Usacomplaints.com » Miscellaneous » Complaint / Review: Market Traders Institute - Consumer Report. #1070051

Complaint / Review
Market Traders Institute
Consumer Report

I would like present my story with MTI.
In my best recall in Mar. 20 I’ve got the phone call when the sales person (I do not remember his name) from Market Traders Institute try to convince me to buy their product. For me price was too high and I didn’t want make any decision without checking the product nor to discuss this purchase with my wife for support. My wife was at work at that moment so this person wanted to call me next day to eventually talk to my wife. I have to add at this point that I have at least 5 years experience of trading Forex and I’ve already took some courses. I repeat this statement many times to my “mentor” and this will be probably important later on this letter. So next day he calls again and talk to my wife and me and after long conversation he present us a deal: to pay $1000.00 down payment and if I like the course the balance would be paid in monthly instalments. He assures me that if for any reason I would like to withdraw from the program within the 60 day grace period that will be no problem. He repeatedly assured me there would not be a problem and full refund no question asked.in my understanding he ensures me verbally that I have a two month trial period to go over the Forex Trading Course and when I decide it is right or not for me. My wife also understands this deal in the same way so she supported me to go forward. What happened next suppose to alert me and that will be no problem for me now. I’ve got by email the Education Order Form on line and I was in pressure to hurry up to sign there and there and initial in a few places. I didn’t have even a time to carefully read the Form until later on when copy was sent to me. I was so naive that I trust to your agent when he sad to me that this is the “normal procedure and If I decide not to participate during the two month period I can cancel any time, money back guarantee no question asked ”. He could say so because he knew I don’t have any proof of it.
After that I get access to the MTI website and I started my education. Additionally from time to time (on the beginning every Tuesday in total 4 or 5 times during the almost 2 month period) I had the phone conversation with Kyle which in my understanding was my mentor.
I started my education seriously going through all available to me material. During my learning I’ve found that section III is not available for me because I didn’t complete prescribed quizzes to which I couldn’t access for some reason. I immediately report this problem to my mentor (it was approximately 3 weeks after I started the course) and later twice to the tech support and nothing happen until May 13, when finally quizzes section opened for me. I try to go through this material but I found that is no time (trial period which ends in May 21) to be able to go through all material and make decision to stay with MTI or not. I have to add at this point that I go through all available for me material, I attended almost every day seminars to the point when I decided that this course is not for me. I open demo account with recommended by MTI booker (ILQAU-1) and I made a few trades having a total loss of $2669.46. According with the MTI traders recommendations I activate MTI charting program which I found to complicate comparing with the commonly used MT4 trading platform. I inform my mentor about it and he find that I can use the trading platform which is more convenient to me.
I am writing all about because later on those become the arguments that I didn’t follow rules or I didn’t comply with MTI requirements.
After I went on the MTI material available to me I found that it is very basic information which you can find commonly on the web for free or for small amount of money just attending on line seminars. Additionally the course which I attend was to the position traders of which I am not interested at all. Again I have to say that I am watching and trying Forex market for more than 5 years and I have some experience in that field.
Being frustrated not to be able to have access to the whole material I was mentioning to my mentor that I would like to live and I was convince that I am still in the trial period and I can live later on.
Finally when I found that is really not for me I call in May 17 to terminate MTI membership (whatever you call this).in return I’ve get email that somebody will call me within 2 business days. Nobody call me so May 22 I’ve call to MTI and after long conversation when I present my point of view I’ve got a email in which I found the MTI Satisfaction Guaranty Policy:

“Satisfaction Guarantee Policy
The student acknowledges and agrees that no promise or guarantee for success or profitability has been made between the Company and the student. The Student acknowledges that he/she is entitled to a Satisfaction Guaranteed on the Ultimate Traders Package on Demand and MTI 4.0 Charting for a period of [2] months from the date of purchase. The Student must complete all four (4) steps of The Ultimate Traders Package on Demand Satisfaction Guarantee Policy:
Step 1: Completely review the 16 educational lesson modules, online classes, and mentorships.
Step 2: Activate your MTI 4.0 Charting.
Step 3:*Execute a trade in a live account, or in a demo account, of your choosing.
Step 4: Attend a 2-Day On-site Class, or a 2-Day On-site Streaming Class
*Student must show proof of trading in accordance with the Company’s Traders Checklist.”

It is really curiosum next statement:

“Student understands that this is not a Cancellation Policy.”

And later on:

“Step 1: Which requires the complete review the 16 educational lesson modules, online classes, and mentorships, was not fulfilled because
Lessons: 7-16 remains incomplete
Phase II: Weeks 2-3 remain incomplete
Mentorships: 1-16 remain incomplete
Step 3: Which requires you execute a trade in a live account, or in a demo account, of your choosing in accordance with the Company’s Traders Checklist was not completed, because no trade information was received.
Step 4: Which requires attendance in a 2-Day On-site Class, or a 2-Day On-site Streaming Class, was not fulfilled because this course was not taken.

For the reason (s) provided above, you Satisfaction Guaranteed has been denied.”

I would like to repeat:
1. I’ve go through the entire phase I and II to which I had access.
2. I open a trading demo account with booker ILQAU-1 recommended by MTI
3. I execute some trades having total loss of $2669.46 at @25,000.00 account.
4. I open the MTI chartering software which I found too complicated comparing with the commonly used MT4 trading platform
I understand that I made mistake but for me it is evident scam and I would like to let everybody know of it.

Offender: Market Traders Institute

Country: USA   State: Florida   City: Lake Mary   ZIP: 32746-7683
Address: 400 Colonial Center Pkwy, Ste 350
Phone: 8008667431, 4077400900
Site:

Category: Miscellaneous

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