Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighGenuine BVI FSC and Labuan FSA licences, both offshore with no compensation scheme; five regulators in four countries say it operates there without authorisation, and its South African and Cypriot authorisations have ended.
Identity & transparency
4/10 · ModerateEntities, numbers and addresses are disclosed and match the BVI and Labuan registers, but owners are not named, operations are split across the BVI, Armenia and Cyprus, and the South African company was dropped without explanation.
Withdrawals & conduct
4/10 · ModerateSeven fund complaints from 2018 to 2026 on two platforms, each a different mechanism and not clustered in time; most complaints concern fees, spreads and verification.
Reputation
6/10 · HighTrustpilot 3.2 from 567 reviews; Forex Peace Army 2.2 from 32, with a published note that IFC staff posted fake reviews in 2010 to 2012; no fraud action found.
Website claims
6/10 · HighSouth African site still says Regulated by FSCA although no FSCA company is named; Multi-regulated and 193-countries claims dress up two offshore licences; the 20-year age claim checks out.
Operational history
2/10 · LowDomain registered August 2005 and BVI company incorporated July 2005, about 21 years under one brand; licences have changed over time but the operation is continuous.
Who they are
A quick desk file on the company behind the brand.
- Brand: IFC Markets (IFCM Group)
- Legal entity: IFCMARKETS. CORP., British Virgin Islands company no. 669838, for most clients; IFC Markets Ltd, Labuan company LL16237, for residents the site assigns to Labuan (Canada, Brazil, Indonesia, South Korea, BVI)
- Registered: Quijano Chambers, P.O. Box 3159, Road Town, Tortola, BVI; physical office at 1-31 Yekmalyan Street, Yerevan, Armenia; postal address at AGP Chambers, 84 Spyrou Kyprianou Avenue, Limassol, Cyprus
- Website: ifcmarkets.com, plus regional sites including ifcm.co.uk, ifcmarkets.co.za, ifcmarkets.my, ifcmiran.asia (IFCM Iran) and ifcmfx.com (the Labuan company)
- Only licences: BVI FSC investment business licence SIBA/L/14/1073 (dealing as principal, arranging deals) and a Labuan FSA money-broking licence, MB/20/0049, for IFC Markets Ltd. Both are offshore.
- Offers: leveraged forex and CFDs on its own NetTradeX platform, developed by group company Nettradex Ltd (Cyprus, HE 404377), and on MT4 and MT5
- Not accepted: residents of the United States, Russia and the BVI, by its own terms
- Age claim: says it started as a broker on 6 April 2006 and has 20 years in the market; domain and company records from 2005 support this
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
British Virgin Islands Financial Services Commission (BVI FSC)
Labuan Financial Services Authority (Labuan FSA)
Financial Sector Conduct Authority (FSCA), South Africa
Found by our investigation (1) — the broker does not list these on its own site
Cyprus Securities and Exchange Commission (CySEC)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We rate IFC Markets high risk rather than a likely scam. Its licences are genuine but offshore, and the serious findings are about where it takes clients, not about client money being kept.
- Real licences, weak protection. The BVI FSC lists IFCMARKETS. CORP. as currently regulated for dealing as principal and arranging deals. Labuan FSA's money broker list (updated 9 September 2026) includes IFC Markets Ltd. Both are offshore regulators with no compensation scheme.
- Five regulators have warned about it. The Ontario Securities Commission says IFCMARKETS. CORP., at www.ifcmarkets.com, is not registered in Ontario (18 June 2024). The BC Securities Commission cautioned against it in May 2020 and again in June 2026. Spain's CNMV listed it as unauthorised on 9 December 2024, and Belgium's FSMA republished that warning. The Bank of Russia has listed it since February 2021, and Brazil's CVM warned in 2011. None of these notices alleges fraud.
- It still courts Canadian clients. ifcmarkets.com runs an IFCM Canada section, lists an Ottawa phone number and assigns Canadian residents to its Labuan company.
- An FSCA claim that no longer holds up. Until at least September 2025, the South African site named IFC Markets SA (Pty) Ltd, FSP 51818, as an FSCA-authorised intermediary. The FSCA register now shows FSP 51818 under SOL INTEGRITAS ZA (PTY) LTD, with the same company number. The site's legal page names no South African company, yet its menu still reads 'Regulated by FSCA and BVI FSC'.
- Complaints without a pattern. Across Trustpilot and Forex Peace Army we found 7 reports of money not coming back and 18 service complaints. The money complaints describe different problems spread over 2018 to 2026, so they do not show a systematic withdrawal block. Several of them match withdrawal terms that let the company deduct fees and claw back credits.
- A long, checkable history. The domain dates from 10 August 2005 and the BVI company from 29 July 2005, a track record of about 21 years.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The BVI FSC lists IFCMARKETS. CORP. under Currently Regulated Entities for Dealing as Principal and Arranging Deals in Investments; the entity record is dated 31 August 2026. The broker's own verify link opens the same list, and the OSC, BCSC and Bank of Russia notices tie this company to ifcmarkets.com and its Tortola address.
E2Labuan FSA's Money Brokers list (last updated 9 September 2026) includes IFC Markets Ltd at Main Office Tower, Labuan, with director and principal officer Eduard Kalashyan and an ifcmfx.com email address. This matches the group site ifcmfx.com, which cites licence MB/20/0049.
E3Investor warning dated 18 June 2024: IFCMARKETS. CORP., found at www.ifcmarkets.com, is not registered in Ontario to engage in the business of trading in securities. It lists the same Yerevan, Limassol and Road Town addresses the broker publishes. The notice concerns authorisation and does not allege fraud.
E4Caution published 29 May 2020: IFCMARKETS. CORP. accepts British Columbia residents as clients and is not registered to trade in or advise on securities or derivatives in BC. Websites listed: www.ifcmarkets.com and ifcmfx.com.
E5Caution published 12 June 2026: IFC Markets is not registered with the BCSC. The websites listed include login.ifcmiran.asia, the client login of the group's Farsi site (IFCM Iran), and ifcmir.com.
E6Spain's CNMV listed IFC MARKETS (IFCMARKETS.CORP, www.ifcmarkets.com) as an unauthorised entity on 9 December 2024. Belgium's FSMA republished the same warning that day.
StrongCNMV warnings registerE7Listed since 1 February 2021 (updated 29 April 2021) as IFCMARKETS. CORP (IFCM Group, IFC Markets), showing signs of an illegal professional participant in the securities market, with sites ifcmarkets.com and ifcmarkets.ru and the Road Town address. The broker now says it does not serve Russian residents but still runs a Russian-language site.
E8IOSCO's alert network records a Brazilian CVM notice of 30 March 2011 stating that IFC Markets Corp is not authorised to offer forex investment to Brazilian residents. It is matched on the company name only and predates the current licences.
ModerateIOSCO I-SCAN (CVM Brazil alert)E9ifcmarkets.com lists a Canadian support number, +1 613 686 4362 (an Ottawa area code), and runs an en-CA section titled IFCM Canada. Its country settings assign Canadian residents to the Labuan company, despite the Ontario and British Columbia notices.
ModerateIFC Markets contact pageE10The FSCA register lists FSP 51818 (authorised 6 October 2021, Category I advice and intermediary services only) under SOL INTEGRITAS ZA (PTY) LTD, company 2021/682339/07, Cape Town. The ifcmarkets.co.za legal page now names no South African company, while the site menu still reads 'Regulated by FSCA and BVI FSC'.
E11The South African site on 6 February 2025 named IFC Markets SA (Pty) Ltd (CIPC company number 2021/682339), FSP 51818, as an intermediary only, between the client and IFCMARKETS. CORP. as product supplier, and stated that the BVI company is outside South African regulation. Copies of the site up to late September 2025 still carried this; by late December 2025 it was gone.
E12ifcmarkets.com was registered on 10 August 2005 (ifcmarkets.net the same day), consistent with the broker's stated start on 6 April 2006.
StrongVerisign RDAPE13The ICIJ Offshore Leaks record for IFCMarkets. Corp. gives an incorporation date of 29 July 2005 through BVI agent Commonwealth Trust Limited, with directors appointed in 2005 and 2006.
ModerateICIJ Offshore Leaks DatabaseE14567 reviews with a TrustScore of 3.2: 62% five-star, 13% four-star, 16% one-star, and 24 reviews in the last 12 months. The company replied to 60% of negative reviews, and recent reviews in January and April 2026 report completed withdrawals. Most one-star reviews concern payment fees, spreads and verification.
ModerateTrustpilotE15Four one-star reviews describe money not coming back. An Irish client (7 October 2026) says a withdrawal of about 500 euros was blocked after repeated sales calls and the chat stopped answering. A German client (16 October 2026) reports unresolved USDT deposits. A Ugandan client (January 2025) says a withdrawal never arrived; the company says it was processed. An Iranian client (December 2024) says a credit was deducted at withdrawal; the company says it recovered a negative balance.
ModerateTrustpilot one-star reviewsE16Forex Peace Army, archived 22 February 2024: 32 reviews averaging 2.2. FPA's editorial note says IFC employees created forum accounts and fake client reviews in 2010 to 2012 and advises a very high level of caution. Fund complaints there: wire withdrawals via an Armenian bank not received, over 2,000 euros (October 2018); 1,500 euros of profit cancelled (July 2018); an account locked after a withdrawal with the balance unpaid for about 10 months (December 2022).
E17The withdrawal page reserves the right to debit payment-system commissions in full if there was no trading activity. On any withdrawal request, it may charge back accrued negative-balance compensation for all accounts and cancel promotional bonuses. Several complaints match these terms.
ModerateIFC Markets withdrawals pageE18CySEC lists IFCM Cyprus Ltd (previous name Infin Markets Limited, company 276909, trade name ICmetrica, approved domains ifcmarkets.eu and icmetrica.com) as a former investment firm. Its licence 147/11 dates from 22 June 2011, covered investment advice and research only, and ended by voluntary renunciation.
E19An FCA register search for IFC Markets returns only IFCM CYPRUS LIMITED (FRN 584695, also known as IFC Markets), marked no longer authorised. There is no FCA warning against IFC Markets or IFCMARKETS. CORP.
ModerateFCA Financial Services RegisterE20NETTRADEX LTD, HE 404377, is a registered private company in Cyprus with a registration date of 22 November 2019; IFC Markets names it as the developer of its NetTradeX platform.
E21The homepage claims 'Multi-regulated', 'Available in 193 countries worldwide', 33 international awards from financial magazines and Lloyd's professional indemnity cover. The licences behind the multi-regulated claim are two offshore ones.
The other side
The strongest case in this broker’s favour.
The best case for IFC Markets is that it is a long-running, licensed offshore broker rather than a fly-by-night operation.
- Both licences appear on the regulators' own lists. The company name, licence number and addresses match what those regulators record.
- It has used one brand since 2006 on a domain registered in 2005, and a group company builds its own trading platform, NetTradeX.
- We found no fraud charge, court case or enforcement action against it, no FCA warning, and no sign that it uses another firm's identity.
- Many Trustpilot reviewers describe withdrawals that worked, and the company answers most negative reviews. Several fee complaints involve charges its withdrawal page discloses.
- The regulator notices say it lacks a local licence, which is common for offshore brokers that accept clients worldwide. None of them reports that clients lost deposits.
What would change this
What we would need to see to revise the verdict.
Our rating would move if any of the following happened.
- Lower risk: the company that holds client money gains a licence from a major regulator such as the FCA, ASIC or CySEC; it stops taking residents of Canada and other places where regulators have warned; it names an FSCA-authorised company again or removes the FSCA claim; it publishes its owners and audited evidence that client money is held separately.
- Higher risk: the BVI FSC or Labuan FSA suspends or withdraws a licence; a regulator or court acts against it for fraud; withdrawal refusals start to cluster in time across several platforms; clients report being asked to pay a fee or tax before a withdrawal is released.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
BVI FSC register: IFCMARKETS. CORP.
The verify link the broker publishes; lists IFCMARKETS. CORP. under Dealing as Principal and Arranging Deals in Investments.
BVI FSC entity record
Shows the entity status as Currently Regulated Entities.
Labuan FSA money broker list
The link the group's Labuan site publishes; IFC Markets Ltd appears on the Money Brokers list.
FSCA register: FSP 51818
Shows FSP 51818 is now held by SOL INTEGRITAS ZA (PTY) LTD. The broker publishes no FSCA verify link, so this is the register's own search result.
Ontario Securities Commission warning
18 June 2024: IFCMARKETS. CORP. is not registered in Ontario.
BC Securities Commission caution (2020)
29 May 2020: accepts BC residents but is not registered in BC.
BC Securities Commission caution (2026)
12 June 2026: IFC Markets, via login.ifcmiran.asia, is not registered with the BCSC.
CNMV warning (Spain)
9 December 2024: IFC MARKETS listed as an unauthorised entity.
Bank of Russia warning list
Listed since 1 February 2021 for signs of illegal securities activity.
IOSCO I-SCAN alerts
Aggregated regulator alerts naming ifcmarkets: CNMV, OSC and BCSC.
CySEC: former investment firm IFCM Cyprus Ltd
The group's former Cyprus licence 147/11, ended by voluntary renunciation.
IFC Markets legal information
Entities, licence number and addresses as the broker states them.
IFC Markets withdrawal terms
Fees and clawback rules that apply when you withdraw.
Trustpilot reviews
567 reviews, 3.2 average.
Frequently asked questions
Quick answers about this broker’s safety.
Is IFC Markets a scam?
IFC Markets is a real broker with genuine offshore licences, not a fake or cloned site, but we rate it high risk at 53%. Five regulators in four countries have warned that it operates in their markets without authorisation, and its client reviews are mixed.
Is IFC Markets a fraud?
We found no evidence of fraud. We found no regulator, court or prosecutor that has charged IFCMARKETS. CORP. with fraud; the warnings against it concern missing local authorisation, not stolen funds.
Is IFC Markets regulated?
Yes, but only offshore. The BVI Financial Services Commission lists IFCMARKETS. CORP. as currently regulated under licence SIBA/L/14/1073, and Labuan FSA lists the group company IFC Markets Ltd as a money broker. Neither is a top-tier regulator, and neither runs a compensation scheme for clients.
Which company holds my money at IFC Markets?
Most clients contract with IFCMARKETS. CORP., a British Virgin Islands company (no. 669838) whose physical office is in Yerevan, Armenia. The site's country settings assign residents of Canada, Brazil, Indonesia, South Korea and the BVI to IFC Markets Ltd in Labuan, Malaysia. Check your client agreement to see which one you have.
Is IFC Markets regulated by the FSCA in South Africa?
Not according to its own legal pages. Its former South African intermediary, IFC Markets SA (Pty) Ltd (FSP 51818), now appears on the FSCA register as SOL INTEGRITAS ZA (PTY) LTD. The South African site's legal page names no FSCA company, even though its menu still says Regulated by FSCA. That authorisation only ever covered advice and intermediary services; client accounts were held by the BVI company.
Why have regulators issued warnings about IFC Markets?
Because it deals with residents of places where it holds no licence. The Ontario Securities Commission (June 2024), the BC Securities Commission (May 2020 and June 2026), Spain's CNMV (December 2024), the Bank of Russia (February 2021) and Brazil's CVM (2011) have all said it is not authorised in their markets.
Can I withdraw my money from IFC Markets?
Many reviewers report withdrawals that worked, and we found no pattern of systematic refusals. A small number of clients between 2018 and 2026 say withdrawals did not arrive or balances were reduced. The withdrawal terms let the company deduct payment fees if you have not traded and claw back negative-balance compensation and bonuses, so read them and test a small withdrawal first.
Is my money safe with IFC Markets?
Protection is limited. Your account sits with an offshore company, and the BVI and Labuan regulators do not run investor compensation schemes like those in the UK or EU. Clients in Canada, Spain, Belgium, Russia or Brazil have no local regulator to turn to.
How long has IFC Markets been operating?
About 21 years. ifcmarkets.com was registered on 10 August 2005, the BVI company was incorporated on 29 July 2005, and IFC Markets says it started as a broker on 6 April 2006.
Is IFC Markets a clone?
No. ifcmarkets.com is the genuine IFC Markets site: the BVI licence it cites belongs to IFCMARKETS. CORP., and regulators' own notices tie that company to this domain. Still, check the web address before you deposit, because a brand name alone proves nothing.
Can Canadians open an account with IFC Markets?
The site accepts Canadians, runs an IFCM Canada section and lists an Ottawa phone number. But the Ontario and British Columbia securities commissions say the firm is not registered in their provinces, so a Canadian client would have no provincial protection if something went wrong.
What is the BVI FSC licence worth?
It is a genuine licence from an offshore regulator. It lets IFCMARKETS. CORP. deal as principal, meaning it can be the counterparty to your trades, and arrange deals. It gives much weaker protection than a licence from the FCA, ASIC or CySEC, and there is no compensation fund behind it.
What should I check before depositing with IFC Markets?
Confirm which company your account will be with, read the withdrawal and bonus terms, and check whether your own regulator has issued a warning. Start with a small deposit and make a test withdrawal before adding more.
What should I do if IFC Markets will not pay me?
Raise a written complaint through the company's complaints procedure and keep every ticket, chat and transaction record. If that fails, complain to the BVI FSC or Labuan FSA, depending on which company holds your account, and ask your bank or card issuer about a chargeback. Be wary of recovery services that ask for upfront fees.
What we recommend
The practical takeaway from everything above.
If you are considering IFC Markets, treat it as a high-risk offshore broker.
- Check which company your account is with: IFCMARKETS. CORP. (BVI) or IFC Markets Ltd (Labuan). Neither is covered by a compensation scheme.
- If you live in Canada, Spain, Belgium, Russia or Brazil, your local regulator has said the firm is not authorised there, so local complaint and compensation routes will not help you.
- Read the withdrawal page before depositing. Payment fees can be deducted if you have not traded, and negative-balance compensation and bonuses can be clawed back when you withdraw.
- Start small and test a withdrawal before adding money. Keep records of every deposit, ticket and chat.
- Only use ifcmarkets.com or the regional domains it links to, and be wary of unsolicited calls from people who say they are account managers.
- If a withdrawal stalls, use the company's complaints procedure, then contact the BVI FSC or Labuan FSA, and ask your card issuer about a chargeback for card deposits.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 25, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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