InvestTechFx.com Scam Confirmation
We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
InvestTechFx only failed to get the record in total number of complaints from traders over the last year because of the exceptionally large problems with Prime4x. Like Prime, the number of complaints climbed faster than the number of resolutions. FPA Investigator Gerard still has a number of Scam Investigations where InvestTech has failed to provide anything other than what appear to be delays. The FPA's Traders Court currently has 7 guilty verdicts and only one resolved issue.
The excuses for not sending money seem to follow 2 primary patterns. Clients are told that they've achieved VIP Status and can't withdraw any money for a year or clients are accused of some sort of trading rule violation and are told that if they wait a year to withdraw money, the violation can be ignored. Now there has been a report that these one year commitments automatically renew if 30 days notice isn't given.
The main violation at the moment seems to be conducting some sort of high frequency trading that somehow forces InvestTech's platform to provide prices better than true market prices. In the experience of everyone here, overloading an server with orders and order modifications will only lead to and requotes for all traders using that server.
For a very long time, InvestTechFx had a bad reputation with the FPA's Review Moderation Team. This was due to fake positive reviews coming from InvestTechFx's offices as well as InvestTech requiring clients to remove negative reviews before sending money owed to traders. Finally, the FPA refused to remove any more reviews and got InvestTech to publicly pledge never to require this again. We have several reports of this pledge being broken and have a copy of the relevant terms of one of the agreements they sent to a client in direct violation of this pledge.
Failure to return money legitimately owed to traders is the FPA's first definition of scam. We also consider breaking a public pledge regarding the FPAs reviews with no prior notice or consultation to be a breach of ethics worthy of a scam finding. InvestTech Fx has paid some traders some of their money, but many others are still waiting or have been ignored.. The number of new complaints has exceeded the number of resolved issues for too long.
Under these circumstances, InvestTechFx has forced us to declare it to be a scam. We offer InvestTechFx the opportunity to have this scam finding lifted by meeting all of these requirements.
First, InvestTech must resolve all pending withdrawal issues that have been brought to the attention of the FPA in our forums and reviews in a timely fashion.
Second, the number of new complaints of withdrawal issues against Invest Tech Fx must decline to a reasonable number. Any further delays in repayments of money owed to clients or investigations of client accounts must be dealt with inside of reasonable time periods.
Third, InvestTechFx must renew their pledge to never again require removal of any posts or reviews before sending money owed to a trader. This pledge must be posted in the FPA's forums, the FPA's reviews, and become part of ITFX's terms of service. Further, InvestTech must agree to no removals of any non-factual information from the FPA's reviews and forums for a period of 2 years. During that time, only updates and factual corrections will be permitted, not removals.
Fourth, InvestTech must add a part to their Terms of Service changing automatic assignment of VIP status (or any other status that locks out withdrawals for any period of time) to something more fair. Clients who are eligible for VIP status must be notified of their eligibility and all benefits as well as all restrictions that status gives. Clients will have to give an affirmative reply in order to accept this status. Failure to reply should be interpreted as declining the offer. Any clients currently with VIP status should be provided with a 60 day window to withdraw their accounts from that status. Alternatively, InvestTechFx should end all time commitments for withdrawal for all clients. Any withdrawal restrictions due to bonuses should be based on trading volume, not time.
Fifth, InvestTechFx must change their Terms of Service to end any automatic renewals of long-term commitments to not withdraw money.
Sixth, InvestTechFx should never allow Alan to communicate on the phone with any clients again unless the conversations are monitored by Alan's supervisor. There are too many reports of what he says on the phone being different than what is said in email conversations. There are too many reports of abusive statements being made by him.
Seventh, InvestTechFx must change their Terms of Service to allow any client who says “I prefer to discuss this only by email.” should have that wish respected. There is no reason for any broker ever to decline to deal with a client in writing instead of over the phone if that is the client's preference.
Eighth, any reasons given for canceling trades must be clearly explained in InvestTech's Terms of Service before the trades take place. Any trades that are to be canceled should be canceled within a reasonable period of time. We do not believe that any provider working with a broker would only bring up severe issues with trades many months later.
Ninth, InvestTechFx must modify their Terms of Service to clearly allow clients to post openly and honestly about their experiences without any threats of reprisal.
InvestTechFx.com is hereby blacklisted by the Forex Peace Army. We urge all traders not to do business with this company. For those who already have accounts there, we recommend that you attempt to withdraw all funds as quickly as possible. If you encounter any trouble getting a withdrawal processed within a reasonable amount of time, we recommend you file appropriate complaints with the authorities.
We wish thank FPA Investigator Gerard for his efforts on this case. We thank all those traders who have contacted the FPA to discuss these issues. We extend our regrets to all FPA members who still are waiting for their money.
Discussion Thread for this Scam Finding
FPA Review Page for InvestTechFx
Complaint threads about InvestTechFx
ArnieFX's original complaint against InvestrechFX
Fabiano's Original Complaint Thread (Issue resolved)
Louis F's original complaint against InvestTech
Monkata's original complaint against Invest Tech
Gonzzo's original complaint against InvestTech
Ali Nadoom's original complaint against ITFX
Robert Li's original complaint against InvestTechFx
PipBiker's original complaint against InvestTech (received partial payment as settlement)
Pharaoh's complaint that ITFX appears to be trying to cheat in the FPA Traders Court
CFTC Sues 14 Forex Companies (including InvestTechFx)
And there are more. Dig through the Scam Alerts Folder to find them.
FPA Traders Court Verdicts regarding InvestTechFx
RESOLVED: Fabiano vs. InvestTechFx.com
GUILTY: Alex Kanuck vs. InvestTechFx.com
GUILTY: ArnieFX vs InvestTechFx.com
GUILTY: Monkata vs. InvestTechFx.com
GUILTY: Loius F. vs. InvestTechFx.com
GUILTY: Ali Nadoom vs. InvestTechFx.com
GUILTY: Robert Li vs. InvestTechFx.com
GUILTY: Gonzzo vs. InvestTechFx.com
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04-06-2011, 03:45 AM #1
By Randa Rawashdeh in forum Scam Alerts FolderReplies: 34Last Post: 11-24-2011, 04:28 PM
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