NetoTrade's Issues Keep Adding Up
NetoTrade already did more than it should to draw the attention of the FPA. In April of 2012, a fake client review was left from their offices in Israel. Then another fake one came in from their Cyprus office in June 2013. A third fake review was submitted from their Cyprus office in July of 2013.
A total of 3 FPA Traders Court guilty verdicts have come in. All 3 involve NetoTrade.com employees acting as “account managers” trading client accounts. All 3 resulted in problems withdrawing funds. One also involves a large amount of unauthorized charges against the client's credit card.
It appears that NetoTrade.com shares a similar issue to one of the problems that UFX Markets has. The same person who happily volunteers to trade the account seems to be able to process deposits and to block client withdrawals. Since these employees are very likely to be compensated based on the amount of money in the accounts they control, this would create a severe conflict of interest.
NetoTrade needs to settle their issues with these 3 traders. The company also needs to make the proper adjustments to their business model. Finally, Neto Trade needs to train all current a new employees about why pretending to be clients in reviews is unethical. Until all of this is done, the FPA has no choice but to declare NetoTrade to be a Scam.
The FPA recommends against depositing money with NetoTrade. If you have an account with Neto Trade, the FPA recommends you try to withdraw you funds as quickly as possible.
FPA Scam Finding Against NetoTrade.com
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