GUILTY Case# 2011-023 | Ali Nadoom vs www.InvestTechFx.com

Based on the available evidence, do you believe that Investtechfx is guilty?

  • Guilty

    Votes: 74 98.7%
  • Not Guilty

    Votes: 1 1.3%

  • Total voters
    75
  • Poll closed .
Sounds like make any money with this broker is an automatic way to get stuck with a never-ending commitment.
 
1 year commitment - that's a new one

Do scammers stay up all night thinking of these?

Who is InvestTechFX regulated by? I can't believe they haven't been shut down. The CFTC ain't taken any BS these days. Is the FSA doing anything? I'm on the CFTC email list, but not FSA's yet...

:confused:
 
1 Pip Spread Is Not Enough For A Broker To Thrive

I think that InvestTechfx does not make enough money in offering 1 PIP spread; they get a lot of newbies attracted by the low spread , but as they do not earn enough in fees , they were in trouble , at one time or another ;
then later , they have to find dishonest ways to give the money back.
Many brokers with 1 pip spread have been bankrupt , one reputed one was swiss located .
Better to pick up a broker with 2 PIPS spreads and a good name - I am not talking about ECN accounts which are generally less than 2 pips -.
Brokers also , have to make a decent living ,not to fall in dishonest practices.
 
Maybe the only good thing about US regulations

If you are trading at more then 50% of your account balance then I fell you should accept your own fate. Many of the offshore Brokers know that since they are under no regulations there is no recourse for action against them in cases like this. That said there is still no excuse for such action like this or any other scam.

Now I am not supporting the recent Regs but on the good side of things we do have action that can be taken against US Regulated companies. I trade with a maximum of 11% of my balance so the 1:50 restriction does not bother me, I still come out ahead and I get my money when asked.

I voted Guilty! Off with their heads!
 
If you are trading at more then 50% of your account balance then I fell you should accept your own fate. Many of the offshore Brokers know that since they are under no regulations there is no recourse for action against them in cases like this. That said there is still no excuse for such action like this or any other scam.

Now I am not supporting the recent Regs but on the good side of things we do have action that can be taken against US Regulated companies. I trade with a maximum of 11% of my balance so the 1:50 restriction does not bother me, I still come out ahead and I get my money when asked.

I voted Guilty! Off with their heads!

There are always recourses against fraud, but few people are ready to pursue the matter through the whole length of the legal process. Scammers count on that and that s why known scammers operate openly their second or third unregulated brokerage firm in full view and in any country with apparent impunity.

For example, IntertechFX is obviously some kind of IB for ProvideFX and ProvideFX shares the same IP address with InvesttechFX. That guy is in Arizona and doesn t seem to worry at all about the CFTC, the SEC or whatnot. And he s a recidivist.
 
Signs of a Scam and Fraudulant company.

First of all its never a one year committment when you open an account with any of the Forex Brokers.
So there is no justification for waiting for one year for withdrawal.

Secondly all brokers allow you to withdraw as much as you like even the entire amount you deposited and available in your account at 24 hours
notice.

Refusal by Investtechfx to allow withdrawal and making excuses are signs of a Scam and Fraudulant company.

Maria
 
This 1 year commitment makes no sense.

Forex is buying a currency (paying with a different currency) and then selling the currency. Either it is a profit, a loss or break-even.

The broker always earns the spread on each order (that´s why he quotes Ask and Bid). The broker has zero risk.

Why should a broker force the customer to commit for 1 year ?

Only a criminal mind would think of such a commitment.
He knows he wants to steal the money and with the "commitment" he wins time if the customer dares to withdraw money.

I would never send funds to a broker who "offers" a 1 year commitment.

InvestTech is robbing clients publicly now.

Without FPA almost nobody would know about this scam operation
and traders would send money to the criminals because of the 1 Pip spread thing.

Guilty.
 
Guilty and I am experiencing the same problem

InvesttechFx has evaded my repeated requests to withdraw money from my account. I am still pursuing a resolution and will file a case shortly.

Guilty
 
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