IIFL, established in 2023, is a forex broker that primarily offers trading services in foreign exchange, precious metals, energy, and indices. The company's official website supports nine languages, including English, Traditional Chinese, Japanese, German, French, Arabic, Korean, Thai, and Russian. The official website claims to be regulated by the US NFA, but in reality, it is not regulated by the NFA.
Registration and Regulation Information:
The IIFL official website does not disclose where and when the company was registered and claims to be regulated by the US NFA. After investigation, five companies with IIFL in their name have registered with the NFA, but it is not known which one is the full name of this website. However, all five companies are in an unregulated status by the NFA, meaning none of them is subject to NFA's regulatory services.
Through a Whois website search, it is found that the official website was registered on 2023-12-20, just three months ago.
Account Types and Registration:
IIFL does not offer different types of accounts for users to choose from, nor does it disclose any specific parameters for these account types. It only reveals that the minimum spread is 1.0, and the leverage ranges from 1:100 to 1:500, without disclosing specific values, which may lead to information asymmetry and increase the security risk for users.
It is important to note that clicking on the registration button on the official website directs users to another website, which is currently not operational, thus making it impossible to complete registration.
Leverage Ratio:
IIFL has announced leverage ratios ranging from 1:100 to 1:500 on its official website, but has not disclosed the conditions or applicable environments for the use of leverage.
Investors should be reminded that excessive leverage can pose a significant financial risk and loss, so it is advisable not to blindly increase the leverage ratio.
Trading Products:
According to the IIFL official website, the company offers a variety of trading products, including foreign exchange, precious metals, energy, indices, stocks, and futures, providing a diverse set of trading formats. Investors can choose their preferred product types.
However, the website does not provide data and service content related to various products, only listing their names.
Deposits and Withdrawals:
IIFL does not disclose any information related to deposits and withdrawals on its official website, including the methods, whether fees are required, and the timing of transactions. It only mentions that all transactions are settled in US dollars.
Trading Software:
The platform provided by IIFL is Silkdex, however, it is worth noting that the download links for the PC and Android versions are not operational.
Customer Support:
The IIFL official website only provides an email as a contact option, without offering physical addresses, phone numbers, or other customer support services.
Summary:
As a forex broker, IIFL offers a wide range of trading products and provides most of the detailed data and descriptions needed for those products. However, the broker lacks information in several crucial aspects such as corporate background, registration and regulation information, information related to deposits and withdrawals, and contact methods. For investors interested in trading with IIFL, conducting thorough research and risk assessment is essential, as using this platform may pose significant financial risks.
Currently, IIFL is listed as "suspected of fraud" on the Traderknows.
