IGOFX Review: 10-30% monthly forex Ponzi ROIs
There is no information on the IGOFX website indicating who owns or runs the business.
The IGOFX website domain (“igofx.com”) was first registered on August 13th, 2012.
The domain registration were last updated on February 16th, 2017. The IGOFX domain registration is set to private, providing no information on who owns it.
Under the company name “IGO Global Limited”, IGOFX have registered themselves as a “dealer in securities” in Vanuatu.
That IGOFX have used a shell company to register with the Vanuatu Financial Services Commission is highly suspicious.
Alexa currently estimate that Malaysia is the largest source of traffic to the IGOFX domain (55%). China is the second largest source of traffic coming in at 19%.
It is highly likely that whoever is running IGOFX is based out of Malaysia.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
IGOFX has no retailable products or services, with IGOFX affiliates only able to market IGOFX affiliate membership itself.
The IGOFX Compensation Plan
IGOFX affiliates invest $100 or more on the promise of a passive monthly ROI of between 10% and 30%.
IGOFX affiliates earn a 5% referral commission on funds invested by personally recruited affiliates.
IGOFX take 10% of monthly ROI payments to affiliates and use them to pay residual commissions.
These residual commissions are paid out via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
IGOFX cap payable unilevel levels at four, with commissions paid out as a percentage of monthly ROIs earned by unilevel team affiliates:
- level 1 (personally recruited affiliates) – 5%
- level 2 – 3%
- levels 3 and 4 – 1%
Note that residual commissions are not paid out to IGOFX affiliates who have not recruited at least three affiliates who have invested.
In addition to passive ROI payments, IGOFX affiliates can also “mirror” trades fed to them by the company.
This is achieved through third-party MT4 trading software, with performance varying from month to month.
IGOFX affiliate membership is tied to a minimum $100 investment.
Following in the footsteps of the collapsed VenusFX and FX United Ponzi schemes, IGOFX follows the standard modus operandi of Malaysian forex scams.
Set up a company website, fill it with generic information about forex, register yourself in a jurisdiction unlikely to detect fraud and proceed to scam Malaysians and victims from neighboring countries.
Both VenusFX and FX United used New Zealand.
Then, so long as the company stays away from the local population of whichever jurisdictional hidey-hole they’ve registered in, everybody is none the wiser.
That is until the Ponzi collapses or begins to collapse, at which point the registration is promptly investigated and cancelled. After which the owners quietly slip away.
With a ten to thirty percent monthly ROI on offer, IGOFX fails the Ponzi sniff test.
If the scammers behind the company were able to legitimately generate such ROIs each month, why would they need to waste time soliciting funds from affiliates?
Take out a small bank loan, generate your 10% to 30% a month and through compounding, retire with riches in a few years.
The reality is the only verifiable source of funds entering IGOFX is affiliate investment, the use of which to pay a monthly ROI constitutes Ponzi fraud.
This can be verified via study of the manual trades, which if mirrored are unlikely to get anywhere near 15% a month, let alone 30%.
This discrepancy between the manual and automated trades will confirm the Ponzi nature of IGOFX’s business. Oh and don’t forget to factor in referral commissions, which further drain the ROI pool.
A legitimate forex company has no reason to register itself in Vanuatu. A Ponzi scheme fronting as a forex company though will probably get away for it as long as nobody files a complaint.
That won’t happen until invested funds have run out, by which stage it’s too late.
Victims of Venus FX and FX United (primarily Malaysians) have already learnt this lesson the hard way. Does it really need to be taught again a third time?
Thank you for your analysis. I was shown this trader’s trading record in myfxbook, said to be the best performing trader in IGOFX for the past 3 years.
We know that myfxbook is an independent third party who pride themselves as the authenticator to ensure that performance claimed by individual traders, sellers of Expert Advisors (to aid in automated trading) are trustworthy and authentic without being modified.
Can I continue to trust myfxbook for what you have disclosed on IGOFX?
As Myfxbook monitors the trade done by traders directly on the trading server with a read only password created by myfxbook and entered by the trader to the monitored account to make sure the transaction is real and the trader do have access to the said account.
You can, but keep in mind whatever public trades IGOFX are doing has nothing to do with the automated 10-30% monthly ROIs.
You invest, something something and collect 10-30% a month. That’s straight Ponzi and the bulk of the business.
IGOFX has a product called Copy Trade System which does not provide fix profits every month as what you claim.
Until you register and test your own self please do not publish or blog something you don’t have info or by your own assumption.
Sure, but you can just ignore that and sign up for an automated ROI each month.
No assumptions here, just facts.
Who said they do ????
Who cares if the so called profits are “fixed” or not ???
Nobody legitimate on the planet can pay even 5% per month on a regular basis, ESPECIALLY” not an automated system.
If they could, why would they need your money ????
They could borrow a million bucks, set the automated system running, pay back the money and retire on the profits.
You really are a beginner at this, aren’t you ???
IGOFX has become the EPL football team, West Bromwich’s official partner until the end of the next season, westbrom.igofx.com/
What’s your thoughts about this?
I would love to invest but a little scared, then I saw that sponsorship, it makes me feel safe, well maybe until next year.
My thought are it has nothing to do with IGOFX being a Ponzi scheme.
why not you invest $100 in igofx (Ozedit: because it’s a Ponzi scheme. Recruitment spam removed.)
Sorry, I think you really need to study properly what is Igofx and the services that they offer to their clients.
Igofx does not promise fixed returns to their investors for copy trade system and there is no tie-up capital where the investors are free to withdraw their capitals anytime without any constraints.
In fact, there are many ways to deposit and withdraw money from Igofx for the convenience of their investors. Igofx have many local depositors in China, Malaysia, Indonesia, Philippine, Singapore, Cambodia, Australia, Hong Kong, Brunei and etc…
Igofx is more than 4 years old and it is a subsidiary of IKOFX which already exist in the market 8 years back when I was still a teenager.
If they really wanted to scam, they should have done it many years ago as they have billions of funds deposited from worldwide investors from time to time. Hope this help!
Obviously you can’t dump ‘Igofx’ in the same category with Venusfx or FXunited as latter are ” Pool Funding”.
The only relevant service is a ROI paid out of newly invested funds, which makes IGOFX a Ponzi scheme.
Sure they do, it’s in their comp plan.
What, you think IGOFX are investing because they like the company’s website?
Doesn’t negate the fact that ROIs are being paid out of subsequently invested funds.
Irrelevant to the fact it’s a Ponzi scheme.
“They” did. IGOFX has been a Ponzi scheme since inception.
Nah. Just another Malaysian Ponzi scheme with a small limited amount of gullible local investors.
You can call using newly invested funds to pay of existing investors what you want. It’s still a Ponzi scheme.
Best of luck with the scamming.
I don’t understand why you called it a Ponzi Scheme??
10 – 30% is the estimated return that you can earn from certain FM.
Not all the FM are making profit each month, provided you choose the right one. By just recruiting members, u didn’t get anything if they don’t trade!
I think it is normal to get 10 – 30% return in forex trading per month. Nothing exaggerate… (Ozedit: Offtopic derail attempts removed)
Yeah, sure it is – in your dreams.
10% to 30% percent per month is 120% to 360% per year.
Two of the worlds’ most successful investors, Warren Buffett averaged 24.5% per year over 20 years and Carl Icahn averaged around 30% per annum between 1968 and 2011.
Because using newly invested funds to pay existing investors is Ponzi fraud.
1. Provide any proof that forex trading has anything to do with IGOFX payouts.
2. If the Ponzi scammers running IGOFX were able to generate a 10-30% monthly ROI legitimately, why would they be wasting time running Ponzi schemes on the internet?
This is another scam but people just don’t learn their lesson. They are blinded by a little bit of their “scam profit”.
There is no point arguing whether igofx is legit or a scam. Anyone can just try to file complaints and let’s see what will happen next 🙂
I joined IgoFX and used the copy trade system to invest in a risky Fund Manager and lost money. No Ponzi here.
That doesn’t negate the auto-trading ROI, which is a cover for Ponzi fraud.
Do you really think IGOFX are making 30% a month if you used their manual trade option and lost money?
You’ve got a brain, try using it.
Oz you have stuffed up on the commission structure… on the surface it looks like 5, 3, 1, 1% 4 levels but it is actually .05, 0.3, 0.1, 0.1% and based on trade volume which equates to being able to by a sandwich and cup of coffee each day and that’s only if you have been a busy promoter…
the real core of igofx is the set n forget option for the majority who don’t have time or patience to learn how to trade… would much rather have it all done for them… and by the way there are hundreds of account managers who can make 30%+ in just 1 day…
are they consistent no not at that level… but they do e achieve much higher returns than what you have claimed the experts make in a whole year…
its not until you reach higher qualifications based on leadership do you actually earn better comms… with regard to returns… you can follow trades by the hour and if you select copy trade options you will see live trades…
for those who don’t want to learn to trade its a great option..
(Ozedit: Offtopic derail attempts removed)
On the surface? That’s what it was when I wrote the review. If they’ve changed it since that’s news to me.
Right, the Ponzi scheme. Unless you can account dollar for dollar a 10-30% passive ROI through trades, it’s Ponzi fraud. Same as all the other Malaysian forex scams you gullible muppets keep falling for.
Malaysians are generally greedy, never learnt from past mistakes. Always fall for these ponzi scam for get quick rich.
There are many ways u could earn a decent legal passive income. Each time these scam try to sell to me, i will pose 1 question to them, is it regulated by Bank Negara or Securities Commission?
If the answer is NO, i will tell them to get lost!
More comments to be followed
Igofx claimed they are receiving three more awards- Best Forex Broker, Fastest Growing Forex Provider and Best Forex Technology in Asia by Global Banking and Finance Review.
But I checked the website it still accept the nomination?!!
igofx got two type commission as affiliate 1) pips rebate 2) profit sharing if the fund manager earn for that month.
igofx charging HIGH fix spread, for example U/E 3spread compare other around 1.5spread. The extra charged on the spread is sufficient to pay for pips rebate. So it mean, no over pay here!
profit sharing is base on actual performance deducted from profit only. Again, no overpay.
I dont see your claim is valid. PONZI is mean they need money from new member to sustain the game. Last week, a total of USD 50million withdrawal noted from the Local
Depositor, yet, the payout still ontime and no delay. If PONZI, where they could pay out so prompt! Please use your mind to think before you pen down anything here.
Psst, this is the part where you provide proof of anything you said directly correlating with IGOFX’s Ponzi payouts of 10% to 30% a month.
And again, this is the part where you provide proof of $50 million being paid to IGOFX affiliates within a week.
Because how fast stolen funds are paid out has nothing to do with Ponzi fraud. A Ponzi scheme is defined when newly invested funds are used to pay off existing investors, as is the case in IGOFX.
Please don’t come on here regurgitating bullshit your upline shoved down your throat without any supporting evidence whatsoever.
indeed you should.
I don’t understand why you keep on saying that IGOFX can always get a bank loan to do their own trading.
Can you explain to me why all those bank own mutual fund or insurance company, investment company iike Warren Buffet’s company need to get public fund to invest.
why they need this as so call what you said since they can aasure so much money they can make they just need to get a bank loan and start making their own money.
On the other hand I need you need to look the dictionary what is PONZI Scheme,IGOFX Multi-level plan do not promise 15%-30%, last months they only secures 6%++ to the investors, the money is from the trade, 70% profit sharing.
IGOFX’s multilevel plan is only part of their marketing machine to draw in more fund, they have so many traditional traders who do conventional trades daily, I attended the trader’s dinner, they do not involve in Muilti-level scheme.
I do not blame you cause you have very little knowledge and you never study the case properly whenyou made a comment.
I do invested in some money game which is REAL Ponzi Scheme like JJPTR and I knew and admit it is PONZI Scheme.
Because none of them are making anywhere close to 2.2% a day.
Ponzi scheme = using newly invested funds to pay off existing investors = IGOFX.
And it alone is a pyramid scheme.
Still no proof of actual trading taking place, nor any correlation with the 2.2% daily ROI paid out.
So you’re a serial scammer. Here’s a cookie.
My friend invested but lost -3%. So really not fix at 10-30% profit. Therefore, it is not a ponzi scheme.
What your friend does via manual trading is irrelevant. IGOFX advertised “automated trading” ROI is approx 2.2% a day.
If the automated ROI was -3% a month IGOFX would collapse within minutes.
My friend invested in one fund manager of IGOFX who is loosing trades.On the other hand, he invested in anather fund manager who made profits of close to 9%
By the way Oz, what is manual trading means? Is it he trades by himself? Thank you.
Cool. That has nothing to do with the automated 2.2% daily ROI available through the IGOFX MLM opportunity.
It’s the manual investment of funds external to the MLM opportunity. I’d count manually dumping money with traders as part of this classification.
Thank you for your explanation Oz. However I need to google what is MLM means. Thanks again.
Ok. Is multi level marketing example Anway.
So your statement is not correct. The actual reasons why Public Mutual Fund, Warrent Buffet, IGOFX needs public fund because they know by helping people to make money, they will make much more money than they borrow money from the bank and trade on their own.
IGOFX isn’t a mutual fund or Warren Buffet. There is no proof any trading takes place that directly correlates with a 10% to 30% monthly ROI – on top of recruitment commissions paid out.
Please stop making excuses for Ponzi fraud. We’ve heard it all before.
i guess, the only way to be safe, is u either dont put in money, or u put in 10k, survive 1 month, to earn 10% return of 1k, then next month quickly withdraw the 10k.
then let the remaining 1k continue roll on. just some scrazy idea.
Just try not to think about the people you’re stealing from.
And this is exactly why many get burned in these ponzi schemes, thinking it will be so easy to withdraw money later on.
Have fun with that dream and kick yourself when you find out you can’t withdraw it fast enough or at all.
but your 10k would have been used to pay the ROI of people who joined before you.
so how can you withdraw your 10K?
if you want to steal from people who join after you, then people who joined before you also want to steal from you. fair is fair. no?
Friend, FYI, I joined IGOfx 3 n a half years ago n therefore understand exactly what Biz Model they hv adopte. Personally, I think U r Simeone who hv got burnt neatly to death before, n envy us making loads or U r a dead competitor of IGOfx trying to put up such Blog, to scam us from making more money. Either one of the reason abv stands.
I hv only 2 Q’s for U:
1) U spoke so much on defining Ponzi as using a newbie’s fund to sustain earlier entry Investors. PLEASE SHOW US THE FACTS OF YOUR CLAIM?
2) U also kept saying that it makes no sense for the ROI Payout? PLEASE PROVIDE PROOF of your claim. Warren Buffet’s examples r not proof of yr claims. How he became rich has been a trade secret of his till now. It sounds to me that he shares his secret with U. Lol…
FYI, U really dun know how IGOfx systems work, comp plan is details, various payouts, how IGO makes money n much more! (Ozedit: Offtopic derail attempts and abuse removed)
Am tired to chat further. Honestly speaking, U dun deserve to be leading this blog. I suggest U visit Vanuatu island n help us explore if IGOfx is there. They may be in a “hut” build from leaves! And then come back here n show us some FACTS that YES! They r scams!!!
Lol. Bro, dun waste yr time here trying to play the smart asshole. Go, tell yr Blog partner, ….SORRY, I didn’t manage to scam these group of ppl here bcoz they kept asking me for the “FACTS”!
Your a Ponzi scammer. Um, here’s a cookie?
IGOFX make the claim their ROIs are funded by forex. It’s not up to me to prove a negative.
Unless you can provide proof forex has anything to do with IGOFX’s passive monthly ROI (you can’t), the only verifiable source of revenue entering the company is affiliate investment.
Using newly invested funds to pay off existing investors is Ponzi fraud.
I went over the IGOFX comp plan to write this review, and there’s no proof of forex trading correlating to affiliate ROI payouts.
Forgive me if I don’t take a Ponzi scheme’s claims at face value.
A Ponzi scheme is a Ponzi scheme whether it’s operated from Vanuatu, Malaysia (ding ding ding) or the moon.
Yes, facts do get in the way of Ponzi scamming. That much we can agree on.
(Ozedit: IGOFX the MLM opportunity has nothing to do with forex or the financial industry, offtopic derail attempts removed)
You have no idea OZ, you don’t even know how IGOFX operates, they never “guaranteed” any percentage of return for their copy trades system, and they never committed any amount of rebates, you mentioned 15% or 30% return, where in the world did you get that figures???
I can prove to you IGOFX did indeed earned their profits via forex trading, and they have won 3 international awards from European Publication, if they are not genuine forex broker, how in the world they can win the awards?
Go check your facts before claiming a real broker as Ponzi scheme, you will be sued for your comments here.
Which is why you failed to do so, right?
Because awards have nothing to do with Ponzi fraud. All these Malaysian scams try to feign legitimacy by association, but only their gullible investors swallow it.
Front up proof collaborating IGOFX’s claim forex has anything to do with affiliate ROIs each month or accept it’s a Ponzi scheme.
There quite possibly might be some token trading going on, but unless you can directly correlate affiliate ROI payouts with trading profits it’s all smoke and mirrors.
From multiple IGOFX affiliate advertising the Ponzi scheme.
Here’s one: facebook.com/ngieng5427/posts/287899644939044
Here’s another: youtu.be/AG6IqF3YfwQ?t=15m24s
IGOFX hide their compensation plan from the general public and don’t publicly advertise a monthly ROI. Their affiliates are getting the figures from somewhere though.
With no verifiable source of revenue other than affiliate investment, IGOFX is Ponzi fraud all the way.
Who or what is “European Publication?”
Actions speak louder than words, please refer to useful or verified links or files as facts for your arguments, otherwise, there is no points to support your comment. sigh..
PS: I am a outsider of this blog who just googled about INOFX due to my mom recently been approached into the INOFX in Taiwan…
Instead of wasting your time asking me to prove a negative, how about you apply the same logic to the company making the claim.
IGOFX claim to generate a 10% to 30% monthly ROI through forex trading. You’ll accept that blindly, why?
The fact remains that the only verifiable source of revenue entering the company is affiliate investment. IGOFX using this revenue to pay existing investors makes it a Ponzi scheme.
(Ozedit: Offtopic derail attempts removed. If you wish to provide proof of a 10-30% monthly ROI attributed to IGOFX forex trading, you’re welcome to do so.)
What you manually trade has nothing to do with IGOFX’s passive 10% to 30% monthly ROI.
Proof of IGOFX’s claims requires a dollar for dollar accounting of forex trading directly correlating with affiliate ROIs for that month. You’re welcome to provide this information but we both know it doesn’t exist.
And this is the self proclaimed expert telling you this, Oz.
I’m not doing only manual trading, I also have copy trades trading results, if only your blogs can allow me to upload my trading results.
Like I said, what you personally trade has nothing to with me dumping money in IGOFX and collecting a passive 10-30% monthly ROI.
IGOFX claim this is due to forex trading, it’s up to you to provide dollar for dollar proof affiliate payouts by IGOFX are tied to forex trading.
There are charges in related to the trading that are contributing to their earnings if you are a self proclaimed expert, spread earnings and 10% additional charges they profited ONLY from positive trades, if there is a negative trade there’s no affiliate’s rebate at all. Please let me submit those proof to you!
Again, I dump money in IGOFX and they pay me a 10-30% monthly ROI. That’s all I’m interested in. I couldn’t care less about your personal trading activity.
Even for manual tradings, (Ozedit: Aaaand we’re back to the spam bin. See above.)
Oz, why are you not listening? (Ozedit: Why are you not listening? Either provide proof IGOFX’s passive monthly 10% to 30% affiliate ROIs are the result of forex trading or kindly stop wasting my time.)
I thought the simple idea of trade is:
With larger amounts of money, i can make large profits with smaller bips. So as a trader who uses public capital, i dont aim for 20% profit a day, i can aim for 0.8 or 0.5% simply because my cap is larger.
With that in mind, 10-20% a month in trade is possible, assuming your aim is to maintain a good average for your stakeholders.
Which is why there’s an abundance of proof linking IGOFX forex trading to passive affiliate ROIs each month.
20% a month is 360% per year.
Why then wouldn’t a Bill Gates or Warren Buffet type multi billionaire throw in a lazy $10 million or so and scoop up the $36 million after 12 months???
X recently joined. He put in USDXX. He did his own fx trading through mt4. Win and loss were the results.
Euro gained very high profit against US dollars. Pound appreciated too.
Any company which their website does not really have a company or people responsible for it is basically cannot be trusted.
Why should they be hiding behind a website without letting their clients know where is their office and who is the boss?
Sorry to said that, i am a Trader…I gain ROI from trading gold forex around 40% permonth..sometime 30%..
I feel silly that people said its not possible to gain from Forex.. Its require Skills and expereience. I plan to become a fund Manager for IGOFX, Triumphfx, Marigold very soon.
If you dont understand the game, please dont simply criticize. Learn it, understand it before you say something that is fact.
I’m calling bullshit. Nobody making consistent 360% to 480% annual ROIs legitimately would waste their time with Ponzi schemes.
And the fact that you refer to Ponzi fraud as a “game” says it all really.
Read thru the comment, the owner of the blog here claim get monthly 10-30%, but April i get less than 10%.
IGOFX marketing material claims you’ll get 10-30% a month.
If you’re getting less than that sounds like it’s ready to collapse.
Finally, one trade loss almost everything?
Saw few angry comments about losing money: m.facebook.com/andres.lee.9674/activity/135116360393601
Also another comments: forexfactory.com/showthread.php?t=672232
Can’t wait for the next Malaysian forex Ponzi scam people swear black and blue is legit…
What city and address is the IGOFX company in Ukraine? Could anyone tell me?
How can lossed 157pips by lossed 94% of amount of money?
The Stop loss cannot working at all, what a professional company? For sure this must be a Great Scam Company…..
If anybody want to feel of suddenly lossing your money? This are the suitable company for you.
Definately a scam case, similar to those like EuroFX.
1 trade that lost 157pips can lose 94% of the equity and furthermore then lot size of the final losing trade is 250 times bigger than all the previous order.
My account all this while was opening order at 0.12 (std lot), this losing GBPUSD order is 30lot !!! .. 250 times, totally illogical and impossible.
total scam broker and program.
Chinese article profiles victim of igofx
Good job to the author for exposing this! I had a good laugh seeing all those fools trying to argue that igofx is legit. When greed takes over, u can be convinced of anything.
Did any of them come over and humbly apologize to u?? :p
I went through the whole list of comments. Oz, you have done a great job bringing into light about the scam.
Cheah, Nicole,live and fight another day. Hopefully, your “downline” will forgive you guys and don’t take you as scammers.
Thanks for the blog Oz! It is good that someone was able to identify the scam months before it gained massive media exposure.
Going through the list of comments of people defending this ponzi I felt like wringing them by the neck and slapping some sense into them.
Dear God, there’s nothing worse than a fool with a little knowledge. Earn a little ponzi commission and suddenly they’re God’s gift to forex trading.
Good job exposing this scam, though by experience I know that few would’ve heeded your warning.
Goodjob Oz ! Salute !
I will fight with Dukascopy who legally take action against me.