Original FPA Traders Court Submission:
I am submitting the case against: www.investtechfx.com
My Case is: I have been trading with Investtech for 2 years (this is my first and only broker)and last year I started making some money. On November 29, 2010 I requested withdrawal in the amount of $7,500. A week later on December 6th I called to check if my reqest has been processed and they said that is been processed. On the next day, Dec. 7th I received the following e-mail:
"We would like to inform you that your account is currently under a routine review to ensure that everything is in order. Therefore you are currently unable to conduct any trading activity on your account at this time. We apologize for the inconvenience and appreciate your co-operation in this matter. We will update you shortly. Thank you. "
Next day I called Investtechfx and they assured me that this is standard procedure and my account will resume shortly. A week later I sent them e-mail to check what is going on, but no answer. Then I sent more e-mails and called about 14 times, only 2 of those times I could talk with the manager. The other times the manager was out of the office, in meetings or she was going to call me in 20 minutes( never did).
First they told me that I have been trading from different computers. I told them that I have been trading from my computer and my smartphone and they know that, because I called them at the beginning to ask for it.
Then the manager asked me questions like 'why I wanted to withdraw?' then she was trying to convince me that I am committed for one year, because my account was VIP, which is not true. My account balance has never reached $20,000. Then I got this mail:
"We would like to inform you that during a routine review by the Clearing Department of your account, it has been detected that various different IP addresses have been attempted to and successfully connected to your account simultaneously and you have been participating in High Frequency trading (HFT); which is clearly prohibited under provisions 12 and 14 of the InvestTechFx disclaimer.
High Frequency Trading interferes in the deals electronically executed through the Liquidity Provider contravening the signals transferred between ITFX MT4 Platform and the Liquidity Provider executions, thereby imparting inaccuracies in the FX liquidity. Customers are not authorised to make trades using high frequency computerised trading techniques, to increase or decrease the transaction speed and operate more than one transaction at a particular time (simultaneously), thereby robotically increasing profits.
Please be advised that the Clearing Department has sent us some screen shot with regards to some of your trading activity. We have attached one of the screen shots to this email and would appreciate your feedback and comment regarding the respective trade. The screen shot demonstrates that on numerous occasions more than one trade was executed simultaneously at the exactly same time or seconds apart. These are considered as High Frequency Trading techniques, which are clearly prohibited. "
All my trading is manual and the entries on screenshot are not seconds apart they are minutes apart, the execution entries are slow but It is possible to make two of them in one minute,
usually it takes between 15 to 24 seconds so there is time to place two orders in one minute,
nowhere in disclaimer states that you can not place two orders in one minute, or few in a minutes apart.
The disclaimer says: "High Frequency trading is done through sophisticated computer programs (EAs/Robots) that use a special class of algorithmic trading capable of generating vast profits within a short timeframe" - So how am I doing High Frequency trading when I trade manual?
Now, they are accusing me in using EA/Robots from different computers and conducting High Frequency Trading??? Although, all my trading since the opening of my account has been 100% manual. They try everything so they don't pay me my hard earned money. My account balance is $17,745.63 I would like to get this money and never deal with this broker again.
I would appreciate your help
Thank you
New thread in the Scam Alerts Folder:
Review is submitted by monkata on 01/30/11
The company was first contacted about the issue on 12/06/10 the last contact was on 01/10/11
Details: The company replies are in " " in my case explanation under point 2.
Company representatives' emails: the manager's mail (I think Rachael) <MNG@InvestTechFx.com>
Debbie <Support@InvestTechFx.com>
<Info@InvestTechFx.com>
I am submitting the case against: www.investtechfx.com
My Case is: I have been trading with Investtech for 2 years (this is my first and only broker)and last year I started making some money. On November 29, 2010 I requested withdrawal in the amount of $7,500. A week later on December 6th I called to check if my reqest has been processed and they said that is been processed. On the next day, Dec. 7th I received the following e-mail:
"We would like to inform you that your account is currently under a routine review to ensure that everything is in order. Therefore you are currently unable to conduct any trading activity on your account at this time. We apologize for the inconvenience and appreciate your co-operation in this matter. We will update you shortly. Thank you. "
Next day I called Investtechfx and they assured me that this is standard procedure and my account will resume shortly. A week later I sent them e-mail to check what is going on, but no answer. Then I sent more e-mails and called about 14 times, only 2 of those times I could talk with the manager. The other times the manager was out of the office, in meetings or she was going to call me in 20 minutes( never did).
First they told me that I have been trading from different computers. I told them that I have been trading from my computer and my smartphone and they know that, because I called them at the beginning to ask for it.
Then the manager asked me questions like 'why I wanted to withdraw?' then she was trying to convince me that I am committed for one year, because my account was VIP, which is not true. My account balance has never reached $20,000. Then I got this mail:
"We would like to inform you that during a routine review by the Clearing Department of your account, it has been detected that various different IP addresses have been attempted to and successfully connected to your account simultaneously and you have been participating in High Frequency trading (HFT); which is clearly prohibited under provisions 12 and 14 of the InvestTechFx disclaimer.
High Frequency Trading interferes in the deals electronically executed through the Liquidity Provider contravening the signals transferred between ITFX MT4 Platform and the Liquidity Provider executions, thereby imparting inaccuracies in the FX liquidity. Customers are not authorised to make trades using high frequency computerised trading techniques, to increase or decrease the transaction speed and operate more than one transaction at a particular time (simultaneously), thereby robotically increasing profits.
Please be advised that the Clearing Department has sent us some screen shot with regards to some of your trading activity. We have attached one of the screen shots to this email and would appreciate your feedback and comment regarding the respective trade. The screen shot demonstrates that on numerous occasions more than one trade was executed simultaneously at the exactly same time or seconds apart. These are considered as High Frequency Trading techniques, which are clearly prohibited. "
All my trading is manual and the entries on screenshot are not seconds apart they are minutes apart, the execution entries are slow but It is possible to make two of them in one minute,
usually it takes between 15 to 24 seconds so there is time to place two orders in one minute,
nowhere in disclaimer states that you can not place two orders in one minute, or few in a minutes apart.
The disclaimer says: "High Frequency trading is done through sophisticated computer programs (EAs/Robots) that use a special class of algorithmic trading capable of generating vast profits within a short timeframe" - So how am I doing High Frequency trading when I trade manual?
Now, they are accusing me in using EA/Robots from different computers and conducting High Frequency Trading??? Although, all my trading since the opening of my account has been 100% manual. They try everything so they don't pay me my hard earned money. My account balance is $17,745.63 I would like to get this money and never deal with this broker again.
I would appreciate your help
Thank you
New thread in the Scam Alerts Folder:
Review is submitted by monkata on 01/30/11
The company was first contacted about the issue on 12/06/10 the last contact was on 01/10/11
Details: The company replies are in " " in my case explanation under point 2.
Company representatives' emails: the manager's mail (I think Rachael) <MNG@InvestTechFx.com>
Debbie <Support@InvestTechFx.com>
<Info@InvestTechFx.com>
