iForex - Keep away from them!

Broker Discussion Forex Brokers
1

Hi, I’m swiss french and did click on an ad to get a free guidebook to forex about a month ago… (always good to get More education…)

I got a very basic pdf file explaining pips, long, short and not much else…

1 hour later a rep, named Ariel, did call me to sppek about what they were offering (Mostly bull**** as I could see later on!)
He did his job as a french market/expo seller who won’t let you go till you buy, I was busy, got rid of him…

He called me the next day, and I finally agreed to put $400 on a real account so he could open a demo account for me to practice and get used to their platform… And if I decided to stay with them, I would have received $100 bonus after a month!

So, about their service:

  • Platform: A very basic java application with not much details, when you click “show graphs”, you get a certificate warning message, they pump their graphics at netdania…

  • Naturally no EA possible…

  • Spreads: 4 pips on EURUSD for accounts below $10’000, if over, 3 pips.

  • No trailing stops!

  • Trying to set limit orders wit S/L or T/P is just a pain, I never been able to set the ones I wanted on the demo account!

  • “Free signals” Never had any more news than what you can get on mataf or others…

  • Refund: After my first demand, another rep called me again and argued that they would lower spreads at 3 pips on EURUSD, give me phonecall training, etc… so I decided to keep the try one more week…

Possible that they lowered the spreads, but their platform is so ****ty, I did only 1 trade and tryed to set a few orders with no succes… so I don’t know and don’t care!

Now since sunday I send emails with no answers, when I call, Ariel is always busy on the phone or away, then I am usually transfered to a responsible accountant, but always arrive in a blackhole… :confused:

It seems I had a more efficient person on the phone (Raz) who promessed he will follow up to their refund promess to be honored…

I really hope refund will be done by tomorrow noon, otherwise I might fly to Greece where they are and plastic the whole thing! :eek:

2

I see,
Thanks for the notice
What brokers do you recommend?
What criterias are important for you?

3

Hi,

I had a few months experience in 2007 without the new stupid american rules…
I am swiss so I can use a broker outside of US and avoid those rules :wink:

In 2007, I was quite happy with IBFX…

Now I start again looking on if I can do better than in 2007, so I go on demo accounts $3’000…

I have had habbits with Metatrader4 so even SaxoBank has a very interesting platform, it’s a bit difficult to find my marks there!

Now I saw a lot of good comments on Alpari UK, I have a demo there and nothing to say about it, it runs smooth.

FXCM seems to have one of the smallest spread, so why not?

When I will have more time, I might open a demo with them, and probably also with GFX which is based in $witzerland…

So: For ME, I like MT4 platform and it’s part of the points which is important to me! (I don’t know either if it’s easy to have robots installed on other types of platforms? but most are designed to run on MT4…)

Now a low spread is also important to my eyes as I prefer type of scalping style trading…

Swap rates could also be important when you get stuck a few days on a position…

And a honnest broker who would execute your orders at the conditions you decide and not a few pips away is also important, about that, I cannot say much if it’s a rumor or truth when I read people saying their broker “steal” them many pips a months?

[U]Now when you engage real money, a good backoffice and a good 24/24x5 available support, including accounting, is also decisive!
As well as getting your money swiftly when you withdraw it![/U] :rolleyes:

On that point, even they confirmed having charged back my Visa card, [B]I still have not even the smell of my refund on iForex :mad: (Bastards!)
So at least, even I am not able to tell you take XYZ-FX, I still can shout:
KEEP AWAY FROM IFOREX!!![/B]

Good Luck and Huge profits to you and everyone

4

As I said, I have opened a demo at GFX (Switzerland) on monday…
But I just received a mail announcing they will stop their activity!

[ [I] Dear GFX Demo Client,

We would like to thank you for your interest in GFX Group SA and for opening a demo account with us. We appreciate the fact that you have selected GFX amongst the large number of forex brokers.

Please note that GFX Group SA has made a commercial decision to exit the Forex business with immediate effect.

Consequently, we regret to inform you that the demo account that you have been trading on, will no longer be available after September 30th, 2009.

We thank you for your interest in GFX Group SA and wish you the best of luck in your future trading.

Best regards,
GFX Group SA [/I] ]

6

I had a really bad experience with this broker. They lie and dupe people off their money. 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.com.
Some of my observations-

-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)
7

“…also getting no bonus amount”

What is bonus amount, who is eligible for bonus amount and do all MMs pay this bonus? I have live (live not practice) account with USD 50,000.00 (fifty thousand) with a reputed broker and never received any bonus. Shall be thankful if you clarify.

I suspect lot of foul pay but I am not able to take task. What to do?

8

Stick with the bigger brokers who are regulated in their own countries. Have plenty of staff and dont play silly games.

Oanda
GFT
Saxobank

leave the 2 man bucketshop operations to someone else.

N

9

Thanks for the information or opinion about iForex. Even then wanted to go almost iForex open and my real account :o. Well I have not done back then. Thx

10

some of these experiences are hellish… :mad: I was on investimonials.com last week and they had reviews for all the brokers and stuff. Might wanna look at that. I heard there were pro traders on there but who knows.

11

Pyro you acted smart not to get into the clutches of iforex fraud. I am happy that you find my post useful and saved your money from iforex scam.

12

Hi Jaidev,

When the more you trade with your broker, the more you generate revenue for him. So to encourage investers to do more trades, a brokers pays back a certain bonus amount to the invester once he reaches a stipulated trade criteria. If your broker is not giving you this bonus, you can ask him.

[B] But if you are trading with iforex, no one can help you as they are complete frauds and cheating everyone.[/B]

13

You can actually change your password when you click on “My Account” tab.