INSTAFOREX ARE SCAMMERS. I MET THEM AT A TRADERS FOREX CONFERENCE, I'd expect all brokers to be veted before going to a conference so I did not research them before depositing money with them.. SCAMS!!!!
I joined this broker sometime around January. Their customer service was ok, I made a deposit of $170 on my account via my credit card, just to test their services. I made a profit of $240. I then ask for a withdrawal of $66 which I received.
This gave me confidence in this broker; well I lost all of my remaining balance of $174 in the month of February.
So I had to add fund to my account, so on the 1st of March, I made a deposit of $400, in steps of $200 all from my credit card over a one week period.
The reason for this being I lost my account balance of $200 I initially deposited, so I deposited another $200.
To stop losing I changed my trading strategy & increased my leverage from 1-200 to 1-1000. I took more risk to recover my losses.
Luckily my trading strategy paid of this time and I made a gain of $213 and increased my account balance to $513, so I recovered my losses quicker because of my increased leverage.
I asked for a withdrawal of $220 on the 5th of March. I used an EA on the 6th of March to trade the Asian session and due to an error my account balance of $293 got wiped out.
Confident with my new strategy, I funded my account with $100, I recovered my $293 loss after 2 trades using a leverage of 1-1000 on my $100 balance.
All of a sudden, I received an mail from Instaforex telling me that they have refunded my $220 withdraw back to my account for me to trade with. Read below the exact wording of their email.
“Your trading account 5189474 was replenished through a credit card processing center.
Recently you made a withdrawal request to a third party payment system
Please note that we allow withdrawing funds to a third party payment system 45 days after the date of last credit card deposit in order to protect your money from Internet fraud.
Your withdrawal request was cancelled and requested amount was credited back to your trading account for you to use it during the restricted period.
We are sorry for inconvenience this may cause you.
If you have any questions, please contact us by credit-cards@mail.instaforex.com.”
Best regards,
Automatic Notification Service
InstaForex Companies Group
Forex | Online Forex Trading | Currency Trading | Forex Broker
Afterwards I also received an email from their antifraud department accusing me of fraud. That I have to send a scanned coloured copy of my proof of id to them once again, I did send them a proof of id when I opened my account.
They then went ahead to disable my trading platform I have proof of open trades in profit of $558, I cannot close this trade because they’ve stopped all trading on my account.
I believe am a victim of scam by this broker, they claim they are safe guarding my fund from internet fraud, but in reality they as sitting on my fund and wont release it. They claim this fund was refunded to my account to use in the restricted period, but I cannot even trade because my account is disabled.
I no longer trust this broker with my money. As part of my money management, I withdraw my profit at the end off every trading day if I made a profit, but they want me to wait 45days to make a withdrawal. I told them the same account I used for my 1st withdrawal is what am using for my 2nd withdrawal so there is no cause for alarm, also it’s the same credit card I have been using since I opened my account with them, kindly check your records.
They have ignored any sense of reason because a client they expected to lose has made some profit.
I have written to them that they should close my account and send me all available funds in my account. But they’ve since stopped communicating and their excellent customers services has gone from good to bad.
So am still in the process of trying to get my money, its been 2weeks now, i will keep you updated if i manage to recover my money from this bucket shop brokers...
I joined this broker sometime around January. Their customer service was ok, I made a deposit of $170 on my account via my credit card, just to test their services. I made a profit of $240. I then ask for a withdrawal of $66 which I received.
This gave me confidence in this broker; well I lost all of my remaining balance of $174 in the month of February.
So I had to add fund to my account, so on the 1st of March, I made a deposit of $400, in steps of $200 all from my credit card over a one week period.
The reason for this being I lost my account balance of $200 I initially deposited, so I deposited another $200.
To stop losing I changed my trading strategy & increased my leverage from 1-200 to 1-1000. I took more risk to recover my losses.
Luckily my trading strategy paid of this time and I made a gain of $213 and increased my account balance to $513, so I recovered my losses quicker because of my increased leverage.
I asked for a withdrawal of $220 on the 5th of March. I used an EA on the 6th of March to trade the Asian session and due to an error my account balance of $293 got wiped out.
Confident with my new strategy, I funded my account with $100, I recovered my $293 loss after 2 trades using a leverage of 1-1000 on my $100 balance.
All of a sudden, I received an mail from Instaforex telling me that they have refunded my $220 withdraw back to my account for me to trade with. Read below the exact wording of their email.
“Your trading account 5189474 was replenished through a credit card processing center.
Recently you made a withdrawal request to a third party payment system
Please note that we allow withdrawing funds to a third party payment system 45 days after the date of last credit card deposit in order to protect your money from Internet fraud.
Your withdrawal request was cancelled and requested amount was credited back to your trading account for you to use it during the restricted period.
We are sorry for inconvenience this may cause you.
If you have any questions, please contact us by credit-cards@mail.instaforex.com.”
Best regards,
Automatic Notification Service
InstaForex Companies Group
Forex | Online Forex Trading | Currency Trading | Forex Broker
Afterwards I also received an email from their antifraud department accusing me of fraud. That I have to send a scanned coloured copy of my proof of id to them once again, I did send them a proof of id when I opened my account.
They then went ahead to disable my trading platform I have proof of open trades in profit of $558, I cannot close this trade because they’ve stopped all trading on my account.
I believe am a victim of scam by this broker, they claim they are safe guarding my fund from internet fraud, but in reality they as sitting on my fund and wont release it. They claim this fund was refunded to my account to use in the restricted period, but I cannot even trade because my account is disabled.
I no longer trust this broker with my money. As part of my money management, I withdraw my profit at the end off every trading day if I made a profit, but they want me to wait 45days to make a withdrawal. I told them the same account I used for my 1st withdrawal is what am using for my 2nd withdrawal so there is no cause for alarm, also it’s the same credit card I have been using since I opened my account with them, kindly check your records.
They have ignored any sense of reason because a client they expected to lose has made some profit.
I have written to them that they should close my account and send me all available funds in my account. But they’ve since stopped communicating and their excellent customers services has gone from good to bad.
So am still in the process of trying to get my money, its been 2weeks now, i will keep you updated if i manage to recover my money from this bucket shop brokers...
