Problem InstaForex - A New Excuse to Confiscate Profits

[Blaiserboy]

My two cents....... FPA runs a good shop, does well for the community. Hopefully its advertisrs contribute enough to allow FPA to continue.

I have been trading forex for about 15 years with a few different brokers and made some great mistakes. I have not had trouble with Instaforex, they have treated me quite well, although I have not used their bonus system. We have to keep in mind that disputes arise for many reasons, people are from many ethnic backgrounds and customs, it is very difficult to communicate what really happens unless there is full documentation from both sides of the dispute.

I think we are most fortunate having FPA as an intermediary, trying to determine what is actually happening.

 

[inggar_1618]

hi, can you please to not state that instaforex "SCAM" in this website review? Because im annoyed with the saying of my friends : "geez, your broker is SCAM, I read it at FPA website."
FYI, I have been 1 year trading with instaforex and i am very satisfied with their service. I have no problem with them. I read that most popular case is about 30% bonus cancellation. Guys, 30% bonus is much amount so that is normal if Instaforex very careful and strict about any abusing behaviour.
Surely those case lifted needs further investigation. Don't say a broker is SCAM too early. That is my opinion

 

[inggar_1618]

InstaForex was marked based on both cases. What I can't understand is that InstaForex's representative was incredibly rude to one trader, then later the company changed and paid that trader all her money. In the other case, InstaForex's representative promised evidence and then acted like saying "I've already proved it" was evidence.

Later, the FPA decided to not do additional Scam Findings once a company had one active scam finding. This also applies to traders court cases where a company has an active Scam Finding. There have been many complaints about InstaForex that the FPA did not investigate since there is already a Scam Finding in place. I'd have to look those up, but I think they happened about the same time, so even if the $8000 case had been resolved a little earlier or later, the other two traders were active in the FPA and could have brought a case.

Regading other brokers, the FPA does not seek out scam. The FPA acts on complaints brought to to us. People bringing complaints who want a Traders Court case or Scam Finding have to provide evidence. Most people just leave a review or a quick complaint in the forums.

The traders brought evidence to show they were different people. InstaForex never showed any evidence to the FPA, either publicly or privately.

Scam Findings do not expire. Would you want me to lift the finding against ForexGen if they were still stealing from traders?

All InstaForex has to do to get the Scam Finding lifted is to pay those two traders. InstaForex has accused the FPA of blackmail. If saying "pay traders what you owe" when the traders gave evidence and InstaForex broke a direct promise to give evidence is blackmail, then the FPA is guilty. If blackmail is demanding payments for the gain of the FPA, then InstaForex's accusations against the FPA are false.

I am open to discussing this with someone in charge at InstaForex.

I read FPA rated instaforex is scam and i very surprised and also annoyed. I personally love that broker. It has been 1 year i trading with insta and their service is very profesional. They have daily contest, and I achieved the prizes. The withdrawal is very fast and no problem, the deposit is no problem. .. How can you TOO EARLY in rating them as SCAM. It is like a defamation. The funny thing is ,,, I found that IFX stated back that FPA is SCAM. read here: Be aware of Forex Peace Army Scam .IFX wrote:
"Unfortunately companies-victims are not able to start the court proceedings against this cheating project because FPA is totally anonymous. Besides hiding their real addresses or registration data, they use capabilities of anonymous providers to continue blacking the companies unpunished."
I suspicious maybe FPA and IFX have personal conflict, then accusing each other as SCAM ?

I also read about Yulia's and other person case. I think It is normal for IFX to suspect them abusing their service. Things like that needs deeper investigation from police. It is too CRUEL if you rate IFX is SCAM. They are big company and profesional broker

 

[AsstModerator]

Inggar_1618,

I'd like to ask you some questions...

Imagine if you opened an account with a broker that had an active representative in the FPA's forums. Imagine the broker even advertised at the FPA. One day, your account is closed and the broker accuses you and another trader of cheating, but won't give you evidence. You and the other person complain at the FPA.

The FPA does not protect the advertising broker. Instead, the FPA asks everyone involved for evidence. The broker's representative say the two of you are one person. She says she has evidence and will present it. You and your friend present ID cards and other evidence.

The broker's representative does not present evidence. Other employees at the broker also don't present evidence. Instead, the broker's representative keeps saying that you and the other trader are liars and that she's already proven it. Her "proof" consists of repeating that you and the other trader are the same person, are lying, and that she's proven it.

Under those circumstances, do you think the FPA should just take the broker's word for it? After all, that broker was helping to pay salaries at the FPA. I think the FPA should temporarily suspend the advertising contract to show the broker that this behavior is unacceptable and that the FPA is very serious about wanting evidence.

The FPA suspends the advertising contract and asked for evidence. The broker's representative keeps saying she's already presented proof. No one from the broker has given a single piece of evidence. Not a suspicion of a fake ID card. Not a phone number, street address, or IP address in common. What's your opinion of the broker now?

Do you think the FPA should consider taking money from you and another trader, promising evidence to justify it with evidence, then presenting no evidence and not paying you and the other trader is bad? Do you think it would be reasonable for the FPA to give the broker a deadline?

The FPA gives a deadline. The broker and broker's representative ignore it. Your money is gone. The FPA cancels the advertising contract and returns the unused portion to the broker.

Do you think that having your money confiscated from you under these circumstances would be a scam, or should the FPA tell you "Too bad. Get a deeper investigation from the police, since calling the broker a scam is too cruel. After all, they are a big company and have some happy customers, so maybe you don't really deserve your money back."?

Inggar_1618, if you tried posting anything good about the FPA or bad about InstaForex at any forum they control, how long do you think that post would remain visible? If you read this thread, you will see that you are not the only happy client of InstaForex to post here. If you check the FPA review page for InstaForex, you will find some positive reviews.

If the FPA was filtering the reviews and forums based on who advertised, there would have been no scam finding. If the FPA filtered reviews based on who advertised, why are many of the brokers buying banners here not 4 or 5 star rated?

Answer all these questions and then tell me how unfair you think the FPA is.


If anyone at Instaforex wants to discuss this issue, the "Contact Us" link is on every page of the FPA's website. The FPA has waited over 4 years to hear back about getting Yulia and Barunia paid the money that InstaForex owes them. Or, InstaForex can keep posting libel about the FPA and convince a few people who don't check closely that the FPA is unfair.

 

[Techboy]

Honestly, both sides has its own reasons, IFX may has its own conviction that the two complainants has suspicious activities, open a trade all at the same time or an account all at the same time can be considered churning that is an ethical way to make money in these market, I am not saying that they are actually doing it but there are doubts in their case....if you look on reviews on most brokers there are hundreds crying for scams but dont have scam status on the forum, while there are also thousand of satisfied traders at IFX.....so which is important here the two complainants or the thousands of traders that are satisfied with their service? It is a known fact that 99% of brokers received negative feedback or accused of being a scam and it is no difference with IFX.....in my opinion you can only call a company a scam when they really took all their clients money and walk away but it is not the case at Instaforex.....branding them as scam is inappropriate maybe just put some warning sign are both fair to all concern.....

I also notice that IFX return their initial deposits, so it is obvious that the broker has no intention of taking their money, it is just they suspect the trader of irregularities so they close their accounts and I think every broker has all right to do such thing....so in these part traders is always in the losing end because the broker is unregulated and not located in your country, a trader cannot file any complain or an appeal.....but still I cannot categorized it as scam...maybe bad or dangerous is more appropriate in these case. But if we put warning sign in all of these brokers with scam reviews or case then all brokers will get a warning sign even US brokers has some bad reviews also....so traders has no choice but to choose a broker with less bad reviews (LOL) PEACE!

 

[Pharaoh]

Returning the initial deposits puts IFX above places like ForexGen, bit doesn't free them in this instance.

InstaForex made a clear and direct promise to provide evidence to the FPA and broke it. The number of complaints that have come in about Insta since then is enough that they'd probably end up with a new scam finding very quickly even if the old one was erased.

If those had been your hard earned profits removed, you would be singing a different tune.

 

[Techboy]

Returning the initial deposits puts IFX above places like ForexGen, bit doesn't free them in this instance.

InstaForex made a clear and direct promise to provide evidence to the FPA and broke it. The number of complaints that have come in about Insta since then is enough that they'd probably end up with a new scam finding very quickly even if the old one was erased.

If those had been your hard earned profits removed, you would be singing a different tune.

Any broker has its own rules and it is in the general agreement section but the problem is traders dont read it so when they get penalized because of suspicious activities they cry for scam, most brokers in these business operates on their own terms so if they suspect you or anybody that doing some illegal strategy or activity in your trading then they have all the right to cancel your account and they are not obliged to explain to anybody or any forum about their actions, there are lots of bad reviews about IFX but to think that they have 1 million trading account so it is just normal that you can get many complaints about the company, but nobody can really tell if all these reviews are true or not....I been trading with them for more than a year and they have been dealing all my complaints and problems very fairly.....so I just could not believe that IFX is a scam broker, they could have been shutdown a long time ago if they are really a scam broker.....

 

[Pharaoh]

The traders promised evidence to show they were 2 different people and provided it. InstaForex promised evidence to prove that the accounts were run by only 1 person and provided nothing. If you were one of those traders, would you consider them to be a scam?

Evidently, InstaForex doesn't Insta-Scam all of their clients. On the other hand, they failed to keep promises they made to the FPA and have a string of complaints that would earn them a new scam finding pretty quickly if the old one were lifted.

Scam brokerages don't always fail instantly. Prime4x stole from thousands of traders and is now running under a the CommexTrade name with the same management. Complaints about the UFX Kiss of Death keep coming in. Check the complaints for Banc de Binary.

By your standards, the fact that these 3 brokers are still in business means it's safe to place money with them. Why don't you open a $5k account with each, trade for awhile, then come back and tell everyone how closing your accounts and withdrawing all the cash went?

 

[talk2shefty]

On the 24th of May 2013, Major online currency website,Liberty reserve was off the internet,people could not access their accounts,clients waited and hoped,seconds were born,they grew into minutes,developed into hours and matured into days,finally,on Monday 27th,a message was displayed on the website of LR,alas,the domain had been seized by the American global illicit financial team!

The owner of the firm and major staffs were arrested and charged to court for money laundering.

This affected financial transactions with forex brokers who accepted LR as a method of deposit and withdrawal.

However by Tuesday,28th May,several brokers had issued press statement on their websites and blogs to calm down the nerves of the clients and to assure them of the safety of their funds,they went a step further by putting smiles on the faces of their clients by creating for them alternative means of withdrawal! Yes! this was right on tuesday.

Such marvelous brokers includes Agea, Exness, Hotforex, Xemarkets and many others.

Unfortunately, Instaforex broker( Forex | Online Forex Trading | Currency Trading | Forex Broker) when contacted on monday -thursday morning) never gave any reasonable answer about giving withdrawal options to clients.Below is there answer to such request

==========================================
Hello,

We don't know the exact time but we recommend clients to continue use their trading accounts with InstaForex normally and not to make any hurried conclusions. In any case, despite of what will be output of current situation with Liberty Reserve, it is assured that it will not impact our company's work a lot. We kindly ask you to wait patiently for further updates from Liberty Reserve's side.

Sincerely yours,
International Finance Department
InstaForex Companies Group
Forex | Online Forex Trading | Currency Trading | Forex Broker
Skype: instaforex.finance
YM: ifx.payments
ICQ: 429048404
e-mail: eng.finance@mail.instaforex.com

=================================

QUESTIONS

1. Instaforex...which type of output on current LR situation where you waiting for?

2. Instaforex, are you expecting the arrested owner to make a statement from custody?

3.Instaforex,Are you expecting the output to come from a domain that had been seized?

4. Instaforex, why are you lying?

--------------------------------------------------------------------------

On thursday they released a press statement at the link below

Cooperation with Liberty Reserve terminated

Here is the message on the link:

======================================
Dear customers,

We have to inform you that cooperation with Liberty Reserve has been terminated as the payment system had shut down.

The case falls under Clause 7.7.1 of the Public Offer Agreement, according to which all the funds deposited through the payment system that later disappears are deducted from the trading account of a customer, as the company is not a guarantor of any payment system, and the money received through the payment system is stored on the company's accounts with the system enabling the company to quickly process your withdrawal requests.

Nevertheless, the company's management has considered that a lot of partners and customers used Liberty Resserve for funding their accounts and made a decision that Clause 7.7.1 of the Public Offer Agreement should be exercised in the following way:
1. Withdrawal of the funds deposited through Liberty Reserve is restricted for 6 months starting from May 30, 2013;

2. Since November 30, 2013 the withdrawals will be available, provided an account was used for trading during these 6 months;

3. Since November 30, 2013 at processing the withdrawal request, InstaForex shall deduct from an account 50% of all the funds deposited through Liberty Reserve. The amount of a requested withdrawal should include this deduction.

We strongly recommend that you use reliable payment methods such as bank wire, international bank cards, local transfers, Skrill, LiqPay, Payza.
=====================================

We want to know and ask instaforex this questions;

1. Why have you decided to withold funds in accounts for 6months without allowing clients withdraw their funds?

2. Why would you decide to STEAL 50% of clients funds?

3. Is clients fund in their trading account or LR account when they were trading?

4. Other brokers have allowed clients withdraw in full via other means, why can't you follow suit?

WORDS OF ADVICE:

Instaforex, clients would not wait for 6months and would not accept you to steal 50% of their deposits, we want our funds in full right away, after all you are charging spreads, swaps, commisions and making profits from such accounts.

RELEASE OUR FUNDS, WE ARE AFTER YOU!

 

[Pharaoh]

So, be forced to keep trading on funds that have successfully cleared weeks, months, or even years ago, and Insta will kindly give you back 1/2 of what you deposited with them.


Hey Techboy and the other 1 and 2 post wonders who showed up here to defend InstaForex! I'd like to know if any of you deposited using LR and what you think of having withdrawals frozen for 6 months, a requirement to keep trading, and then only getting back 50% of a deposit. Do you still endorse IFX or will you finally admit that something isn't right about the company?