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Instaforex Took both my Profit and Capital; Help!

Discussion in 'Scam Alerts' started by Megaafricans, May 7, 2011.

  1. Megaafricans

    Megaafricans Recruit

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    I opened an account with instaforex and trade the account. I made some profit and later made a withdrawal. They delay and keep pleading they will send my fund only to hear today that there is gap correction which they took all my profit and 75% of my capital {the money i deposited}

    Please help me from this unethical cheating. Thanks
     
  2. Megaafricans

    Megaafricans Recruit

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    The prove of my claim; Somebody HELP!

    This is the account statement of the account in question; please look into it and comment.

    Thanks
     

    Attached Files:

  3. Megaafricans

    Megaafricans Recruit

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    Is there anyone who can help?
     
  4. Pharaoh

    Pharaoh Colonel

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    Keep after InstaForex. Sometimes they will pay people who complain. Sometimes they won't. If you don't complain, then they definitely won't do anything for you.

    Make sure to leave a 1 star review for them if they don't get this fixed soon.
     
  5. Megaafricans

    Megaafricans Recruit

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    This is the account transaction:

    Thanks for your reply. There is always an entry and exist point in every trade. For you to gain or loose, two major thing determines that: If you sell and the market rise above your entry point and if you buy and the market drop below your entry point. Against this backdrop, kindly provide where the entry and exist point to determine the looses.

    I deposited 15 and took the money to 71.

    the following are my trading record :

    Sell AUD/USD at:

    1.07500 and close trade at 1.07114 lot .25

    1.07450 and close trade at 1.07112 lot 0.45

    1.07400 and close trade at 1.07211 lot 0.5

    Date: 2011.05.05



    Sell GBP/USD at:

    1.64750 and close trade at 1.64704 0.5 lot

    1.64700 and close trade at 1.64716 0.8 lot

    Date: 2011.05.05


    Buy EUR/USD at

    1.48290 and close trade at 1.47273 0.4 lot

    Date: 2011.05.05


    Sell EUR/USD at

    1.47990 and close trade at 1.47269 0.4 lot
    1.47900 and close trade at 1.47432 0.7 lot

    Date: 2011.05.05

    Now kindly provide where the gap came on and how it was corrected. I have provided all my entry points and the exist. So, give me where i lost 75% of my capital and how the profit got lost.

    Please HELP!
     
  6. frxtrdr

    frxtrdr Recruit

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    InstaForex again ? Oh my ! :D:D:D

    Just a little comment. A friend had several live accounts with them. Consider this ====> If they do not cheat you, they will have to dig the rubbish compartment inorder to feed their families. But they "talk big" in their advertisement, thou. ;)
     
  7. Megaafricans

    Megaafricans Recruit

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    Its a shame that scammers like instaforex still win what they call award. I told them about various allegation on FPA against them but they said FPA is a site that makes money through ADVERT and ready to do anything to pull people down. Do you see how crazy this guys are?

    Instaforex is a scam venture
     
  8. Pharaoh

    Pharaoh Colonel

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    I'll bet that InstaForex didn't mention that the FPA canceled their ad contract when Insta decided not to be deceptive when a couple of traders complained about them. If the FPA only was in this for cash, they'd have protected InstaForex instead of protecting traders.
     
  9. Romeo

    Romeo Sergeant

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    The brokers make a lot of money from the Spreads and also by hedging some targeted trades. They have people working for them that can make lots of money on trading also.
    It is really unbelievable that they still prefer to act in such unethical ways to steal peoples money.:mad:
     
  10. MichelAnge21

    MichelAnge21 Sergeant

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    Normally a " gap " is when there is a difference in price between the closing price friday at 5PM ( New York time ) and the opening price monday morning in Sydney, Australia. Brokers sometimes have rules about that, but all of your trading was on the same day and it was a thursday.

    Even during a normal day, there is sometimes a gap if there is a disconnect in the price ( like jumping suddenly from one price to another without any tick in between ). A broker could possibly suffer a loss if he accepted your order at a certain price and found that he couldn t cover his position because of a sudden jump in price.

    Still, I cannot make any sense from your statement. Such gaps are rare and I never heard of a broker who would pretend they had to cancel trades because of it. They normally cover their position even before they accept your order and both orders are executed simultaneously. A more common excuse would be that your orders were entered " off-quote " or they would accuse your EA of illegal trading like " arbitrage " ( IE using another feed that is faster than theirs to actually " predict the future " ).

    Maybe those brokers who attract people with micro accounts have a problem when a trader opens and closes his account so quickly as you. They had to pay some processing fee when you funded your account with only 15 dollars....maybe it cost them more than 15 dollars. Now that would be THEIR problem of course and not yours. But that can explain why they wont let you go so easily with your little profit. They ll invent some reason ( any reason ) to keep it.

    For now, it s not possible to make any sense of your case. Harrass them until they explain it better. But they are a russian broker....you are basically at their mercy because there is no regulation whatsoever in Russia for Forex.
     
    #10 MichelAnge21, May 18, 2011
    Last edited: May 18, 2011

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