Problem Instaforex - another scam "CANCEL ERROR ORDERS"

[Candlelight Vigil]

Hello FPA,

It's a pleasure to meet you!!!

This is my first post in and it is about an update on Instaforex' trustworthiness as a broker choice.

During the month of August I have made a deposit of 50$ with Instaforex in order to test their trustworthiness. At the end of the month I've had accumulated 120$ and made a 50$ withdrawal attempt through Skrill. [same financial operation method used as deposit, it should take 3-7 business hours]

The withdrawal was processed in 2 business day and during this time, my trading account's balance has been modified. By looking at the statement, I've learned that the attached [Picture1.png] order line #1625813980 which mentioned only as a comment "CANCEL ERROR ORDERS" for the amount of -39.75$.

Therefore I've wrote them an e-mail asking for an explanation on the supposedly fraudulent action and here's their reply:

"There was a correction on your account based on the point 5.6 of Public agreement offers:

1. The Company reserves the right to correct the result of the Customer trades if the server errors were detected, which led to quotes delay, spikes and other negative consequences for the Company, and could not have been hedged by the Company contractors."

The broker's clients don't have access to their order flows or servers in order to run a complete check-up and legitimacy of their statement. I understand that these are the terms of condition that the clients have to agree in order to trade with Instaforex, but the above basically says:

"WE CAN ARBITRARILY CANCEL ALL YOUR PROFITS AND INVOKE A SERVER ERROR EVEN IF THERE WAS NONE"

Since then, I have followed-up with them in a polite manner asking for more details associated with the exact server errors time stamps [to the second], 1M candle of spike/quote delay and the trades associated with these supposed events that they're invoking. They said that my e-mail will be passed on to the dealer desk.

However, there has been no reply from their side for the past two business days and this indicates an additional concern with lack of communication. I have the dealer's desk e-mail address from a previous issue with them and the e-mails have been forwarded by me to both the support and the dealer department.

I've added the e-mail conversation as an attachment "2.e-mail_thread.pdf" and I'll keep anyone interested up to date. Also, for those interested, I've attached the "3.detailed_account_statement" archive which details the trades made in the month of August.

TL ; DR - Instaforex is still a scam broker today, 13th of September 2016

 

[shogunfx]

If they invoke point 5.6 of Public agreement offers for 40$, I'm wonder what should they do for 40.000$ withdrawal request ?

 

[Candlelight Vigil]

Simply unprofessional.

Their reply from last night:
"
We have received message from you. Kindly wait for reply. In accordance with InstaForex Public Offer Agreement point 5.3.:
The Client claim will take no longer than 10 working days to be settled by the Company.
"

 

[Pharaoh]

InstaForex reserves the right to declare clients at fault of any charge Insta's people can think of. No evidence is needed, even when promised. This sort if behavior is why InstaForex went from being an advertiser at the FPA to being a confirmed Scam,

https://www.forexpeacearmy.com/community/threads/instaforex-a-new-excuse-to-confiscate-profits.3484/

Try to withdraw any remaining funds and check the FPA reviews before opening an account with any forex broker.

 

[Candlelight Vigil]

Hello Pharaoh,

Thank you for your message.

Of course, I've checked Instaforex and I was aware of their history.
However, I wanted to update on the ongoing fact that they're still abusing the terms of agreement in their favor.

Funds have been withdrawn entirely.

Kind regards,