iFOREX Review; Fake investment gurus

iFOREX is a CFD trading platform that was developed in 1996 with the purpose of creating a secure, high-tech platform. CFDs, or Contracts for Difference, are financial derivatives that allow traders to speculate on the price movements of an asset without owning the asset itself. Assets refer to stocks, commodities, or currencies. In CFD trading, traders agree to exchange the difference in the value of an asset from the time the contract opens to when it closes. They profit from the asset’s price going up or down, depending on their position.

Legitimate CFD trading platforms are typically regulated by financial authorities, ensuring they operate transparently and ethically. However, iforex have been known to scam clients by using deceptive practices, stealing funds, or manipulating trading conditions.

How iforex Scam Clients

They are unregulated

• Regulated brokers are required to adhere to strict financial and operational standards, but iforex operate without oversight, allowing them to manipulate trades and hold client funds with little recourse. They avoid disclosing their regulatory status, or claim to be regulated in a small, obscure jurisdiction with lenient financial laws.

iforex uses misleading Advertising and False Promises

• iforex use attractive advertisements promising high returns with little to no risk, often targeted at inexperienced traders. These ads often promote quick and easy profits and showcase fake testimonials or fabricated stories of instant wealth. Any promise of guaranteed returns or statements suggesting no risk should be treated as a red flag. Genuine CFD brokers will highlight both potential rewards and risks.

iforex manipulates trade and spreads

• iforex manipulate trades by widening spreads or delaying trade executions, making it more difficult for traders to make a profit. By increasing the spread (the difference between the buy and sell price), the broker ensures that a client’s position starts at a disadvantage. For instance, if a client tries to open a position at a specific price, iforex delay the execution or slip the price to create losses.

iforex uses stop-loss hunting technique

• Stop-loss hunting means iforex intentionally push the price of an asset to trigger clients’ stop-loss orders, which are designed to limit losses. After activating these orders, the broker may then revert the price to its original level, causing the trader to lose money unnecessarily. By falsely creating a price spike, the broker triggers the stop-loss orders, profiting off the client’s losses.

Platform Freezing or Account Access Denial

• iforex freezes a client’s trading account, especially when they are close to making a profit. This tactic prevents clients from closing profitable trades and forces them into losses. During volatile market conditions, iforex often claims technical issues and delay or prevent traders from accessing their accounts. In reality, they could be profiting from the client’s inability to trade.

Hidden Fees and Excessive Commissions

• iforex often impose hidden fees that quickly eat away at any potential profits. These fees include fees for deposits, withdrawals, account maintenance, or inactivity. A trader therefore finds that they are unable to withdraw funds unless they pay excessive, unexpected fees. Often, these fees are never disclosed upfront.

Fake Bonuses with Withdrawal Restrictions

• iforex offer attractive bonuses, but these come with strings attached. For instance, if a client accepts a bonus, they might be required to trade a certain volume before being able to withdraw any funds. Clients may therefore feel compelled to trade more, often losing money in the process due to restrictive withdrawal requirements tied to these bonuses.

Use of Account Managers Who Push High-Risk Trades

• iforex assign clients an account manager” who gives them trading advice. Often, these account managers push clients into making high-risk trades or encourage them to deposit more money. Legitimate brokers rarely push clients to trade more aggressively or to deposit large amounts. If the account manager insists on high-risk trades or more funding, it is likely a scam.

Unauthorized Transactions and Identity Theft

• A common scam at iforex involves unauthorized transactions on the client’s account or even the theft of their personal data. It is believed that iforex use sensitive information for identity theft or to make unauthorized withdrawals. For instance, several clients have found unexpected withdrawals or transactions in their bank accounts after providing personal information to an untrustworthy broker.

Refusal of Withdrawals

• One of the most obvious signs of a CFD trading scam is the refusal to allow clients to withdraw their funds. Once clients try to withdraw their profits, iforex give excuses, ignore requests, or impose additional fees to prevent the withdrawal. Occasionaly, they demand arbitrary fees to process the withdrawal or claim that the account needs verification to delay withdrawals indefinitely.

Conclusion

CFD trading is a a legitimate and profitable activity, but only when conducted through reputable and regulated brokers. iforex exploit inexperienced traders through deceptive practices, high fees, unauthorized trades, and outright refusal of withdrawals. By understanding these tactics, traders can better identify and avoid CFD trading scams, protecting themselves and their capital.