GUILTY Case# 2018-091 | Htckns vs isgxchange.com

Based on the available evidence, do you believe ISGXchange.com is guilty?

  • Guilty

    Votes: 53 100.0%
  • Not guilty

    Votes: 0 0.0%

  • Total voters
    53
  • Poll closed .

Htckns

Private
Messages
26
Original FPA Traders Court Submission:

I am submitting the case against: www.isgxchange.com

My Case is: I've invested £ six figure to this company (account summary attached where I've hidden exact figure for privacy). They call you every other day and chat for hours to win your trust and make you invest as much as you can. You are their 'best client' to work with till they feel there is more money coming their way. And then cut off communication as soon as they get a hint there is no more money available to invest by the client and account manager does not have time to speak as he is managing '200' other clients.

The trades in the account started to reduce significantly a month of more so before pre-agreed date of withdrawal without any explanation. I was asked to invest more to 'remove' turnover requirements of corporate funding. Without intimation the trading stopped. They have changed turnover remaining amount 3rd time in almost as many months!

And now the company is involved in delay tactics coming up with excuses till they close the shop - ignoring valid points I've been raising for months now.

Along with issues of misrepresentation (FCA labelling the company as unauthorised and company is non existent in danish company register as well) and extremely rude behaviour plus delay tactics at the time of client requesting funds, my investment were taken for a strategy which never executed living the investment 'locked' for me to take back.

New thread in the Scam Alerts Folder:

Review is submitted by ISGVictim on 05/29/18

The company was first contacted about the issue on 04/30/18 the last contact was on 05/17/18

Details: Few snippets...

"As you have mentioned your main priority it the return of your invested capital. We have explained what is required from yourself (the reaching of turnover) to achieve this.

If you have been advised to do one or both of the following then I can be of no further assistance:
Social media campaign
Issue Legal proceedings
"

Company representatives' emails: Marc Eklund <marc@isgxchange.com>
Nick Dixon <nick@isgxchange.com>
Tim Maine <tim@isgxchange.com>

 

Attachments

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Htckns

Private
Messages
26
Can you please resubmit your review here...

http://www.forexpeacearmy.com/forex-reviews/14924/isgxchange-binary-brokers

Turn off the proxy you use, since that makes location checking impossible. Also, please provide a few more details specific to what happened to you.

Post an update here as soon as you've done that.
Hi,

Review re-submitted. Let me know if this helps.

With regards to details, I've been a customer for little over a year and had already agreed a date of withdrawal of all my funds around end of January '18. However,

1) Since December '17, trades in the managed account (where the terms states minimum 50 trades per week) started to dry out significantly. While I thought it might be seasonal effect however the trend continued in January as well. In spite of regular reminders I was not informed of actual reason. Have been told that 'trade orders' are placed (which they are not obliged to display to customer through the reporting functionality of the website). However I am challenging this aspect as the contract clearly states trades and not trade orders. Also before December trades frequency was more or less around the terms.

2) As the trades were drying out that means the turnover requirement for corporate funding is not met which means I can not withdraw funds.

3) Also a month before pre-agreed withdrawal date I was asked to invest in a new strategy through a new account manager. However the execution of the new strategy was 'co-incidentally' around the same time frame as withdrawal date. I invested more funds and also postponed the withdrawal date by couple of weeks, however later on I was told that the withdrawal can not take place as there is corporate funding attached.

4) Surprisingly the new account manager stopped contacting me. I was now told the new strategy is not taking place and I can not withdraw my funds invested in that strategy as 'turnover requirement' are not met for corporate funding.

5) Trading then stopped on existing terms as well.

Then I found myself speaking to 'client representative' who is the most disrespectful person I've ever spoken to. Am now finding myself being tossed from one person to another within the company with changing 'turnover requirement' for corporate funding.

The bit that I fail to understand is what motivates these people to play with lives of others and the lack of guilt or shame they have about the outcome of actions they are taking on their and others lives. I have a very young family of a toddler and an infant. The directors and employees of the firm need to understand there are real humans on the other side of the phone. Have been having numerous email exchanges where they are just ignoring the facts and focusing on points they wish to.

I have a very simple question to ask them, if they think they are 'clean' then why not disclose the location of their office - isn't this the single most reason to question the legitimacy of their business?
 
Last edited:

AsstModerator

FPA Forums and Reviews Admin
Messages
5,598
Thanks for the update. I've just sent the formal FPA invitation to ISGxchange. Please post an update on Tuesday June 6th to let me know if there has been any progress or not.
 

Htckns

Private
Messages
26
Thanks for the update. I've just sent the formal FPA invitation to ISGxchange. Please post an update on Tuesday June 6th to let me know if there has been any progress or not.
Hi,

Till date I've not had any communication from ISG on this matter at all.

By the way, I am unable to log in to my online account since last week - getting 'Login Failed' message with the same details as before. And now 'admin' email account is not replying on my reminder of what the issue was and has it been resolved or not.

Please advice on next steps. Thanks in advance.
 

Htckns

Private
Messages
26
Quick update,

Admin had replied around the same time I put above post with instruction to update password.

However no communication on any other aspect.
Regards
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,598
I'm now moving this to Open Cases. If there is no significant progress, the vote will begin next week.
 

Dragonslipper

Corporal
Messages
83
When they ignore your phone calls, messages etc and close your account without your knowledge, they are scammers.... just plain thieves. To answer your statement that they have to understand there are real people and families behind these accounts ..... they don't care anymore than a snake cares about the poor struggling animal it is sliding down it's throat .... your family is your consideration ... not theirs. They view your willingness to risk your hard earned money knowing you have a family ... your responsibility ... not theirs.
 

Abs1616

Corporal
Messages
72
When they ignore your phone calls, messages etc and close your account without your knowledge, they are scammers.... just plain thieves. To answer your statement that they have to understand there are real people and families behind these accounts ..... they don't care anymore than a snake cares about the poor struggling animal it is sliding down it's throat .... your family is your consideration ... not theirs. They view your willingness to risk your hard earned money knowing you have a family ... your responsibility ... not theirs.
I honestly feel exactly the same way, however I feel that I have learnt a lot about these scams and fraud as I have been a victim of the notorious scam broker called Tradesprime. Interestingly, the way these snakes have dealt with you is very similar to the way they have dealt with me. However, there are some striking differences, such as:
1) No agreement was met with me before hand
2) No corporate funding was mentioned. However, I was told after many times of requesting a withdrawal that I needed to trade a certain number of lots. This was not in the terms and conditions (but they changed it specifically for me). Interestingly, I never signed the terms and conditions, a company representative called "Stefano Di Luca" signed them in my name without my permission.

I have done a quick analysis of their website and did some research to try to identify if they are the same scammers. At the moment, it seems there are different people operating these scam brokers. Regardless of this I have passed on the details of this broker to my colleagues who will work on trying to identify who these people are. In the meantime I will do my research to see what information I can find about them.

Could please upload more evidence in order to help us investigate further (e.g. voices recordings, signed documents etc)? Our investigations are there to simply collect information. Although I have a friend is currently taking legal action against Tradesprime (however that was only possible because they made it so obvious to trace them). I have analysed the structure and inner working of their website and it is clear they are using programs to hide important information (e.g. IP address, transactions and location). This was not the case with Tradesprime.

Best of luck :)
 

Tryingtrader

Sergeant
Messages
182
"account manager does not have time to speak as he is managing '200' other clients." He is not managing 200 other clients he is busy robbing 200 other clients!
Yes, you are a victim along with thousands of others, all falling for the same scam. Your money in your account was never there, it was just a number. You were betting against their Web Site NOT the real market. They have already stolen your money when you made the first deposit!! All they had to do is make it look like your money was lost due to bad trades and hope you will go away - but really it was just a simple software exercise to show all the money gone. GUILTY! These bandits are unregulated and operating illegally - they are just basically thieves on the internet.
Try and find others who have lost in the same way with this fraudulent broker and bring a joint claim against these scammers.
 
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