly, even that wouldn't work in all cases - sometimes a broker goes down with no warning.
 

prasanna316

Private
Messages
19
I have registered with Iforex. I know they will contact me to deposit money and then I will ask them about Manish. Let's see what's their reaction on this.
 

Pharaoh

Colonel
Messages
19,831
I have registered with Iforex. I know they will contact me to deposit money and then I will ask them about Manish. Let's see what's their reaction on this.
If they are willing to address the issue at all, I'll wager they make up something else to evade any responsibility.
 

dvmania

Recruit
Messages
8
To be 100% honest... I've dealt with iForex in the past... It does not surprise me that they are ignoring this client. It does however surprise me that they are ignoring this thread.... My personal opinion (and I have no way of knowing for sure) is that the left hand doesn't know what the right hand is doing. And that they are busy trying to get more clients and less busy trying to help "old clients" retrieve money that was "lost in translation".

If you keep this up I get the feeling that they will pay. Trust me.
 

prasanna316

Private
Messages
19
I have registered with Iforex. I know they will contact me to deposit money and then I will ask them about Manish. Let's see what's their reaction on this.
Interesting, nobody from Iforex has contacted me yet. Normally, brokers contact within 24 hrs. I wonder, do they read all these reviews !!!
 
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