They have gone even further. They now swindle account holders of their deposits. I deposited $1,000 into my Instaforex account and they have not credited my account. It's almost a month since I made my deposit on 24/05/2012 and despite numerous emails to their finance dept, they refuse to either credit my trading account or refund me my money. I am fed up with such scam brokers.
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Problem InstaForex - A New Excuse to Confiscate Profits
- Thread starter Scam Investigations Committee
- Start date
I am having an issue with a company
prabakarv1990
Private
- Messages
- 22
Thank you FPA for identifying broker scam.
FXCobra
Banned for uncivilized conduct
- Messages
- 337
The following sentence proves Instaforex guilty.
""Also note that there is no exclusion for 2 friends opening accounts at the same time and trading together, as long as the bonus and profits are intended for each of them individually.""
The broker can not judge it being a cheat if the account is opened by 2 separate people or names. Even if it's a brother and sister or 2 brothers or 2 sisters or 2 friends or more..opening different accounts at same time.
Then why there's the refer a friend program found in most if not all brokers? Or the IB program or and or !! If a person can't introduce friends or relatives or friend friends..??!!
Besides, it's non of the broker business if 2 friends have an account each and one of them is trading both since the approve for that action is from the 2 parties(friends) involved not the 3rd(broker) and if any of both parties disallow this at any time, in this case only can inform the broker and the latter can take appropriate measures.
The broker have no right to remove all profits from the accounts but only the initial bonus if there's a guilty action found as the broker rule is just not to take advantage of the "bonus" provided by the broker as a promotion, but not also the profits.
I can't understand why at first those Scam Brokers let the person trade for months and do not check his/her profile to see if something is wrong but at withdrawal time they dig deep into every detail, showing that the broker only want to rob the client in any way possible, searching for any error in information provided at open of account.
Such actions by brokers are the Real Suspicious!!
Had the clients each sent a complaint to the Russian Association of Financial Markets Members(RAFMM) where the broker is regulated as instaforex website show???
""Also note that there is no exclusion for 2 friends opening accounts at the same time and trading together, as long as the bonus and profits are intended for each of them individually.""
The broker can not judge it being a cheat if the account is opened by 2 separate people or names. Even if it's a brother and sister or 2 brothers or 2 sisters or 2 friends or more..opening different accounts at same time.
Then why there's the refer a friend program found in most if not all brokers? Or the IB program or and or !! If a person can't introduce friends or relatives or friend friends..??!!
Besides, it's non of the broker business if 2 friends have an account each and one of them is trading both since the approve for that action is from the 2 parties(friends) involved not the 3rd(broker) and if any of both parties disallow this at any time, in this case only can inform the broker and the latter can take appropriate measures.
The broker have no right to remove all profits from the accounts but only the initial bonus if there's a guilty action found as the broker rule is just not to take advantage of the "bonus" provided by the broker as a promotion, but not also the profits.
I can't understand why at first those Scam Brokers let the person trade for months and do not check his/her profile to see if something is wrong but at withdrawal time they dig deep into every detail, showing that the broker only want to rob the client in any way possible, searching for any error in information provided at open of account.
Such actions by brokers are the Real Suspicious!!
Had the clients each sent a complaint to the Russian Association of Financial Markets Members(RAFMM) where the broker is regulated as instaforex website show???
Correct !! Instaforex is real SCAM!!
Thank you FPA, even they post something like this (instaforex.com/forexpeacearmy.php), I still dont trust them.
- Too many Requote
- Too many No Connection
- They Bonus looks Fishy...
I often only deposit $ 5, and got some profit ( $10 - $ 15), but this week, my deposit using LR for only $ 5 was not executed.
Already contact the Online Help, and they ask me to make Payment Notification.
I already try for 4 times (4 days), but the deposit still not available at my account.
Soo, good bye SCAM Broker.
Thank you FPA, even they post something like this (instaforex.com/forexpeacearmy.php), I still dont trust them.
- Too many Requote
- Too many No Connection
- They Bonus looks Fishy...
I often only deposit $ 5, and got some profit ( $10 - $ 15), but this week, my deposit using LR for only $ 5 was not executed.
Already contact the Online Help, and they ask me to make Payment Notification.
I already try for 4 times (4 days), but the deposit still not available at my account.
Soo, good bye SCAM Broker.
Thomas Herrnan
Recruit
- Messages
- 7
I heard of Instaforex.com, I will warn all my friends to stay away from them. Great job FPA
guentong
Recruit
- Messages
- 5
after reading in detail the case,
I'll better cancel my wish to become a client of alpari.co.uk
as IB of Alpari NZ (Alpari-id.com) I've let down with a case that is almost similar like this
90% of the traders that I coached, went to move another kebroker
lost nearly 40 traders, and they questioned my credibility as a trader and head of the village
I'll better cancel my wish to become a client of alpari.co.uk
as IB of Alpari NZ (Alpari-id.com) I've let down with a case that is almost similar like this
90% of the traders that I coached, went to move another kebroker
lost nearly 40 traders, and they questioned my credibility as a trader and head of the village
leebroomfield
Recruit
- Messages
- 2
InstaForex had swallowed my money, I propose withdrawal since 5 days ago, but no word until now.
HELP ME FPA !!! What should I doing ?!?!?
HELP ME FPA !!! What should I doing ?!?!?
Pharaoh
Brigadier General
- Messages
- 20,308
First, don't panic. InstaFraudex scams people from time to time, but hasn't become a 100% deposit-only broker yet.
Second, close all open trades. It would be sad if a trade spiked the wrong way and gave you a margin call.
Third, contact Insta support and ask what the delay is. Keep bothering them. A lot of scumbag brokers use the "just delay them long enough and 80% will give up" method to avoid paying out withdrawals. It's your job to keep your wits about you and be one of the 20% who calmly keeps contacting them every day or two until they realize that you won't give up.
Please report back in a week or two and tell everyone how the situation is going.
Second, close all open trades. It would be sad if a trade spiked the wrong way and gave you a margin call.
Third, contact Insta support and ask what the delay is. Keep bothering them. A lot of scumbag brokers use the "just delay them long enough and 80% will give up" method to avoid paying out withdrawals. It's your job to keep your wits about you and be one of the 20% who calmly keeps contacting them every day or two until they realize that you won't give up.
Please report back in a week or two and tell everyone how the situation is going.
BigT1
Sergeant Major
- Messages
- 951
Pharaoh has given you sage advice; follow it.
5 days is nothing to cause a panic.
This firm is engaged in long-term deceitful practice, and is psuedo-regulated by an SRO association known as RAFMM.
http://www.raufr.org/
.
They need to stay in business in order to continue to rape and pilage many others.
That means you are likely to get out with your hide, if you take prudent measures as Pharaoh recommends.
.
AI
leebroomfield
Recruit
- Messages
- 2
Please give me surefire way to threaten them??? I am very confused.
