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We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
The brokerage company known as InstaForex had failed to return funds due to FPA members Yulia and Barunia. InstaForex representatives Anna and Ekaterina both accused Yulia and Barunia of being the same person trying to defraud InstaForex of their new account bonus program inside of FPA’s forums. InstaForex representative Ekaterina claimed that InstaForex had evidence. FPA’s Investigator Lt. Gerard repeatedly asked InstaForex to provide evidence, and InstaForex could only respond with unsubstantiated suspicions and no real proof.
In addition to confiscating the sign up bonus, InstaForex cancelled all trades and confiscated all profits from both traders’ accounts. A percentage of those profits would be from the initial deposit the traders made. That part of the profits should not have been taken even if there was proof of violating the rules of the bonus program.
Failure to return money to traders upon request is the primary definition of "Scam" for the members of the Forex Peace Army. The FPA’s 5th definition of scan “Other behavior that would be considered to be highly unethical by a reasonable individual.” We would consider publicly accusing traders of scam and fraud, claiming to have evidence, and refusing to provide evidence to meet this definition.
Thus, we officially find that InstaForex is a scam. We offer InstaForex the chance to resolve this issue by returning funds legitimately due to Yulia and Barunia.
We extend our deepest sympathies to Yulia and Barunia who lost money due to these actions of InstaForex. We extend warm regards to FPA Investigations Lt. Gerard for his efforts on this case.
InstaForex is hereby blacklisted by the Forex Peace Army. We urge anyone who has an account with them to withdraw all funds immediately and recommend against opening new accounts with them. We beleve that dealing with a company that can take all of your profits based on unconfirmed suspicions can be bad for your financial health.
We offer InstaForex the chance to resolve this issue. They may do so by providing solid evidence sufficient to prove their allegations in a timely manner. Alternately, InstaForex may pay Yulia and Barunia the moneys owed and apologize for what their representatives said about these traders in our forums.
Special Note: InstaForex was advertising with the FPA at the time this issue came up. After InstaForex’s representatives in our forums ignored several public requests for evidence by several FPA members, their advertising campaign was suspended. Later, all unspent advertising funds were returned to InstaForex. The FPA does not give advertisers any special immunity during scam investigations.
Details and Discussion of Attempts to Resolve the Complaint
Yulia's Original Complaint
Barunia's Original Complaint
Additional discussion thread on this issue
The brokerage company known as InstaForex had failed to return funds due to FPA members Yulia and Barunia. InstaForex representatives Anna and Ekaterina both accused Yulia and Barunia of being the same person trying to defraud InstaForex of their new account bonus program inside of FPA’s forums. InstaForex representative Ekaterina claimed that InstaForex had evidence. FPA’s Investigator Lt. Gerard repeatedly asked InstaForex to provide evidence, and InstaForex could only respond with unsubstantiated suspicions and no real proof.
In addition to confiscating the sign up bonus, InstaForex cancelled all trades and confiscated all profits from both traders’ accounts. A percentage of those profits would be from the initial deposit the traders made. That part of the profits should not have been taken even if there was proof of violating the rules of the bonus program.
Failure to return money to traders upon request is the primary definition of "Scam" for the members of the Forex Peace Army. The FPA’s 5th definition of scan “Other behavior that would be considered to be highly unethical by a reasonable individual.” We would consider publicly accusing traders of scam and fraud, claiming to have evidence, and refusing to provide evidence to meet this definition.
Thus, we officially find that InstaForex is a scam. We offer InstaForex the chance to resolve this issue by returning funds legitimately due to Yulia and Barunia.
We extend our deepest sympathies to Yulia and Barunia who lost money due to these actions of InstaForex. We extend warm regards to FPA Investigations Lt. Gerard for his efforts on this case.
InstaForex is hereby blacklisted by the Forex Peace Army. We urge anyone who has an account with them to withdraw all funds immediately and recommend against opening new accounts with them. We beleve that dealing with a company that can take all of your profits based on unconfirmed suspicions can be bad for your financial health.
We offer InstaForex the chance to resolve this issue. They may do so by providing solid evidence sufficient to prove their allegations in a timely manner. Alternately, InstaForex may pay Yulia and Barunia the moneys owed and apologize for what their representatives said about these traders in our forums.
Special Note: InstaForex was advertising with the FPA at the time this issue came up. After InstaForex’s representatives in our forums ignored several public requests for evidence by several FPA members, their advertising campaign was suspended. Later, all unspent advertising funds were returned to InstaForex. The FPA does not give advertisers any special immunity during scam investigations.
Details and Discussion of Attempts to Resolve the Complaint
Yulia's Original Complaint
Barunia's Original Complaint
Additional discussion thread on this issue
