Investtechfx Problems (Again)

[f-man]

Well, I spoke with Alex, who proceeded to call me a "fraudulent trader" performing "illegal trades" and "manipulating the system". I yelled at him and hung up on him. I cannot believe this company. I sent the following email to them requesting they close my account and send me the balance in it:



I'll be lucky to see any of my winnings...but I will at least be instrumental in decreasing their clientele, and limit the number of poor saps who are going to be stuck in our same situation.

Next step, FPA SCAM RESOLUTION and BAD REVIEWS!

A forex broker is accusing a trader for manipulating the system. WAO!
I want to learn to do that, too!

Pipbiker, I know that it is frustrating not to get paid for your earnings, but congratulations on the achievement.

I will definately not open an account with them and I really think that all members reading the forum will not. After reading these comments, somone must be really stupid to open an account with them!

 

[Pharaoh]

I see I'm not the only one beginning to wonder at all the withdrawal problems from Investtechfx.

The number of caution flags against this broker keeps going up.

 

[PipBiker]

They state on their website that they are not a moneymaker, don't bet against us, and make money when their clients do well (FAQ: What is the benefit of working with an NDD?). OK, if that's true, why do they accuse us of cheating when we do well?

I have paid nearly 40% of my winnings in commissions, $7,913.10 USD to be exact. It is basically an extra pip and I didn't mind it because I was making money. But what do you call it when they take 100% of your winnings (by not allowing you to withdrawal it)? Most law books call it THEFT.

I have requested my account closed and balance be sent to me. I have left bad reviews on a few sites and working on my submission for SCAM RESOLUTION with FPA. I hope for the best, but I have a very bad feeling about this broker. Luckly, everything in it is profit and this is not my only broker. I feel sorry for those who have/could/will loose money with this company.

 

[fan li meng]

I wish withdraw all money

pipbiker,I am a another man who can't withdraw any money form this company.I wish get the latest information about your withdrawal.Good luck to you

 

[PipBiker]

pipbiker,I am a another man who can't withdraw any money form this company.I wish get the latest information about your withdrawal.Good luck to you

No money, no responses. I filed a scam resolution.

I suggest you start a thread on your situation, post until you reach private, leave reviews on InvestTechFX, email & call every day, then post a scam resolution.

 

[PipBiker]

I received a "generous" offer from Alan, the "manager" of InvestTechFX today. It was to return my original deposit amount and forget about any profits I made. Isn't that GENEROUS! To some it may seem so, but, you see, I was offered $315 USD, but the balance of my account is $10,718.71 USD.

Yes, I made that much money with them. And because I have Alan told me I was "cheating", but didn't explain to me HOW I was cheating. (In fact, I'm at a loss how I could cheat, really!) I guess it is "cheating" when you make too much money too quickly, or more than your deposit amount.

Basically, the telephone conversation was 1) take the $315 or 2) leave the balance in there for a year and then maybe you can take some out. I said I wanted to terminate my account and remove my balance. His response was "then take us to court because we won't give you the money...you cheated and we can prove it". OK. Then tell me what I did that was "cheating", because you never have.

The whole thing reminds me of a bad "vegas" movie. In fact, he even likened me to "counting cards" in the first conversation with him. Uhhh, sure... and how do I do that in forex??? This "broker" is not honest (and that's being kind).

I filed my complaint with FPA. I am awaiting to hear from them on it. I'll keep you other "cheaters" apprised of my situation.

 

[PipBiker]

InvestTechFX is not a true “Straight Thru Processor” (STP) broker.

Please notice the following excerpts from emails from InvestTechFX while trying to gain access to my earnings:

InvestTechFX is a No-Dealing Desk (NDD) and a Straight-Through Processor (STP) Forex Trading software company. Due to the fact that we are a NDD we do not actively monitor customers’ accounts regularly. In every case involving withdrawals, it is mandatory that all accounts be reviewed by all parties, including our liquidity provider.

Attached to this email you will find sever journal logs from your account activities which were provided by the clearing department liquidity provider. We are sending these images as illustrations for your specific case.

The images we sent you are from the Liquidity Provider which handles all the coverage.

Your account was thoroughly reviewed and we determined that you conducted HFT activities by using unauthorized EAs, which interrupted the signal to the Liquidity Provider. As a result of these activities, we suffered some losses.

The first extract is interesting in that they tell us that they are a STP software company, but not a broker. It also says that the your withdrawal will be reviewed by their “liquidity provider”. This means that your account details and trading activity is intimately known by the liquidity provider.

The second and third email extracts referred to a screen shot of server transactions that, according to the email extract, is from the liquidity provider and not InvestTechFX. The screen shot was a MT4 Trader Administration screen that had my InvestTechFX account number, IP address, and trade information. Again, this information came from the liquidity provider and not InvestTechFX. In fact they say the liquidity provider is handling the transactions and they themselves do not have access to the server.

The fourth email extract states that the liquity provider “suffered some losses” as a result of the trading. S

1) There is no separation of account information between InvestTechFX and their liquidity provider.
2) The liquidity provider is actually in control of when/if trades are “unauthorized” and you can get any withdrawals.
3) The sustained losses as a result of customers making money.

Sounds like the “liquidity provider” is a money maker and InvestTechFX is nothing more than a front.

 

[PipBiker]

I have been in conversations with InvestTechFX with FPA's assistance. They still maintain that I did "unauthorized" trading using "High Frequency Trading", but refuse to define what that is. They still continue to "generously" offer me to continue trading with them with my same balance (really??), but I must "update" my negative posts, and can't get any withdrawals until October 2011.
I didn't bite at the offer.

 

[Josh Garett]

Do you really believe that they have a liquidity provider. Here is a part of Karl's review in the forum and I did the same research. This "GIB bank" doesn't exist:

"....I did some research on their "Clearing Department" GIB Interbank, located in London

1. GIB has no phone number in the yellow pages
United Kingdom Yellow Pages

2. GIB is not registered as a company in the UK
Free search for companies by business name, registration number or director. UK and International credit reports are available online instantly from UK Data Ltd.

3. Their domain is hosted anonymously
NIC.COM - NIC, Domain Name Registration, Web Hosting

4. I called a broker in London and asked him about "GIB Interbank"￾. He couldn't find any information about them on the internet

Do your own research before you deposit money.... "

 

[PipBiker]

I guess they will have to explain that to the CFTC. Or go out of business.

CFTC Sues 14 Forex Companies