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Instaforex Scam!! ($8200 Un-Authorized Withdrawal)

Discussion in 'Scam Alerts' started by JohnP, Aug 16, 2011.

  1. JohnP

    JohnP Recruit

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    On August 10th 2011 I logged into my Instaforex account only to find out that 99% of my money had just been withdrawaled. Somehow, some way, someone obtained access to my account with my pin code and made a withdrawal of $8200(My entire accounts balance) to Liberty Reserve.

    Not only did I not receive an e-mail about the withdrawal, Instaforex seen it completely normal for someone to log into my account under a different IP and withdraw all my money and not even ask a question. What's wierd is that when I checked my account log history, there was no other IP in there but mine which leads me to believe it could have been an inside job. How else could the money have been withdrawn?

    You would think a transfer of this size being withdrawn to a place like Liberty Reserve(considering I've only ever used bank wires with them), and under a completely different IP would raise a flag or two? But no, they had that withdrawal approved within hours it seems.

    As soon as I seen the transfer show up in my account I was immediately in contact with support at which point they gave me a link to a form to fill out to have the transaction cancelled. I completed the form while still talking to the support guy and he confirmed after that the withdrawal was cancelled, but my account was being locked to prevent any future incidents. I just had to send a scan of a government photo ID. Ok no problem I immediately did that.

    Whew! Crisis averted, or so I though...

    A few days go by and I'm waiting for a phone call from Instaforex to confirm my phone number, and obviously they don't call. I contact support again at which point I find out that the withdrawal actually was processed and was being investigated by the anti-fraud department.

    So then I contact their finance department where I get the official bad news, the withdrawal was approved, the money is gone and there is no way of getting it back. Case closed.

    So not only did they just let this happen, they didn't even notify me of anything throughout the entire process. The only time I got answers was when I was contacting them directly.

    I'm a partner with Insta forex and this is how they handled the situation. 75% of this money was commission from traders I introduced to Instaforex and this is how they treat me.

    What a complete joke.

    :unhappy:
     
  2. Sylvie O.

    Sylvie O. Sergeant

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    Hi John,

    1- Ask them to send you the receipt of the transaction
    2- Tell them that you have started a thread (send them the link) and invite them to take part in the discussion.
    3- Take as many screenshots as you can in case you need to file a case

    Good luck !:)
     
    #2 Sylvie O., Aug 16, 2011
    Last edited: Aug 16, 2011
  3. JohnP

    JohnP Recruit

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    Thanks Sylvie I will take those steps in hopes of turning this situation around. This won't be the only thread on this matter either, it's going mass publicity. They really should take a closer look at who they decide to screw over as I am going to make sure I was one of the wrong guys to pick on.
     
  4. Pharaoh

    Pharaoh Colonel

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  5. JohnP

    JohnP Recruit

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    Thanks, I will certainly continue piecing this case together.

    I wish I had a screenshot of the livechat with the support guy saying the transfer was cancelled, when it really wasn't. :unhappy:
     
  6. Laurie Gold

    Laurie Gold Corporal

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    Unfortunately, everywhere you look there is a scam/fraud complaint against Instaforex and it has been determined by FPA scam investigations committee that they are. Just spread the word, far and wide, and take solace that you may save their next victim. following Pharaoh's wise words is always a good idea as well.
     
  7. athenafx

    athenafx AthenaFx Representative

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    Because you were an IB for Instaforex, you should prepare a letter or an email for all your customers and apologize for promoting such a broker.

    Futrthermore, you might warn them and advise to withdraw their money as soon as possible.

    You could also ask to your customers if they noticed bad trading conditions.
     
  8. Pharaoh

    Pharaoh Colonel

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    AthenaFx's advice is very good.

    I'd like to add that you should try to get in touch with any other IBs that are having issues. That's a very fast way to gather up a large number of clients to work together.
     
  9. Sulthon Saleh Madhy

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    instaforex is real ******* broker, dont let u lose ur money there,
     
  10. along

    along Corporal

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    It's a bit late to write it here, you should try to contact LR support, tell them about the unauthorized transfer, see if they can block the account. I think the money is gone already, at least can do something if the LR account is still active and safe others from getting scam.
     

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