NetoTrade, I can't believe if this turns out to be SCAM

jqnkjq

Recruit
Messages
1
I opened my trading account after an exchange of several emails. One of their senior most team members, Ms Anna Martin, confirmed in writing that should I use their Bonus (upto USD 10,000) against my similar amount of investment, not only all the losses (if any) will be borne from the Bonus Amount, instead, I can withdraw all profits (and my equity) should there be any. I started with USD 1k, then additional USD 4k, then additional USD 5k. they also deposited credited my account with the same total USD 10k. I further injected USD 10k, taking my equity to USD 20k.

My account exceed USD 40k and I requested a withdrawal of USD 30k. The arguments started. Initially they (Sean Williams and Frank Morgan) flatly declined the request on the premise that there is still Bonus in my account and after a lot of deliberations, they transferred back USD 20k, which was my total equity injection. They also immediately withdrew their Bonus amount as well. Now, the account has a trading balance of USD 30k and they have categorically told me, "EITHER TO CANCEL THIS ACCOUNT AND OPEN A NEW ONE, OR WE WILL NOT LET YOU WITHDRAW THIS MONEY".

I'm sure that I will pursue them at all forums, including various regulatory bodies, if at all they are registered somewhere. Their calls appear to originate from London, Kingdom of Bahrain and Dubai (United Arab Emirates). They claim to have brokerage license from London and when I visited London, they refused to meet with me. Their refusal was at a time when my account was new and we didn't have any bad relationship. Their point of view was that my account is too small to meet. Unbelievable.

I will for sure not spare them and should someone doesn't intend to resolve my issue, I will definitely chase them, individually, as well as their company.

I do hold all the written documentation in the form of confirmations from their end, which was agreed prior to initiating the commercial relationship.
 

FxMaster

Lt. Colonel
Messages
10,776
I opened my trading account after an exchange of several emails. One of their senior most team members, Ms Anna Martin, confirmed in writing that should I use their Bonus (upto USD 10,000) against my similar amount of investment, not only all the losses (if any) will be borne from the Bonus Amount, instead, I can withdraw all profits (and my equity) should there be any. I started with USD 1k, then additional USD 4k, then additional USD 5k. they also deposited credited my account with the same total USD 10k. I further injected USD 10k, taking my equity to USD 20k.

My account exceed USD 40k and I requested a withdrawal of USD 30k. The arguments started. Initially they (Sean Williams and Frank Morgan) flatly declined the request on the premise that there is still Bonus in my account and after a lot of deliberations, they transferred back USD 20k, which was my total equity injection. They also immediately withdrew their Bonus amount as well. Now, the account has a trading balance of USD 30k and they have categorically told me, "EITHER TO CANCEL THIS ACCOUNT AND OPEN A NEW ONE, OR WE WILL NOT LET YOU WITHDRAW THIS MONEY".

I'm sure that I will pursue them at all forums, including various regulatory bodies, if at all they are registered somewhere. Their calls appear to originate from London, Kingdom of Bahrain and Dubai (United Arab Emirates). They claim to have brokerage license from London and when I visited London, they refused to meet with me. Their refusal was at a time when my account was new and we didn't have any bad relationship. Their point of view was that my account is too small to meet. Unbelievable.

I will for sure not spare them and should someone doesn't intend to resolve my issue, I will definitely chase them, individually, as well as their company.

I do hold all the written documentation in the form of confirmations from their end, which was agreed prior to initiating the commercial relationship.

Sorry to hear that BUT big question is why you failed to check review about them before you invested money with them, FPA warned traders back in 2014 which is clearly mentioned on their review page here that January 20, 2014 SCAM ALERT

There are 3 FPA Traders Court Guilty Verdicts against NetoTrade. The FPA now considers NetoTrade to be a Scam broker.

The FPA advises AGAINST opening an account with NetoTrade. If you have an account with NetoTrade, the FPA recomments that you try to withdraw all of your funds immediately.
 

Pharaoh

Colonel
Messages
20,127
Depending on how and when you deposited, you maybe able to do a chargeback with your bank (bank cards only).

If you can't get that done without help or get rejected for any reason other than missing the deadline, WinChargeback may be able to help. They can also sometimes assist with reversing bank wires.
 
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