iFXOption (ifxoption.com) is a CFDs, Crypto Currency and Forex broker scam waiting to pounce on newbie investors. IFX Option is claiming to offer the best price to buy Bitcoins and boasts of being the number one broker. IFXOPTION is also purporting to offer over 800+ trading instruments to anyone who sins up. With all these claims, we decided to investigate this broker. Read this honest and detailed iFXOption review here.
According to what the homepage says, users are making a smart decision signing up with IFX Option. They have put up four reasons why users should sign up with them. These reasons are Commissions, Education, Leverage, and Capital Insurance. Based on our findings we are strongly against anyone signing up with this broker. Stay clear from a broker who promises heaven only to deliver hell.
These claims and promises are being used to lure unsuspecting traders into signing up. What these scammers have done is to create a website that easily entices the user. Homepage has been well designed with images depicting advanced technology and Bitcoin. And this is exactly what the scammers are going after, grabbing your attention. This is not the only bag of tricks we will reveal, read to find out more regarding ifxoption.
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A major red flag with iFXOption is lack of proper details regarding ownership of this firm. No one knows where this brokerage firm is based. This means that we don’t know where this broker is licensed or regulated. This level of anonymity is mostly associated with offshore brokers. Offshore brokers are notoriously known to flaunt set industry rules and regulations. Claim of being registered in Budapest is a lie.
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Offshore brokers will do or say anything to try and make their product appear legit. Who is the CEO or CFO of this company? Why hasn’t anyone come forward and claim to be the founder of iFXOption? On their contact page, information says that they have offices in London. Where exactly are they located, is it Bulgaria or London? It’s clear we are dealing with a fraud whose intentions are unclear.
There’s no information regarding licensing or regulation of this broker on their homepage. What this means is that we are dealing with a broker who is unauthorized to conduct Forex business. Disclaimer at the bottom of the homepage gives no information regarding licensing of this platform. Signing up with this broker will lead to nothing but problems.
A real broker will posts registration certificates and documents to prove approval by regulatory bodies. Lack of these documents is proof that we are dealing with rogue brokers. Best thing to do is to stay clear from this broker. An unlicensed broker is not worth your money or time.
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Another disturbing detail with this broker is the use of a rigged demo account. For those who don’t know, a rigged demo account is used to trick users by having fake winning margins. With their demo account, even newbie traders make over 90% successful trade margins.
Problem starts when users deposit money with this platform. Trading with a real account is different as users will tend to lose more money than they anticipated. What we discovered is that this broker is in league with other rogue brokers to share the spoils. By the spoils, we mean money deposited by newbie traders. These brokers will give fake signals as well as fake news to make investors lose money. This practice should stop with iFXOption.
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According to their platform page, users can trade anywhere with their iFXOption platform. Claims that their platform is award winning can be seen on the very first sentence. As we earlier said, scammers will do or say anything to make their platforms appear legit. Speed is another claim that they have used to try and sell their platform. In order to test their platform, we decided to download their platform.
And this is where we faced our next hurdle with this fake broker. Their platform is a sham because download could not complete. Download stalled at 47% which means that users are in for a huge problem. A platform that does not complete download means that users are dealing with an unstable platform. Unstable platforms leave users vulnerable to attacks by hackers. Hackers take over unstable platforms to steal personal data and credit card information.
Have you noticed that this broker has not revealed information regarding their banking partner? Where do they bank money deposited by users? It’s highly possible that members are depositing money straight to the owner’s personal bank account. This is another valid reason why no one should sign up with this illicit broker. Stay clear and don’t sign up with this broker.
When it comes to segregation of accounts, iFXOption does not conduct. It means that iFXOption is pooling funds in one account which is dangerous. In case of bankruptcy or insolvency, this broker will lose your funds all at once. This being an offshore broker, there’s no way users are compensated. IFXOPTION does not participate in a compensatory scheme. Make sure to stay clear of brokers who will never fully secure your funds.
Depositing money with this broker is easy and fast. However, this is not a reason to sign up with this broker. Members can make deposits using Discover, Skrill, Qiwi Transfer, Wire Transfer and others. Reason why these scammers have made depositing easy is for users not to have any excuse for not depositing.
A major hindrance becomes withdrawing money with IFX Option. Users are not allowed to withdraw money with this broker. As a member, the owner refuses withdrawal simply because a minimum trading volume has not been reached.
Evidence clearly shows that we are dealing with a scam Forex broker who rips off users. From having no license number to being totally anonymous, this is a fraud. Make sure to mark all their emails as Spam and never click on any links sent by these scammers. Warn your friends and relatives from signing up with this broker. Anyone who signs up with this broker will without a doubt lose money.
And with the overwhelming evidence produced, this broker is a hoax. What we have done is add this broker to our scam list. It’s our belief that relevant authorities will look into this platform and shut it down. This will protect newbie investors from falling into this trap. Resist any attempts or calls to sign up with their affiliate programs. And you will be safe from the jaws of this ruthless broker.
It’s clear that the best thing to do is to sign up with Authentic Forex brokers. A sure way of making money is signing up with Genuine and Honest Forex brokers. Transparent and Trustworthy Forex brokers are what you need.
Lastly, we wish you all the best in your Forex trading experience.
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