Netotrade is scamming broker
On 20 Dec 2015, I received a call from UK number from Fahed Abdallah, introduced himself as a manager in netotrade asking me to join forex. I told him that I have no Idea in forex but he reassured me that I am going to have "an account manager" . So I deposit 2500 USD via credit card on same day. then I started to receive calls from the account manager Tareq Elyan titled "VIP account manager, faculty of Economic, university of Cambridge asking to deposit more money to get better trading, I deposited another 6000 USD via credit card on 23 Dec 2015, then next day 10000 USD to get a VIP account & 100 % bonus plus receiving free trading signal via e-mail. He started to execute trading positions via remote access through my laptop in the metatrader platform. Initially there were profits with some losses. Another deposit of 7000 USD by the end of Dec 2015
Then more & more requests to deposit more money to help in improving the free margin level and to snap the trades in gold & oil so another deposit of 40000 USD with fake promises to revert the negative balance.
Netotrade is a scam
Due to lack of my experience in forex, the account manager was executing position without stop loss order with big lots & keeping low margin level of 250-350 % and even less. He was calling me from time to time to help the situation by adding more money where I told him this is beyond my capacity he replied that he is promising to take care if I helped in depositing more money and reassuring that loss will be converted to profit with time once the trend change.
Netotrade trading is a trap
Due to open, unlimited loss with no stop loss orders I have confronted with a situation where either to rescue my funds by adding more money or losing it through a margin call, even when I ask him to put stop loss order he was refusing & even not agree to close any negative balanced position. and insisting to deposit unlimited times . I realized later on that rule number one in forex is "cut losses quickly & keep profits run".
Instead of that my losses was accumulating.
I argued with the account manager that he should find solutions he replied to me that he will do hedging orders but I have to deposit more.
On 5 Feb 2016, the account manager blackmailed me to deposit money for the chance that the gold is raising otherwise he do an action to terminate my account then I deposited 5000 USD via credit card.
All these action did not result in any help to revert the negative balance. I stopped adding more money because it is beyond my plan & capacity
On 23 feb 2016 at 23:48 hr., my account had full margin call due to a mistake in the pricing of n-gas position of 0.015 USD that lead to freeze my account till been recovered at 19:00 hr. next day which lead to missing of correction of hedged trade of oil positions.
Eventually on 26 Feb 2016, I have been confronted with a complicated situation, huge negative balance, big lots & small margin level which lead to loss of my money in an amount of 210,500.00 USD with 0.00 USD withdrawals in a period of 2 months.
It is a nightmare to be a client of netotrade because you will be a victim of fraudulence & scam
Thanks for all forex peace army members
Your support is helpful to relieve my agony & to fight the scamming brokers.
On 20 Dec 2015, I received a call from UK number from Fahed Abdallah, introduced himself as a manager in netotrade asking me to join forex. I told him that I have no Idea in forex but he reassured me that I am going to have "an account manager" . So I deposit 2500 USD via credit card on same day. then I started to receive calls from the account manager Tareq Elyan titled "VIP account manager, faculty of Economic, university of Cambridge asking to deposit more money to get better trading, I deposited another 6000 USD via credit card on 23 Dec 2015, then next day 10000 USD to get a VIP account & 100 % bonus plus receiving free trading signal via e-mail. He started to execute trading positions via remote access through my laptop in the metatrader platform. Initially there were profits with some losses. Another deposit of 7000 USD by the end of Dec 2015
Then more & more requests to deposit more money to help in improving the free margin level and to snap the trades in gold & oil so another deposit of 40000 USD with fake promises to revert the negative balance.
Netotrade is a scam
Due to lack of my experience in forex, the account manager was executing position without stop loss order with big lots & keeping low margin level of 250-350 % and even less. He was calling me from time to time to help the situation by adding more money where I told him this is beyond my capacity he replied that he is promising to take care if I helped in depositing more money and reassuring that loss will be converted to profit with time once the trend change.
Netotrade trading is a trap
Due to open, unlimited loss with no stop loss orders I have confronted with a situation where either to rescue my funds by adding more money or losing it through a margin call, even when I ask him to put stop loss order he was refusing & even not agree to close any negative balanced position. and insisting to deposit unlimited times . I realized later on that rule number one in forex is "cut losses quickly & keep profits run".
Instead of that my losses was accumulating.
I argued with the account manager that he should find solutions he replied to me that he will do hedging orders but I have to deposit more.
On 5 Feb 2016, the account manager blackmailed me to deposit money for the chance that the gold is raising otherwise he do an action to terminate my account then I deposited 5000 USD via credit card.
All these action did not result in any help to revert the negative balance. I stopped adding more money because it is beyond my plan & capacity
On 23 feb 2016 at 23:48 hr., my account had full margin call due to a mistake in the pricing of n-gas position of 0.015 USD that lead to freeze my account till been recovered at 19:00 hr. next day which lead to missing of correction of hedged trade of oil positions.
Eventually on 26 Feb 2016, I have been confronted with a complicated situation, huge negative balance, big lots & small margin level which lead to loss of my money in an amount of 210,500.00 USD with 0.00 USD withdrawals in a period of 2 months.
It is a nightmare to be a client of netotrade because you will be a victim of fraudulence & scam
Thanks for all forex peace army members
Your support is helpful to relieve my agony & to fight the scamming brokers.