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i-Trade FX (Total cheaters and possible FOREX Scam Brokerage)

Discussion in 'Scam Alerts' started by Jim Irvine, Apr 10, 2009.

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If you agree with me and would like to see this company prosecuted please vote yes/no

Your vote will be publicly visible.
  1. Jim Irvine

    Jim Irvine Recruit

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    I just wanted to save the next "potential victim" of their hard earned money... I had tried to activate a live account with i-Trade FX since clear back in Sep '08 and made countless phone calls and nobody was willing or would follow my instructions on when to call me back to resolve the issue. After more than 5 months I finally was contacted by the representative that insisted I go with i-Trade FX in the first place. He incidentally was employed by Jared Martinez at MTI. That company I also believe is illegitimate to say the least. I was bilked for over $5000 through their company and then once I was finally able to live trade earlier this month, I watched as my account was up, then down, then up, all while earnestly working their "Training plan" that I spent the $5000 on to learn. Incidentally as I was wondering why things were so fishy, I opened another account with another Broker and watched as my "Live Trading Account" was being manipulated by i-Trade sometimes in the 10-15 pip range. No this might not seem like a lot to some of you, however if it results in a negative stop, this can really damage your account. This is what was happening to me. They were watching where I placed my limits and would "allow" the market to come up to within 1-2 pips before suddenly moving in the opposite direction sometimes up to 10-15 pips. All while I was watching this happen in real-time in the regular FOREX market and seeing that not only was the market not doing this, but it was continuing past my Limit Orders for sometimes 5-10 pips. This is in my estimation the epitome of a crooked dealing desk that is doing everything to "steal" your money, all while proposing to help you earn more money in the FOREX. I closed my account through i-Trade 2 days ago and am waiting to see the carnage from the check they supposedly sent back to me in the mail... Oh and get this, they have also kept my account "open" even though I requested it to be closed. The email I got back from the customer service dept essentially said "just in case I wanted to deposit funds back into the account". I believe it is because they are trying to charge me more for an inactive account fee as so many FOREX Brokers seem to do these days...? If anyone out there has a similar situation about i-Trade FX that they'd like to commiserate about, I'm all ears. I tried to attach some positive proof of what they are doing, but for some reason was unable to upload the Zip file... Anyway, of the slides I'd made in PowerPoint, it clearly shows a slippage of at least 1 pip at all times, and a slippage of up to 10-15 pips on some of the trades that went against me... Then towards the end of when I was so disgusted with their process that I was about to close the account out, they must have figured out that they were about to be exposed because they kept kicking my thread out and wouldn’t let me see what was going on real-time in their system...

    Sincerely,

    Jim from Alaska
     
  2. wayhuck

    wayhuck Private

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    No, the company is legitimate. NFA ID: 0367140

    Go file a complaint with NFA. It's much more appropriate.
    Keep us post on the status when you file a complaint.
     

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