1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

IFTI Service – Failure Across the Board

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Mar 29, 2012.

  1. Scam Investigations Committee

    Joined:
    Mar 2, 2008
    Messages:
    249
    Likes Received:
    17
    IFTI Service – Failure Across the Board

    In 2011, the FPA welcomed I.F.T.I. Service back into the FPA's Performance Testing Program. It took them 4 weeks to wipe out the account. The excuse given was that the lot size had been set wrong. Examination of the trading history shows that lot sizes varied before the account blew out and we see no sudden increase in lot size that would seem to be solely responsible for the margin call.

    IFTI had a previous account in the FPA Performance Testing program. It lost over 13% per week for the 5 weeks it ran.

    Not long after IFTI's second Performance Test ended in failure, Amag80 filed an FPA Traders Court case against IFTI. He reports that IFTI's account management reduced an account with AUD$10,500 to AUD$1129.68 in only 10 days. IFTI also had not repayed the IB rebates that were promised if they did not meet performance expectations.

    IFTI blamed commection issues for the losses. We see that IFTI did not use stop losses on most trades in the Performance Test where they had a margin call. If they had used SL correctly, losses from a connection issue would have been much smaller.

    After a Guilty verdict in the FPA Traders Court for not paying back the promised rebates, IFTI showed up and made promises to pay Amag80. Then they had delays. Finally, they promised to pay very quickly if Amag80 would provide his PayPal or other online information. That was on February 14th. Amag80 gave his information on February 17th. IFTI has not been heard from since then.

    IFTI has failed twice in the FPA's Performance Testing program.
    IFTI has failed to provide promised results to clients.
    IFTI has failed to use reasonable risk management.
    IFTI has failed to keep promises made to a client in the FPA's forums.

    The FPA has waited too long for IFTI to keep promises. This company is now considered to be a scam by the FPA.


    FPA Scam Finding against IFTI-Service.com

    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
     
  2. sc_trading

    sc_trading Recruit

    Joined:
    Mar 28, 2011
    Messages:
    6
    Likes Received:
    0
    Great work FPA. Very thorough and professional job. Thankyou once again for all your efforts to help protect us small traders.
     
  3. FreddyFX

    FreddyFX Sergeant

    Joined:
    Oct 3, 2007
    Messages:
    338
    Likes Received:
    127
    Good job !!!

    Maybe also a message to the smaller traders that forex is a business and not for everybody to be in.
     
  4. Sazu

    Sazu Corporal

    Joined:
    Jan 12, 2011
    Messages:
    98
    Likes Received:
    0
    In a world full of estimations, approximations, maybes and what ifs I do not believe that there is actually a trading platform that can do the job without human intervention. I have yet to find any automated system that does what it claims without any strings, if ands or buts attached to the results.



    The worlds economy can move 100 points at a whisper from a Central Bank or Fed Chairman, since it is impossible for a automated system to know when and what was said during a news release how will it be able to make adjustments.


    If there is a system out there that actually works, prove it!!! So far all I have been reading about is people who claim their “Totally Automated” systems work and generate a profit, to them I say you are full of crap!


    If you are going to trade Forex, do it right and stop looking for the easy way to riches. You will not find a program ( even if one exists you most likely can't afford it) that will guarantee a profit every time it trades. Take the time to learn the business and do it properly then maybe our respective Governments will stop messing with the rules for investors. Maybe then all of these people who are nothing more then a scam will drop off the face of the earth or climb back under their rocks.



    If you are a victim (Sucker) of a scam because you believed that someone you have never met before and do not know from Adam or whoever convinces you to give them $10,000 and guarantee you will be a winner you deserve being scammed. STOP DOING THAT!



    FPA is full of stories about people being scammed by companies that guaranteed results if you just give them all of your money. Sure they gave you results, they turned your money into theirs and rather quickly!



    Do your homework on a Broker BEFORE you give them your money! Then maybe you will not be scammed. If you are looking for a Broker you can afford then there is your first problem. That should tell you that you are not in a position to actually trade currencies.



    Its simple if you can't afford the tools to run your business then your business will fail. Save up and pay the higher fees in order to use a legitimate Broker, expect to have to invest at least $5,000 to $10,000 US Dollars to get started and then expect to add an extra $2,000 to $5,000 before you actually get good. Oh and get ready to invest A LOT of time to learn and understand how the Market moves and the tools that go along with it.



    Last but not least, STOP BEING A VICTIM!!!



    To all the others I wish you well.



    Detach yourself from the emotional part of trading, that alone will make your life much better when the market goes against you.
     
  5. NetWoofer

    NetWoofer Private, 1st Class

    Joined:
    Aug 12, 2010
    Messages:
    45
    Likes Received:
    3
    Another scammer dealt with. Once again the FPA deserves to be commended.
     
  6. amag80

    amag80 Private, 1st Class

    Joined:
    Sep 7, 2011
    Messages:
    55
    Likes Received:
    0
    Thanks FPA

    I hope no other trader looses money with these cheats. I hope other traders will not make the same mistake i did. Good Luck trading every one.
     
  7. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,668
    Likes Received:
    2,206
    This is another good reason to watch performance tests for awhile before considering whether to get involved with a company.

    Hopefully the authorities will hunt these weasels down and lock them away.
     
  8. SANTHOSHKUMAR

    SANTHOSHKUMAR Recruit

    Joined:
    Mar 11, 2012
    Messages:
    3
    Likes Received:
    0
    Great job. These findings are very helpful to the traders. Thanks once again.
     
  9. Rage

    Rage Private

    Joined:
    Sep 25, 2011
    Messages:
    16
    Likes Received:
    0
    If we burned a few at the stake, it'd go a long way towards weeding out the crowd of scammers.

    Once again well done FPA.....well done.
     
  10. PipStar

    PipStar Sergeant

    Joined:
    Oct 14, 2007
    Messages:
    223
    Likes Received:
    5
    Well said. I agree with all the above.
    But scammers always find a way to prosper because there is an endless supply of victims.
    Like someone said, there is a sucker born every minute, and by the time it took me to write these
    few words most likely another victim is waiting to be fleeced.
    Sad.
     

Share This Page