Is iForex24 a scam or legit broker?

No, it is not safe to trade with iForex24. iForex24 is owned by IFOREX24 LTD, which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldmanCFD, Obsbit and more.

According to the website, iForex24 mission is to provide our Customers with an effective and convenient environment for trading and investing in OTC derivatives on FOREX, Commodities, Equities and Indices markets as well as provide them the access to customised structured solutions.

The company is not registered to offer its financial services in UK, although they provide UK contact number, which means they are actually targeting UK residents with no right to do that. iForex24 doesn’t have an affiliation with any financial regulator. Moreover, the broker has been blacklisted by the UK’s regulator Financial Conduct Authority. The regulator states that the broker has been using the details of the authorized entity:

“Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: IFOREX24 Ltd (clone of FCA authorised firm).”

Also, iForex24 has been banned by other regulators, such as Italian CONSOB and Austrian FMA:

“iforex24 Ltd is not entitled to provide investment services or banking services in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others, nor to provide commercial portfolio management.”

We advise all investors and traders to avoid iForex24 and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and Plus500.

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