iForex

Broker Discussion Forex Brokers
1

Dear all,

I have found some similar threads to this- but just wanted to narrow down the enquiry.

I have recently started trading with IForex. I was encouraged to make an initial deposit in order to also open a demo trading account. It was recommended that I do this in order that, should I make profits in the demo account, I could exploit similar positions in my live account.
I was informed I could take my money at any time.

I was later e-mailed requesting proof of address, proof of ID, and a copy of both sides of my credit card (used to deposit funds) in order to make a withdrawal.

Could anyone tell me- is this normal- particularly for the credit card copy?

I am having cold feet because, having researched them further, I have found less than complementary reviews. Can anyone advise whether it would be safe to send this information (given they already have my card details).

In the wrong hands all of this stuff could easily lead to ID fraud. I’m not sure of the company’s intentions as I don’t know how long they have been around for.

Also a confusing issue surrounding location-Geneva, Athens, China all mentioned- but the web address is registered to an address in Florida.

Would appreciate anything anyone has on this broker.

Whatever the verdict I’m in the market for another broker- preferably regulated- any suggestions?

best wishes,

2

After being pursuaded to put more money in my account, I asked whether iForex was regulated or had any oversight. I was told that Governments regulate them in each country they are in, and that they were regulated by Financial Services Authority in London. Called them, and they’re not! Called HM Revenue and Customs- they said they should have an anti-money laundering licence- they don’t.

Told the rep this and he thought they were valid points that he could pass to his supervisor…

3

Look up “forexsavior” in this forum and see who the biggies are. There is no perfect broker but I use two - Oanda and IBFX. Both of these have nonexpirying demo accts as long as they are used. O. cancels theirs after 90 days (Ithink) of no useage and I. after 30 days. Both are well capitalized and well established. And there are many others. d