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InvestTechFX: Yet another person with a withdrawal problem

Discussion in 'Scam Alerts' started by hyperbolic, Dec 3, 2010.

  1. hyperbolic

    hyperbolic Private, 1st Class

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    I placed a withdrawal request with InvestTechFX two weeks ago, and, in spite of several email and telephone communications, have not received the funds.

    Some background:

    --My request is for $1000, my initial deposit amount. The current balance is well in excess of that now.
    --The account has, from the beginning, been classified in the "EA/Scalping" category, and has had commission deducted for every trade for the last 3 months.
    --After opening the account, I informed InvestTechFX that I was using EAs, and which ones I would be using. They replied to this email and indicated no problems.
    --The EA I use is popular and ordinary. It uses neither Martingale or arbitraging strategies. It seems simply to open positions based on overbought/oversold conditions. I've read and reread all InvestTechFX's terms and conditions; it violates none of them.
    --None of their terms and conditions provide for delaying the withdrawal of an initial deposit for "reviews".
    --I contacted their Customer Support department a month ago, and had their representatives confirm that my trading was not problematic.
    --My account balance has remained below $20K, so no, this is not a VIP account.
    --I voluntarily closed all my positions a week ago, just to make life easier for them.
    --After waiting a week, I contacted Customer Service, who informed me that the delay was due to this being a new account.
    --Today, I received the following message:

    "We were recently informed by the Clearing Department that your account is under review due to certain unusual activities occurring on your account. Please be advised that this is a matter of high security alert and protection, therefore your account will remain under read-only, until they finish the review. Sorry for the inconvenience. We will update you shortly."

    I've been very patient with them up to this point, but now it seems that they are determined to make my money, including my initial deposit, their own. Advise and assistance are welcome.
     
  2. FxChang

    FxChang Private

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    they have a lot of withdrawal problems since Nov.. this is the last mail that they send me:

    Dear Victor,
    We apologize for the inconvenience. All of our withdrawal requests are processed through the Clearing Department. Therefore, "rare and extreme circumstances" are when an excessive number of withdrawals are being processed at one time and require some extra time to be completed. We assure you that your request has been placed in priority sequence and will be processed as soon as possible. Kindly bear with us until we complete this for you. We appreciate your patience in this matter. Thank you.
    Best regards,
    Investtechfx
     
  3. Norbert Polgar

    Norbert Polgar Private

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    I have no doubt that they are scammers. Believe me, they wont process any withdrawal request anymore. My account balance is $170.000. They said they will send the money after december 31. In my sight it means that they will vanish into thin air on that date.
     
  4. hyperbolic

    hyperbolic Private, 1st Class

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    Their message to you is slightly more encouraging than the one that they sent me. Do remain hopeful.

    I've dealt with several Forex brokers, often with less than perfect reviews. All have processed withdrawal requests in under 48 hours. InvesttechFX seems to be a poor steward of other people's money, to say the least.
     
  5. hyperbolic

    hyperbolic Private, 1st Class

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    That's a lot to lose! I hope you're wrong about 31 Dec.
     
  6. Norbert Polgar

    Norbert Polgar Private

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    Somehow I can't believe that they willing to pay out such a large amount ever.
    I guess that they doesn't take their customers trades to the market. Their spreads are more and more impossible. They started with 1 pip fixed then reduced to 0.5 pip and now they offer 0.2pip fixed. It is impossible on the real market. This is bait. They build upon people's greed and gullibility. They hope that most traders lose their money and they can pouch their deposits. I think their problem is that more and more people can be profitable with these conditions and they dont have enough money to pay them out. (On my other account my initial deposit was $4000 one and a half years ago. Now my balance is $40000)
     
  7. FxChang

    FxChang Private

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    I think what you say is true. it is impossible on the real market thats fixed spreads
     
  8. Zoltán Kovács

    Zoltán Kovács Private, 1st Class

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    You're right, but I think we all have one target: To get our money back. Therefore, I recommend you seize every opportunity - instead of the grief-, to recover our money.
    For example why do not you give a one-star review for the ITFX in Ratings & Reviews forum?
     
    #8 Zoltán Kovács, Dec 6, 2010
    Last edited: Dec 7, 2010
  9. hyperbolic

    hyperbolic Private, 1st Class

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    I've posted a rating/review and made a request for a FPA investigation myself, but am waiting for FPA to process both.

    I was fortunate to have positive experiences with several other brokers before dealing with this one. If I had started with this one, I might have quit Forex altogether.
     
  10. Zoltán Kovács

    Zoltán Kovács Private, 1st Class

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    I have sam bad news:
    1,) Invest TechFX is not a member of CDIC (Canadian Deposit Insurance Corporation) it means clients funds are not insured.
    My legal background check has verified that they are NOT a member of (CDIC), in which they claimed they are.
    2,) According to the checking my bank did, InvesttechFx moves clients fund without seeking clients approval Clients’ funds are deposited into TD Canada Trust but they moved these funds out, WITHOUT CLIENTS’ KNOWLEDGE OR APPROVAL to the clearing department of a third party trading outfit.
     

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