6 ‘Online Trading Academy’ Reviews
Power Trading Workshop - aggressive & baseless marketing
I attended this seminar. I was promised that I will learn more about forex, futures if I come there. Since I already have experience of trading for 7 years I do not want to spend traveling and time in just attending inspirational talk on why to learn trading.
Entire class was just a 2-3 hour talk on why I should take a 3 day class of 299$ which is just more of basic teaching with no practical on online trading.
I asked for brochure at the NY center near Wall Street (42 broadway) and they said, they dont have one. The guy went on being rude saying, I dont need to market you. He kept saying, I am wasting my time with you. I had to explain him the reason I came and I am not there to shell out 299$ just because I can afford it. I would rather give it to some homeless guy.
He then apologized to me, and then gave me the rates of the other classes. So, I learned that the 3 day class of 299$ is just another TRAP for 14000 to 65000 worth of more courses. This is stupid. I would not give that money to some mediocre traders who can teach me basics of trading.
In short, please dont waste your time on ONLINE TRADING ACADEMY. They are just interested in $. IF they knew trading, they would make the money of the trades themselves and not ask for 65000$ from you. Simple Logic!!
I am glad I didnt spend a penny on them. There are many other sources for me to learn trading. One can easily open PAPER MONEY / fake-money accounts and learn various strategies. There are videos, books, and other courses offered by various institutions and trading platform (thinkorswim etc.)
SAVE YOUR MONEY!
I only hope I can save someone from this awful experience! 15k later and 3 yrs. Don't even step into one of their education...I Mean " SALES OFFICES".
Online Trading Academy SCAM
SCAM! Although not new, Online Trading Academy based out of Irvine, Ca pretends to offer investment/trading education across multiple asset categories like stocks, options, futures, commodities, forex and real estate.
The cost is salty beginning at $5,000 for their basic course and up to $10,000 per mentoring class and $65,000 for their passport programs.
They have been running informercials on late night tv much like the now defunct Teach Me To Trade. More recently they are using apparently bogus testimonials on the internet posted by apparently paid shills and OTA employees.
They even have their own website which implies that it is a 3rd party review site. An obvious clue is the raving five star reviews which all look like they were written by the same person and that other accurate, but not so positive reviews are blocked and deleted.
OTA will lure you to their facility to attend a Power Trading Workshop, ostensibly a 1/2 day workshop which really only lasts about 3 hours, time for lunch and registration included.
Calling it a workshop is quite a stretch. It is a blatant sales pitch much worse than any time share presentation.
The course includes primarily basic t/a which can be found in any inexpensive book or even free on the internet.
They claim to offer a one time $2,000 schlorship discount for that day only. This is a lie.
They also promise lifetime retakes. But their class room only seats about 20 people and they are constantly pushing for more clients. Where will they put everyone? FACT: Most clients quit in frustration and even though classes and workshops are listed as "sold out", there are more often less than half full and cancelled.
And they also promise tuition reimbursement. (Don't you love the way they throw around those educational terms to make them sound like a real school?) Here again, read the fine print and really check them out. You know what they say about when things sound too good to be true.
On some websites where complaints have not been deleted, supposed company officials post rebuttals and challenge anyone to contact them at their corporate offices in California. The number is a toll number, not toll free and those who have called find it links to a voice mail and after leaving multiple messages, no one returns the calls. So much for help from corporate.
OTA also seems very upset about the increasing number of complaints appearing about them on the internet and are now charging complaintants as being people who work for the competition, frustrated, lazy students who wouldn't take the time to follow their courses, deadbeat clients who defaulted on their loans (18% interest, t hey may be right on this one!) people whose credit cards were denied and disgruntled former employees.
Before it was called Online Trading Academy, it was called bloc securties, then momentum securities, then Newport Beach securities. In Orlando, the local office ownership has changed hands five times in a few years and has had massive employee turnover.
Many of OTA's offices are located in right to work states which means that employees were probably treated unfairly so there probably are a lot of unhappy ex employees out there for sure.
However, one thing that Online Trading Academy doesn't want to admit is that they have a lot of unhappy clients and whatever is showing on the internet pales compared to what goes on in the local offices where clients are many times screaming at Online Trading Academy staff for their wrong doings and high pressure sales tactics.
Stay away from these guys
Ever been to a used car dealership? Yeah well this is just like it...
So my husband comes home after spending a half day on a Saturday attending this "free" seminar to learn about trading. He is all excited and talks about how he will be learning how to make money blah blah blah. What's the catch? Well...it's going to cost you between $6-12K! WTF? Are you serious? So basically I have to either get in debt, borrow money, rob a bank, or sell my soul to finance this? My husband was so excited about the "program" until I made him get on the Internet to research the reviews about OTA. Guess what? BAD REVIEWS left and right. So I’m adding to that bc at the end I finally got my husband to admit that he felt like he was at a used car dealership. After the free presentation they take you aside and practically twist your arm to commit to their 7 day class. Even when he protested that he needed to discuss this with ME his wife they told him to put down a deposit to get the ball rolling. Bottom line don’t waste your time, money, or effort on this. If something is too good to be true it usually is. I feel badly for the people that let a good sales presentation con them out of their saving and hard earned money. While it may take money to make money you shouldn't have to be in debt or go broke to get there.
As if Americans are not suffering enough financially alomng comes a company that promises to bilk even more money from innocent, naive people seeking an easy way to wealth.
Online Trading Academy promises to "transform lives" and indeed they do, but not for the customers benefit.
The core of their programs are basic, well known t/a with some fundamental analysis. You have to attend a 7 day class with mediocre trainers who actually make their living teaching not trading. Although they will tell you otherwise.
The staff is made up of mr Wade Cook, Wize Trade, Optionetics, Larry Pino and other failed companies.
Your cost for the introductory program is a mere $5,000 and they will do everything possible to upsell you to a XLT program fro another $10,000. The programs are basically useless and students lose money.
They were advertsing heavy on tv with informercials ala Teach Me To Trade and now seem to be resorting to fake raving five star reviews and even have their own review website which they want you to believe is a nuetral third party..
Programs are not worth $100 let alone $5,000. Best advice is to stay away from OTA.