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instastocx...anyone using it?
- Thread starter Flame
- Start date
bchip
Expert Member
- Joined
- Mar 12, 2013
- Messages
- 1,324
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You will be wasting your money with any kind of software.
If your investing stick to the bluechips, average in over time and youll do better than most fund managers.
If your looking to trade, spend time on learning the principles, like position sizing and direction.
There are sites like Justonelap that are free that teach you these things.
Van K Tharpe use a coin flip for entry and outperformed the S&P index 3 years in a row
...just saying save your money, spend time on learning principles and youll be better off.
If your investing stick to the bluechips, average in over time and youll do better than most fund managers.
If your looking to trade, spend time on learning the principles, like position sizing and direction.
There are sites like Justonelap that are free that teach you these things.
Van K Tharpe use a coin flip for entry and outperformed the S&P index 3 years in a row
...just saying save your money, spend time on learning principles and youll be better off.
AndreFerhelst
Member
- Joined
- Jan 22, 2014
- Messages
- 19
- Reaction score
- 0
im going to do the trial and see how it goes from there, can cancel afterwards
Namenotneeded
Member
- Joined
- Oct 1, 2014
- Messages
- 26
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- 0
Instastocx / Investa = SCAM
Instastocx / Investa = SCAM!
There is no "trial" Their consultants and sales people sell it to you that way, that is how I got caught. Also you're going to have an issue when taking this to a court of law, as Instastocx employs 3rd party salespeople (in my case Investa) who operate under different company names to sell you the product. When you eventually want to take legal action, the one party will say that they cannot be blamed for the misrepresentation from the sales company.
What they say:
"you get 6 months under simulation for trading with real JSE data and R100,000 fictitious capital, this will allow you time to see how the software works and teach yourself how the stockmarket works and then you get full money back if you have not made at least 40% profit, this will only cost you R277 per month"
What they do:
1. They make you sign next to a clause in the fine print that states "there is no cancellation or refund after the software has been installed, any cancellation must be done within 5 days, in WRITING from the date of purchase"
2. When the sales person leaves, they ask you to sign a cheque or money order that suggests R277 x 72 months. Dont mistake this for a debit order or monthly subscription, they deduct a full R19950 hours after they have left.
3. When you do call and ask them if they can refund the R19950 and make a debit order of R277 per month instead they inform you that they aren't a registered credit provider (which is true) but then inform you that they will make a plan for you, basically to stall you until the software is installed and you have passed the 5 days which is in the cancellation clause. They will keep saying they use the budget facility on your credit card to trick you into believing you're only taking a risk if R277 per month when in fact the risk is R19950.
4. When you call anytime after the 5 days and ask to cancel they inform you that there will be no cancellation granted, you will have to trial the software for 6 months. Thereafter, they will analyze the trades you have made and assess them, THEY will hen decide if you are eligible for a refund.
Whats very important here is that although the trial/simulation period if 6 months is truth, the terms of that trial are never fully explained. There is no cancellation from your side - while using the software you will realise that the stock market is constantly up and dow and even their trading ideas are constantly wrong ALOT of the time.
I am currently in my trial period and I can tell you guys right now, i've made small amounts and lost small amounts from their trading ideas, in fact I have lost more. I am not sure what the 40% is (as in 40% of what total). From the people I have dealt with so far, I am almost guaranteed that there is also some trick regarding the 40%.
DONT! buy instatsocx and tell everyone else you know, not to either.
Go search on moneyweb.co.za for sharetracking/sharetracker peddlers. You will find out that this is an old scheme. The company names keep changing but the product/sales pitch remains the same.
Lastly, good luck trying to get the National Consumer Council or the Consumer and Goods Ombud to assist, their response to email or even phone queries are terrible. I have opened up my case based on misrepresentation with both of them, sent them FULL detailed breakdown of how this happened to me, even sent them links to moneyweb.com articles as well as hellopeter.com to explain that this misrepresentation has happened to many others and here at least 3 months down the line, I am still waiting for a response from the NCC. Ive emailed the consultants who have sent me the initial (we have received your query) emails asking for a follow up, received read receipts on those emails even but still haven't received an actual reply)
I think the Instastocx guys know how pathetic the NCC is and therefore the reason for them being able to get away with this.
Ive learnt an expensive lesson, dont want this to happen to others.
Instastocx / Investa = SCAM!
There is no "trial" Their consultants and sales people sell it to you that way, that is how I got caught. Also you're going to have an issue when taking this to a court of law, as Instastocx employs 3rd party salespeople (in my case Investa) who operate under different company names to sell you the product. When you eventually want to take legal action, the one party will say that they cannot be blamed for the misrepresentation from the sales company.
What they say:
"you get 6 months under simulation for trading with real JSE data and R100,000 fictitious capital, this will allow you time to see how the software works and teach yourself how the stockmarket works and then you get full money back if you have not made at least 40% profit, this will only cost you R277 per month"
What they do:
1. They make you sign next to a clause in the fine print that states "there is no cancellation or refund after the software has been installed, any cancellation must be done within 5 days, in WRITING from the date of purchase"
2. When the sales person leaves, they ask you to sign a cheque or money order that suggests R277 x 72 months. Dont mistake this for a debit order or monthly subscription, they deduct a full R19950 hours after they have left.
3. When you do call and ask them if they can refund the R19950 and make a debit order of R277 per month instead they inform you that they aren't a registered credit provider (which is true) but then inform you that they will make a plan for you, basically to stall you until the software is installed and you have passed the 5 days which is in the cancellation clause. They will keep saying they use the budget facility on your credit card to trick you into believing you're only taking a risk if R277 per month when in fact the risk is R19950.
4. When you call anytime after the 5 days and ask to cancel they inform you that there will be no cancellation granted, you will have to trial the software for 6 months. Thereafter, they will analyze the trades you have made and assess them, THEY will hen decide if you are eligible for a refund.
Whats very important here is that although the trial/simulation period if 6 months is truth, the terms of that trial are never fully explained. There is no cancellation from your side - while using the software you will realise that the stock market is constantly up and dow and even their trading ideas are constantly wrong ALOT of the time.
I am currently in my trial period and I can tell you guys right now, i've made small amounts and lost small amounts from their trading ideas, in fact I have lost more. I am not sure what the 40% is (as in 40% of what total). From the people I have dealt with so far, I am almost guaranteed that there is also some trick regarding the 40%.
DONT! buy instatsocx and tell everyone else you know, not to either.
Go search on moneyweb.co.za for sharetracking/sharetracker peddlers. You will find out that this is an old scheme. The company names keep changing but the product/sales pitch remains the same.
Lastly, good luck trying to get the National Consumer Council or the Consumer and Goods Ombud to assist, their response to email or even phone queries are terrible. I have opened up my case based on misrepresentation with both of them, sent them FULL detailed breakdown of how this happened to me, even sent them links to moneyweb.com articles as well as hellopeter.com to explain that this misrepresentation has happened to many others and here at least 3 months down the line, I am still waiting for a response from the NCC. Ive emailed the consultants who have sent me the initial (we have received your query) emails asking for a follow up, received read receipts on those emails even but still haven't received an actual reply)
I think the Instastocx guys know how pathetic the NCC is and therefore the reason for them being able to get away with this.
Ive learnt an expensive lesson, dont want this to happen to others.
CornelHuis
New Member
- Joined
- Mar 12, 2015
- Messages
- 2
- Reaction score
- 0
Hi
Has anything happened with your case? It would seem I was conned as well, and after doing some research it sounds like this crap has been going on for years.
Really annoyed.
Has anything happened with your case? It would seem I was conned as well, and after doing some research it sounds like this crap has been going on for years.
Really annoyed.
I've also recently been scammed. Check my post here:
http://mybroadband.co.za/vb/showthr...logies-Instastocx-Investa-Sharetrackers/page5
http://mybroadband.co.za/vb/showthr...logies-Instastocx-Investa-Sharetrackers/page5