TOTALLY AGREE! Stick to brokers who operate in countries with strict laws.
GUILTY Case# 2011-019 | Robert Li vs www.investTechfx.com
- Thread starter Robert Li
- Start date
TOTALLY AGREE! Stick to brokers who operate in countries with strict laws.
Was a good company
Actually InvestTechfx got a high score (8 / 10) in 2008 by a "best online forex brokers guide website".....But who knows everything suddenly changed when comes to 2011....something must have gone wrong...Was wondering why those people cannot just make honest and clean money....can FPA become a broker....
Actually InvestTechfx got a high score (8 / 10) in 2008 by a "best online forex brokers guide website".....But who knows everything suddenly changed when comes to 2011....something must have gone wrong...Was wondering why those people cannot just make honest and clean money....can FPA become a broker....
I don't know which website you referred to but i wouldn't put my money to a broker where there are no any documents indicating they are regulated, and no office address as well ( i am looking at their website now). As i said i felt sorry for you. Hope you can withdrawal all your money out.
MichelAnge21
Sergeant
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- 247
Dear dragonz
You are wrong about New Zealand. New Zealand repealed their entire banking act in 1995 and are part of the problem with a flourishing offshore sector that is a hub for all the ponzis of the world. The New Zealand authorities will do nothing as long it s only foreigners who get scammed. Such offshore entities carefully refuse to do business with New Zelanders and the New Zealand fraud squad leave them alone. If you are willing to help, I ll explain more.
MichelAnge21
Sergeant
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- 247
Dear Robert
You need to understand what is a ponzi scheme. In the beginning, the company will try to get a good reputation to get a lot of clients. If they scammed the first customers, it would be bad for business because those first clients would quickly destroy their reputation and the company would never become large. The company is profitable if the amounts of money coming in their bank account is MORE than the amounts disbursed. During the growth period, they dont care if they have to pay the people: they simply pay with the money from new customers. When the company isn t getting many more clients is when the true nature of the business becomes clear. They refuse to pay more money than the money coming in.
Patrick Richardson
Recruit
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- 2
Disgusting
Unbelievable blatant racism. :shocked: Neither of those individuals in the conversation had a clean English accent. You honestly think that speaking to a representative with a different accent means the company is untrustworthy? Shame on you. Stick to the content of the conversation. :err:
Unbelievable blatant racism. :shocked: Neither of those individuals in the conversation had a clean English accent. You honestly think that speaking to a representative with a different accent means the company is untrustworthy? Shame on you. Stick to the content of the conversation. :err:
Pharaoh
Brigadier General
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- 20,307
An accent doesn't tell you where a broker is located. There are plenty of US brokers who have employees in their US offices who don't sound local. The world is getting more internationalized all the time.
It's regulation and easy return of your funds that you should worry about with a broker, not what sort of accent the employees have. It's what's said in the recorded conversation that's important.
It's regulation and easy return of your funds that you should worry about with a broker, not what sort of accent the employees have. It's what's said in the recorded conversation that's important.
MichelAnge21
Sergeant
- Messages
- 247
Agreed. It s not the accent that matters. But the country where the broker is located does matter. For example, if InvesttechFX was duly registered with the Ontario Securities Commission, investors would have more legal recourse.
The fact that Investtech did not in fact respect canadian regulations shows that, even when the broker is located in a `good `country, you re better check with the authorities if they did register.
Now, suppose that Investtech s `clearing house `is in some country where there is no regulations whatsoever for the Forex industry....you re much worse off than with a canadian clearing house. Things get even worse if the actual bank accounts where most of the money ended are in some offshore jurisdiction where there is bank secrecy etc etc
To recoup their money, investors often need the cooperation of the law-enforcement agencies in several countries. And Investtech s investors will need New Zealand
The fact that Investtech did not in fact respect canadian regulations shows that, even when the broker is located in a `good `country, you re better check with the authorities if they did register.
Now, suppose that Investtech s `clearing house `is in some country where there is no regulations whatsoever for the Forex industry....you re much worse off than with a canadian clearing house. Things get even worse if the actual bank accounts where most of the money ended are in some offshore jurisdiction where there is bank secrecy etc etc
To recoup their money, investors often need the cooperation of the law-enforcement agencies in several countries. And Investtech s investors will need New Zealand
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