- The Pirate Broker
- No License
- Blacklisted by CONSOB
- Background Information
- Account Segregation
The FMA use investor warnings to inform brokers about fake operations, unregulated services, and scams. This system is unique as compared to the Financial Conduct Authority of UK or FSMA of Belgium. This authority has blacklisted Iforex24 and following we are going to see why.
There is the difference between unauthorized and being blacklisted. The Iforex24 is blacklisted by Austrian FMA. Financial Markets Authority of Austria warned investors against investing with Iforex 24. The FMA warns public against investing in Iforex24. We will discuss this in brief details.
Iforex24 which is known for facilitating trading in Forex, stocks and other commodities is blacklisted by FMA because it fails to provide any regulatory information or claim a legal status. The FMA warned the public against investing in this platform on these grounds.
Moreover, the authority suggests people should take extra care when dealing with its solicitations. The company does not register as a legitimate broker or provider in Austria. Therefore, it is o longer allowed to offer its financial services.
Following, we are going to see other red flags about this company before giving you our verdict:
The FMA emphasizes identifying and blacklisting anyone operating in Austria without a license or authorization. Law requires it but FMA has gone to the trouble of warning companies of oversea operates and alerted them with local investigations.
FMA uses investor warnings to inform the general public about scam services. The system is unique and its latest data supports this measure as an effective countermeasure against scams. As the public is more informed with warnings of unauthorized service providers preying on market participants.
If it wasn’t enough that iForex24 is blacklisted by FMA of Austria, the Italian CONSOB also gave its verdict about forex. Once again, this broker is blacklisted as a scam because it hardly pays back its user. The CONSO states Iforex24 is not authorized to offer any investment services in Italy.
Therefore, it warns any investors against trusting this site.
The official company address is Trust Company Complex Ajeltake Road, Ajeltake Island, Majuro. While the company doesn’t offer banking or investment service, it still requires a license to operate as a forex or commodity broker.
This means the user doesn’t have free access to his account. He cant take out his deposit whenever he wants. While this prevents fraud. FSCS means you are protected against broker bankruptcy. This also means you don’t have full control of your account. Interestingly you are still getting this protection even though you deal with an unregulated company.
All you take is the company’s word, and you are risking your assets.
There is nothing left to say. We have not one but two authorities blacklisting iForex24 on similar grounds. Moreover, there is the outcry of account suspension where users cant withdraws their money. It clearly states that iForex24 is not a legitimate company, and it will rip off your money. So stay away from it