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One confirmed scam. One resolved case. Now another scam.

Discussion in 'Scam Alerts' started by Scam Investigations Committee, May 26, 2009.

  1. Scam Investigations Committee

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    Edit

    This case has finally been resolved. InstaForex paid Hahed1 the money they owed him.

    Resolution Info


    We've never seen a another company quote like this one. We've also never seen a company representative quite like this one in our forums. InstaForex employs someone who goes by the name IFX Ekaterina in our forums. Her job with the company seems to be to insult traders who have trouble getting their money withdrawn from Insta Forex trading accounts. She does this in the FPA's forums and in other forex forums. In a prior case the FPA confirmed, she promised to provide evidence to the FPA and never did. InstaForex was advertising with the FPA at that time, and it was lack of cooperation by IFX Ekaterina and the InstaForex finance department that led to the FPA suspending their advertising campaign even before the investigation could be concluded. In a second case, Ekaterina publicly attacked a trader even though InstaForex finally payed the money owed.

    FPA member Hahed1 has an account with InstaForex. On March 25th, 2009, he complained in FPA's forums that he had not received a withdrawal. Within a few hours, IFX Ekaterina claimed that the money had been sent and offered to publish a copy of the SWIFT in the FPA's forums. As usual with IFX Ekaterina's claims, no evidence was provided. Hahed1 opened a Scam Resolution Ticket. Public exchanges occurred in the FPA's Scam Alerts Folder as well as emails sent between Hahed1, IFX Ekaterina, IFX's finance department, and FPA Investigators Tessa and Gerard. Although some of what Hahed1 wrote was a little heated, we are still amazed that a company like InstaForex allows IFX Ekaterina to continue to represent the company so unprofessionally, in public or in private.

    Eventually, IFX Ekaterina asked that the withdrawal be made by an e-payment system instead of by wire. At this point, Tessa suggested that the withdrawal be made by Western Union. This would allow the FPA to independently monitor the withdrawal. Also, Hahed1 did not have an account with any of the offered e-currency providers and some of those are not readily convertible to cash. IFX Ekaterina tried very hard to talk Hahed1 into accepting payment via an unverifiable e-currency. She even suggested that the FPA accept an unverifiable transaction and transfer the money to Hahed1. The FPA declined for 2 reasons. First, we don't have an account with any of the suggested e-currencies. Second, since there is no way for an outside person to verify the transfer, if anything went wrong and the FPA didn't get the money, we'd have no way to prove it. She even complained that her company didn't have time to send someone to the Western Union offices, until an FPA member pointed out that these transfers could be initiated online.

    This was explained an re-explained to IFX Ekaterina and Insta Forex's finance department. After some hesitation, IFX Ekaterina agreed to use this method if the most recent wire transfer failed. She emailed this on May 11th...

    Later, she forgot her own words and emailed this on May 20th...

    Tessa again explained the entire situation and the reasons for using Western Union. These included that the FPA would be able to verify that the money had been send and received,. Also, a transfer like this would mean that Hahed1 would get cash, not some sort of e-currency that might not be readily transferable. Tessa also reaffirmed the final deadline for the Western Union transfer to begin as Monday, May 25th, 2009. IFX Ekaterina did not reply and no transfer took place.

    This seems to be a pattern we have seen IFX Ekaterina follow 3 times now. She promises evidence, but provides none. She attacks any trader who claims to be owed money. She stalls as long as possible. Then, when someone in charge at the company makes a real decision about whether to pay a trader or to keep the trader's money, she stops talking.

    This is the second confirmed scam case against InstaForex. We hope that this company sees the error of its ways and starts to pay what it owed to traders. We also hope that IFX Ekaterina either seeks a different job or learns to do hers in an honest and professional way.



    Hahed1's original complaint against InstaForex



    One separate issue with InstaForex was resolved

    Prior confirmed Scam Complaint against InstaForex


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    #1 Scam Investigations Committee, May 26, 2009
    Last edited: Jun 4, 2009
  2. ernest8fingers

    ernest8fingers Master Sergeant

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    Do I know her?

    Sounds like a prescription waiting to be filled? Now who would dare use this company as their broker?:p
     
  3. Justin Jay

    Justin Jay Recruit

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    Well, let's just hope that everything will be fine now and all the clients will get their money. But what I can't understand is why people even use such brokers? It looks like it's based in Russia or Ukraine. Seriously, why would you give your money to some Russian broker, when you can sign up with reliable companies like Oanda, MB Trading or FXCM?
     
  4. Pharaoh

    Pharaoh Colonel

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    I wonder if Ekaterina is her real name. Long ago, I used to date someone like her. ;)
     
  5. trendcat

    trendcat Recruit

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    when i brought up from a different scam complaint about sites from another countrys,i was castigated by the moderaters.
    but its obvious to anyone by now that these countries have zero regulations for these boiler room sites.
    anyone should think twice about sending money to any broker or signal service in a foriegn country.
    does it mean all brokers in other countries or signal services in other countries are scams -no,but i would definaterly think twice about any russian broker,they are a country notorious for scams.
    cheers
     
    #5 trendcat, May 26, 2009
    Last edited: May 26, 2009
  6. Pharaoh

    Pharaoh Colonel

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    You're getting castigated by worse than the moderators. You've also got my attention.
    :hissyfit:

    Before you assault all overseas forex services again and end up offending the 6 billion or so non-Americans on the planet (including 1.3 billion of my Chinese friends), you should really study some more.

    Firstly, signals services are NOT regulated. The FPA just ran an article a few days ago about a signals service lying about being regulated. A whois on that Domain Name showed that the service was registered with a US address. They claimed to be NFA regulated, but the NFA doesn't regulate signals providers - they only care about brokers and account managers.

    Second, although I prefer to deal with an NFA regulated brokerage, I'd be HAPPIER with an FSA regulated one if I can figure out how to legally open an account with one. Sure, there are unregulated bucketshops like InstaForex, but there are plenty of good brokerages with good regulation in other countries.
     
  7. khalids24

    khalids24 Recruit

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    what a good job fpa

    i love fpa
    every scamer worry dont join to fpa
    hey some oone please send me abut etoro i just opened a account with them b4 fpa
    ksultanfshaikh@yahoo.com

    i love fpaaaaaaaaaaaaaa
     
  8. flag

    flag Recruit

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    Short of good adjective to use

    Words can't express the great work your company is doing, sure everyone cant do this bt i just wanna thank you for your relentless effort to curbing crime in your own little way. Best and best of wishes on your accomplishments. Join you in the room soon.
     
  9. yurps

    yurps Private, 1st Class

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    save yourself the hassle

    I just trade futures. Regulated market and brokers....no hassle

    forex sucks
     
  10. dhimas

    dhimas Recruit

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    I still asking my self did i trading in a right place, i trade in FXOpen. please share me some information about it
     
: instaforex

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