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Problem Beware Instaforex Scam!!
- Thread starter urgent-trader
- Start date
I am having an issue with a company
- Messages
- 253
Yulia and Barunia's complaint against InstaForex is now confirmed by the FPA.
Details and Discussion of Attempts to Resolve the Complaint
Official FPA Scam Finding
Details and Discussion of Attempts to Resolve the Complaint
Official FPA Scam Finding
Last edited:
scams
This is one of the reasons why i decided to go with DBFX. True, i have not asked for a withdrawal, but i believe that their name stands for something. Hopefully, i won't be proved wrong. But i has an instance a few years ago when i tried to get my money from another company, and while i did get it back, it took a number of hoops and it was not a pleasant experience.
This is one of the reasons why i decided to go with DBFX. True, i have not asked for a withdrawal, but i believe that their name stands for something. Hopefully, i won't be proved wrong. But i has an instance a few years ago when i tried to get my money from another company, and while i did get it back, it took a number of hoops and it was not a pleasant experience.
earncommunity
Recruit
- Messages
- 2
i have been trading with this broker with over 2 years now... i never had any problem till now, btw this case is now too old and instaforex still is online and working as normal... may be its time to have a new review on this broker.
Pharaoh
Brigadier General
- Messages
- 20,304
There have been a lot of other complaints against this broker since then. Maybe you've just been lucky so far.
The full terms for resolving the issue are included in the Scam Finding. InstaForex needs to either pay the traders and apologize for the public attacks on them or to give the FPA proof that the traders tried to rip them off. InstaForex has done neither. Instead, they've begun posting links to ForexGen's fake blogs to try to "prove" that the FPA made everything up.
The full terms for resolving the issue are included in the Scam Finding. InstaForex needs to either pay the traders and apologize for the public attacks on them or to give the FPA proof that the traders tried to rip them off. InstaForex has done neither. Instead, they've begun posting links to ForexGen's fake blogs to try to "prove" that the FPA made everything up.
InstaForex a scam broker, TRUE of FALSE?
The following is my experiences with InstaForex:
1. Before I transfer fund into my account with InstaForex, I was interested in SWAP trading that InstaForex give details in the following link: Trading instruments I have read it carefully and came to a conclusion that I can profit from this type of trading. This is the first time InstaForex placed a trap without my knowledge
[17 March 2010 21:24] …: I'd like to invest in forex by open 3 positions at the same time in order to profit from swaps. Is this possible for your broker?
[17/3/2010 21:27:45] Instaforex support: Hello. Yes, it is possible.
[17 มีนาคม 2010 21:39] …: With this strategy, if I could make consistent profit, would your broker agree to pay me without any conditions?
[17/3/2010 21:41:01] Instaforex support: We do not have a special conditions for this strategy. You can withdraw any profit.
2. To be sure, I have corresponded with Instaforex support. Details in Figure 1 above. And to ensure that my strategy is acceptable and they will be willing to pay for my profits, I e-mailed them. The question and answer are in Figure 2.
Hi,
I'd like to invest in Forex by open 3 positions at the same time in order to profit from swaps. Is this possible for your broker?
Sincerely.
Dear Natachcai,
Yes, you can open 3 positions at the same time in order to profit from swaps.
If you have any questions please do not hesitate to contact us in future. Thank you for your letter.
Sincerely yours, Client Service
InstaForex Companies Group
Forex | Online Forex Trading | Currency Trading | Forex Broker
This is the 2nd time I got scammed by them without my knowledge.
3. From the above correspondents, I decided to transfer fund into my account because I was assure that they will pay me with my SWAP strategy…Guess what!? I’ve been fooled time and time again. I tried to receive the bonus as Fixed Welcome Bonuses, but I couldn’t choose this options no matter how much I tried. InstaForex forced me to choose the bonus as Welcome Bonus 30%...this is yet another time where I was screwed by InstaForex.
4. There’re hidden conditions placed by InstaForex on Welcome Bonus 30%. If you trade and loss, then everything is ok. But if you trade and make profit and should be able to take out this part of your funding out, they would let you do it by referred to The agreement on the 30% Bonus receipt, specifically number 8 which stated that “The company can cancel the 30% Bonus at any time at company’s own discretion without explaining the reason.” This is the fourth time they screwed me over.
5. When I made profits of my SWAP strategy, InstaForex used the above condition on me and totally screwing my plan. When I inquired, they once again referred to number 8 of the agreement on the 30% Bonus receipt. In other words, they don’t have to explain to me whatsoever why they cancel my bonuses. This is very irresponsible of them and once again screwed me over. See for yourself (Figure 3-10)
6. The profits I gained from SWAP in my accounts have the following line “ERROR SWAPS CORRECTION” in the Account History page (see Figure 3-10). I have inquired InstaForex many time and waited many days and then I got the following response from them
Dear Sir.
On your account was fixed a mismatch of positive and negative swaps caused by incorrect reckoning of small swap amounts for 0,01 lot deals by MetaTrader platform. The correcting amount, which results in zero swap balance is accrued to your trading account (according to the trading conditions, a positive swap is equal to a negative one). We apologize for inconviniences and bring to your attention that this error is a result of wrong platform performance that is officially confrimed by the developer.
In accordance with the deals execution regulations, all error consequences are removed by the company as soon as they are discovered.
You can request a deal cancellation opened only for using this bug. For this purpose, you have to send a written confirmation by e-mail to chief.dealer@instaforex.com about that the deals were opened for catching this bug in the platform and ask to cancel these deals. In this case, losses of such deals due to swaps will be repaired in full measure or partly depending on the situation.
As you can see, they take no responsibility whatsoever resulting in them screwing me over again, for the sixth time.
7. InstaForex admitted that there was a bug in MT4 that caused the errors. They told me to send in the details to get my money back and told me to wait for 10 business days for them to process. So I waited, but during the time that I waited, I noticed that InstaForex is trying to screw its customers. On 7/05/2010, they changed the SWAP value in Trading instruments to match that of MT4 platform. But on 14/05/2010 InstaForex changed its SWAP value in Trading instruments but the value in MT4 platform has yet to change. This violated the agreement they have with their customers. They never let the customers know of this change. With other brokers, they will notify me first of the changes in SWAP value via e-mail. If the broker is customer centric and honest with its customers, every changes in the agreement or contracts, the broker need to notify the customers immediately. But what InstaForex did on 12/05/2010, it showed that InstaForex is not honest with its customers. Furthermore, upon seeing this discrepancy, I have inquired about it and explained to them that what they did is wrong. They have no choice but to change the SWAP value that matched with that of MT4 on 19/05/2010. This again show the lack of respect to its customers by InstaForex.
8. After waited for about 10 business days, I received the following from InstaForex on 18/05/2010:
Reply was send on 30th April. In it company has explained, that this way of making profit (that is achieved through swaps, with locked positions) isn't allowed. There won't be further consideration of this claim. We apologize for the inconvenience.
it company has explained, that this way of making profit (that is achieved through swaps, with locked positions) isn't allowed.
Locking is derivative from hedging, the technique of covering risks connected with changes in markets behavior. The difference between hedging and locking is the following: hedging is used with different trading tools, lock – with one trading instrument.
You can find more information about locking here: Locking - Instaforex Support
From this reply, I come to a conclusion that the reason InstaForex make me wait is so that they can come up with new conditions to scam money from my hard earned profits.
InstaForex uses used InstaForex Support and the MT4 bug as excuses for extending the matter as long as they can (10 days in fact) so they can create new conditions in Locking - Instaforex Support . These conditions are only created after they have issues with me. This is an irresponsible act by InstaForex and they have no shame in fining ways to take my hard earned profits away from me!!!
What I got from InstaForex is irresponsible responses and all the while they create a rosy picture that their company is a good governance company that take good care of their customers but in reality, this rosy picture is just a way to bring in new prays so they can scam money from them.
The worst thing is that they breached many of the conditions that they, InstaForex, themselves created with its customers and then turn around created additional or change certain conditions within the agreement to scam its customers related to SWAP trading. It is clear that the condition in the agreement (Locking - Instaforex Support) and MT4 as displayed in Figure 11-13
If you have similar experieces and you complain to them, they will say that the problem with the bug of MT4 program and then asked you to send in all the information. They will make you wait and at the end screw you by not giving back what rightfully yours in the first place. They do this with no shame.
I am writing here to warn each and everyone of you that InstaForex is an irresponsible and shameful broker that is constantly looking for ways to scam you. Be careful, you might be your next pray.
So, let sum up to how many times InstaForex scam me and how:
1. Communication through Skype with InstaForex Support (Figure 1) with everything is rosy, but when something comes up, they take no responsibility whatsoever.
2. Send e-mail to get a confirmation that my strategy is acceptable (Figure 2). Again, everything is rosy, but when something comes up, they take no responsibility whatsoever.
3. You can not choose to receive Fixed Welcome Bonuses. They forced me to choose Welcome Bonus 30% so that when the customer actually make profits on trade, the customers can take out this money. They turned around and throw a clause in the agreement on the 30% Bonus receipt that they can cancel the bonus anytime without having to give any reason. This is a set up to take money from the profitable customers.
4. Within the agreement, Trading instruments, Instaforex placed and change the conditions within it at will without notify any of its customers, not one!!!
5. They screw me over and take what rightfully mine and blame on a bug of MT4, it’s not their responsibility to give my money back!!!!. This is something a responsible broker would be doing.
6. InstaForex constantly added or modify its clauses in their agreement contract so that it looked like I breached the agreement. This is shameful and very much irresponsibility…A full blown scam
I am convinced that InstaForex is a broker that a lot of people called “SCAM.” The documents that I presented here definitely confirm this and this is not in anyway bad mouthing InstaForex. This is from real experiences that I have with InstaForex first hand.
You have read my story all the way through the end, if you have friends, colleagues, or love ones, who considered opening an account with this broker, please tell them to stay away if they don’t want their hard earned money taken away by various shameful ways possible. There are many more horror stories on InstaForex which have documented proof that they plan to scam you the first moment you open an account with them. Are you brave enough to become their next pray?
If you have any questions concerning InstaForex, you can e-mail me at anytime at dr.natachai@gmail.com
The following is my experiences with InstaForex:
1. Before I transfer fund into my account with InstaForex, I was interested in SWAP trading that InstaForex give details in the following link: Trading instruments I have read it carefully and came to a conclusion that I can profit from this type of trading. This is the first time InstaForex placed a trap without my knowledge
[17 March 2010 21:24] …: I'd like to invest in forex by open 3 positions at the same time in order to profit from swaps. Is this possible for your broker?
[17/3/2010 21:27:45] Instaforex support: Hello. Yes, it is possible.
[17 มีนาคม 2010 21:39] …: With this strategy, if I could make consistent profit, would your broker agree to pay me without any conditions?
[17/3/2010 21:41:01] Instaforex support: We do not have a special conditions for this strategy. You can withdraw any profit.
2. To be sure, I have corresponded with Instaforex support. Details in Figure 1 above. And to ensure that my strategy is acceptable and they will be willing to pay for my profits, I e-mailed them. The question and answer are in Figure 2.
Hi,
I'd like to invest in Forex by open 3 positions at the same time in order to profit from swaps. Is this possible for your broker?
Sincerely.
Dear Natachcai,
Yes, you can open 3 positions at the same time in order to profit from swaps.
If you have any questions please do not hesitate to contact us in future. Thank you for your letter.
Sincerely yours, Client Service
InstaForex Companies Group
Forex | Online Forex Trading | Currency Trading | Forex Broker
This is the 2nd time I got scammed by them without my knowledge.
3. From the above correspondents, I decided to transfer fund into my account because I was assure that they will pay me with my SWAP strategy…Guess what!? I’ve been fooled time and time again. I tried to receive the bonus as Fixed Welcome Bonuses, but I couldn’t choose this options no matter how much I tried. InstaForex forced me to choose the bonus as Welcome Bonus 30%...this is yet another time where I was screwed by InstaForex.
4. There’re hidden conditions placed by InstaForex on Welcome Bonus 30%. If you trade and loss, then everything is ok. But if you trade and make profit and should be able to take out this part of your funding out, they would let you do it by referred to The agreement on the 30% Bonus receipt, specifically number 8 which stated that “The company can cancel the 30% Bonus at any time at company’s own discretion without explaining the reason.” This is the fourth time they screwed me over.
5. When I made profits of my SWAP strategy, InstaForex used the above condition on me and totally screwing my plan. When I inquired, they once again referred to number 8 of the agreement on the 30% Bonus receipt. In other words, they don’t have to explain to me whatsoever why they cancel my bonuses. This is very irresponsible of them and once again screwed me over. See for yourself (Figure 3-10)
6. The profits I gained from SWAP in my accounts have the following line “ERROR SWAPS CORRECTION” in the Account History page (see Figure 3-10). I have inquired InstaForex many time and waited many days and then I got the following response from them
Dear Sir.
On your account was fixed a mismatch of positive and negative swaps caused by incorrect reckoning of small swap amounts for 0,01 lot deals by MetaTrader platform. The correcting amount, which results in zero swap balance is accrued to your trading account (according to the trading conditions, a positive swap is equal to a negative one). We apologize for inconviniences and bring to your attention that this error is a result of wrong platform performance that is officially confrimed by the developer.
In accordance with the deals execution regulations, all error consequences are removed by the company as soon as they are discovered.
You can request a deal cancellation opened only for using this bug. For this purpose, you have to send a written confirmation by e-mail to chief.dealer@instaforex.com about that the deals were opened for catching this bug in the platform and ask to cancel these deals. In this case, losses of such deals due to swaps will be repaired in full measure or partly depending on the situation.
As you can see, they take no responsibility whatsoever resulting in them screwing me over again, for the sixth time.
7. InstaForex admitted that there was a bug in MT4 that caused the errors. They told me to send in the details to get my money back and told me to wait for 10 business days for them to process. So I waited, but during the time that I waited, I noticed that InstaForex is trying to screw its customers. On 7/05/2010, they changed the SWAP value in Trading instruments to match that of MT4 platform. But on 14/05/2010 InstaForex changed its SWAP value in Trading instruments but the value in MT4 platform has yet to change. This violated the agreement they have with their customers. They never let the customers know of this change. With other brokers, they will notify me first of the changes in SWAP value via e-mail. If the broker is customer centric and honest with its customers, every changes in the agreement or contracts, the broker need to notify the customers immediately. But what InstaForex did on 12/05/2010, it showed that InstaForex is not honest with its customers. Furthermore, upon seeing this discrepancy, I have inquired about it and explained to them that what they did is wrong. They have no choice but to change the SWAP value that matched with that of MT4 on 19/05/2010. This again show the lack of respect to its customers by InstaForex.
8. After waited for about 10 business days, I received the following from InstaForex on 18/05/2010:
Reply was send on 30th April. In it company has explained, that this way of making profit (that is achieved through swaps, with locked positions) isn't allowed. There won't be further consideration of this claim. We apologize for the inconvenience.
it company has explained, that this way of making profit (that is achieved through swaps, with locked positions) isn't allowed.
Locking is derivative from hedging, the technique of covering risks connected with changes in markets behavior. The difference between hedging and locking is the following: hedging is used with different trading tools, lock – with one trading instrument.
You can find more information about locking here: Locking - Instaforex Support
From this reply, I come to a conclusion that the reason InstaForex make me wait is so that they can come up with new conditions to scam money from my hard earned profits.
InstaForex uses used InstaForex Support and the MT4 bug as excuses for extending the matter as long as they can (10 days in fact) so they can create new conditions in Locking - Instaforex Support . These conditions are only created after they have issues with me. This is an irresponsible act by InstaForex and they have no shame in fining ways to take my hard earned profits away from me!!!
What I got from InstaForex is irresponsible responses and all the while they create a rosy picture that their company is a good governance company that take good care of their customers but in reality, this rosy picture is just a way to bring in new prays so they can scam money from them.
The worst thing is that they breached many of the conditions that they, InstaForex, themselves created with its customers and then turn around created additional or change certain conditions within the agreement to scam its customers related to SWAP trading. It is clear that the condition in the agreement (Locking - Instaforex Support) and MT4 as displayed in Figure 11-13
If you have similar experieces and you complain to them, they will say that the problem with the bug of MT4 program and then asked you to send in all the information. They will make you wait and at the end screw you by not giving back what rightfully yours in the first place. They do this with no shame.
I am writing here to warn each and everyone of you that InstaForex is an irresponsible and shameful broker that is constantly looking for ways to scam you. Be careful, you might be your next pray.
So, let sum up to how many times InstaForex scam me and how:
1. Communication through Skype with InstaForex Support (Figure 1) with everything is rosy, but when something comes up, they take no responsibility whatsoever.
2. Send e-mail to get a confirmation that my strategy is acceptable (Figure 2). Again, everything is rosy, but when something comes up, they take no responsibility whatsoever.
3. You can not choose to receive Fixed Welcome Bonuses. They forced me to choose Welcome Bonus 30% so that when the customer actually make profits on trade, the customers can take out this money. They turned around and throw a clause in the agreement on the 30% Bonus receipt that they can cancel the bonus anytime without having to give any reason. This is a set up to take money from the profitable customers.
4. Within the agreement, Trading instruments, Instaforex placed and change the conditions within it at will without notify any of its customers, not one!!!
5. They screw me over and take what rightfully mine and blame on a bug of MT4, it’s not their responsibility to give my money back!!!!. This is something a responsible broker would be doing.
6. InstaForex constantly added or modify its clauses in their agreement contract so that it looked like I breached the agreement. This is shameful and very much irresponsibility…A full blown scam
I am convinced that InstaForex is a broker that a lot of people called “SCAM.” The documents that I presented here definitely confirm this and this is not in anyway bad mouthing InstaForex. This is from real experiences that I have with InstaForex first hand.
You have read my story all the way through the end, if you have friends, colleagues, or love ones, who considered opening an account with this broker, please tell them to stay away if they don’t want their hard earned money taken away by various shameful ways possible. There are many more horror stories on InstaForex which have documented proof that they plan to scam you the first moment you open an account with them. Are you brave enough to become their next pray?
If you have any questions concerning InstaForex, you can e-mail me at anytime at dr.natachai@gmail.com
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