Updated on March 18, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding iForex24 due to the issues we've identified.
Is iForex24 Scam or Legit Broker? ▲
Trading with iForex24 poses significant risks to investors' funds, as it is not a secure platform. Owned by IFOREX24 LTD, an entity incorporated in the Marshall Islands, iForex24 operates from a jurisdiction known for minimal regulatory oversight. The Marshall Islands' lax regulatory environment, characterized by negligible requirements for forex brokers, has become a haven for operations with questionable legitimacy, including iForex24 among others like GoldmanCFD and Obsbit.
The absence of stringent regulations and oversight in the Marshall Islands raises red flags regarding the safety and security of trading with iForex24. This lack of regulatory framework means that there is little to no protection for traders' investments, making it a risky choice for those looking to engage in forex trading.
iForex24 purports to offer its customers an efficient and user-friendly environment for trading and investing in over-the-counter (OTC) derivatives across various markets such as FOREX, commodities, equities, and indices, alongside tailored structured solutions. However, iForex24's operations raise concerns due to its unregistered status in key financial markets like the UK, coupled with its targeting of UK residents without the proper authorization. This unauthorized outreach is evidenced by the provision of a UK contact number on its website.
Further compounding the broker's credibility issues are the explicit warnings and blacklistings from renowned regulatory bodies. The UK's Financial Conduct Authority (FCA) has highlighted iForex24 as a clone firm, misusing details of an authorized entity to perpetrate scams. This malpractice has not only caught the attention of the FCA but has also led to prohibitions by other regulatory authorities such as Italy's CONSOB and Austria's FMA, both of which have banned iForex24 from offering investment services that require a license in their jurisdictions.
The culmination of our extensive review strongly advises investors and traders to steer clear of iForex24 and similar brokers operating out of the Marshall Islands. The evident lack of regulatory oversight, combined with the broker's history of deceptive practices, underscores the risks associated with trading through their platform. To ensure the safety of investments, traders are encouraged to engage with brokers regulated by reputable authorities such as those in the UK or Australia.
iForex24 Update
It has come to our attention that the iForex24 website is no longer active, indicating that the broker has ceased operations. Despite this development, caution is advised. Potential proposals or re-emergence under a different guise remain a possibility, underscoring the importance of vigilance and the selection of well-regulated brokers for trading activities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
iForex24 Review 2024
