Investtechfx

I have been with Investtechfx since July 2009. Everything was fine until I started to pile up money in my account. I was accused of illegal trading in October of 2010 and my account was disabled. After weeks it was finally reopened for trading but my EA was restricted and I had to enter into an agreement to leave my current balance plus %15 in my account for a year. This agreement was in the form of an email from me with nothing from them other than verbage over the phone. It was also agreed that I could withdraw funds from my account without problem or delay once I passed the agreed amount. After I substantially surpassed the agreed amount I requested a withdrawal in December 2010. This was delayed and delayed until mid January 2011 when I was told that there was a problem with my account. When I asked specifically what was wrong it came down to that the clearing house did not believe the success of my trading. I was told that I could only withdraw my original deposit IF I agreed NOT to withdraw any further funds until October 2011 regarless of any success in trading. I explained that I have done nothing wrong or unethical and so if there is something wrong now that in October the same percieved problem would be found with my account and we would be having the same conversation again. I explained that I considered this a violation of our earlier agreement and that I now desired to close my account and withdraw all of my funds. I sent an email confirming the conversation and formally requesting to close my account with no results or answer. This sounds more than a little scammy to me!! I would NOT recommend that anyone do any sort of business with Investtechfx.

 

What specific violation of their TOS are they accusing you of? How is their "we can deny your withdrawals if we think you can't really make that much money" clause worded?

 

Yes, they are very bad company to do business with, if not an actual scam. I have the same problem along with others. Suggest you file a complaint, post a bad review, and keep contacting them. Don't know how this is going to turn out, but it doesn't look good.

 

I can't find anything I am in violation of. I wouldn't even know how to begin to cheat at trading. These guys will not put any accusations in writing and only seek to delay time and again. On the phone they go round and round with all sorts of vague statements without any specifics on why they cannot give me what is mine. We are talking $50k+ and a friend of mine is at about $135.

 

Pressure is the only thing they seem to respond to. I hope FPA can have some success with these scammers. I really don't know why they are not listed as scammers by FPA.

 

Do you do high frequency short duration trades in fast markets (news trading, short term scalping)? Brokers love to throw arbitrage at these type of trades even though they claim to allow scalping/news trading.

 

In general, it's never a good idea to pile too much money up in your account. If you are profitable, frequently withdraw at least some of your profits.

I see that Investtechfx is one of the companies getting sued by the CFTC.

http://www.forexpeacearmy.com/forex-forum/forex-articles/13565-cftc-sues-14-forex-companies.html