Is iFXOPTION a scam or legit broker?

No, it is not safe to trade with iFXOPTION. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information.

According to the website, iFXOPTION is a member of the Financial Services Compensation Scheme (FSCS). The company participates and is a member of the Investor Compensation Fund (ICF) that covers the clients of the investment companies, and which is governed by the laws of the Republic of Cyprus. The website also mentions that the broker is based in London, UK. Both FSCS and ICF protect customers when authorised financial services firms fail. However, we couldn’t find any information about iFXOPTION authorization, which means the broker is not allowed to provide its financial services and cannot be a member of compensation schemes.

Moreover, iFXOPTION has been banned in Spain by local regulator CNMV:

“IFX OPTION is not authorised to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

There is no information or any kind of reviews about iFXOPTION broker on the net, which probably means it is a brand new company, that has already gotten into the warning list.

We advise all investors and traders to avoid iFXOPTION and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and XM.com.

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