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iForex24 Review - Is it scam or safe?

iForex24 Review - is iforex24.com scam or good forex broker?

RATING: 1 / 11 REVIEWS ForexBrokerz iForex24
iForex24 is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
Premium $200 1:200 Fixed - 3 pips/floating from 2.2 pips
Standard $10,000 1:200 Fixed - 3 pips/floating from 2.2 pips
VIP $30,000 1:200 Fixed - 3 pips/floating from 2.2 pips

 

iForex24 is allegedly a forex and CFD broker. The company’s presentation of the trading conditions feels somewhat poor. The fact the Premium account type requires a smaller investment than the Standard one is not a mistake on our part, as illustrated by this screenshot:

 

 

 

 

The Company. Security of Funds

Company Country Regulation
IFOREX24 LTD Marshal Islands N/A

 

iFroex24 is registered on the Marshal Islands and does not claim affiliation with any financial regulator. The combination of an off-shore, unregulated company spells danger. 

 

You may or may not be aware of it, but the financial services sector is highly regulated in most developed countries. This is due to the fact, there is a huge potential for companies to scam unsuspecting investors. Different countries have different specific agencies, which oversee the sector. For instance, in the United Kingdom, the Financial Services Authority (FCA) performs this role. 

 

All forex brokers who are registered with the FCA must frequently submit reports on their activity. Furthermore there are multiple rules, which must be followed. From a trader’s standpoint two are the most important – account segregation and participation in the Financial Services Compensation Scheme. 

 

Account segregation means, a broker can not freely access the deposits, made by its clients. This prevents the most basic possible form of fraud. On the other hand, participation in the Financial Services Compensation Scheme or FSCS means traders are protected against broker bankruptcy. If you happen to trade with an FCA-regulated company, which becomes insolvent, the scheme will cover your investment, up to GBP 50,000.

 

Needless to say, when dealing with an unregulated company, you do not receive these forms of protection – you are only taking the company’s word. Other than the fact they are not regulated iForex24, has being flagged by Italy’s financial watchdog, CONSOB

 

Trading Conditions

 

Minimum Initial Deposit

iForex24 requires a minimum deposit of $200, in order to open a new account. This is slightly higher than the current industry average, which is around $100. On the other hand there are brokers which require much lower deposit levels, in order to attract new clients. For instance, you can open a cent-account with FXTM, after depositing only $5.

 

Average spreads & Commissions

Spreads at iForex24 are a an interesting topic. The company claims to provide both fixed and floating spreads, with the fixed ones starting from 3 pips and the floating ones from 2.2. Both of these are not competitive with the current state of the financial services industry, but perhaps an even more interesting question is “who would choose to trade with the higher ones?”.  Our tests with the demp platform revealed a 1.6 spread on EUR/USD, which although better than the conditions provided at the website is still slightly worse than what you could find at other brokerages. If you want to follow the current offers of some of the world’s leading brokers, you can do so by using our real-time spread comparison platform.

 

Leverage

iForex24 has set capped the leverage they offer at1:200. This is a very high leverage level, which can bi risky if placed in the hands of an inexperienced trader. You may think this isn’t the case if you are following recent developments in the industry, as many brokers offer 1:500 or even higher levels

 

Keep in mind leverage is a double-edged sword, which can imply your losses as well as your winning trades. 

 

Trading Platforms

 

iForex24 offers two trading platforms: MetaTrader4(MT4) and Sirix. When it comes to MetaTrader, this is the most popular currency trading platform in general. It is provided by a lot of brokers and adored by lots of traders. MT4’s charting is top-notch and it is further highlighted by the most unique feature – the coding environment. MetaTrader allows the creation of new technical indicators and automated trading systems (Expert Advisors).

 

Here is what the iForex24 MT4 platform looks:

 

 

Sirix is one of the less popular alternative platforms. While charting is slightly worse than the one provided by MetaTrader, Sirix has other advantages. It places a bigger emphasis on social trading – a feature which allows you to copy the trades of successful traders, who have registered as signal providers. Many platforms offers some sort of copy trading, with eToro being a broker fully dedicated to this activity. 

 

That being said, we couldn’t start the Sirix platform provided by iForex24.

 

Methods of Payment

 

The payment options at iForex24 include Bank Transfer, Credit/Debit Card and Skrill. While only one e-wallet is covered, it is probably the most popular one, when it comes to trading. 

 

Conclusion

 

iForex24 is an unregulated, off-shore broker. We would not recommend dealing with such a company. Their website is full of inconsistencies, which contribute to the negative feeling. Trading conditions are either not clearly specified or a bit illogical. Here are the strong and weak points, regarding this broker:

 

 

Pros Cons
MetaTrader4 available Unregulated company
  Off-shore registration
  Poor presentation of trading conditions
  Sirix platform not working

 

 

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Traders` reviews for iForex24

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

iForex24 - Truffa

È una truffa punto e basta ... non ho provato il sito e non intendo farlo , figuriamoci depositare almeno un centesimo.

Translated by Google:

It's just a scam ... I did not try the site and I do not intend to do it, let alone deposit at least one cent.

Andrea 01/21/2019

iForex24 Scam

I forex 24 non mi ha mai permesso di prelevare i miei guadagni e poichè il mio conto cresceva anzichè diminuire, una notte hanno modificato un valore di ingresso su una operazione Euro/lira Turca per far scivolare il mio account verso il saldo negativo con conseguente chiusura.
Prima della fine sono riuscito a prendere uno screen shot della loro piattaforma che indica per la coppia di divise citata un valore molto diverso da quello di quel giorno e quell'ora.
State lontani da I forex 24

Translated by Google:

The forex 24 has never allowed me to withdraw my earnings and as my account grew instead of decreasing, one night they changed an entry value on a Euro / Turkish lira transaction to make my account slip to the negative balance resulting in closure .
Before the end I managed to take a screen shot of their platform that indicates for the currency pair mentioned a very different value from that day and that time.
Stay away from I forex 24

Francesco Ticca 09/22/2018

Iforex24 Account blocked

Hi,
Unfortunately I made a very, very bad experiance with Iforex24.
They ask me to put more money in my trading account, what I‘ve not done.
Afther that has been blocked my trading account.
I’m not any more able to access the account neither from the Web nor via the MT4.

Have you any idea how to proceed now?

Best regards
Werner

Werner Feichter 05/24/2018

iForex24 Truffa

Persone spregevoli... truffatori! non fidatedi!
fino a quando versi soldi ti stanno dietro e ti seguono... poi ti lasciano in abbandono totale... e ti dicono che la colpa e tua
di versare sempre di più per recuperare e io per ben tre volte mi sono fidato alla quarta dicendogli che non potevo e lamentandomi che la colpa era loro che mi seguivano e mi facevano le operazioni alla perdita non gli è fregATO NULLA... Sia a Matteo Bruni che al responsabile diceva Fabio Fabbri. Truffa truffa truffa e solo truffa! NON FIDATEVI MI RACCOMANDO.LA MIA PERDITA è MOLTO ALTA!

Translated by Google:

Despicable people ... scammers! do not trust me!
until when money is behind you and follow you ... then leave you in total abandonment ... and tell you that the fault is yours
to pour more and more to recover and I for three times I trusted the fourth telling him that I could not and complaining that the fault was that they were following me and I did the operations at the loss he is not screwed NOTHING ... Both to Matthew Bruni that Fabio Fabbri said to the manager. Scam cheating scam and just scam! DO NOT TRUST ME I RECOMMEND. MY LOSS IS VERY HIGH!

ivan 02/26/2018

a new method of robbing

sorry but on this i forex 24 only cheater,you cant no call them,then all phone Number blockt,when I was ask about possibility to speak with broker,no phone number for customer.So I have to write some mail ,no reply.Was written meny mail no answer,I was never made some trade alone and without my knowledge made broker Mr.Maier und Mr.Bishoff trades till my money away,was my money no given for plaing,then they promise me profit but i was only robbed.Meny times i was ask my money back ,no answer on my mail,no possibility to speak with some responsible man in Austria or Germany.Only one man call me from Munich Dr Benjamin Goldberg,but he was not interested to solve my problem,he ask about a new money for his business,told me hes a chef from this firm iforex24.Very strange,there only cheater,dont invest there never.

Irena Kankova 02/05/2018

Non sono affidabili

Ti fanno registrare e inventano che faranno un gruppo di acquisto e penseranno loro a gestire i soldi, poi ti chiama un broker che fa raddippiare il tuo capitale dopodiche ti chiede altri soldi oppure smettono di tradare loro, io dopo un piccolo diverbio ho detto che riprendevo solo il mio capitale di 200 euro e mi hanno perso tutto volontariamente......
Chiusa la storia....

Translated by Google:

They make you register and invent that they will make a buying group and they will think about managing the money, then they call you a broker that lets you repay your capital after which you ask for more money or stop betraying them, I after a little quarrel I said I would resume only my capital of 200 euros and I have lost everything voluntarily ......
History closed ....

Emiliano Cavicchioli 12/07/2017

Rude and unhelpfull

The "brocker" that was helping me was very rude and unhelpful, and i have tryed to contact support but they do not respond to any of my emails, so im stuck with my money here and i dont see any posability to withdraw my money. when i make my withdraw request it said that its sucesuful but steel i dont see any pending request and i dont see money in my bank. if anyone can help please thank you

Nenad Zdravkov 12/07/2017

Chi è la società IFOREX

ATTENZIONE, questi di IFOREX24 sono LADRI DELINQUENTI già più volte denunciati alla POLIZIA POSTALE.
PASSATE PAROLA, SALVATE I VOSTRI AMICI DA QUESTI DELINQUENTI

rocco bitetta 10/19/2017

Chi è la società IFOREX / Who is the iForex Company

Questi che si presentano come consulenti di IFOREX24 non sono altro che delinquenti e TRUFFATORI del Web.
Io sto aiutando nella denuncia di miei amici per una GRAVISSIMA TRUFFA da loro subita, dove un consulente di nome TEODORO NUTINI (ma probabilmente none falso) li ha ben raggirati di oltre 40.000 euro.
Ora partiranno le denunce alla POLIZIA POSTALE, ma da quello che osservo da parte dei truffati, è lo scarso impegno a denunciarli, spesso limitandosi con semplici lamentele, favorendo queste carogne.
Non so se servirà, ma oltre alle denunce dei miei conoscenti, mi sto personalmente adoperando per una campagna di informazione e denuncia nei vari Social contro questi malfattori di IFOREX24 con volantini e con il loro marchio o logo ben esposto!

Translated by Google:

These who present themselves as the IFOREX24 consultants are nothing more than criminals and scammers of the Web.
I'm helping in the complaint of my friends for a SERIOUS FRAUD suffered by them, where a consultant named TEODORO NUTINI (none but probably false) has deceived them well over 40,000 euro.
Now complaints will be sent to POLICE POSTALE, but from what I see on the scams, is the little commitment to denounce them, often limiting themselves with simple complaints, favoring these carogne.
I do not know if it will serve, but in addition to my acquaintances' complaints, I am personally working for a campaign of information and denouncing various Social against these IFOREX24 malfactors with leaflets and their well-marked logo or logo!

rocco bitetta 10/09/2017

Buongiorno

Io ho registrato il 02/10 ho messo 200 euro e la ragazza mi ha detto che mi richiamano il giorno dopo in mattinata mi ha detto così
Fino ad oggi non ho ricevuto nessuna chiamata

Translated by Google:

I registered on 02/10 I put 200 euros and the girl told me they call me the next morning in the morning told me so
To date, I have not received any calls

Ahmed Ouda 10/07/2017

iForex24 rimborso anticipo

Ti chiamano con voce dell'est dicendo che sono uno dei migliori broker disponibili che riceverai tanta assistenza un contatto diretto con il consulente. Avrai un importo raddoppiato e potrai prelevare fin da subito il tuo denaro. Provando a prelevare risulta impossibile e non per documenti mancanti. Consiglio di non buttare soldi con queste società dove nessuno nemmeno risponde al telefono.

Translated by Google:

They call you in an eastern voice saying they are one of the best brokers available that you will receive so much assistance from direct contact with the consultant. You will have a doubled amount and you will be able to withdraw your money right away. Trying to withdraw is impossible and not for missing documents. I advise not to throw money with these companies where nobody even answers the phone.

debora 09/25/2017

Attenzione truffa assicurata (SCAM 100%) / Attention - 100% scam

Dopo aver aperto il conto con il primo versamento ho fatto delle prove prelievo che risultavano (eseguite correttamente) ma i soldi non sono mai arrivati sul mio conto.
Dopo svariati tentativi di contatto scopro che i recapiti sono inesistenti e generati da un sistema.
non faccio denuncia per che in italia nessuno interviene e la polizia mi consiglia di non perdere tempo dietro una denuncia.
POLIZIA POSTALE DI LECCE.

Translated by Google


421/5000
After I opened the account with the first payment I made the evidence that I was making (correctly done) but the money never came to my account.
After several attempts to contact I find out that the contact details are non-existent and generated by a system.
I do not complain that in Italy no one intervenes and the police advise me not to waste time behind a complaint.

daniele scrimieri 09/13/2017

SCAM al 100%

Dopo svariate operazioni e un conto da 1500 euro mi è impossibile ritirare i miei soldi, chiamando al numero risponde una donna che non capisce niente, chiamando il mio referente un certo Matteo Conti nome inventato perchè è un cittadino inglese e non Italiano mi è impossibile prelevare i soldi guadagnati e nemmeno quelli investiti, quindi DENUNCIA a tutti gli enti possibili per TRUFFA.
State alla larga ed evitate questo broker che avrà vita breve.

After several transactions and an account of 1500 euros I can not withdraw my money, calling to the number answers a woman who does not understand anything, calling my referent a certain Matteo Conti name invented because he is an English citizen and not Italian I can not withdraw The money earned and not the invested ones, so Deny to all possible entities for TRUFFA.
Be wide and avoid this broker who will have a short life.

Salvatore 08/29/2017
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