iForex.com
Iforex is a broker I have personal experience with. They offer a few different types of accounts including Standard, Professional, Mini, and Protected. The most interesting to me was the Protected account that “covers your losses” or so they said. First a little about Iforex and how they operate.
iFOREX operates a dealing desk for trading Forex, including spot and forward transactions which are the main financial trading apparatuses on the foreign currency markets.
iFOREX offers automated features and clear price transparency which allegedly allows you to trade without the concern of Price Manipulation. Only at iFOREX, the price you see is the price you get.
- Interbank Spreads 3-5 pips
- iForex Commission Free Trading
- 24/7 Account Access
- Over 60 Tradable Currency Pairs
- Secure Online Credit Card Payment more…
- Hedging Capability
- Maximum Leverage – Up to 400:1
- Guaranteed Stop Loss Level for Exposure Closing
- No Margin Calls
- (Negative balance protection) No Liability for a Debit Balance
- Immediate Future Profits Payments
- Instant Quotes Regardless of Market Volatility
IForex offers a few different account types, the most interesting being the “protected account” which claims to have your “losses covered.” IForex claims that The Protected Account works as a funded demo account, which allows you to:
- >Open a trading account with as little as $100.
- >Your deposit acts as a payment and allows you to trade up to 100 times that payment
- >Enjoy an attractive spread for a large selection of currency pairs
- > Make as many trades as you desire, 24 hours a day, using any currency pair.
- >At the end of the two-week period, any positive balance is yours to keep.
- > If there is a negative balance, iFOREX will have it covered.****
Says:
Hello,
Please note that a protected account at IFOREX.com does not mean your deposit is safe if you lose.
Both I and a friend of mine had tried this type of account out with $100 each. Neither of us did well (thanks to high spreads) and were left with no funds int he account. Instead of our $100 being “protected” we were both told that our $100 acted as “insurance” to cover our losing trades. Which begs the question, if you are a market maker and we are not putting real orders into the market, why is our $100 gone?
SO please people, don’t fall for Iforex.com’s “Protected Account” scheme… it’s a scheme because they made MANY people think you can trade and not lose money if you have losses.
You are better off finding a better broker with faster executions and tighter spreads if the money you deposit is going to be used as “insurance” lol…
Seriously, I went back and forth with 8 different members of their support team, a new person each time, and I was never satisfied with their explanation of why “my losses were not covered.”
January 21st, 2009 at 2:33 pmSays:
I personally deposited $100, made about 20 trades, one became too much for my account to handle, but instead of the $100 being safe, they said that this acted toward “payment” of something. Therefore, my losses were not covered in the sense that I had no money left to trade with when the two weeks were up. I came to the conclusion that since they operate a dealing desk, these “protected accounts” are really not tied into the REAL forex market, rather a carbon copy of the market in which wins are carried over into a REAL account after the two week period (limit is more like it) and your losses are simply negated (this is speculation, I am not in the back offices with this company so I can only make assumptions). I wondered to myself, if this protected account exists in an artificial environment, then what is my $100 needed to pay for? I was sent an email that I still don’t think answered why I had no money left to trade with if in fact they truly offered what they promised >>> ZERO LOSSES <<<, but I just had to try this out and pass on to you whether or not this protected account was worth trying.
Final consensus, DONT TRY IFOREX.COM PROTECTED ACCOUNT
January 21st, 2009 at 8:04 pmSays:
Cheating turds! I shate on yous! Protected account not protected if you loose!!!
February 6th, 2009 at 4:23 amSays:
i forex liar extraordinaire!
February 12th, 2009 at 8:25 amSays:
All bullshit…everything lie and fake…iforex dupes people of their money. I do not doubt if everything above is written by iforex people themselves.
August 18th, 2009 at 3:42 amTrade with iforex only if you want to loose money.
-Neeraj
Says:
Hi -
The only account protection I have heard offered by ANY forex broker is for negative balance protection which, unlike leveraged stock trading, means that if the account suffers losses that would have pulled the balance into negative numbers, the end user will not owe anything beyond his or her original deposit. I was reading to find a review of this broker, but I can’t imagine a broker offering anything beyond this, so it is possible there is a misunderstanding of what this means? Just curious- if it is beyond a negative balance protection being offered, I’ll follow up.
September 6th, 2009 at 10:43 amSays:
IForex is cheating peoples. Nothing more thn this..
September 21st, 2009 at 3:57 amSays:
Hey, I really love iForex guys, they are trustfull people. I already made hugh profits with them. They have always wired the profits immediatly. Its a perfect platform, but you need to know the markets well offcourse!
I am well supporting trading with iForex! I m trading with them since 1996! They never let me down. Offcourse I lost also in forex trading, but overall, I made already a good amount in the volatility of the currencies.
I give iForex a positive recommandation!
September 23rd, 2009 at 11:16 amSays:
Can you provide more information on this?
September 25th, 2009 at 3:54 pmSays:
Here is my review on iforex.com. It is cheating people. If you ever experienced it, join this group on facebook http://www.facebook.com/group.php?gid=281879760601 and express your solidarity to this cause. Atleast lets create awareness to prevent more people from falling prey to iforex.
September 29th, 2009 at 11:56 amSays:
Hi,
Does anybody know whether such trading thru a protection account is allowed in India?
October 7th, 2009 at 12:31 amSays:
Hi , I want to open and account in this site. So guy’s Please help me out with this.
February 15th, 2010 at 11:51 amSays:
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May 8th, 2010 at 10:57 amSays:
I DEPOSITED $100. I MADE A PROFIT OF $600 IN A SINGLE DAY AND NOW THE ACCOUNT BALANCE IS $0 ON THE SECOND DAY JUST BECAUSE OF MY MINOR MISTAKE SO I WILL SAY THEY DON’T CHEAT IT ALL ABOUT YOUR GAINS AND LOSSES.
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June 25th, 2010 at 7:37 amSays:
I wasted at least $1000 on their stupid protected account bullcrap, dont ever fall for this broker, they might as well change their name and start over because they messed up, no one trusts them now.
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July 26th, 2010 at 12:59 amSays:
Hi guys what I assume about iforex is that they recover money for your negative balance and $100 is like insurance incase if you lose money intrading they will recover it and the valitdity period is only 2 weeks .That means insurance term is only for 2 weeks!!! so if you do not lose in trading during those weeks $100 is theirs but if you lose they will recover!!
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