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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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    Do you have a VIP account? Otherwise I can't account for this.
     
  2. Peter I.

    Peter I. Private

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    No, it's no problem with a VIP account.

    .
     
    #22 Peter I., Dec 20, 2010
    Last edited: Jan 6, 2011
  3. Louis F

    Louis F Private, 1st Class

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    Hi,

    One interesting:
    InvesttechFX Disclaimer November 2010:
    12. Trading Account Abuse - Account holders are strictly forbidden to abuse benefits given in any manner whatsoever or to use it in any manner except as foresaid. Any active trading found to be done by heavy scalping/EA activity with unauthorized, unrecognizable or unreadable EA codes will result in trades related to these abuses being null and void, the immediate closing of the account, and the full refund of the initial deposit.

    InvesttechFX Disclaimer December 2010:
    12. Trading Account Abuse - Account holders are strictly forbidden to abuse benefits given in any manner whatsoever or to use it in any manner except as foresaid. Any active trading found to be done through High Frequency Trading** techniques or by heavy scalping/EA activity with unauthorized, unrecognizable or unreadable EA codes will result in trades related to these abuses being null and void, the immediate closing of the account, and the full refund of the initial deposit.
     
  4. FxChang

    FxChang Private

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    finally after 3 attempts they pay me:

    My first request was the November 26 for $500.... no piad

    My second request was the Dec 8 for $500... no paid


    My third request was the Dec 15 for $1,500.. paid Dec 23 by Paypal

    I still I have money with them, I will continue trading with them.
     
  5. monkata

    monkata Private, 1st Class

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    Hi,
    It looks like I have the same withdraw problem like everybody else.
    I requested a withdraw at the end of NOVEMBER and a week later on I got this massage:

    We would like to inform you that your account is currently under a routine review to ensure that everything is in order. Therefore you are currently unable to conduct any trading activity on your account at this time. We apologize for the inconvenience and appreciate your co-operation in this matter. We will update you shortly. Thank you.

    Since then it is been a nightmare, investtechfx ignored my emails,
    then I called about 14 times, only 2 of those times I could talk with the
    manager I got only promises nothing else.
     
    #25 monkata, Dec 30, 2010
    Last edited: Jan 19, 2011
  6. PipBiker

    PipBiker Private, 1st Class

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    Simon,

    My suggestion is to forward the email to every investtechfx email address you can find stating that if you don't hear from them on this matter in the next few days, then you are going to leave bad reviews on every website you can find and start working with FPA on scam resolution. Let them know you are only looking for a resolution, but that you are prepared to take it to the next level.

    Did you submit identity paperwork with them? The person that resolved this for me (after I did the above suggestion) said that they needed current copies and that was why I received the email like yours. I can't tell you if this is the real reason, or some other internal issue, but they did resolve my withdrawal, after quite a few emails from me (some not so nice).

    On the same note, I have another withdrawal that is a week old. After emailing them about it I did get an email back saying that they are behind because of the holidays. Anyway, you may want to take that into account in your conversations with them (or not).

    Good luck and post a lot about your situation. Good for getting their attention as well as getting your rating up to private.
     
  7. monkata

    monkata Private, 1st Class

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    yes, I did send them my identity papers couple months ago.
    First time when I had the chance to talk with the manager on the phone, she was trying to convince me that I am committed for one year, because my account was VIP, which is not true. My account balance has never reached $20,000. Right now is little over $17,000. I am trying to withdraw $7500.
    I have been trying to reach them for weeks, unsuccessfully...their customer service always says the same thing...manager is going to call you back and they never did. And the funny thing is after I posted comments in this website on the same day, I received this e-mail from them:



    We would like to inform you that during a routine review by the Clearing Department of your account, it has been detected that various different IP addresses have been attempted to and successfully connected to your account simultaneously and you have been participating in High Frequency trading (HFT); which is clearly prohibited under provisions 12 and 14 of the InvestTechFx disclaimer.

    High Frequency Trading interferes in the deals electronically executed through the Liquidity Provider contravening the signals transferred between ITFX MT4 Platform and the Liquidity Provider executions, thereby imparting inaccuracies in the FX liquidity. Customers are not authorised to make trades using high frequency computerised trading techniques, to increase or decrease the transaction speed and operate more than one transaction at a particular time (simultaneously), thereby robotically increasing profits.


    Please be advised that the Clearing Department has sent us some screen shot with regards to some of your trading activity. We have attached one of the screen shots to this email and would appreciate your feedback and comment regarding the respective trade. The screen shot demonstrates that on numerous occasions more than one trade was executed simultaneously at the exactly same time or seconds apart. These are considered as High Frequency Trading techniques, which are clearly prohibited.

    Now, they are accusing me in using EA/Robots from different computers and conducting High Frequency Trading??? Although, all my trading since the opening of my account has been 100% manual.
    I will also post my answer to their e-mail.
     
    #27 monkata, Dec 30, 2010
    Last edited: Jan 19, 2011
  8. monkata

    monkata Private, 1st Class

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    Here is my response to them:

    I looked the screenshots and I don't see various different IP addresses,
    I have been trading only from computer and my smartphone when I am not home which is not prohibited on your disclaimer, lately I couldn't even access my account from the phone because you changed your security settings and it was showing me message "public key not found" , so I was calling you 2 times to see why is not working. So How did I "trade" from various different IP addresses, when you made it impossible?
    On the first screenshot says that I am in EA group why when I never had EA on the platform and I never used expert advisor and you have that on the system. I also have this email from you,received 3 NOVEMBER 2010:

    Please be advised that you have been removed from the EA/SCALPING Group and we have credited you the amount of $6xx.xx in commission charges. We apologize for the inconvenience.

    Sincerely,

    Customer Service,

    Investtechfx

    All my trading is manual and the entries on screenshot are not seconds apart they are minutes apart, the execution entries are slow but It is possible to make two of them in one minute,
    usually it takes between 15 to 24 seconds so there is time to place two orders in one minute,
    nowhere in your disclaimer states that you can not place two orders in one minute, or few in a minutes apart.
    Your disclaimer says: "High Frequency trading is done through sophisticated computer programs (EAs/Robots) that use a special class of algorithmic trading capable of generating vast profits within a short timeframe" - So how am I doing High Frequency trading when I trade manual?
     
    #28 monkata, Dec 30, 2010
    Last edited: Jan 19, 2011
  9. PipBiker

    PipBiker Private, 1st Class

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    Simon, I think you have a good case there. I would suggest you start a new thread to express and track your specific situation, rather than appending to this thread.
     
  10. Louis F

    Louis F Private, 1st Class

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    You are a lucky man. I don't get back my money 4 months ago.
    They have many people who don't get back our money.
    Why not SCAM this company?
     

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