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  • Report: #714220

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: Tue, April 05, 2011
  • Updated: Fri, June 21, 2013

  • Reported By: Fisherman — College Park Maryland United States of America
Market Traders Institute
Lake Mary, Florida Lake Mary,, Florida United States of America

Market Traders Institute REVIEW: MTI - Market Traders Institute's commitment to total customer satisfaction. Market Traders Institute focused on providing highest quality education. Increase customer support staff - the "No Client Left Behind Policy" ensures time with each client at least once a week to benefit their educational journey..


*UPDATE: Market Traders Institute pledges their commitment to Ripoff Report Corporate Advocacy, Business Remediation and Customer Satisfaction ProgramA program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. Market Traders Institute is recognized by Ripoff 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 Next Step Financial HoldingLL No risk to try our training. If "not for you," just request a full refund. This program not for everyone. Lake Mary,, Florida

Responded to online ad offering The Ultimate Traders Package, training in Foreign Exchange trading.  Sat through several online "Go to Meeting" presentations, followed by telephone calls from salesmen promising a "no risk" trial and a free practice account.  To get the UTP and the special "MTI 4. Charting Software" would cost $5000., but I could receive a matching grant of up to $750. plus a $500 discount by putting down a $750 fully refundable deposit and making a monthly payment of $174.40. plus I could save all 18% interest charges by paying off the balance within 90 days.  After I signed up for the program, I was told that their programs would not run not on my MacBookPro computer, running MAC OSX, and that I would need to purchase and install some $99 program to allow my MacBookPro to run Windows XP.  I asked if a PC with WIN XP would work, to which they said OK, so I pulled my old Gateway PC out of storage, updated it with new Virus and Firewall protection and tried to begin the training program, which was haphazard at best.  I was immediately contacted by numerous other educational programs offering loads of free training in the Foreign Exchange trading market, and I struggled to try to get MTI 4. proprietary trading program up and running on my PC.  It never has run on my PC and of course will not work on my MAC.  My PC runs fine and there is no reason why the program should not run on my PC, except that nothing from this group seems to run as promised.  I was told that I needed to take an extra course in "Scalping the Market" to make some fast money while I practiced the UTP program, so I signed up for this extra training, although it was to cost me an additional $1,600.  When it came time to take that course, I was not allowed to start the course with everyone else, as more paperwork needed to be signed and by the time they got me all signed up for the course, it was about half over.  They did say I may retake the class again on April 20, although by this time, they started excluding me from other so called "classes," which I feel was a very good idea, as I am no longer fascinated by this fraud.  At the same time that one salesman is telling me I can take the April 20th class, I have an email from the supervisor telling me I am again "excluded" from training.  No reason is given. When I told the salesman that I was canceling my membership, he sent me to a website where I found all of these other people who are complaining about this crapy outfit.  I am only out about $2,000 at this.  I am certainly not a racist and do not not consider myself anti-mexicano or anti-cubano. Pero, yo no soy touristo americano.  Yo soy muy gracias, y ustedes?       

This report was posted on Ripoff Report on 04/05/2011 03:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/Market-Traders-Institute/Lake-Mary-Florida-/Market-Traders-Institute-Next-Step-Financial-HoldingLL-No-risk-to-try-our-training-If-n-714220. 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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REBUTTALS & REPLIES:
0Author 2Consumer 1Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Customer follow up

AUTHOR: MarketTraders.com - (United States of America)

Howdy, 
Sorry to hear about your issues with your account manager. This is definitely not the norm here. All of our calls are monitored and our inbound calls are tracked to ensure complete customer satisfaction. If you had a missed appointment by your account manager and waited weeks for a follow up, please call in to the Customer Service Manager and let him know about it. I don't have any information about your account because you haven't identified yourself, but we strive to make sure all customers are taken care of. We take our customer follow ups and appointments very seriously and no one should be waiting weeks to get contacted. 

As to your concerns with our phone numbers, we utilize a local number when we call so that people can call back easily and avoid a toll call. We also offer a toll free number if you want to get it right from our website. You mentioned that you feel you were cold called, I just wanted to address that issues as we don't cold call anyone. Everyone we contact has requested information from us or registered for a webinar. We've been in business for over 19 years, and have thousands of satisfied clients. I truly apologize on behalf of the company for the issues you have been having and want to make sure you get the service you purchased. Please call and speak to our customer service manager Matt Johnston at 407-740-0900 or leave your name here and he will contact you directly. 
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#2 REBUTTAL Owner of company

MTI - A very poorly run operation

AUTHOR: I''ve been scammed - (United States of America)

This seems to be the standard rule not the exception, that when you speak with one person, you  get one piece of information. Speak to another and hear something totally different.  Another thing, whenever I call and ask to speak to my account manager, I get the wrong person. Call back and get someone else. Doesn't this company invest in professional phone systems where we can call that person and speak to them directly or at least leave a voice mail for them? Jeesh!

Whenever I call, it takes sometimes weeks for them to get back to me.  And they don't keep appointments either. I had an appointment with my account manager. He was supposed to go over everything for me. I Hurried home and waited for his call. And I waited. And I waited. And waited somemore.

So I called MTI and somebody answered sayiing he was with NEXT STEP FINANCIAL HOLDINGS. Wait a freekin minute! I called MTI anc got NEXT STEP FINANCIAL HOLDINGS??? The person gleefully explained that he works with my account manager and says he was out for lunch. I asked him how he knew that and he said, " because he sits right ahead ome and I can see he is not at his desk." 

So I asked who in the world NEXT STEP FINANCIAL HOLDINGS is and he said, they were resellers for MTI - Market Traders  Institutue and work out of the same office. So I figure in other words, they are the same company.

Then I asked where they were located at. He said,  'Lake Mary, Fl. Just north of Orlando." So then I asked how come whenever I get a call from them it shows up as a local number when I don't live in that area. He said, "We do that to make it easier for you to call us and it's not a toll call."

Don't you have a toll free number? I asked.

He said "Sure."

So why then do you need a local number calling us then I figured it out. You see a local number and you think it is a friend or relative or someone you know, just as I did when they call me. In other words they trick you to thinking it is not a telemarketing cold call.

Funny thing though. When my account manager finally got back to me, weeks later, he called and it showed up as MTI on my phone. Hmmm??

Anyway, I have been having a bad experience with this company. Something smells here.  Appears to be very disorganized and unprofessional.  Customer service is a farce and I mean from everyone I speak to other than the operator who seems very nice.

The people here sound like they are all kids, probably 20-something or less, probably school age working after school or inbetween classes. Right now I am working on getting a refund. Wish I would have cancelled with the first three days, would have saved me a lot of hassle.  The program doesn't work and the people there don't seem to care.


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#3 UPDATE Employee

Feedback

AUTHOR: MarketTraders.com - (United States of America)

Dear Client,

I am sorry to read that you had a bad experience with Market Traders Institute. But there seems to be a couple pieces of information you were given the incorrect information.

The Ultimate Traders Package is an internet based program and should work in any computer that can access the internet.  In order to run our charting software on a Macintosh or Apple, clients do have to purchase an additional program to run dual operating system.  Having said that, you should have been told that you do not have to use our charting software to go through the education.  

As far as your gateway PC not running our programs, that should not have happened.  I am curious did you contact our tech support team?

It sounds like there were a lot of things going on with your UTP education experience.  I would like to have the opportunity to at least talk with you so I can better understand exactly what happened.  It would give me an opportunity to resolve your issues or at the very least, understand the full picture and how MTI can learn from your feedback.

Please contact me at your earliest convenience so we can discuss your experience.  My contact information is as follows:

Mark Harper
Customer Service Manager
1-800-866-7431 x246

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