Problem withdrawing funds Investtech FX broker

Hello all here is my story.

I have sent them a withdraw notice for $ 500 usd to my paypal account ( from which I have made the deposit), they wrote back that my request is in process. Few days later still no money I wrote them again, then they said that I have made some standard trades on my mini account and refused to send me the 500 USD. On Dec 1st 2009 I had 2 open positions of trading, that day they closed both positions without any explanations with a loss of -290.00 (in my account at that point had free margin over 2200 USD). I wrote to them that I want to close my account immediately and withdraw all the funds. They wrote me back that they offer me $ 500 USD and close my account. I said NO, they offered 800 USD, I said NO and I wanted me to see all my trades in details describing my ''supposed illegal trades'' then the offer was 1000 usd. I said NO, I was still demanding explanation how they get to 1000 USD from 2200 USD. Never got a answer or explanation, I wrote to BBB in Canada, but nothing happened yet. So I just want to get my funds and close the account simply. In your opinion this legal and they have all the rights to offer me only a fraction of the funds? (even sending me detailed explanations how they get to 1000 USD from 2200 USD?)
Any suggestion/opinion is welcomed since I'm new to forex trading, also I can forward all email comnunications between me and InvesttechFX if anyone interested.
Almost all communications stopped from them, and so far I have not received any of my money yet.
Is this legal? or can I do anything about it? As far I'm considering they are a scam broker and just want to warn other potential and current investors.

As of today I have not have not received any money, explanation or answers to any of my questions.
Also just found out that address they list in they website is a virtual office address.
Welcome any suggestions, opinions about this issue.

Thank you Lenka

Well it sounds like you have a problem there. Sorry but I don't have any advice however.
I did a quick google search and found these reviews. Looks like a dozen others have posted here with similar problems in just the last month.

http://www.forexpeacearmy.com/public...vesttechfx.com

Good Luck!

Although I sympathize with your plight, I have to ask: did you do any research at all before opening an account with this broker? If you didn't, then you have only yourself to blame. These guys have quite a shady past according to the reviews in the link previous poster referenced. And they go back quite a ways too, not just recently. Maybe you did research them first, but if you did then I wonder why you ever opened an account there in the first place. Plenty of red flags that would have kept me away.

However, you can look at Forex Peace Army and their "scam resolution" process for some possible relief. I don't know if you'll get your money back, but they have helped others before in your same situation.

But my goodness, please learn a lesson here, and next time be sure to DO YOUR HOMEWORK!!!

Thanks,

I have filed a complaint with forexpeacearmy already

I agree with you,
I did some research and found that almost all brokers have bad and good reviews. I'm working with forexpeacearmy to resolve this issue.

I agree with your thoughts except that he has himself to blame. The brokerage in question are obviously thieves employing every trick to "steal" his money. He didnt steal his own money-they did. Yes he shoulda-coulda-next time woulda but I would like to see these criminals hanging from a lamppost outside their office(as a message to all Forex criminals).

Yeah I think we're basically on the same page, but I saw several "I can't get my money" type complaints; that is far different than complaints about slow execution, bad customer service, etc. Yes, the broker should be hung out to dry and the owners sent to jail, but still, there is responsibility on the part of the trader to make a wise decision.

One reason I made that comment is I actually considered opening an account at this broker in the past, but saw so many red flags I chose not to. So I guess my point is with those "danger signs" in place, the trader bears some responsibility at least.

But yes, these guys seem like classic forex bastards, and I do hope our friend gets his money, and that they go out of business.

Amen bro!

Hello all,

I have received all my funds from InvesttechFX today, my account is closed.
Thanks to FPA and all of your comments.

Hello

I am a customer of investtech fx for many years, they are good. I I had a Misunderstanding for only a withdrawal, but it was due to the fact that i asked twice for the same amount in the same week.
The robot process the first request and i got my withdrwal wthout problem.
The second request failed because, as it was the same amount, it was treated as one request.
The big advantage to trade with them is that they have a good spread, they respect the bonus; at the beginning i was happy to trade with 40 % more than my initial deposit.
If someone need screenshort to be reassured that this broker is good, i can help, i have the history about bonus, and some withdrawal got in my moneybookers account coming from investtech fx.
Good for all trader!
Excuse for my english, i am frensh.

Can't help but smile at your post. In your very 1st post, you elect to comment on a thread that has been dead for more than a year...And worse you seem to have covered all the "good aspects" of this broker..There was a time when brokers used to be more subtle in promoting themselves,I guess not anymore...

more info about that broker -> http://www.forexfactory.com/showthre...73#post7496673