Tarek X,
You found it unfair to mark InstaForex as a scam? Did you read what they did?
1. Confiscated the profits.
2. Declared the traders to be cheating.
3. Agreed to show the FPA evidence.
4. Failed to provide a single piece of evidence. (Both traders showed evidence to the FPA)
5. Kept claiming that they'd already proved that the traders were cheating by saying the traders were cheating many times.
If a broker took your money, claim you are cheating, promised to provide evidence to prove you were cheating, then didn't show any evidence since they had already "proved" you were cheating, would you consider that to be a scam or not?
Tarek X,
You joined FPA today and made a single post in support of a broker with a hiddeous record on an old thread that remains unresolved.
Forgive our skepticism, but offen Oprichniks descend upon old Scam Alert threads in an attempt to cast doubt on the implications they provide. I am sure you understand.
.
To gain our respect you must provide some information that is verifyable.
Please demontrate your integrity. Are you a professional in finance, a broker's agent, an experienced trader?
Some credentials please; or simply post your trading history using an MT4 Detailed Statement from your InstaForex account regardless of your gains or losses, complete with indications of deposits and withdrawals over the period of a year or more. Remove your personal information first, if you wish. Should you need some technical assistance in how to accomplish this, just ask me or Pharaoh publically or privately for help.
.
You must also document your outrageous claim against FXCM. This is not a Moscow street corner, where you can just throw around lies without evidence.
Unlike the generous spirit of the FXCM Representative, I shall reserve any "Welcome" for you until you have provided the requested information or credentials are verified, plus your IP Address has been checked (such order has already been placed through FPA Management).
.
Anthony Ingrassia, CTA
NFA ID#: 0278164
Tarek X,
You found it unfair to mark InstaForex as a scam? Did you read what they did?
1. Confiscated the profits.
2. Declared the traders to be cheating.
3. Agreed to show the FPA evidence.
4. Failed to provide a single piece of evidence. (Both traders showed evidence to the FPA)
5. Kept claiming that they'd already proved that the traders were cheating by saying the traders were cheating many times.
If a broker took your money, claim you are cheating, promised to provide evidence to prove you were cheating, then didn't show any evidence since they had already "proved" you were cheating, would you consider that to be a scam or not?
Tarek X,
You joined FPA today and made a single post in support of a broker with a hiddeous record on an old thread that remains unresolved.
Forgive our skepticism, but offen Oprichniks descend upon old Scam Alert threads in an attempt to cast doubt on the implications they provide. I am sure you understand.
.
To gain our respect you must provide some information that is verifyable.
Please demontrate your integrity. Are you a professional in finance, a broker's agent, an experienced trader?
Some credentials please; or simply post your trading history using an MT4 Detailed Statement from your InstaForex account regardless of your gains or losses, complete with indications of deposits and withdrawals over the period of a year or more. Remove your personal information first, if you wish. Should you need some technical assistance in how to accomplish this, just ask me or Pharaoh publically or privately for help.
.
You must also document your outrageous claim against FXCM. This is not a Moscow street corner, where you can just throw around lies without evidence.
Unlike the generous spirit of the FXCM Representative, I shall reserve any "Welcome" for you until you have provided the requested information or credentials are verified, plus your IP Address has been checked (such order has already been placed through FPA Management).
.
Anthony Ingrassia, CTA
NFA ID#: 0278164
First of all,
I am very sorry for a big mistake of me and I ask pardon for it. I thought the owner of FXCM is Gain Capital. But after your post, I searched google and found that they actually owned forex.com. So, I am removing my claim from FXCM. I have heard few complains about them but that is usual for any broker which is not my concern and FXCM can't be called scam for it. I am really sorry for the mistake. If possible, I will edit the name in previous post or I will request the mod to edit it. For my mistake, I don't want, FXCM, lost its reputation.
Anyway, so the guilty broker is forex.com, not fxcm.
Now, I am going back to pint. Forex.com was punished by its regulatory NFA for engaging in margin and liquidation practices that had a detrimental impact on certain of Gain's customers on certain slipped trades.
I am quoting directly from NFA official website:
COMPLAINT:
On June 30, 2010, NFA issued a Complaint against Gain and Stevens that cited Gain for engaging in margin and liquidation practices that had a detrimental impact on certain of Gain's customers on certain slipped trades, failing to maintain records for certain unfilled orders that were placed on the MetaTrader trading platform prior to May 2009, failing to adequately review the activities and promotional material of Gain's unregulated solicitors, failing to respond promptly to certain inquiries and requests made by NFA during NFA's audit of Gain and, together with Stevens, failing to supervise the firm's operations.
DECISION:
On October 27, 2010, NFA's BCC issued a Decision accepting an Offer of Settlement submitted by Gain and Stevens, in which Gain and Stevens neither admitted nor denied the allegations of the Complaint and agreed to settle the case on the following terms: Gain agreed to refund to customers the amount of negative slippage they experienced on the trades that were placed in their accounts between May 1 and July 31, 2009 and which were attributable to the Virtual Dealer Plug-in that Gain used on its institutional and retail servers, Gain agreed to refund to customers the losses they incurred as a result of Gain's practice of adjusting leverage and margin requirements on Fridays, as alleged in Count I of the Complaint; Gain agreed to pay $459,000 to NFA as a monetary sanction; Gain agreed that in the future any and all slippage parameters that Gain uses in determining whether a customer's order will be executed or re-quoted, shall be symmetrical in nature and neither advantageous nor disadvantageous to the customer or to Gain; and Gain agreed not to reinstate its practice of adjusting leverage and margin requirements on Fridays, as described in Count I of the Complaint, which it has discontinued. The Decision made no findings with respect to Count V of the Complaint charging failure to supervise.
Source: https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0339826&case=10BCC00015&contrib=NFA
So, it is clear that forex.com or gain capital cheated with its clients and they were punished strictly by the regulator. Even if they pay the amount, they are proved guilty and you should mark them SCAM for it because many traders lose money due to their bad practice.
If you think they co operated with the regulator and they should not be marked as scam, you should at least mention it in the review of Gain capital and there should be at least one guilty case against them.
Lets check FPA review of Gain Capital:
Forex.com | GainCapital.com reviews and ratings by Forex Peace Army
Cases Open - 0 | Not Guilty - 0 |
Guilty - 0
How can you say it? If you say no one actually informed it in FPA and therefore you did not add it to guilty, then will you add 1 guilty case for gaincapital review if I file a case now?
There should must be a guilty case even if they co operated with regulator, otherwise they are subject to be marked as "SCAM"
I have written so many things because Instaforex is marked here as scam by the complain of few members among which almost 90% has a problem with deposit bonus issue. In the other side, this broker is extremely popular, you know about it and every day thousands of members are getting paid from this broker. There are many members who are receiving withdrawal of several thousands dollars. If the broker is scam, they should not receive it.
If they receive withdrawal, then why the broker Instaforex is labeled as scam here? You can give Instaforex the normal status of other brokers. If you found guilty cases, then add it with red label. Let people read it and judge themselves if they should join in the broker or not. As long as the broker is paying, they can't be called scam. They are also not making selective payments. There are just complaints against them by members.
I think this is fair because gain capital has 100% clearly marked as cheater but they have normal status and interestingly no guilty case against them in FPA. In the other hand, Instaforex did not get punished by any regulator (they even co operated with CFTC by not accepting USA clients) and based on some complaints, you marked this broker directly as scam where thousands of members are getting paid from this broker daily and ignoring this real fact.
I know this broker has now the largest number of traders, I hope you will also not disagree with it. At least for owning such a big forum, you have idea about whole brokerage market. So, why the largest forex broker has the scam status in FPA?
I don't know much about past. But I am pretty interested to know if you guys have any plan to change the scam marking.
I am trying to defend IFX for own interest. I think there is no problem if I do it as long as I do it with logic. I am a mod of one IFX sponsored forum. But I am here because at least one IFX IB complained me that they are facing problem by people due to FPA scam report.
So, you know my interest. I don't need to hide it.
