GUILTY - Case# 2011-089 | amag80 vs www.ifti-service.com/
- Thread starter amag80
- Start date
BaFin statement on this case
German BaFin stated the following:
See on BaFin site: BaFin - "International Forex Trading & Investment Service (I.F.T.I.)" has no authorisation pursuant to section 32 of the German Banking Act (Kreditwesengesetz)
Now at last this is a case for the German federal prosecutors.
Sorry you lost your money - hope you will get back at least a portion of it.
GUILTY - imho!
simplex
German BaFin stated the following:
See on BaFin site: BaFin - "International Forex Trading & Investment Service (I.F.T.I.)" has no authorisation pursuant to section 32 of the German Banking Act (Kreditwesengesetz)
Now at last this is a case for the German federal prosecutors.
Sorry you lost your money - hope you will get back at least a portion of it.
GUILTY - imho!
simplex
alvin orrt
Recruit
- Messages
- 3
Doubling an account in one month is like going to the casino, you can put all your money on red (or black) but that's not forex. Blowing up whole accounts is something really common because:
1) the forex manager is not a professional
2) you don't really care about your money - if you did, you'd watch all the trades being made (and stop if things go bad) and also ask the broker to put in a higher margin call so you would only loose like 20% of your account
3) you are too greedy - 10-15% return per month is really hard to do constantly and if there's a guarantee in there as well, the money manager will try to stick to it and if trades go bad they will risk even more of your money to make that guaranteed amount
4) you're looking for something great that is really cheap - no such thing, look for a managed account service that asks for a management fee - people who know what they're doing value their time and knowledge and they won't trade your account for free (in losing months)
I don't agree with Galina K saying "Stay away from Managed Forex accounts" - I am with a forex managed account service (been with a lot of them so far - losing money all the way because i was too greedy), they produce a decent 3-5% return per month and the biggest drawdown i ever had was about 8-9%. And for me 4% per month on average equals almost 50% return per year which is way more than any bank or other safe investment service could provide.
My conclusion is: the more you want (for less) the less you get, stay away from people who promise you the moon and ask you for a dime in return. If it sounds too good to be true...
1) the forex manager is not a professional
2) you don't really care about your money - if you did, you'd watch all the trades being made (and stop if things go bad) and also ask the broker to put in a higher margin call so you would only loose like 20% of your account
3) you are too greedy - 10-15% return per month is really hard to do constantly and if there's a guarantee in there as well, the money manager will try to stick to it and if trades go bad they will risk even more of your money to make that guaranteed amount
4) you're looking for something great that is really cheap - no such thing, look for a managed account service that asks for a management fee - people who know what they're doing value their time and knowledge and they won't trade your account for free (in losing months)
I don't agree with Galina K saying "Stay away from Managed Forex accounts" - I am with a forex managed account service (been with a lot of them so far - losing money all the way because i was too greedy), they produce a decent 3-5% return per month and the biggest drawdown i ever had was about 8-9%. And for me 4% per month on average equals almost 50% return per year which is way more than any bank or other safe investment service could provide.
My conclusion is: the more you want (for less) the less you get, stay away from people who promise you the moon and ask you for a dime in return. If it sounds too good to be true...
ccenterprises
Recruit
- Messages
- 2
I received an email from a friend who's already a member here saying that IFTI is under investigation.
I just wanted to say that i also lost money to these people, about 1000$ in April 2011. I say they are GUILTY and hope they go to jail and the police can get our money back.
I just wanted to say that i also lost money to these people, about 1000$ in April 2011. I say they are GUILTY and hope they go to jail and the police can get our money back.
Atar314
Recruit
- Messages
- 2
I'm not smarter then You, but maybe there is a distinction between what You read and what You sign. We say in Poland "Advertisement is leverage of trading".
So, probably many before me did it incl. You, but:
1- check once again the contract (if there was any),
2- without reading any potential contract I can understand it as: 250p is guaranteed and "we can pay Your rebates", but it doesnt mean that balance negative to positive pips must on plus :/ I know it stinks, but I was learned to read between verses, following this it doesnt mean that Your funds must be on plus at the end of month.
UNLESS, the contract says something opposite.
3- if everything is clearly stated in Your contract - then look at the point saying about "computer issues". Even the best VPS companies says "we guarantee constant working by 99,9%", it means that there can always happen something breaking the scheme.
4- if this option is also excluded (what can be done through trading activity report) - You should win in court easily. Germany is a part of EU, so the law is much better then in Africa or CN etc
5- I'm full of compassion to You, but only reading their answers - they are not worthy to work with them. NOBODY who is professional never will say "Sorry, I lost Your fund breaking the contract, but pay extra money and we start from beginning" *&%*#*#$ wrrrr
If You decide to go to court, there is a rule (in polish law) that You can ask for releasing You from the initial trial costs cause of Your situation. And I recommend You to contact via Your national embassy in Germany - they have good contacts in almost majority cases.
amag
"OMG , They have advertised my account and the losses on myfxbook, check the link below, i can't believe this, they have lost my money and they don't intend to honor the agreement and on top of that my account is on fxbook. Atleast they agree that my account as been destroyed. In the e-mail they sent me (above) they asked me to join startegy 2, this was not even an option when i joined and was not on the fund application form."
Why in Spanish?
"OMG , They have advertised my account and the losses on myfxbook, check the link below, i can't believe this, they have lost my money and they don't intend to honor the agreement and on top of that my account is on fxbook. Atleast they agree that my account as been destroyed. In the e-mail they sent me (above) they asked me to join startegy 2, this was not even an option when i joined and was not on the fund application form."
Why in Spanish?
I.F.T.I. Service
IFTI-Service.com Representative
- Messages
- 14
First of all, we want to make everyone here clear that we are NOT any scam company at all!
What you peoples are writing here is just your anger about your expierence with other services in your last years.
Let us make here everything clear:
1. We are an online forex service, like thousands of others available in Web! 95% of them are not registered on their own Country and are doing it online only. Selling their scam products, or managed service etc. So also we do this. Our Traders team room is in Germany, around 75Km from Munic and our Company head is in Austria.
2. Every site and service can face issues, even FPA is havng server problems in last Months, also we did it. After that we are unable to run our Site, because it some coding mistake now. We have to rebuilt our site again for that, and its lots of work which needs time.
3. Yes, we gave 250 pips guarantee, but we have never give an guarantee of 100% Winning Months! There is no service or strategy, which can produce every Month as winning month!!! Our guarantee was, if we not reach it, we will pay the rebates back and NOT THE LOSSES !!!!
So no law or no cheating is here at all..! Everybody who invest in Forex or anykind of trading market is ready to take the risk himself! And if someone invest his all income on that, than its his mistake, because there is and will be always an high risk warning from forex!
4. We were and are also ready to pay the rebats back to Angar. We have earned around 280$ from his account, if this makes him happy to get in, we will surely send him the money.
5. Also there is no Aggreement or any kind of guarantee on our site, where we have written to give every month as positive. So if someone understand it wrong and understand it as an every month as an winning month, than its not our fault..! Everyone who invest in fx, should be ready for the risk.. Traders loose thousands of $$$ every month in this market, and trader have no rights to blam anyone expect himself! No one is forcing here no one to invest in this risky game! Everyone decides here for their own funds..! Forex can be profitable, but also high risk is here involed, and we all know it. It same like that, how can someone trust an Broker and send them their own Funds. So its all the risk matter and everybody take this risks and should not blame any one for that..!
We have not done it extra, we have also lost our Business with it, where we have grown so good! We will built up the site again and will be back soon again with the same name and service, and if someone trust us, can surely join us. But if you guys are expecting only profits and are not ready to risking the money, than please leave this business. Because sooner or later, everyone faces hard time in this Business!
Again; once we have the payment details from Angar, we will send him the rebates earned until Feb.
Thank you
What you peoples are writing here is just your anger about your expierence with other services in your last years.
Let us make here everything clear:
1. We are an online forex service, like thousands of others available in Web! 95% of them are not registered on their own Country and are doing it online only. Selling their scam products, or managed service etc. So also we do this. Our Traders team room is in Germany, around 75Km from Munic and our Company head is in Austria.
2. Every site and service can face issues, even FPA is havng server problems in last Months, also we did it. After that we are unable to run our Site, because it some coding mistake now. We have to rebuilt our site again for that, and its lots of work which needs time.
3. Yes, we gave 250 pips guarantee, but we have never give an guarantee of 100% Winning Months! There is no service or strategy, which can produce every Month as winning month!!! Our guarantee was, if we not reach it, we will pay the rebates back and NOT THE LOSSES !!!!
So no law or no cheating is here at all..! Everybody who invest in Forex or anykind of trading market is ready to take the risk himself! And if someone invest his all income on that, than its his mistake, because there is and will be always an high risk warning from forex!
4. We were and are also ready to pay the rebats back to Angar. We have earned around 280$ from his account, if this makes him happy to get in, we will surely send him the money.
5. Also there is no Aggreement or any kind of guarantee on our site, where we have written to give every month as positive. So if someone understand it wrong and understand it as an every month as an winning month, than its not our fault..! Everyone who invest in fx, should be ready for the risk.. Traders loose thousands of $$$ every month in this market, and trader have no rights to blam anyone expect himself! No one is forcing here no one to invest in this risky game! Everyone decides here for their own funds..! Forex can be profitable, but also high risk is here involed, and we all know it. It same like that, how can someone trust an Broker and send them their own Funds. So its all the risk matter and everybody take this risks and should not blame any one for that..!
We have not done it extra, we have also lost our Business with it, where we have grown so good! We will built up the site again and will be back soon again with the same name and service, and if someone trust us, can surely join us. But if you guys are expecting only profits and are not ready to risking the money, than please leave this business. Because sooner or later, everyone faces hard time in this Business!
Again; once we have the payment details from Angar, we will send him the rebates earned until Feb.
Thank you
Hi,
The name is Agnel Caesar. The account you blew up after promising risk and money management on your website.
Please send the rebates to
My bank details
Account Name:Agnel Caesar
Name of Bank: National Australia Bank
BSB number: 083-064
Account Number: 1718-6-5981
Swift code: NATAAU3303M
Hope you can keep to this promise atleast
The name is Agnel Caesar. The account you blew up after promising risk and money management on your website.
Please send the rebates to
My bank details
Account Name:Agnel Caesar
Name of Bank: National Australia Bank
BSB number: 083-064
Account Number: 1718-6-5981
Swift code: NATAAU3303M
Hope you can keep to this promise atleast
Thanks for your time to reply, I will be very careful from now on, I don't know how to trade in fores, so i thought to follow the professionals. But, i ended up loosing.
Thanks for feeling sorry for me..A huge lesson learnt in life
