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