Traders Exposed iFOREX’s Shady Practices, Alleging Fraud

Trading is a practice with high stakes that demands well-regulated and trusted brokers, but the growing number of complaints against iFOREX‘s practices has tarnished its image while raising serious concerns about the funds’ safety.

A trader from Egypt has made serious allegations, accusing the broker of fund deductions and account suspension, as they lost $520 on the platform.

Trader‘s Accusations on iFOREX

The Egypt-based trader posted in December 2024 about iFOREX’s unlawful and allegedly scammy practices. Over a certain period, the trader has made several deposits on the platform, trading, incurring losses, as well as gaining profits. However, one day out of nowhere, the traders account got suspended, reflecting a negative balance of -$520.

Further, as directed by a representative named Mr. Fadi, the trader made another deposit of $59 in hopes of lifting the ban and clearing the negative balance, but instead, the amount got deducted from the $520 debt, reflecting a new balance of -$461.

Here are the details of the ordeal as shared by the trader -

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The trader has also shared the screenshot of their account as proof -

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A Pattern of Complaints Against iFOREX

The above case of the Egyptian broker is not the only one, and there is a trail of negative accusations against iFOREX with traders seeking exposure. Here are some of them as cited on WikiFX by a diverse set of traders:

• Paula from Uruguay claims denied withdrawals on the platform -

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• An Iraq-based trader has raised concerns on the platforms unresponsiveness after deposit -

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• Adding to these, a Hong Kong-based trader has made a trail of negative reviews on WikiFX, alleging iFOREX of account freezing and denied withdrawals -

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The number of negative feedback has been rising, showing the issues are recurring and the broker opts for scammy tactics to lure traders.

WikiFX Review of iFOREX

iFOREX is a Market Maker that is regulated by CySEC with a license number 143/11 and has been operational for over 10 years. However, as per WikiFX, the broker has a trust score of only 5.8 out of 10 and there is a popping risk alert due to the rising number of user complaints.

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Conclusion

iFOREXs scammy practices have been exposed by an Egyptian trader who incurred a $520 loss with account suspension and others who have faced denied withdrawals and unauthorized deposits/deductions, along with misleading directions from their representatives. Even after being regulated by CySEC and being operational for over 10 years, the broker falls short in meeting its claims of security and reliability for the traders.

Anyone getting involved with iFOREX is advised to approach the broker cautiously, verify all the policies, and keep a record of all transactions and communications in case things take a darker turn. Also, the ones who have fallen victim to the brokers scammy tactics are advised to share their experiences on WikiFX to protect others from potential scams.

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