http://www.netotrade.com/ is a scam

[Masrawi2004]

I trade with Netotrade under account No. 16350753, on 13th May 2013 I submitted a withdrawal request with amount of USD 10550, but amount was not debited untill 16th May after many contacts from my side.
from the day I made my request till now I sent many emails and I contacted with more than 14 persons tat Netotrade complaining that I have not received money yet.
I asked them to send me copy of wire transfer to trace funds or to send me transaction reference to make my bank investigate about it, but they did not, each and every person I contact tells me to leave my mobile No. and they will call me back but they don't so I call them again and again and everytime same scenario is repeated.
Now I'm sure that this company is a scam and they do not proceed with withdrawal requests for large amounts as they already processed a wire transfer with amount of USD 200 after 3 days from submitting my request
I seek your assitstance to stop this company and warn all investors from trading with it

 

[Pharaoh]

Stop trading your account if you haven't done so already. If a broker is unreliable about withdrawals, why should you trust their trading environment?

Send an invitation to every email address you have for NetoTrade. Invite them to please join this discussion thread and explain why they seem to be having difficulty sending your money to you.

 

[Master Yoda]

So what do we got here?
It's an unregulated company, they are not mentioning their address anywhere in the site, their risk disclosure is not serious, it looks like they are scammers...
Also they are using Cashu, that means their main market is the Arabic Market, unfortunately there are many scammers who work in the Arab world especially operating from Israel.

But the funny thing I have found in their website is this chapter under Our Commitment (Commitment Towards Our Clients - NetoTrade)

"Conflict Of Interest

The FOREX market suffers from a conflict of interest between clients and broker companies. According to statistics the main reason behind the loss of clients is the conflict of interest between clients and broker companies. Here at NetoTrade the interest of the client and the company is integrated and shared. The company profits only from the spread. There are no trading commissions whatsoever. In other words the company profits only from the difference between the buying and selling price .NetoTrade promises its clients real and genuine support and enables them to benefit the most from their profits and eliminates the chances of losing to zero."

I am repeating "NetoTrade promises its clients real and genuine support and enables them to benefit the most from their profits and eliminates the chances of losing to zero" Un-#@$%-believable!

 

[Pharaoh]

As long as client accounts end up with at least 1 cent, then they haven't lost to zero. Sounds like an utterly amazing deal.

 

[Master Yoda]

that's very interesting... didn't think about it like this

 

[Masrawi2004]

I wonder how to close this website, in addition I transferred them money by wire transfer and I have their bank details also they transferred me USD 200 once by wire transfer and I have their full address
I have copies of all these wire transfers, how it could help?
it has been month now since I submitted my withdrawal request and money still not transferred yet and they are still looking for the bottom of the problem and most of time they don't reply my emails and when I call they tell me that they will call back and don't

 

[Master Yoda]

Unfortunately closing the site won't make any difference, they will just operate using another site... they are not traced or regulated.
The only "cure" is that people will start make background checks for any company before dealing with it.

 

[Pharaoh]

Check out this thread for a list of places to complain:

https://www.forexpeacearmy.com/fore...ave-you-been-scammed-how-complain-manual.html