FPA Scam Finding
We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
IFTI Service volunteered for the FPA's Performance Testing Program in October, 2011. One month later, the account was empty. FPA member Amag80 had an account managed by I.F.T.I. and reported losing most of his account balance. IFTI replied on Amag80's discussion thread in the Scam Alerts Folder and blamed the losses on server connection issues.
Poor risk management alone is not enough to qualify for an FPA Traders Court Case. The final issue came down to IFTI not paying back IB rebates that had been promised to traders in the event that IFTI's trades lost money. This resulted in a Guilty vote in the FPA Traders Court.
The issue would have been done at that point, but IFTI came back and started posting in the Traders Court thread. They claimed to not be a scam and promised to pay the rebates owed to Amag80. There were several reasons given for delays and then IFTI's representative disappeared again after making a promise of payment by the end of February after getting Amag80's payment information. Amag80 gave the information and IFTI has not been heard from since.
Failure to return money legitimately owed to traders is the FPA's first definition of scam. In this case, IFTI has repeatedly made public promises to pay money that the company admits is owed and has failed to keep those promises. We also question the company's excuses for the losses in Amag80's account and the other account that the FPA was monitoring in Performance Testing.
Under these circumstances, IFTI-Services has forced us to declare it to be a scam. We offer IFTI the opportunity to have this scam finding lifted by meeting these requirements. First, the company must immediately pay Amag80 the money owed along with a reasonable amount of interest to compensate the the delay. Second, IFTI must post a public apology for its actions in this case. Third, IFTI must provide satisfactory answers for the losses of those accounts.
IFTI-Services is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company. We recommend against following any trade signals they send. If you have allowed them access to trade your account, we recommend revoking that access immediately.
We extend our regrets to Amag80 and all others who lost money in their dealings with IFTI.
Discussion Thread for this Scam Finding
Amag80's initial complaint against IFTI
FPA Traders Court Verdict against I.F.T.I.
FPA Review Page for IFTI-Service.com
FPA Performance Test Page for IFTI Service