itradefx.com Review

1.831 • 32 REVIEWS
Out of business
Updated: Jun 6, 2023

Website is down.  Company seems to be out of business.

itradefx.com
Out of business
1.831 • 32 REVIEWS

Recent User Reviews of itradefx.com

A
AML
here, USA,
Jun 9, 2021,
Guest

Service use: Other
"https://www.nfa.futures.org/BasicNet/regulatory-actions-detail-doc.aspx?docid=2585"

NATIONAL FUTURES ASSOCIATION
BEFORE THE
APPEALS COMMITTEE

FILED
JAN 2 1 2010
MTTONAL FUTIJRES ASSOC]ATION
LITCAL DOCKETING

ln the Matter oi
ITRADE FX LLC
(NFA rD #367140),
and
ISAAC MARTINEZ
(NFA rD #369360),
Appellees.
NFA Case No. 08-BCC-014
DECISION
On April 24,2009, an NFA Hearing Panel issued a Decision against
I Trade FX LLC (l Trade). This is the first substantive anti-money laundering ( AML)
case that NFA has filed against an NFA Member firm charging the Member and its
president and AML compliance officer, lsaac Martinez (Martinez), with violating NFA's
AML Requirements, The Hearing Panel found that lTrade violated NFA Compliance
Rule 2-9(c), fined it $250,000 and imposed certain conditions. The Hearing Panel also
dismissed the charge that lTrade and Martinez violated NFA Compliance Rule 2-36(e).
I Trade filed a Notice of Appeal challenging the Hearing Panel's finding
that it violated NFA Compliance Rule 2-9(c) and the sanctions imposed. NFA filed a
timely request for the Appeals Committee to review the sanctions imposed upon I Trade
and the Hearing Panel's decision to dismiss the charge that Martinez violated NFA
Compliance Rule 2-36(e). After considering the record below and the arguments raised
by the parties on appeal, the Appeals Committee hereby affirms the Hearing Panel'sfindings as to I Trade in their entirety. The Appeals Committee also reverses the
Hearing Panel's finding that NFA did not establish that Martinez violated NFA
Compliance Rule 2-36(e) and fines him $50,000.

...

CONCLUSION
As discussed above, the Appeals Committee affirms the Hearing Panel's
Decision against I Trade in all respects, but reverses the Hearing Panel's finding that
NFA did not prove that Martinez violated NFA Compliance Rule 2-36(e). As a result of
the Committee's finding that Martinez violated NFA Compliance Rule 2-36(e), the
Committee fines Martinez $50,000, due within 30 days of the effective date of this
Decision.

---
you know that your certify part is unlawful
I certify that:
My review is my own opinion based on my personal experience with the reviewed company
I have not been offered any payment or other incentive (like a bonus or discount) to write this review
I have no business or personal relationship with the reviewed company or any of its competitors, except as a client

May 16, 2021 - No Rating Public Record below
=OCR==

8
JARED MARTINEZ - SEPTEMBER 21, 2011
1 A I'm pleading the Fifth.
2 Q What was the primary business function of I-
3 Trade FX?
4 A I'm pleading the Fifth.
5 Q Do you now or have you ever in the past served
6 in any capacity in any business that engages in foreign
7 currency trading?
8 A I'm pleading the Fifth.
9 Q Are you an author of any book?
10 A I'm pleading the Fifth.
11 Q Do you receive income from any rights that you
12 may have as a result of being an author of a book?
13 A • I'm pleading the Fifth.
14 Q What is the total amount of money you have
15 received in your capacity as CEO of MTI for the year
16 2011?
17 A I'm pleading the Fifth.
18 MRS. MARTINEZ: Why are we even here?
19 MR. DORAN: Shh. Excuse me. Do you need to
20 leave? Don't interrupt us, please.
2.1 BY MR. DORAN:
22 Q Do you supervise any employees for work for
23 MTI?
24 A I'm pleading the Fifth.
25 Q Do you receive benefits from a company known
VOLUSIA REPORTING COMPANY

=/ORC==

Mar 9, 2016 - No Rating 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.

Mar 24, 2013 - No Rating On Date of Post: 2008-07-02, nonAML, US wrote:

/===/
nonAML, US


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.

Jul 2, 2008 - No Rating http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=1620

Money Laudering charges against I Trade FX
C
Carlo Sandoval
Guatemala,
Aug 20, 2009,
Guest

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
C
Carlo Sandoval
Guatemala,
Jun 22, 2009,
Guest

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
A
Angel
New York,
May 11, 2009,
Guest

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.
J
John
Australia,
Apr 24, 2009,
Guest

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
P
PyeR2
Australia,
Apr 20, 2009,
Guest

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.
J
Jim Irvine
Alaska,
Apr 10, 2009,
Guest

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.
C
Chris
Chicago,
Apr 1, 2009,
Guest

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.
W
Will W
California,
Feb 23, 2009,
Guest

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.
N
New Somewhat Educated Trader
Texas,
Feb 23, 2009,
Guest

I used i Trade FX to familiarize myself with technicial anaylsis and reading charts before I started trading equities. The platform was great in that regard and after much additional training such as books and video, I found myself very profitable with Forex. I was sitting on 50% when all of the sudden things flipped on me and I ended up with 50% loss. Now I didn't change my trading strategy, if anything, I was more informed of good trading strategies and habits. However, it seemed like no matter what I did I couldn't continue to make profit. My stops where getting hit much more frequently and I was wondering what was goin on. At the time I chalked it up to inexperience, but after reading the comments here I wonder if somthing was going on behind the scenes. I would like to stay on to at least recover my profit, but that in itself is a trap. So, I will be cutting my losses and moving to a more reputable broker and I advice anyone else to do the same.