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Market Traders Institute (MTI)


Fraudulent marketing and false guarantee

Complaint Rating:  95 % with 44 votes
95% 44
Contact information:
Market Traders Institute (MTI)
United States
From the onset in May 2010, Will Goldenberg of MTI exerted tremendous telephone marketing pressure akin to harassment aimed at inciting me to take the forex market course at MTI.
a) He would repeatedly say all I had to loose was $250., the amount that would not be reimbursed in the guarantee.
b) He never explained the terms of the guarantee even if I asked. How can a novice understand MTI’s unclear reimbursement conditions in the fine print without truly knowing what those conditions are? This is a scam trap to ensure that the client would never benefit from such guarantees.
c) He was quite pushy to get my signature and credit card number, exerting mental pressure to sign quickly even knowing I was reluctant. He said that if the Forex market was not for me after trying to learn, I would be reimbursed without question.
d) Furthermore, he said that I could learn it all through lessons at my own leisure at the rate of a couple of hours a day during a three months period.
e) He also knew full well that I would not benefit from the last condition of the onsite training because of travel distance and being cost prohibitive.
Your practices resemble fraudulent telephone marketing practices preying on naive and trustful clients.
Practices resemble fraudulent telephone marketing practices preying on naive and trustful clients.
Once registered, MTI products started giving me problems in a complicated arrangement which was supposed to be supportive. From the onset, Andy Hall asked a few questions to supposedly create a rapport with the student – but he had no time to listen to the answers; he would say that he would return to me and make promises of service that never came. He initially said that he would call in every Tuesday morning to check how the course was going and to answer any questions; he called once only. In your nebulous online distance education scheme, the client was expected to understand all the ramifications of MTI, the platforms used, the material presented, the operations of the institute, and to be available during daytime regardless of one’s other daily occupations or work. This was contrary to the initial treacherous telephone sell.
In the three months, I repeatedly complained about the technical difficulties with the online course and its material yet very little was done to alleviate the frustrations caused by the misfit. The misfit as I explained was that there was too much to learn quickly in using the software, accessing the classes by phone, and getting clear direction as to the syllabus and its functioning. In fact, after a complaint to W. Goldengberg, he sent me the syllabus two months into the course. To my surprise, this seemed clearer than two months earlier but there was little time left to complete the course. I stated that my motivation was weaning given the complexity of the MTI system and the sheer high demand on my time; he said I should return to lessons 4 & 5 to learn the basics and that I could be placed on a one-on-one tutorship. This never happened. My expression was clear that I understood that Forex trading was not for me, naively thinking that a reimbursement was in order. Goldenberg said that I should instead learn the basics. I was funder the understanding (following his initial sales pitch) that if I didn’t learn the material with confidence, there would be no questions asked and reimbursement was imminent.
Several weeks after further trials in August, I came to the conclusion that the MTI learning system was not leading to confident trading and that it would be ridiculous to continue.
I have found that MTI provided faulty technical support and poor instructor support. I was dissatisfied with the service and treatment from the beginning to the end. Every complaint along the way was not dealt with appropriately by MTI.
? I feel cheated and ripped off by MTI.
My request is for a full reimbursement as was verbally, initially promised by Will Goldenberg of MTI. All in all, MTI owes me $2, 750.00 for negligent, unsatisfactory service but they refuse to honor their fraudulous garantee .
Complaint comments Comments (31) Complaint country United States Complaint category Schools


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A  15th of Nov, 2010 by    +1 Votes
I too, am experiencing difficulty in obtaining a $750 refund for my "no risk" experience. Your story sounds very familure as it hits so close to home. After months of calling, I have received a verbal authorization for my refund, but that was about 2 1/2 moths ago. I am close to my wits end and am very interested in how you make out. I do not intend to rest until something resonable transpires.
A  8th of Jan, 2013 by    +2 Votes
It has been my experience that the staff at MTI make a lot of promises but seem to fall far short on delivery of those promises. I had technical difficulties with the Ultimate Traders Package. This program appears to have been put together rather cheaply but the price they charge is far from cheap.

We are promised a lifetime of education, what we get is a lifetime of video that we can watch over and over and a lifetime of sales calls from the MTI sales goons trying to upsell us more of their overpriced products.
A  10th of Apr, 2013 by    +2 Votes
Very dissappointed with the quality of service and product from MTI. The online videos and classes did not function well.
The systems and other product was a major dissappointment. Did not get the service I expected and the so called "Professionals" - Analysts On Demand didn't seem to really know anything about Forex. They seemed to lack experience.

It is my understanding that MTI has revamped it's money back guarantee and actually institituted a cancellation policy that appears to be legal. While that is great for new people, what about all of us who signed up before the new policies??? Lucks like tough luck Charley.

Overall, the products is way too expensive for what you get in return and even with the new cancellation policy, not a good investment.
N  19th of Jul, 2013 by    +2 Votes
To all people here and i hope future reading ...
Next Step Financial Holdings - and - Market Trader Institue and i'am sure all SUB-SUB-SUB companies they applied with
MTI - are doing criminal fraud to there "customers" i will call them victims - like i'am. They will not ever pay money back !
There is no refund to no one. Also no one will learn anyrhing from them - not ForeX Chief but FRAUD Chief may be !?
I hope that many people will read these articles and BE AWARE from these criminal doings !
You get no Bills, no Tax, no serious service - nothing - in no way trustable services - so is no trading company working !!
Here some links how they work:
N  27th of Sep, 2013 by    +1 Votes
Thank you so much guys and specially getset for information. I just had attended the webinar and the first thought stuck to my mind was to check their rapport. And I feel lucky that I found it on right time. I hope many others will be saved too.
A  1st of Oct, 2013 by    +1 Votes
I attended their webinar too and was wholly disappointed. It appeared as a Time Share sales pitch, only much less professional. They make it seem all too easy to make money in the Forex, an industry where over 90% lose money.

A friend of mine was not so fortunate, bought the Ultimate Traders Package and lost over 1, 000 PIPS following their advice. I have heard that the analysts on demand are not real traders but low paid employees who start advising clients with less than 1 month of training.

The alerts and systems are basically a waste of money. FX Chief should change his name to FX Thief.

Pass on these guys. You'll be glad you did.
A  15th of Dec, 2013 by    +1 Votes
I agree with most of the comments i.e. HEAVY PUSHY Sales pitches. I truly must be a sucker for punishment because it only dawned on me after I bought my third training course (in my defence I enjoy learning) that I was paying for GROSSLY over-priced training material that's easily obtainable free in many other websites and that clearly MTI's main income stream is their training courses and not trading per se. I went through a patch where an estimated 80% of the so called tips from the experts totally flopped and I started smelling a rat (once again I was just way too patient and trusting). The training material was "kosher" (albeit seriously over-priced) but the so-called trading tips were clearly rubbish. I was making money following strictly the training material and then losing miserably thereafter following the trading tips from the EXPERTS. Recently I linked up with Forex TSD for about 1% of any MTI course and I've had 3 straight months of sustainable results (admittedly following the MTI training material BUT using Forex TSD's tools and NOT taking ANY tips AT ALL from MTI). I'm still a member of MTI training by virtue of having paid for my training material - that and only that keeps me linked to them. Their webinars ... nothing but HEAVY Sales pitches every time without fail.
N  17th of Dec, 2013 by    +1 Votes
I am a Forex student looking for education. I reviewed many other websites and bought into the myth that MTI was a legitimate company, especially when I saw another website listing them as "Ripoff Proof" and a aproved company to do business with. I don't always believe negative reviews because you never know who is writing them and what their true intent is. So I naively bought the Ultimate Traders Package after attending one of MTIs webinars at a post Black Friday Special offering 40% off the list price. I figured this was a great offer and couldn't resist.

Now almost three weeks later, I am in the red following the system, the alerts and advice by by mentor. I have to wonder how much real experience these so called "experts" really have trading.

Now I am in the process of getting a refund but alas, it is not as easy as the sales representative made it sound when I enrolled. In the meantime, they are asking me to continue to attend client webinars and re watch the orginal webinar which is really a come on for the sales pitch.

In another regard, Josh Martinez who I beleive is Jared Martinez's son does an ok job as a webinar pitchman, but not a great one. He leaves alot of loose ends and unanswered questions, probably deliberately to incite us to buy their overpriced products. Also he seemed bored at times and seemed to have a speech impediment. If this were on video I could imagine seeing him checking his wristwatch and wondering "How soon will this be over???"

Would strongly advise against buying their product. Even at 40% off, it is still overpriced for what we get.
A  21st of Apr, 2014 by    +1 Votes
N  28th of May, 2014 by    0 Votes
N  28th of May, 2014 by    +1 Votes
i attended the webinar on friday, at the end i realised this is just another scam., since then i have had 3 phone calls from florida trying to persuade me. after reading all these forums, i am now convinced
N  14th of Oct, 2014 by    +1 Votes
They are the worst i've ever encountered. what they sell as their ultimate traders package is nothing like the name claims it to be. it is incomplete, teaches you nothing about market movements and seasonal behaviours, timings of the day, structure etc etc, basically nothing that you really can use, their fibonacci based everything does not work except in hindsight, and all their systems are attached to their ugly and outdated charting software that you need to pay an arm and a leg for the subscription you are stuck with them if you want to use their systems since they only work on their platform. you will loose money with MTI that i can guarantee it which in turn will motivate you to consider buying more of their loosing systems since the one you have doesnt work to begin with. you will get harassed constantly with sales webinars disguised as teaching webinars. you are better off learning from a successful independant trader than deal with these clowns. Even their so called verified account that they claim to have gone from 500$ to 50k has been pumped up with several deposits along the way after the account had major drawdowns. the other accounts that they are so proud of? its only one month of profit tracked on myfxbook within the high season of forex movement where any idiot can be a genius during that time WITH ANY TREND FOLLOWING SYSTEM. Sorry i am not impressed, you have been warned. This is probably one of the least ethical company you will ever deal with.
N  16th of Apr, 2015 by    0 Votes
Hi, do you still feeling unsatisfied with MTI now?
N  27th of May, 2015 by    0 Votes
Hey everyone, I’m a representative at Market Traders Institute and I wanted to address some of the concerns on this forum.

First off I wanted to thank you all for giving The Ultimate Traders Package on Demand™
an honest try. (Everton511 we’re glad to hear you still use our training material.) I would also like to apologize for any inconvenience any of you are having. The last thing we want to do is cause stress for our students.

While it is true that we inform our students about additional systems that could help them with their trading, we do our best to make sure that our team members do not overstep their boundaries. Our Education Specialists are dedicated to changing the lives of their assigned students. That’s why we email students consistent market updates and hold educational client-only webinars as a part of our no trader left behind mantra.

As for our webinars, we do discuss our products throughout the duration and offer special deals for attendees. However, we also provide attendees with current market situations and in most of our webinars our hosts actually enter the live market, so you can watch them find trade setups.

When it comes to our refunds, we would never fall back on our promise. Unfortunately, the process can be lengthy and we are working on trying to streamline this. We are sorry that some of you were not satisfied with our education, but we understand your concerns. We would like the opportunity to talk to each-and-every-one of you about your experiences and settle your refund cases on a one-to-one basis. In an effort to protect your privacy, please give us a call at 1-800-866-7431 ext. 283.
D  29th of Jun, 2015 by    +1 Votes
I am going to have to disagree with many of the comments. When I signed up I asked for details on the cancellation policy and they were good at explaining them. I did sign up recently after a long phone conversation. They did allow me time to do my due diligence on them.
I have had more detail conversations on webinars and phone calls on any trading questions or issues I had. They told me to call as many times as I needed to. They also answered any and all questions on the webcast and let me know that any question was acceptable and not dumb to ask.
I have tried other training services (Options, day trading and stock signaling services) and by far these guys have been the best out there that I have tried. I think you get out of it what you put in to it. I was very skeptical, but they have met my standards for service and training.
I can understand how some people have a bad experience, but the other thing I have learned is it will take time to be a good trader. I was asked what my income goals were and my time expectations. My answer was to replace my job. A person I knew well commented with the question: "how long did it take you to become good at your job and make the income that I make". I think that put the time expectations in a good perspective.
Better luck for those of you that have not succeeded. I know it can be frustrating.
N  15th of Oct, 2015 by    0 Votes
I am going thru the course right now but I am getting a refund. Overall i think there program is pretty good and i have learned something from it and with focus I have had some success with it. I have some success without MTI but I was trying to up my game and my weekly pips. They made claims that there education would increase my pips quickly and gave me a 3 month trial. But in reality one of the CS people told me it takes 6 months to a year. They also made comments that would leave anyone to think that 1000 pips per week in a short period of time is reachable. It is for the most experienced and disciplined trader. The owner appears to be very good but in the end the novice cannot except that those results will occur. But in the end I am leaving because of the integrity of the salespeople. They are your front line of a company and dishonesty or over exaggerating something is wrong. Politicians do it all the time without any accountability. But the expectation is different with a business that so much depends on their customers and such a risky business.
N  15th of Oct, 2015 by    0 Votes
I cannot comment on Forex trading, but I have had good success with options and day trading. The day trading wasn't part of my expectations, but was a bonus. Trading as a whole is difficult to be very successful, but they did give me good fundamentals a good learning path. The rest was up to me to follow the process.
Trading of any kind isn't for everyone, but I hope the best to anyone who tries.
A  15th of Oct, 2015 by    0 Votes
I agree, it is not a get rich quick scheme...it takes a lot of commitment.
N  5th of Feb, 2016 by    +1 Votes
Says it all: http://www.bloomberg.com/news/articles/2015-05-11/currency-con-man-says-he-got-by-with-some-help-from-famous-friend
N  24th of Feb, 2016 by    -1 Votes
We have been a client for 2 years.

The company has used a form of radio wave entrainment/radio frequency technology on its clients without their consent.

This has been used abusively at times, I had a health condition which was interfered with.

We are having to go through a customer service that is ignorant of it as well!

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