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Discussion in 'Scam Alerts' started by Abdul, Apr 19, 2019.

  1. Abdul

    Abdul Recruit

    Aug 16, 2018
    Likes Received:
    Dear forexpeacearmy members

    I know that trading is risky, and this is true only when you risk large amount of money exceeding the account margin “gambling”. This is what happened with me in the Netotrade.com company.

    I have started trading with netotrade.ae by depositing $10,000 on 02/05/2018 with account manager Ayoub Abo Zied. Before that, I described to him my circumstances and why I want trading. Then, he keeps saying that you have to deposit more money to make your account more profitable and I guarantee that %100 going to win. After two weeks he convinced me to increase the equity by depositing $10,000 more. At this point, everything is normal and acceptable, and the account had profits from some positions.

    After two weeks, 06/06/2018 he opened very large position (exceeding the account capacity) which is 50 lot of USD/HUF. This opened trade position and other losing positions caused zeroing my account and I was not able to login. When I asked Ayoub about that he told me that he transferred my account to the company maintenance department.

    He then said that in order to reopen the account and recover it so quickly you have to deposit at least $10,000 and I guarantee going to win this time. I believed him and deposited the amount and everything went fine. Eventually, Ayoub opened so many, large and crazy cryptocurrency positions, forex pairs, gold and oil. These positions drove the account to zeroing again, but he opened same number of positions but in opposite direction (buy/sell) in order to protect the account from zeroing again. Moreover, the margin level was about %100, at high risk, and he couldn’t do anything.

    Then, I had phone from new account manager Monir Elsabi who told me that Ayoub left the company and he is the new manager of my account. He told me that he for sure can recover the account, if I deposit at least $11,000. I told him that it is financially risky for me. He said that you had good account and you going to have good profit from it. After some time, the cycle repeatedand the company closed all the open positions leaving the account with equity off $100.

    I wrote my story because I think that they are guilty. They were gambling with my money by always putting my account under pressure of margin level lower than %100. In the time that all professional trader advice not to use more that %3 of the capital. Moreover, they always say that the account going to win.

    You can find the detailed information of deposited amount and opened positions in the attachment.

    Attached Files:

  2. FxMaster

    FxMaster Lt. Colonel

    Oct 17, 2011
    Likes Received:
    NetoTrade already marked as a scam Broker base on Trader`s vote and scamming cases. You can read more and leave your own review here http://www.forexpeacearmy.com/forex-reviews/8922/www.netotrade.com

    Now, come to the solution of your problem, If you deposited your money via credit card then contact the credit card customer care asap and ask them to file a chargeback.

    You can also share your story on their social media pages to draw their attention to your issue.
  3. carsonj

    carsonj Recruit

    Apr 16, 2019
    Likes Received:
    wow, thats a lot. so how are you going about it? have you filed a chargeback on your card?

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