Reason to avoid: Providing unlicensed services
Listed Date: September 25, 2018
Top 3 Regulated Forex Brokers
- Company name:
Formula Investment House Ltd., ICFD Ltd, eBrókerház Befektetési Szolgáltató Zrt., iFOREX
- Registration Address/ License:
British Virgin Islands. Regulated by the BVI FSC.
iFOREX is a brand name of the group of companies that offers a wide range of solution to trade CFDs and Forex, as well as Binary Options to international clients through an advanced proposal including narrowed specifications alike Swap-free accounts and other instruments. The Formula Investment House Ltd. company was founded back in 1996, while serving offices in the British Virgin Islands and operates with the regulation from the BVI FSC, and additional investment firm eBrókerház Befektetési Szolgáltató Zrt. that is authorized by the National Bank of Hungary.
However, the company previously held a license from Cyprus authority CySEC as well, but which was recently imposed due to several violations. The broker operated through the company ICFD Ltd received a 138,000€ fine that is referred to the providing of unlicensed services which included investment advice, as well as that the company did not act in the best interest of its clients and failing to define the high-risk investments.
“iCFD received the decision from CySEC and is currently studying it together with its legal advisors. The fine is a result of an audit conducted by CySEC almost three years ago.”
In addition to that, the internet sources are a quite full of the complaints and negative reviews from the traders that engaged in the trading with iFOREX. The reviews mainly concern about the issues during the trading that behaved against the traders’ interests, as well as issues of the advisory service to trade accordingly that eventually led to losses.
Overall, there are many questions in regards to the trust of the iFOREX company services and the manner they do operate the online trading itself. Therefore, we do not recommend to invest with the broker and better to choose among well-regulated brokers list that represents the companies with a high reputation and operational standards.