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InstaForex new $8000 Scam

Discussion in 'Scam Alerts' started by aras194, Nov 22, 2008.

  1. aras194

    aras194 Private

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    Hello,
    I want to tell you about my account (39302) in InstaForex. they have deleted all the history of my account containing $8000 profit.

    I have opened this account on Monday, November 10 2008, and deposited $100. at the same day, the first order was opened and aftar that I have opened and closed many positions on different pairs.

    untill Friday evening 14.11.08, the balance of the account was $8050.3.

    but


    1- on Friday evening 14.11.08, I saw that there is nothing in my account.
    before that time, one position was still open and many positions had been closed through the week, but all of them are deleted now !

    2- I did not want to withdraw any money from my account and did not order any withdrawal request, but $100 was sent to me via webmoney on 14.11.2008 !

    as this scam broker, does not send the history of accounts every night or every month to client's e-mails, I have some other documents which helps me proving my words which are:

    a) my metatrader is still open from 13.11.2008, so from that date, everything is registered in journal of my metatrader. I provided the pictures of my journal.

    b) metatrader saves the log files in the log folder.

    c) My IB (account number 16226) has received many commissions from my closed trades, I asked him to send me his statement about my account and he did. you know that the ticket numbers of a client's closed positions can be found in IB's account history. just one open position cannot be seen here. also, he sent me some extra pictures which proves that I am his client.

    d) a friend of mine which was following my trades having my investor password, took a picture from his metatrader on 11.11.2008.

    e) I have provided my full statement by going through log files and IB statement. and entered the data in Microsoft Office Excel.

    All the documents sent to FPA adminitrators.

    I also started to write their scam on forex-tsd, but they are telling lie to everyone without any evidence. they send some fake ticket numbers and claim that because of this, they cancelled all of my trades. also they say that me and my IB are one person, while I can prove they are wrong.

    InstaForex - www.InstaForex.com - Page 19 - Forex Trading

    until now, they have never sent me any email explaining what is the problem,

    I really want you to help me.

    thank you in advance.
     
    #1 aras194, Nov 22, 2008
    Last edited: Nov 22, 2008
  2. yulia

    yulia Private

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    stupid scammer broker

    IF you're facing with stupid scammer broker , you have to be careful and always make a copy/record of any MT4 history or any statements they made, they're often careless and not consistent with reasons they used to accuse that client's breaking the rules, It's classic
     
  3. Kat Miles

    Kat Miles Recruit

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    Aras,

    It looks like you took $100 to over $8,000 in just a few days.

    Of course, I want to know how you managed to grow an account so quickly, so I can do the same thing.

    But I also wonder if that is why some brokers have issues with traders who do something that causes an account to grow quickly. Is there any kind of "legitimate" reason for a broker to withhold profits? They are already making $$ off the spread for each trade. So what "legitimate" reason could ever be offered for something like this?
     
  4. Scam Investigations Committee

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  5. meamer

    meamer Recruit

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    Who is the scammer here?

    First, i am not instaforex trader or rep. i am just a forex trader using FXCM as a broker.
    Second, there is no way ever to turn 100 usd to 8000 in 15 working day even if u go with the rally in gbp/jpy so please every body don't ask her for this trading ideas because it is 100% off market qutoes
    It happened to me once with forex.ch they cancel 600usd profit but i think they have the right to do this as it was not a market quotes. I wonder why they kept u trading with them till u reach 8k then cancel all your trade?
     
  6. JeffNLisa

    JeffNLisa Private

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    Off topic for this thread, but no this is not true at all.

    You couldn't open one postition and ride it from $100 to $8000, unless you had 1.0 minilot and saw 7900 pips. But with scalping it is not that tough. A successful scalper with only $100 of real money on the line could do it.

    She said she took "many trades" with multiple pairs.

    I have scalped a $100 account to $200 in one day several times -- and that using .5 minilot positions, which can tolerate even 10 losses IN A ROW and still only have 50% drawdown. Certainly not prudent money management, and I would not do that on an account I had put any serious money into.

    And even then, I would not begin increasing the lot size until I had about $500 in the account several days later. .5 minilots for a scalp trade in a $500 account is not bad money management at all, and you could then begin to compound from there. But if you only compounded during the second and third weeks, $8000 in 15 days would not be difficult for an experienced scalper working several 3-4 hour sessions a day.

    I also have blown several accounts trying to do this, and of course we never hear any SCAM alarms when that happens.

    But it is possible. And most any broker that is not a true ECN broker would HATE you for doing it.

    Jeff
     
  7. scunni4107

    scunni4107 Recruit

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    ARAS

    Aras can you contact me I wanted to ask you something.
     
  8. Pharaoh

    Pharaoh Colonel

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    InstaForex thought the same way you did, but then they analyzed her trades and admitted that EVERY trade she made was legit.

    It is possible to get these kind of returns by using very high risk scalping and compounding. Normally, I'm in favor of much more stringent risk management, but if you've got $100 you can afford to lose, it might be an interesting way to shoot for big returns.
     
  9. alexmcgrory

    alexmcgrory Recruit

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    More than type of scam

    Hi I enjoyed reading about the success of the trader getting back their $8000, I believe it is possible to trade this I have done it on many occasions I have traded low USD numbers to higher 8K 10K levels, although I always seemed to get hit with a unlucky (bizarre price move which happens just at the time my system would lock me out). Only to see the market reverse a few moments later with account wiped out. I can say that on at least a half dozen occasions this has happened to me. Sometimes the broker would give back the losses sometimes they wouldn’t. That was with FXCM. I had one similar experience with MB trading. My reason for writing is the recent behaviour of MB Trading towards Felix, some of you may know that Felix pays out rebates as an introducing broker for MB trading via felixforexbroker.com but MB trading are withholding payments to Felix and he cannot honour his commitments to people like me im owed over $2k. I know Felix is not a scam as he paid my rebate last year, and earlier this year he kindly advanced me some, so why is MB trading treating Felix in this bad way when they do no treat other introducing brokers like this? Is this just an excuse for MB trading to hold onto large sums of money? This should be investigated as there must be many felixforexbrokers rebate customers out there feeling a little scammed.
     

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