FPA Scam Finding
We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
During 2012 and 2013, NetoTrade employees were caught leaving 3 “client” reviews from their offices in Israel and Cyprus. Many companies get caught doing this once. Very few keep doing it.
Thare are now 3 FPA Traders Court Guilty Verdicts against the company.
Case 1. FPA Member Lojina reported that her account was traded for her against her will by a NetoTrade employee. She managed to recover some of her funds before negotiations broke down.
Case 2. FPA Member Mohammed Minhaj reported having an “account manager” at NetoTrade making profits for him. Then his manager changed and he could not get access to his money. After much argument, NetoTrade canceled his profits.
Case 3. FPA Member Engmansor2000 reported that an “account manager” at NetoTrade told him a profit had been made on trading. He attempted to withdraw some money, but couldn't. He later reports finding out that a large amount of additional money had been withdrawn from his credit card without permission.
Under these circumstances, the FPA has no choice but to declare that NetoTrade is a scam broker. This ruling applies also to any other websites under the control of this company or its owners. We offer Neto Trade the opportunity to have this scam finding lifted by meeting these requirements...
1. Process all overdue withdrawals. Add a 0.5% compound interest payment for each full month compensation for any withdrawal that been delayed more than 2 months since the initial request was made by the client.
2. Ban “account managers” from trading client accounts unless firm rules are put into place preventing excessive risks from being taken.
3. Make certain that clients can withdraw directly by filling out a form or contacting the accounting department without regard to anything the “account manager” may say or do.
4. Make certain that all deposits are only done at client request though the accounting department.
5. Train all existing employees and newly hired employees in basic ethics to prevent further incidents of employees leaving fake client testimonials.
NetoTrade.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or with any company associated with it. For those who already have accounts with Neto Trade, we recommend that you attempt to withdraw all funds as quickly as possible. If you encounter any trouble getting a withdrawal processed within a reasonable amount of time, we recommend you leave a 1 star review, start a new thread in the Scam Alerts folder and you file fraud complaints with the authorities.
Discussion Thread for this Scam Finding
Lojina's original complaint against NetoTrade
Lojina's Traders Court case against NetoTrade
Mohammed Minhaj's original complaint against NetoTrade
Mohammed Minhaj's Traders Court case against NetoTrade
Engmansor2000's original complaint against NetoTrade
Engmansor2000's Traders Court case against NetoTrade
FPA Review Page for NetoTrade.com