Is iForex a scam? What is your experience?
I had a really bad experience with this broker. They lie and dupe people off their money; atleast I lost a lot to them. Also I realized that there are lot of bugs on its platform. They charge high spread and give no bonus to ignorant new traders/investors. And as the new-bee gains more knowledge he realizes that he is paying too high a spread and also getting no bonus amount. You can open an account with any forex trader and spend time learning more about forex market rather than banging your head with iforex. Please share your experiences ?
Last edited by PipsyGirl; 09-13-2010 at 03:00 PM.
iforex is very pro!
i completely do not agree on this statement! If iForex was a scam, then why they are in business for over 12 years? I personaly made good money with them!! I just think you lost money my friend!!! Get over it!!!! Some win some lose, but NO THEY ARE NOT A SCAM!! They have forex trading licenses and addresses and phonenumbers, you can call them and go visit them in Greece...so get over your loss!!! Better luck next time.
iForex is one of the best platforms available in the forex market, I am using it for over 5 years right now, very fast release of the profits!! If you follow the financial news a bit, then you can make a bomb of money with them!
You sound like one of their salesman.....well take a note of my experience with them...
iforex.com is duping people of their money. I have all the reasons to believe that it is certainly a scam, a fraud.
-When you are making huge profits you wont be able to close your deals.
-iforex.com can control the platform from their side
-Your password is provided by iforex.com which you can not change
-iforex.com have different addresses in the tutorial they sent via mail is ans the one mentioned on their website
-iforex.com asks you to send scanned copy of both sides of your credit card(most dangerous thing). No one asks both side of credit card.
-iforex.com advertise 2 pips and show 3 pips on the demo, but once you open the trade account and deposit your money with them, they change the spread to 5 pip( this is most irritating)
-Even when someone calls from Greece( as they say it), its always the same person talking in local Mumbai accent.( I doubt that they call from mumbai itself and claim it as Greece)
-The Guy who called from Greece(as he told he did) told me that he gets a commission from my deposits. So he told me to tell iforex guys that he persuaded me to add more deposit( ridiculous and fishy)
-iforex.com refuse to give their local address in Mumbai (why would someone do so--obviously to save them from their mal-trade-practices otherwise invester traders would bombard their centre)
-There is no regulatory body for Iforex.com
- there are lots of bugs on its platform( I have myself reported a few to them)
Last edited by nee007; 09-23-2009 at 06:43 PM.
Same thing happened to me about 5 months ago. I am new to forex trading and so opened an account with iForex. After about 2 months, I ran into a glitch with their platform which made me lose a substantial amount of money. I called their custormer service only to be rudely cut off. I never got any reiburstment for my loss. I would not recommend anyone to use iForex, they might not be a total scam, but they have pretty crappy service and platform. Since then I found another platform, which still works well. The pricing might be a little high, but as far as I am concerned, its a pretty good rate. Here, check it out:
yourfaq, you do sound like you work for them, not cool dude.
Last edited by vhinz; 09-27-2009 at 04:25 AM.
Reason: Link Violation
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.
Originally Posted by yourfaq
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.
Last edited by JimP; 06-14-2010 at 06:51 AM.
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.
Keep It Simple Stupid
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.
Originally Posted by nee007
Originally Posted by tconnelly
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.
5) 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.
6) 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.
Last edited by PipsyGirl; 07-24-2010 at 12:55 AM.
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.
don t use iforex
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
"When life gives you lemons, make lemonade."