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This case has finally been resolved. InstaForex paid Hahed1 the money they owed him.
Resolution Info
We've never seen a another company quote like this one. We've also never seen a company representative quite like this one in our forums. InstaForex employs someone who goes by the name IFX Ekaterina in our forums. Her job with the company seems to be to insult traders who have trouble getting their money withdrawn from Insta Forex trading accounts. She does this in the FPA's forums and in other forex forums. In a prior case the FPA confirmed, she promised to provide evidence to the FPA and never did. InstaForex was advertising with the FPA at that time, and it was lack of cooperation by IFX Ekaterina and the InstaForex finance department that led to the FPA suspending their advertising campaign even before the investigation could be concluded. In a second case, Ekaterina publicly attacked a trader even though InstaForex finally payed the money owed.
FPA member Hahed1 has an account with InstaForex. On March 25th, 2009, he complained in FPA's forums that he had not received a withdrawal. Within a few hours, IFX Ekaterina claimed that the money had been sent and offered to publish a copy of the SWIFT in the FPA's forums. As usual with IFX Ekaterina's claims, no evidence was provided. Hahed1 opened a Scam Resolution Ticket. Public exchanges occurred in the FPA's Scam Alerts Folder as well as emails sent between Hahed1, IFX Ekaterina, IFX's finance department, and FPA Investigators Tessa and Gerard. Although some of what Hahed1 wrote was a little heated, we are still amazed that a company like InstaForex allows IFX Ekaterina to continue to represent the company so unprofessionally, in public or in private.
Eventually, IFX Ekaterina asked that the withdrawal be made by an e-payment system instead of by wire. At this point, Tessa suggested that the withdrawal be made by Western Union. This would allow the FPA to independently monitor the withdrawal. Also, Hahed1 did not have an account with any of the offered e-currency providers and some of those are not readily convertible to cash. IFX Ekaterina tried very hard to talk Hahed1 into accepting payment via an unverifiable e-currency. She even suggested that the FPA accept an unverifiable transaction and transfer the money to Hahed1. The FPA declined for 2 reasons. First, we don't have an account with any of the suggested e-currencies. Second, since there is no way for an outside person to verify the transfer, if anything went wrong and the FPA didn't get the money, we'd have no way to prove it. She even complained that her company didn't have time to send someone to the Western Union offices, until an FPA member pointed out that these transfers could be initiated online.
This was explained an re-explained to IFX Ekaterina and Insta Forex's finance department. After some hesitation, IFX Ekaterina agreed to use this method if the most recent wire transfer failed. She emailed this on May 11th...
Later, she forgot her own words and emailed this on May 20th...
Tessa again explained the entire situation and the reasons for using Western Union. These included that the FPA would be able to verify that the money had been send and received,. Also, a transfer like this would mean that Hahed1 would get cash, not some sort of e-currency that might not be readily transferable. Tessa also reaffirmed the final deadline for the Western Union transfer to begin as Monday, May 25th, 2009. IFX Ekaterina did not reply and no transfer took place.
This seems to be a pattern we have seen IFX Ekaterina follow 3 times now. She promises evidence, but provides none. She attacks any trader who claims to be owed money. She stalls as long as possible. Then, when someone in charge at the company makes a real decision about whether to pay a trader or to keep the trader's money, she stops talking.
This is the second confirmed scam case against InstaForex. We hope that this company sees the error of its ways and starts to pay what it owed to traders. We also hope that IFX Ekaterina either seeks a different job or learns to do hers in an honest and professional way.
Hahed1's original complaint against InstaForex
One separate issue with InstaForex was resolved
Prior confirmed Scam Complaint against InstaForex
.
This case has finally been resolved. InstaForex paid Hahed1 the money they owed him.
Resolution Info
We've never seen a another company quote like this one. We've also never seen a company representative quite like this one in our forums. InstaForex employs someone who goes by the name IFX Ekaterina in our forums. Her job with the company seems to be to insult traders who have trouble getting their money withdrawn from Insta Forex trading accounts. She does this in the FPA's forums and in other forex forums. In a prior case the FPA confirmed, she promised to provide evidence to the FPA and never did. InstaForex was advertising with the FPA at that time, and it was lack of cooperation by IFX Ekaterina and the InstaForex finance department that led to the FPA suspending their advertising campaign even before the investigation could be concluded. In a second case, Ekaterina publicly attacked a trader even though InstaForex finally payed the money owed.
FPA member Hahed1 has an account with InstaForex. On March 25th, 2009, he complained in FPA's forums that he had not received a withdrawal. Within a few hours, IFX Ekaterina claimed that the money had been sent and offered to publish a copy of the SWIFT in the FPA's forums. As usual with IFX Ekaterina's claims, no evidence was provided. Hahed1 opened a Scam Resolution Ticket. Public exchanges occurred in the FPA's Scam Alerts Folder as well as emails sent between Hahed1, IFX Ekaterina, IFX's finance department, and FPA Investigators Tessa and Gerard. Although some of what Hahed1 wrote was a little heated, we are still amazed that a company like InstaForex allows IFX Ekaterina to continue to represent the company so unprofessionally, in public or in private.
Eventually, IFX Ekaterina asked that the withdrawal be made by an e-payment system instead of by wire. At this point, Tessa suggested that the withdrawal be made by Western Union. This would allow the FPA to independently monitor the withdrawal. Also, Hahed1 did not have an account with any of the offered e-currency providers and some of those are not readily convertible to cash. IFX Ekaterina tried very hard to talk Hahed1 into accepting payment via an unverifiable e-currency. She even suggested that the FPA accept an unverifiable transaction and transfer the money to Hahed1. The FPA declined for 2 reasons. First, we don't have an account with any of the suggested e-currencies. Second, since there is no way for an outside person to verify the transfer, if anything went wrong and the FPA didn't get the money, we'd have no way to prove it. She even complained that her company didn't have time to send someone to the Western Union offices, until an FPA member pointed out that these transfers could be initiated online.
This was explained an re-explained to IFX Ekaterina and Insta Forex's finance department. After some hesitation, IFX Ekaterina agreed to use this method if the most recent wire transfer failed. She emailed this on May 11th...
What about Western Union, we are ready to follow your advice just in case if [Client's real name edited out by FPA] will not receive the money this time. If the money is transferred back to us, we will send them by Western Union. You know, transfers to Nigeria bank are always made for a long period. That is why we suppose, that [Client's real name edited out by FPA] will receive money this time.
Later, she forgot her own words and emailed this on May 20th...
Secondly, who agreed to use Western Union? We just said that maybe we will use it. It is quiet uncomfortable for us to use this system. And we do not see any reason why we should use Western Union instead WebMoney, for example?
Tessa again explained the entire situation and the reasons for using Western Union. These included that the FPA would be able to verify that the money had been send and received,. Also, a transfer like this would mean that Hahed1 would get cash, not some sort of e-currency that might not be readily transferable. Tessa also reaffirmed the final deadline for the Western Union transfer to begin as Monday, May 25th, 2009. IFX Ekaterina did not reply and no transfer took place.
This seems to be a pattern we have seen IFX Ekaterina follow 3 times now. She promises evidence, but provides none. She attacks any trader who claims to be owed money. She stalls as long as possible. Then, when someone in charge at the company makes a real decision about whether to pay a trader or to keep the trader's money, she stops talking.
This is the second confirmed scam case against InstaForex. We hope that this company sees the error of its ways and starts to pay what it owed to traders. We also hope that IFX Ekaterina either seeks a different job or learns to do hers in an honest and professional way.
Hahed1's original complaint against InstaForex
One separate issue with InstaForex was resolved
Prior confirmed Scam Complaint against InstaForex
.
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