Is iForex a scam? What is your experience?

As you say, iForex has been in business 12 years. Although it’s unclear if they’ve actually been active since 1996 since their web site is more recent than that. Also, they’re not registered with any recognized regulator.

As you say, it’s possible to contact them in Greece but the company appears to be based in the British Virgin Islands which as you probably know is a fiscal paradise.

As you say, they have one of the best platforms. That is until you realize that the web trader is sometimes inaccessible. Also, their FXnet requires Internet Explorer to establish a secure connection, sometimes crashes repeatedly and disconnects are frequent. As a developper, I’m not at all impressed.

Lastly, you forgot to mention the fact that the company is not very newbie friendly. I’ve been in touch with a few of their recent customers and they’ve all had their demo accounts closed after only two weeks. That’s absolutely ridiculous and a surefire way to make newcomers blow their account.

I’d always stick to brokers from USA, UK, JAPAN or the like, at least regulated markets, but Greece, Nigeria and so on, keep well clear, stick to the major players always and even then be careful.

Okay not a single thing on this post is anything against IForex. First off most brokers do offer bonuses or commissions to get people to deposit funds. second the pip spread is not a constant it changes based on the liquadity of the market…within a single day my spreads can range from 1-5 pip.

Really?

  1. Being unable to change your password is not a good thing and could mean that it isn’t encrypted (at least from my experience as a programmer). I sent them an e-mail asking if it could be changed a few months ago and have still not gotten a reply which is pretty poor service in itself.
  2. Having multiple e-mails and addresses is definitely not reassuring. As I’ve already said, their web site states that they’re based in Greece but that’s just the administrative office and the company is actually based in the British Virgin Islands which is a fiscal paradise with it’s own legislation. So good luck filing any complaints. Some of their representatives have gone so far as to say that the company is regulated but all it turns out to be is that company simply has to comply with EU . This is in no way comparable with being registered with a regulatory body such as the FSA.
  3. Different spreads according to whether you’re on demo or a live account is a practise found elsewhere but iForex staff are definitely not being honest about the difference as it takes some questionning to get them to actually admit it. The account manager I had actually stated it as being a constant contrary to what you’re saying.
  4. It would seem that there’s a heavy commercial incentive to get people to deposit money as neo007 has said. From feedback I’ve gotten from other customers, this is a constant with bonus promises which are inapplicable in practise from most people (x trades during a given time frame or x amount in deposit in a certain time frame). iForex staff omit to mention these conditions and it’s only in later e-mails they send that find out about them. Furthermore, their staff are easy to contact in the introductory phase but suddenly become silent once deposits and a few trades have been made. This again is a poor practise and seems to underline where their priorities lie.
  5. The platform is definitely buggy and by coincidence it tends to crash when there’s a lot of price action. Imo, the platform behind it is incapable of handling the number of customers they have. This would be indicative of a poor infrastructure when it comes to their servers.

In short and to reiterate previous sentiment, stay away from iForex. It’s in your best interest! They might not be outright scammers but they seemingly make no effort to hide that all they’re interested in is your money.

P.S: I see you’re relatively new to Forex trading. You should browse a bit a through the link below to understand what sort of bull**** can exist when it comes to FX brokers. Even some apparently reputable companies have changed their tone and simply done a runner with client’s money.

Reputation takes years to build, however it takes just 1 second to ruin it.

For all forex business owner out there, please do serve us well.

HI!!!i m from Romania and i trade with iforex since 2009.My opinion is iforex is not a good option for traders because they want just to take your money and they want to make a lot of trades for their profit!stay away!their platform is bad,the brokers are very greed and my opinion is to choose another company for trade

As an ex customer, I agree with Ne007 and JimP.

The demo gives you 5000$ to play with, and you get a “better” spread if you deposit more than 2000$.

Since people deposit less, they will notice a wider spread.

They ask for a deposit BEFORE giving a Demo account. This is BAD. I suggest to anybody that if they demand a deposit to open a demo account, look elsewhere.

I had my alarm bell going when I sent an email with a read receipt: the receipt was in Hebrew.

With the amount of choice out there, why would anyone trade with a company who charge for a demo? It wouldn’t even cross my mind to consider a platform that needs a deposit for demo

did you or has any one get profit from thier 1 month free training in i-forex when you deposit $100. Please reply if anyone know before we get scammed

Well, i think it is a scam i have never seen a comercial of a serious brokers saying something like “I’ve started with 100 and in one month it became 1000”, serious brokers would never ask you to show your face at their comercials.

Iforex is ****.

RE: “iforex.com is duping people of their money.”

How about the FXCM thieves?

Anyone with bad experiences as I had with them?

Bunch of crooks with a CLASS ACTION on their tail (ARSE?).

Woah… that doesn’t make sense. I wouldn’t even think about paying before I get to try it.

Hi mandilon,

The class action was dismissed on Nov. 29, 2011.

If you had a bad experience with FXCM I do apologize, and you’re welcome to contact me if you need any help. We have an FXCM broker aid section in the forum where traders are free to post their questions.

Jason

Hello all , from my experience with iforex , i can say its ok , but for me i think there are much better brokers such forexcontrol which im trading with recently , i can trade with much more currencies and commodities and also Indian CFDs , good luck to you all .

Thanks for this thread. iForex came to my country and I gave it a try - created account but no download link, so I left the website alone. Few days later a woman called me by phone asking for talk - she proposed 15% bonus of my investment in real account if I do it in 48h. I told her I will think about it and asked her to call me next day. In the mean time I came to this thread and read the truth, also other websites with similar opinions popped up.
When next phone call came I told the woman I am not interested and that’s because of very bad opinion about iForex on the net. Then she obviously started typical marketing speech and I left the phone on the desk. After realizing that I am not listening to her anymore she left me alone.
Thanks guys, I saved few hundreds of bucks, thanks to you :slight_smile:

And a word about brokers - search for ECN brokers - they have no dealing-desk and wont rob you - that’s what I heard.

hello everybody… I was just seen an interesting ads on yahoo mail, clicked on it, and it brought me to iForex.com. I signed up and a moment later there was an email explaining a bit about their program. I was interested and replied the email asking a few things. Then the sales gave me a call.

Yes he said that I need to invest $100 first, then my account will be activated and I can use the demo account (with $5000 to practice) for 2 weeks. I will also get a 1 on 1 training with him (which is great as I don’t know anything about forex), and my future account manager will always give advice about my trades. I’m really interested and ready to make the $100 deposit. But I search the net first, got to this thread and other threads on other forums, and now I’m not sure about iForex anymore because most people don’t recommend it although there are still some who are satisfied with iForex.

So my question is, can you recommend any other forex broker that is newbie friendly, and if available, give training to its members?

Thank you very much

Sign up with Oanda any you wont go far wrong.

thank you, just go to the website and yes we can open a demo account without having to pay first. But I think it doesn’t have much guide / training about forex so it’s more for advanced trader.

That’s the hard thing with Forex, learning, best to read this forum for some idea.
But it is more about finding yourself!!!
just go and practice.
Good thing with oanda is there lot sizing. you can trade any amount from 1unit…
10000 unit to a dollar so when you start live you can be extra conservative with your risk!