There have been many articles written online disproving the legitimacy of foreign exchange online trading companies. Despite being an established firm for the past 20 years, many prospective traders still ask whether iforex is a scam or not. This has prompted many prospective investors to ask, is iforex a genuine company?
Liquidation of profits in the Foreign Exchange market is easily the swiftest in the whole world. That is the reason why many fraudulent companies wish to take advantage of the possibilities of fast and easy wealth. It is a fact that there are a number of scammers out there who take advantage of prospective investors’ little knowledge on foreign exchange. However, Forex trading, particularly by iforex, is a legitimate enterprise. Yes, it is a good thing to be wary of Forex offers, but an investor that is armed with proper knowledge and information will know the difference between a bogus and a real company.
This article aims to prove the legitimacy of iforex. It provides verifiable information. The goal of this article is to equip people with factual information. So the next time if somebody asks them, “Is iforex a genuine company?” the answers are factual.
Question answered: Is iforex a genuine company?
Here are some legitimate and verifiable facts about iforex: The official name of its investment firm is Formula Investment House, Ltd. (FIH). In the British Virgin Islands, this firm has a license under the Financial Services Commission. The headquarters of the firm is located in Athens, Greece. FIH also takes care of iforex’s payment and clearing services. The administrative center is found in Limassol, Cyprus. All the specific addresses are found on the iforex website.
To make it clear to everyone and to manage expectation, iforex also provides a disclaimer on its website by saying that it does not manage investment portfolios and does not engage in foreign exchange and investment advice.
The affiliate investment firms of iforex, iCFD Limited and eBrókerház Befektetési Szolgáltató Zrt also have respective licenses. iCFD is regulated by the Cyprus Securities and Exchange Commission, while EBSZ is authorized by the National Bank of Hungary. Readers can research their respective license numbers, as provided on the website.
Legitimacy of other online forex brokers
Those who have been questioning, “Is iforex a genuine company?” are also investigating other brokers like Xtrade, Plus500, and FXCM. By checking out their websites, we know that these companies that we mentioned are also authorized and licensed by certain regulatory bodies.
Xtrade is regulated by CySec, the country’s government agency for financial control. In Australia, Xtrade is licensed under ASIC. Xtrade is also licensed and enlisted with the Italian Commissione Nazionale per le Societa’e La Borsa (CONSOB).
Plus500 is a public company that is traded as Plus in the London Stock Exchange. The Alternative Investments Market of LSE has listed Plus500 since its opening public offering in 2013. However, the company has been in operation since 2008. Aside from its British operating license under the Financial Conduct Authority, it also has a licensed subsidiary in Australia. The license is issued by the country’s Securities and Investments Commission (ASIC).
FXCM is a company that has been involved in foreign trading since 1999. The United Kingdom’s FCA regulated FXCM in 2003 when they opened their first UK office. The company is also listed on the New York Stock Exchange since 2010. It is also a member of the National Futures Association. It is registered under ASIC in Australia, Bundesanstalt für Finanzdienstleistungsaufsicht in Germany, Autorite de Controle Prudentiel in France, among many other countries.
It is good to remember that in determining the legitimacy of a company, regulation and registration licenses have to be considered. Hopefully, this article has shed some light on legitimate online trading companies, so that in the future, when someone asks, “Is iforex a genuine company?”, a confident answer will already be given.