Beware! IfineFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
IfineFX is a Forex broker which claims to be UK headquartered, but it doesn’t actually hold an FCA license to offer Forex products and services, or other forms of investments to the public. In fact, there isn’t even such a company in existence, called Ifine Capital Ltd, which allegedly owns and operates IfineFX. The people standing behind this Forex broker, however, claim to offer negative balance protection and also that the funds of the clients are kept in separate bank accounts, but it’s definitely not guaranteed! Strangely they focus way too much on the bonuses issued and the trading signals they pretend to offer. Find out more facts and figures about this so-called Forex broker in the full IfineFX review.
IfineFX REGULATION AND SAFETY OF FUNDS
IfineFX is a totally anonymous business creature. They claim to be an UK entity headquartered at Canary Wharf, London, but all the crucial details about their legal status are missing. First of all, IfineFX isn’t authorized by FCA, our search in the British financial regulator database didn’t produce any results. Also, there isn’t a company named Ifine Capital LTD in the Companies House in UK to be seen. The Legal section on the website is an utter mess, their T&Cs are only dealing with the bonuses and the rest of the trading incentives they claim to offer. Warning and a red flag to mark, IfineFX is an illegitimate entity which should be avoided, there isn’t a single piece of information which can prove us wrong !
Your funds are not safe if you deposit with IfineFX, it is an unlicensed, unauthorized and unregulated anonymous Forex broker, which isn’t trustworthy!
If you are looking for a reliable, true Forex broker choose between the CySEC(EU) and FCA(UK) regulated companies, which are the leaders in the retail Forex industry. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In these jurisdictions the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients accounts etc. But most importantly, there are money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
IfineFX TRADING SOFTWARE
This should be the most intriguing segment of the IfineFX review. MT4 accounts are offered, but there is no way you can download Metatrader from their website, we tried to find them within the platform that we have at our disposal, but there is no such Forex provider as IfineFX to be found. Warning for you and a red flag for them, an information discrepancy as this one should be enough for you to stay away from this broker.
The only platform available is web based, one that is rather primitive and amateur-ish. The chart provided comes from TradingView, while the trading panel comes from Trader Insight, in fact, there isn’t a reliable platform that IfineFX can offer to its clients!
Warning! EUR/USD spread is usually 30 pips, at times the difference between bid and ask is even bigger! One more red flag to mark, because on their website they advertise spreads as low as 0.2 pips. You should never trade with IfineFX, the trading conditions are nightmare!
The leverage, however, is said to be up to 1:400 but in reality, well, we have no idea! There is absolutely no way you can adjust the leverage to the levels you would prefer, which is yet another warning and a scam sign!
IfineFX DEPOSIT/WITHDRAW METHODS AND FEES
IfineFX requires a minimum deposit of 200 USD or its equivalent in other supported currencies. The next warning to the traders from us comes with their funding methods, because there are plenty of options advertised on their website, such as Skrill or Neteller, but only a wire transfer is possible. Their own payment system is broken, as a matter of fact. Have a look.
In the picture below you can see the payment methods IfineFX claims to offer!
There is no minimum withdrawal amount defined, simply because IfineFX deals only with bonuses in their T&Cs, also the FAQ section does not give the answer to such an important question. It is mean to say it, but probably they have never considered paying back to its customers! The withdrawal request is said to be processed within 5-10 days.
No withdrawal or other fees specified, also no dormant account policy available. Their bonus system, however, is omnipresent! Plenty of bonus programs and trading incentives are introduced and that itself leads to the next red flag. FCA regulated Forex brokers cannot offer bonuses or other trading incentives to the traders and it is part of the regulation regime. The generous extras that IfineFX give away only proves that this so-called Forex broker has nothing to do with regulations and legitimacy.
There are 100% max bonus, 50% attractive bonus and a birthday bonus available, also some promotion called Post&Earn competition takes place occasionally. We will not go into details about all of the details, because we do not recommend this Forex broker! We shall only remark that the minimum volume trading requirement is bonus amount/4, which effectively means that you have to trade 125 lots(12 500 000 USD) if you get 500 USD as a bonus. Stay away!
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
The scammers are crazy about promotions and generous bonuses. Everyone loves gifts and candies, it is an effective way to entice more and more customers and it’s actually working. People will usually get scammed by looking for an increased leverage or a bonus. In Forex terms it means that you get free money, a great incentive for the trader. But the scammers will change the trading conditions for the worse, once you accept a bonus from them. The minimum trading volume that they will require will be almost impossible to achieve, meaning that your funds are locked and you will not be able to make a withdrawal. It is a great excuse for them to refuse withdrawal and as there is no financial watchdog to report to or ask for protection, it certainly means that you have lost your money.
WHAT TO DO WHEN SCAMMED
No one is actually immune to scam, anyone can fall into the trap, because scammers constantly find new and different ways to defraud the customers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!