• Report: #661506

Complaint Review: Market Traders Institute | Ripoff Report Verified Safe™ ..businesses you can trust. commitment to customer satisfaction. MTI a foreign exchange education / training company based in Orlando suburbs Lake Mary, Florida. Education to beginner, intermediate, & advanced traders. Family owned, over 19 years.

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  • Submitted: Sat, November 13, 2010
  • Updated: Fri, May 03, 2013

  • Reported By: Paul — MONCTON New Brunswick Canada
Market Traders Institute | Ripoff Report Verified Safe
400 Colonial Center Pkwy. Suite 350, , Lake Mary, Florida United States of America

Market Traders Institute REVIEW: Market Traders Institute's clients feel safe, confident and secure when doing business with MTI and its support staff. Market Traders Institute's commitment to client satisfaction, exceptional client experiences & success make it stand out from its competitors. Market Traders Institute is committed to Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program -- A program that benefits the consumer, assures them of complete satisfaction & confidence when doing business. .


*UPDATE: Market Traders Institute is recognized by Ripoff Report Verified™ as a Safe Business Service.

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Ripoff Report Verified™ REVIEW:

EDitor’s UPDATE: Positive rating and recognition has been given to Market Traders Institute for its commitment to excellence in customer service.

Ripoff Report’s discussions with Market Traders Institute have uncovered an ongoing commitment by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any complaints or concerns.  Market Traders Institute listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services. This commitment can be seen through a drastic growth in support staff, decrease in response times to customer concerns, and the "No Client Left Behind" policy.

 The "No Client Left Behind" Policy gives Market Traders Institute students the assurance they need to know that they will not be on their journey alone. This policy, implemented in response to student requests, guarantees that each and every MTI student is contacted at least once a week from an experienced education specialist. This phone calls discuss education progress, general questions and ultimately, the student's individual trading goals where specialists dedicate their time to helping these students get the tools they need to succeed. 


Market Traders Institute is Rip-off Report Verified
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..
The information provided in this report is based on comments made by Eric Johnson, Jacob Martinez, Eric Herrera, and Matt Johnston during an on-site inspection held by a third party verification company with no biases toward Market Traders Institute along with interview comments by Ripoff Report staff.   

Market Traders Institute is an educational company whose goal is to create successful, ethical traders through a five phase approach with theory, practical application, home study environment, online study and analysis and on-site training. The company’s vision is to achieve $25 million in sales by the end of 2013 and $100 million by the end of 2016 by creating proprietary charting software packages domestically and internationally. Their target market are detail oriented individuals who have an entrepreneurial mindset and want to be their own boss and individuals who have no income ceiling limits such as engineers, pilots, and doctors. The company feels they are set apart because they strictly provide education for foreign exchange markets and are not involved with trades and brokers. They feel they have strong levels of support and they follow up on all levels (in person and online). They feel they have a competitive edge with their Analyst on Demand program and they state that on an ongoing basis they are reinventing themselves to adapt to changes, trends, growth and technology while designing and producing their own collaterals in-house.

The company notes that they are solely an educational company that trains their customers in foreign exchange and there are not government standards for what they do. The Commodities Future Trading Commission (CFTC) is the government body that regulates. Market Trader notes that rates are constantly changing second-by second and rates change 24 hours per day for 5 ½ days per week. To provide their users with the opportunity to utilize current information on how currency is traded, the company has an “Education on Demand Portal” that each student has access to. Furthermore, they have a no client left behind program where an account executive or customer service representative physically speaks to the student each week. The company also has an analyst on demand program where the student has access to 19 hours daily for interaction with an analyst. Each student is assigned an account executive that is available via phone during normal business

On a daily basis, Market Traders tries to ensure that customers are receiving the best customer support possible by monitoring their daily activities and documenting them. In the first 60 days that a customer works with a client the account manager team calls each student once per week and thereafter the student is called frequently. Every 21 days, the company’s standard procedure is to have customer service call each student. The company is continually working to improve internal processes by having the customer service team and account manager team to work on better communication skills. This is implemented by utilizing weekly meetings, role playing and weekly training in most areas. The company stated that the customer service department will stay the course with the programs and training that have been implemented as a result of customer complaints and all areas of customer service are constantly under review.

 Market Traders Institute / Statements from the owner. 

  CEO and founder of Market Traders Institute, Jared Martinez, has informed us that this policy is not just words on paper; it is a driving force in his company which was built by a trader for traders. After finally finding success after years of trading hardship, he became determined to establish a company of dedicated staff members with a spirit to serve using the best information and tools available to help students learn from his trading journey.

Jared F. Martinez, also known as the FX Chief, Founder and CEO of MTI, Author, Trader and Mentor said, "No one knows the struggle, hardship, fear, loneliness and hope of becoming a successful trader better than myself.  For that reason, I created Market Traders Institute Inc. with a team of great people who are committed to providing traders with exactly all the right education, tools, trading mentorship and state-of-the-art trading software that they need in order to have a fighting chance of becoming a trader. My hindsight can become their foresight. Everyone at MTI, myself included, has a spirit to serve and an ongoing dedication to never leave a student behind; To never allow them to go through their journey alone, like I did. For that reason, MTI is a brand students can and do trust."

President of Market Traders Institute, Jacob Martinez, said, "Market Traders Institute has been able to change the lives of students because of its dedication to helping each student find whatever they feel is success to them. This means the best support staff, an ever-changing education and a keen ear to understanding what students need as we make changes to accommodate them." Jacob Martinez added, "Asking what success looks like to each student is the first question we often ask because it is so important to our main effort as a business -- to live the 'No Client Left Behind' policy. Does it take more time? Yes. Is it worth it? Yes and there is no doubt in my mind that students feel the same way."

Some of the common complaints that Market Traders receives deal with product did not meet with customer’s expectation, the customer did not think the education would be as intense as it actually is, the product is too expensive and technical issues. In any instance the company utilizes their customer service representatives as a first line of resolution. In order to solve many customer complaints, the company has implemented a hardship program for financial or personal issues to defer payments, cancel their services or have the company provide a settlement. The cancelation program is designed for the first 30 days to allow the customer to opt out of the services. The company also has a refund policy within the first 60-90 days that can be utilized when a customer is not satisfied after training has been complete. In one instance where a customer was not satisfied, they specified that it took too long for the company to handle their complaint. A customer service manager was proactive by bringing the matter directly to the attention of the assigned account manager’s manager. The customer service manager first reviewed the student’s case, and then called the customer to sincerely apologize and state that the account manager would follow up with them in a timely manner. The client stated that they understood and the customer service manager was involved in the process until the matter was totally resolved.

Many of the complaints made on Ripoff Report describe that the customer was not satisfied with their training and requested a full refund as promised. The company stated that they feel that often times their refund policy is misunderstood by students. In 2010-2011 the company described that they experienced phenomenal growth. During this period students complained that the company was not paying enough attention to them. Some sales people proved to be unethical by setting expectations way too high for potential clients and glossed over the refund policy. Eric Johnson, the Director of marketing stated, “These actions contributed too many misunderstanding which resulted in many employee firings.” Market Traders Institute has promised to correct this problem by focusing on this particular policy by being proactive and making the necessary changes. Now students after reading the policy page much sign a “refund policy” acknowledging they have read and understood it. Furthermore, within 48 hours of the company receiving a complaint, the customer is called and should the customer not a free with the clarification or proposed solution, the company implements the “refund policy” to resolve the trouble. Additionally, in response to complaints on Ripoff Report, the company has added 18 new support employees to handle the company’s growth. They have created an Internal Compliance Department (ICD) with a director and assistant that report directly to the President of the company. The ICD can take corrective action should an employee prove to be at fault and mandate additional training. The company has also instituted a mandatory weekly training for all sales, marketing, and customer service employees. Furthermore, Market Traders Institute upgraded their IT Department with new servers and other technology to handle growth and increase in calls.

Because Ripoff Report requests that company does whatever it takes to make sure the company is providing excellent customer service Market Traders Institute has worked to set a better expectation level in all areas, improved training with account managers and customer service representatives. Since the improvements, the company feels that complaint levels have dropped off considerably and in the last 14 months there have only been 2 complaints.

Market Traders Institute is happy to be a part of the Corporate Advocacy Business Remediation and Customer Satisfaction Program because since 2004  the President has focused on developing successful, ethical traders and they take a great deal of pride in their image. The President established the “President’s Eagle Club,” which recognizes outstanding employees. Jacob Martinez states, “These valuable employees are true team players because they support and assist all customers above and beyond the call of duty.” The company is committed to uphold the CAP ethical standards. However, they stated that from time to time even the best companies have slipups and they appreciate that Ripoff Report allows them the opportunity to continue to strive towards excellence even though the occasional error may occur. 

Market Traders Institute employees have affirmed their passionate commitment to customers and the changes that have been set into motion to assist students above and beyond the call of duty.Customer Support Manager Matthew Johnston said, "Every person on our team has a spirit to serve and isn't afraid to treat students like family. The students come before all else. Students hold us to a high standard and we are dedicated to meeting their expectations and then some through personable and quick support that leaves our students confident in our organization and their team."

Market Traders Institute takes employee satisfaction seriously as well. Employee feedback and surveys reveal comments such as this:  "Market Traders Institute takes employee satisfaction seriously because these happy and devoted employees take their passion into their jobs in ways that give students confidence and energy. Employees are expected to contribute, be innovative, and overall serve the client to the best of their abilities in an environment built on team work. This idea of teamwork isn't just for within the office either; it is how we view the student-staff relationship too."  Rip-off Report was pleased to learn that Market Traders Institute’s past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.

STATED IMPROVEMENTS FROM MARKET TRADERS INSTITUTE.

Market Traders Institute has re-devoted itself to clients in powerful ways through an increased customer service support staff, increased training on many levels of the company, and the "No Client Left Behind" policy. The customer support staff is meticulously chosen for the most passionate candidates who are trained to aid students on many levels. These team members speak directly with customers to address complaints and questions quickly and fully. All representatives have undergone and continue to embark on training which is designed to better equip them with the tools they need to help customers to the best of their abilities. Along with these changes and the "No Client Left Behind" policy which ensures phone time and check ups between students and support staff, additional education products are added on a regular basis to help Market Traders Institute specifically address the concerns of students as they arise. Along with this, MTI has taken steps to help students reach representatives sooner with their educational comments and concerns through live analyst chat boxes available 19 hours a day, weekday workshops, and even segmented Analyst on Demand sessions to help student choose their preferred learning level. 

Read more about why consumers should feel confident when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,.. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works. 

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them.  In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer ..  Market Traders Institute did just that.

Take a peek at their YouTube videos..

http://youtu.be/SW4O9183cW0

http://www.youtube.com/watch?v=NrS2I-KEK98&feature=share&list=PL0RUxm054vIWvvT3MqtREmqtOhhvi4dH8

http://www.youtube.com/watch?v=QtUZu9QT5Vw&feature=share&list=PL0RUxm054vIWvvT3MqtREmqtOhhvi4dH8

http://www.youtube.com/watch?v=bwdr6wuMy1I&feature=share&list=PL0RUxm054vIWvvT3MqtREmqtOhhvi4dH8

http://www.youtube.com/watch?v=ZM_uLFf6Ccs&feature=share&list=PL0RUxm054vIWvvT3MqtREmqtOhhvi4dH8

In summary, after Ripoff Report’s 3rd party reviewers and our interviews with the company, which included discussions with Mr. Qazi, Ripoff Report is convinced that Market Traders Institute is committed to quality delivery of services resulting in total client satisfaction.

Again.. As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them.  In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer .
---------------------------------------
NOW TO THE ORIGINAL REPORT THAT WAS FILED    
 

Market Traders Institute (MTI) William Goldenberg, 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 a Lake Mary, Florida

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 MTIs 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.

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 ones 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 didnt 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. 

There are hidden costs associated to accessing a data bank on a monthly basis. Furthermore, nobody can truly understand MTI's garantee conditions at the onset because the client would need to know all the details of how what they entail, and more about how they are going to be ripped off. 

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.  Response was that I did not meet their garantee criteria.

So much for fairness and lies, so much for the great American dream and its cheaters, lies and conniving marketers. 


This report was posted on Ripoff Report on 11/13/2010 07:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/Market-Traders-Institute-Ripoff-Report-Verified-Safe/Lake-Mary-Florida-/Market-Traders-Institute-MTI-William-Goldenberg-MTI-provided-faulty-technical-support-a-661506. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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#1 Consumer Comment

I had a similiar experience with MTI and Goldenberg

AUTHOR: Angry Consumer_10 - (United States of America)

I spoke with this Goldenberg guy a couple of times too. He starts off by being somewhat friendly but it doesn't take long before his mode changes into a something like a snake oil salesman. He tells us all these great testimonials about how much money he and others are making trading the currency market, but when I asked for proof, he went ballistic on me



What? Because he says it then that means it must be true? C'mon. I was born on a Tuesday but it wasn't last Tuesday.



He also likes to use the word "guarantee" and Money back guarantee" a lot. But when I asked for him to put it in writing, he backed off and then went for jugular and high pressured me to enroll. He said that if I didn't do this now, how would my financial situation possibly be any better three months from now?



I was in a situation where I didn't have al ot of money. I was layed off and living off of savings. I considered Forex because I thought it might be something I could learn and start making money with right away and William picked up on this and played on it. The fact of the matter was, that I also talked to a lot of people who lost money trading Forex. Mr. Goldenberg assured me that this was because they were not trained. With training I could learn a skill that could generate $2500 to $4000 per month. He said he had many students that captured 400 pips a month and this equated to over $4,000 per month.



He also told me of some of the plays he was in, the currency pairs that he supposedly made a ton of money on. He was talking up "The Aussie Wave", a pivot point prediction and said that being in this trade in the beginning could probably generate a return that would be like buying Apple stock at $10 and riding it up to $600 only it wouldn't take years, it could happen in weeks. Needless to say, I was excited and that got my attention.



However, in checking with more honerably people, I found that pivot point predictions do in fact generate nice returns, providing you are on the right side of the trade and know what you are doing. Also, I was told that no one and is this comes from investors who have been in the markets for over 20 years, ever heard of a pivot point prediction that could generate that kind of a return at all let alone in weeks.



When I told Goldenberg that he just laughed and said those people did not know what they were talking about.



So once again I asked him how much money he made trading and was it more than what he made working? He didn't answer at first and then said he does very well trading. But what is very well. I couldn't help but think he was lying to me so asked him to prove it to me by sending me confirmation slips or other proof of his trades.



I ASKED him how long he had been in the Forex. He said years. So I asked him to send me a copy of his tax return, not the whole return, just the schedule that shows investment returns. He didn't even know what I was talking about and then told me he didn't have to do that and wouldn't so it. He said, "Why should I have to show  you my taxes or conformation slips?" So I told him I didn't believe him. That I would be makinga substantial investment if I did purchase the training and that I had been out of work so needed some sort of guarantee that this thing works.



He went right back to the "60 day unconditional guarantee" where I would get my money back in full, no questions asked. He said I could try it for 60 days. Use the information, Do some trades. Access the Analysts On Demand and on line classes etc. Use it and make money from it. If it didn't work, I would get my money back, no questions asked.



So then I brought up the comments on this board and others like Forex Peace Army as well as comments from people I knew personally who told me that the guarantee was really a joke, that many, in fact most people lose money or were losing money. He got really nasty. He more or less said I was a loser and that I shouldn't beleive what I read on the internet or what other people say.



I couldn't believe this so at this point, ended the call. He called me back and sent me a ton of emails and invites to those sugar coated sales pitches which he calls "webinars" which I promptly deleted. I got so many emails that it fille dup my mailbox. These guys are really pests.



Anyway, I was lucky in that I did not waste my money on this. $5,995 is a lot of money, especially when you are unemployed. I was turned off by this guy and the gall he had to high pressure me into this so he could make a commission. I wonder if he bought the course and if in fact he is a real trader. Somehow I doubt it.



Still waiting for those confirmation slips and tax documents. I guess I'll be waiting a very long time.





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#2 Consumer Comment

You Speak The Truth

AUTHOR: This Is The Truth - (USA)

You are speaking the Truth about this Forex trading school and it just goes to show how little they care about you because they know that they are being exposed for their lack of integrity.  If they cared about people like you they would have already contacted you to make amends

Just goes to show you the kind of scam they are running and the kind of dishonest crooks they truly are including Jarod Martinez, the founder.
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