Website is down. Company seems to be out of business.
AML introduces RICO, also know as Organized Crime Control Act.
RICO filed 2015 OCT 13 PM 3:19
Nature of Action: 1. violations of federal RICO, 2. violation of bank secrecy law.
On Date of Post: 2008-07-02, nonAML, US wrote:
Rating: No Rating
Date of Post: 2008-07-02
Review: Wait - that isn't an AML complaint - it's a complaint saying that AML procedures MAY have been inadequate.
If it were AML charges against I Trade, it would have been a DOJ matter, not an NFA matter.
I think "AML" has an axe to grind - the post should be labeled appropriately.
On Sunday, March 24, 2013, AML responded with:
It is a United States Department of Justice issue, it filed a twenty three (23) count indictment.
The guys from Itrade FX opened a new brokerage firm. Its name is eforex.com
If we had problems with Itrade FX we should be careful with this new firm
I hope the guys from Forex Peace Army do a little research about this new firm
I did trade with this company for 6 months. But I took all of my money and close my account because they started having problems with the NFA. Now I found out that FXCM acquired all their accounts. Their performance was not so bad but thank God I took all my money away on time
Rest in peace. On Friday, May 8th, 3pm they sunk quietly under the ocean. They transferred their accounts to FXCM. Apparently, they were undercapitalized and the Feds shut them dowm. Oh well.
As a newbie, I followed the recomendation of the provider of the FX trading program that I bought and opened an account with itradefx. Paid the money and that is it! Account invalid is shown on the charts despite a positive account balance in excess of the itradefx minimum. 3 phone calls (all to answering machine, but never a response. 2 emails, again no response. So I can't really comment on the service provided because I was denied access to it. A good straightforward, unpretentious approach to scalping! Stay well clear of these people
iTrade have been a terrible experience for me. I wanted an MT4 broker with fixed spreads to run an EA on. The EA does not work very well if at all with variable spread brokers. iTrade's spreads are among the widest in the industry, however I was happy to pay them as my EA was trading profitably on demo and with the rebate through this site I figured it should be a win win for everyone as it takes a lot of positions for small profits.
I rang iTrade to confirm that the spreads I was seeing on the demo platform would be the same as on the live platform. Ryan Wagner @ iTrade assured me that the spreads were the same. I also asked him if the data feed/price action was identical on the two platforms - again he confirmed that the same data was used on the demo platform as the live platform. Both of these things were extremely important to me as EA's will produce different entries and exits if the data is different from platform to platform, and obviously results will vary if spreads are not the same. Results vary anyway due to slippage and requotes however if data and spreads are different your demo testing is basically worthless.
Within 15mins of going live I realised that iTrade (Ryan Wagner) had lied to my face. I was paying 6 pips instead of 4 on both the EURCHF and EURGBP and the data was up to 20 pips different between demo and live at times. What a joke!
Despite this I let my EA run on 3 pairs, the two mentioned above plus the AUDNZD. My first week I incurred a loss of around 13%, however I did some analysis and ascertained that the AUDNZD was extremely unprofitable and had caused the loss for the week. The EURCHF & EURGBP were trading profitably although not nearly as well as during demo testing. Given the 50% extra spread I was paying this was to be expected.
I continued to let the EA trade for another 3 weeks and made back my losses plus a gain of around 25% which I was happy with. The fourth week things began to go rapidly downhill again. 2 or 3 losing days in a row became 6 losing days in a row before I realised what the problem was. iTrade had changed to VARIABLE SPREADS and not notified me. I don't know whether they had just changed my account to show variable spreads or whether everyone received the change. What I do know is that the sole reason why I had continued to stick with them after their lies and deceit was now gone - and so had the majority of my profits.
I am leaving the bastards and my advice to anyone else is to stay away from them. I should have closed my account immediately when I discovered I had been lied to. Ask yourself why a broker would use an entirely different data feed on demo compared to live? The only reason can be "because they want you to fail."
I've been trading 10 years and that's my experience with iTrade. It's been absolutely woeful and a big waste of my time - fortunately not my money.
PS: If I had know that Jared Martinez founded and owned iTrade I never would have opened a live account. Jared and his merry men stung me many years ago via another company called MTI that sells hugely overpriced 3 day trading courses to unsuspecting newbies. It basically teaches them how to get into trouble.
i-Trade is one FOREX Broker I would steer very far away from, I've had firsthand experience in how they drained almost half my account in less than 3 days of trading... The have terrible slippage and don't fill orders as requested, most times it takes upwards of 10 seconds to fill an order and everyone knows that the FOREX can move upwards of 10-15 pips or more in that time. In one instance I lost over $600 because of this. Needless to say I'm waiting on my check to come back from closing my account with them. Incidentally even though I specified that they close my account and send me the remaining funds, they sent an email back to me stating that the account would remain open "just in case" I wanted to add funds to it at a later date. I can only assume that they will try to charge my credit card I used to originally fund the account with in the first place...? Needless to say I'll definitely be watching my account to see if they try any further shenanigans.
Stay away from this broker. Use a profitable EA and they will disable your account. They also tried to spike out the open trades, when that didn't work, they shut the account down. Way to go scumbags.
Realistic Spreads, Great Customer Service, and a quality platform. I have traded at a lot of places and I think I have finally found my home. I dont know what anyone else is thinking
Review Moderation Team Note: 4 Star rating removed. This came from the same location as a review left by someone who identified himself as an employee of eForex and iTradefx.com
The FPA does not appreciate review spammers.