NOT Resolved - www.instantpip.com

[Zakirussen]

Hi,

I had recently suffered by huge lost due to a signal provider name Instantpip.com had traded one position GBP/USD without put stop loss in my MT4 account by trade copier. They have clearly mentioned on their website that they always trade with stop loss and take profit. See below their quote :

"The trades are executed lightning-fast and accurately, always including Stoploss and Take profit, thus your capital is never at risk while you can enjoy outstanding automated yields. This is how Instant Pip can help you fulfill your dreams of living a more complete life"

I lost my capital due to their blinded, irresponsible and over confidence attitudes. I have made many complaint but they are not ready to give back my lost only offered me two months free subscription. Now I don't have a money to trade due not working because of long term illness about four years and having huge financial problems.
I want my lost money back because it was a fault from instantpip.com side.
I paid subscription fees $110 and received notes as (Charge will appear on your credit card statement as 'PAYPAL *IBAAZARRETA'
Payment sent to customerservice@viithiisys.com)
I have got forex trading account at Forex | Forex Brokers | Forex Trading | HotForex and had 671.60 euro and instantpip trade my account by trade copier.

Merchant of instantpip :
iBaazar Retailers Pvt. Ltd
customerservice@viithiisys.com
+91 00911724658851

Please also read below mail which I replied in order to answer a questions of one advisor.

I try to give you your questions answers.

1, Did they explain the reason for not having a stop loss? I guess I'm curious what happened. Malfunction in the trade copier, or did they purposefully open a trade without a stop loss?

Yes, they had purposefully didn't put stop loss. When it was keep being floating I asked then they replied "it is purposefully no stop loss and don't worry all trade will be profitable"

2, And how could one trade cause such a large loss, do they trade with very large lot sizes? Did happen in a matter of minutes or did the trade go on for days before you noticed it?

Yes, they they traded with a large lot size10 and it happened in six days(26/04/13 to 01/05/13). I was keep watching this trade and all time felt anxious. In the last I seen that my balance went down to only 5.57. It was 671.60 Euro. I lost this amount because margin and equity went down to minus.

3, Did they also take a large loss and they are failing to show it on their website?
When I make complaint many...many times to them by email, live chat and skype"they told me we are still in profit look at myfxbook our account, we made 150 pips in this week" I told them look at balance of my account it's ruined by you.
Yes, they didn't show this lost to their website or the position of GBP/USD is still live.

My mt4 account is with hotforex.com and I paid money to their merchant iBaazar Retailers Pvt. Ltd by Paypal.

Is there any chance to ask for compensation to iBaazar or Paypal? or hotforex.com can help me?

Guide and reply me please.
Many thanks.

I sent them copy of this thread and thy said we do not care about FPA. Also threaten me that if you carry on to behave like this we will suspend your account. Well, I am not trading with them anymore.

 

[Pharaoh]

Contact PayPal and end the subscription. Otherwise, InstantPip will probably charge you again. Also, let PayPal know what happened. Chances of getting money from PayPal are small, but the more complaints a company gets, the less chance it has of remaining able to use PayPal.

Have a chat with HotForex Technical support. They may or may not be able to block InstantPip from doing this to other traders on their platform, depending on how the tradecopy system is set up.

 

[Zakirussen]

Thanks Pharaoh for comment. There is no auto payment at Paypal so no worry about it. I am waiting that once FPA contact instantpip then what they reply.

 

[Pharaoh]

Go ahead and see if viithiisys.com can force a refund. This doesn't cover losses, but it takes money away from the traders who decided to ignore their promise to use stoplosses.

 

[3MM]

ATTENTION!!! I'm client on Instantpip, and this service is a scam
Forex Signals, Forex Currency, Forex Live Rates - InstantPIP.com

PROOF FOR MY PAYMENT $110 for 1 month membership (click on photo for bigger size)


3 LOSS NOT IN PERFORMANCE for MAY. Proof is on their Myfxbook page:

Proof on myfxbook:
instantpipEA's Profile | Myfxbook
instantpip-tradecopier-forexsignal System | Myfxbook

TOTAL: -153 PIPS LOSS NOT IN RECORD!!!!!
05.24.2013 15:30 05.24.2013 16:09 AUDJPY Buy 98.39400 97.85400 -54.0
05.23.2013 11:19 05.23.2013 11:20 GBPJPY Sell 152.92000 153.07000 -15.0
05.15.2013 18:58 05.21.2013 16:49 AUDJPY Buy 101.27000 100.43000 -84.0

I can give and Statmenet from my MT4 whit same trades.
I paid this service and They not want to refund my money!!!

 

[Zakirussen]

Rude reply by instantpip.com

I sent them copy of this thread and thy said we do not care about FPA. Also threaten me that if you carry on to behave like this we will suspend your account. Well, I am not trading with them anymore.

 

[Pharaoh]

Let them suspend it. You don't want to take their trades anyway.

Make sure to tell PayPal that you are NOT continuing your subscription.

Too bad InstantPip doesn't care about the FPA. If they were any good, they'd want to sign up for Performance Testing and prove how great their service is.

 

[Ayaan]

Hello,
This is Ayaan Shaikh. I am officially from Instantpip.com. I would like to clarify few things out here. We had few losses in the month of May which is already covered by the profit which we have made in June and that is the reason our vast majority of clients are still with us. In case any one wants to see our trades they can surely opt for free trial of our trade copier so that they can check the performance. As far as above issue is concerned, we have always tried to help our clients. We also suggested above client for free extension of our services for two months which is never done by any signal or trade copier provider but this was not accepted by the client. Our service is of top standard, we provide live screen sharing support and live help support which is rarely the case in forex signal or trade copier business. Just if any provider has a 1 month of loss that does not means its a scam. We would also like to offer refund to this client of his subscription money. We welcome you all to try our services free of cost for 1 week so that you can judge our trading strategy and performance. Thanks

 

[Zakirussen]

Hello Ayaan,
My question is one position traded by without stop loss, it's a fault of your side. See below as proof.

Instantpip quote at your website "The trades are executed lightning-fast and accurately, always including Stoploss and Take profit, thus your capital is never at risk"
And even your colleague Aditi told me that "if your account will be connected with our VPS server is much better so we can manage and look after your account" . You can check skype conversation with her.
So question is why did you blindly and irresponsibly traded my account without stop loss? even you were aware of my limited available balance in my account. Also your other colleague Sana gave me profit guaranteed and encouraged me to join instantpip.

You are now willing to pay my subscriptions fees but that's would not justify the matter after all I have lost my 671 euros + $159 as subscription fees. Okay I am ready for negotiation and may be close this case. You can email me at zakirussen@yahoo.co.uk

 

[Pharaoh]

Promising to ALWAYS us a stoploss and then not using one doesn't exactly make me feel eager to try out InstantPip.