Beware! iFXBank.net 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.
iFXBank.net is a dangerous broker for a reason that it really does have all the potential of luring in users due to its refined looks, and the good first impression that said visuals induce in users, most notably newer traders, those that don’t know any better. Do not be fooled: iFXBank.net is a new generation investment scammer whose devilish looks are compelling and alluring. But nothing is attractive about the fact that all your money are at a risk. And not to mention all of your personal details. The following review will be of great help to those that consider iFXBank.net worthy. Please read it before you invest any money in it!
Upon creating an account we were faced with the true nature of the broker. It is through the user area that iFXBank.net uncovers its true nature, and practices the scammer ways.
Not only is the user area a broken-looking thing, but as it turns out, there is no trading software anywhere to be used for trading with any financial instruments. Users can also exclude the presence of spreads or leverages.
So, what kind of a broker is iFXBank.net anyway, for it to not be offering trading services, the one thing that FX brokers are used for? There is only one reasonable answer to that. You probably know by now.
The website of the broker is available in English, French, German, Italian, and Spanish, all provided by Google Translate. This clearly a sign that the broker lacks professionalism.
IFXBANK.NET REGULATION AND SAFETY OF FUNDS
The home page opens with a claim that the company is regulated in 6 jurisdictions, and that is how far the regulatory claims go. There is no support of this claim, and we don’t even know what these six jurisdictions are, let alone being provided with legit proof of this.
Moreover, the more time we spend with iFXBank.net, the more we started noticing these small cut backs and rough corners that once seen could not be ignored. The website turned out to be quite laggy and buggy at times, and it mixed up the languages quite often, which rendered us confused.
Overall, what we saw with iFXBank.net is what we see with many unlicensed brokers: good first impression, and a complete downfall from then on.
This company is not regulated and is, therefore, a risk to all investments.
Whichever way you see it there is absolutely no sense in investing in brokers that are unregulated. They are a risk to all investments and also a risk to any personal information the users provide them with. We always advise users to choose brokers that have been regular. That is why it is imperative to check for a licence before creating an account. UK, EU, US, or Aussie regulated companies are the ones to look out for. All of these licensed brokers adhere to various regulatory and legal frameworks that allowed them to put the clients’ safety and security as their main priority. Not to mention that the FCA and CySEC offer client compensation schemes that remembers users if the broker cannot pay them back for insolvency reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
IFXBANK.NET TRADING SOFTWARE
The trading software that so well adorns the home page of the user are is nothing more than a third-party graph tuned with all sorts of widgets that give it a sense of great importance. Well, it isn’t. There is nothing here that allows users to buy or sell.
And so, the long story short is that the web trader is unavailable because it never was a web trader to begin with.
Besides, users are given a web-based MT4 that nevertheless turned out to be irrelevant, because the trading servers were owned by a non-related entity.
So, there is no trading software offered by the company.
IFXBANK.NET DEPOSIT/WITHDRAW METHODS AND FEES
There is no other payment method other than two separate crypto wallets. This payment method is the most dangerous one because all payments cannot be traced, making them the perfect weapon for unlicensed brokers.
We were no able to find a withdrawal section in the user area, suggesting the possibility that users cannot withdraw funds, which should not be a surprise to anyone seeing that iFXBank.net is illegal.
There is no information on the website as well concerning payments and payment grounds. Thus, we have no payment conditions to talk about, whilst also having no way to withdrawal.
This makes iFXBank.net a risk to all and a scam! Do not waste your time here!
How does the scam work?
The most helpful that scammer brokers have in their repertoire or perhaps online advertisements which they use to attract a user base.
Every internet user has witnessed at least a couple of these fake ads are promise Investments returns and luxurious lifestyles. These ads mostly lead to investment scams or so called fraudulent brokers.
Once on this website the user will be advised to provide a phone number or an email address through which the broker can easily solicit investments.
A first deposit is the hardest to get and those users that deposit for the first time are likely to deposit for a second or third time. Personal account managers make sure to keep the user as invested as possible until he or she gets suspicious.
Once this happens the broker can easily all withdrawal requests or shut down the entire account or the website even. It’s crucial to remember that the user will never gets his or her money back easily.
However there are certain ways to get to that money back.
What to do if scammed?
The most important thing to do once you get is to file for a chargeback. Unfortunately this happens only if the user has invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days.
If the money was lost through a bank transfer then the user must contact the bank itself and try to find a solution with it. Most banks probably have a policy of retrieving stolen funds. What’s also imperative is to change the bank user name and password for your account.
Money that was lost through crypto currency investment is unfortunately lost forever. The only way to get this money back yes if the broker itself pays it’s back to you.
Last but not least do not approach recovery agents. These are scams on their own and will ask you for money in return for your lost funds. Of course such services do not really exist and these fraudsters will disappear with the money once you pay them.