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. 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? 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!!! They have forex trading licenses and addresses and phonenumbers, you can call them and go visit them in Greece Better luck next time. 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 I have all the reasons to believe that it is certainly a scam, a fraud. No one asks both side of credit card. 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. 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: As you say, iForex has been in business 12 years.
Although it's unclear if they've actually been active since 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. 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. 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.
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. The account manager I had actually stated it as being a constant contrary to what you're saying. 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.
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. 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. I see you're relatively new to Forex trading.
Even some apparently reputable companies have changed their tone and simply done a runner with client's money. 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!
I suggest to anybody that if they demand a deposit to open a demo account, look elsewhere. 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. 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 and in one month it became ", serious brokers would never ask you to show your face at their comercials. 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. 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. 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. And a word about brokers - search for ECN brokers - they have no dealing-desk and wont rob you - that's what I heard. Is iForex a scam? What is your experience? 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. As an ex customer, I agree with Ne and JimP. Since people deposit less, they will notice a wider spread. I had my alarm bell going when I sent an email with a read receipt: Anyone with bad experiences as I had with them?
I wouldn't even think about paying before I get to try it. Hi mandilon, The class action was dismissed on Nov. Thanks guys, I saved few hundreds of bucks, thanks to you And a word about brokers - search for ECN brokers - they have no dealing-desk and wont rob you - that's what I heard.More...