ComplaintsforOnline Trading Academy

• Initial Complaint

  05/01/2024

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  In 2021, I attended a 3-day educational program for online trading. The company is called Online Trading Academy, (OTA). At the time I was very interested in the opportunity to make money this way, they made it sound very easy. I opted into their program and provided a down payment of $600.00. I sat down with one of the representatives who provided me information on the online program. Not once did he ever explain to me that I was financing these classes. He had me sign these contracts without fully going over what it entailed and did not give me time enough to read and go over them for myself so that I can get a better understanding of what I was about to get into. I was not aware of any cancellation, refund or anything. $181.00 monthly was to be automatically taken from my account. A couple of weeks went by, and I found it very difficult and overwhelming I tried reaching out to the person that was a representative, (mentor) they assign you to with problems that I was having but they were no longer reachable once I signed on. I did not attend any of their online classes. I did not use their product. a year later I see they transferred $6000.00 to a debt collector OMEGA RMS. I am not asking for a refund for the $600. I just need for them to remove this off of my credit report as I never took advantage of their product. I have been trying to reach Online Trading Academy by phone and it is very difficult.

• Initial Complaint

  01/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  I was tricked to sign up to a third party loan was told that I was going to be teach one on one but it wasnt like that there were 40 students and 1 teachers and very hard to hear, after the 1st day of attending I called ******************************* the next day shes the person who sign me up, I explain that the school was nothing like she said and I was told by the teacher that is not one on one so I asked for a refund and she said shake cannot do that that I have to deal with ********************************* and he was no help he actually said if I dont pay they will *** me and go after my property, and he also told me that he could take one class out and that will leave me with a balance of $6000 and in order for him to make those changes I have to send $200 good faith money otherwise I have to pay the entire $16,14500, I was so scare I had to do it I feel forced cuz I dont want for them to *** for my property, I dont want nothing to do with Online Trading Academy , I want them to leave me alone but I really dont think I should pay anything cuz Im not attending their school cuz is not what they told me for that reason I want my money back and I want to be out of that contract, Please HELP me.

• Initial Complaint

  12/31/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  Amidst a harrowing journey, I was introduced to Online Trading Academy (***) by a friend. Tragedy struck when my partner and the mother of my 3 children passed away on May 13, 2023, plunging me into emotional turmoil and financial hardship. I made it clear to the *** rep that I couldn't engage in the classes due to this devastating loss.Despite my grief, on 07/13/2023, the same *** rep extended an offer for a free class. With optimism, I enrolled in the Core Strategy along with the same friend that had introduced me to ***.On 07/21/2023, I succumbed to pressure, signing up for a $37,000 package with 10% down payment. Despite expressing concerns about affordability, I reluctantly placed $500 as a down payment and was persuaded to charge $3,200 to my credit card within days, all while being assured of swift returns.Financial challenges persisted as I attended the Futures class, and on July 28, 2023, I expressed my financial strain to the *** representative, acknowledging that the package and payments were too high.On 08/08/2023, I found myself coerced into accepting a reduced package priced at $18,000, inclusive of a $2,000 down payment and monthly installments. Regrettably, the courses did not yield the promised results, and I struggled to support my 3 children while making payments.In pursuit of an exit strategy, I contacted the *** rep on 12/29/2023, seeking course cancellation and a potential refund. To my dismay, I encountered resistance, coupled with threats of credit damage if I discontinued payments. A rep from the corporate headquarters advised me to get another job to pay monthly obligations. It became evident that I had been exploited, subjected to promises unfulfilled and coercive financial tactics.My situation is undeniably challenging, and I acknowledge the need for assistance in addressing these pressing concerns. I firmly believe that legitimate issues surround the contract, undue pressure, and the unmet commitments during the course enrollment.

• Initial Complaint

  07/21/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  I was lured to buy the courses after a Zoom presentation. I was told someone would call me to help me with my schedule. some time passed before I could schedule the classes. Only after I did schedule my classes someone called me. he said that I needed to set up my profile, but I could not find the email they sent me with my login. he said he would send another one and call later. he never called until today. he informed me he would help me with my orientation. he said the orientation was something like six hours, and then I could enroll for classes. that's not what they say in the Zoom meeting. I said I'm already enrolled in classes. no, he said. that's the orientation. after that, you attend classes if you enroll.how much would that be, I asked you know what; this is not working he said and hang up.they never mentioned I was paying for any orientation. they were clear the fees were for class, and that after you attend the classes, you can start trading. they mention software is free and that they only sell education. they mention that you would practice simulated trading till have made some money that is not real, and then you're ready to do it on your own.the man who called me made clear to me that this is not the case,bottom line. they lie.now I'm forced to take these fake classes for what I paid, based on what others have said here. I'm not going to pay for any more classes since they lied to me that I was already paying for the.I understand it they scammed me. at this point, I don't think I'm going to get my money back.

• Initial Complaint

  04/26/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  Signed contact through On-Line Trading Academy to fund financial education to learn about stock trading. Did not read the fine-lines regarding account would be handled by a 3rd party; Universal Account Servicing. Contact was signed on June 19, 2022. Requested in February of 2023, through On-Line Trading Academy to have account put on hold for 3-months because I am going through Chemotherapy treatments, which affect my ability to concentrate. On-Line Trading Academy said they could not help me at all. Contacted Universal Account Servicing on March 27th via phone. I tried on-line to request a hold. On-line their system said "fill out this form'" however, no form came up. I called and spoke to ******** about 20-minutes, she told me the "form" would be mailed. Called on April 6, 2023, spoke to ***** who said the form was sent out and to wait. I asked to speak to a supervisor. *********** came on the phone and said the form has been mailed. Put me on hold and said the modification forms are never mailed. I would have to give him sensitive information and he would fill out the form. I asked if the other 2 people I spoke to were wrong? Allejandro said yes. I told him I would record our conversation, since Universal was also recording the conversation. Allejandro put me on hold again and then came back to the conversation and said "I can't speak to you since you are recording this conversation." He hung up. Universal's online information is a lie, they are delaying the modification request to get as much money as possible. This is a scam. Modification is requested, or the account put on hold until my treatments are over. I do have written proof I am going through Chemotherapy. My fault I did not read all the paperwork from On-Line; however I have tried to get this request done and Universal has not been honest at all. I don't want to wait another billing cycle to get this resolved.

  Business response

  05/30/2023

  Hello, 

  Thank you for forwarding the request. We are looking into this complaint. 

  Sincerely, 

  Online Trading Academy

  Customer response

  06/01/2023

  Universal Account Servicing, LLC has not contacted me to resolve this issue. Several people have called, saying they represent the company. I have not received loan modification paperwork, which was supposed to have been mailed to my correct address March 23, 2023. On-line Trading Academy sent a text message, asking me to call the company.  I did and I was told paperwork was mailed. Still waiting.  Universal Account Servicing LLC and On-line Trading Academy say they did not have any business relationship with each other. On-line Trading can't help with Universal and Universal states the same. I file with Better Business Bureau and now On-line Trading is sending me text messages to "work with Universal."  Looking for a specific contact person. Looking for paperwork for modification. Also want On-line Trading academy to clearly state and define their business relationship with Universal Account Servicing, LLC.  I was blindsided by On-line Trading Academy.  

• Initial Complaint

  02/21/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  May 3, 2021 I signed an agreement with *** to attend (3) Courses the class Core Strategy I registered for was 5/22-27/2021 I didnt attend this course because of illness and never registered for, or attended any other of the classes. I Contacted the school the 1st week of June 2021 to cancel the Agreement, I was told by the school Office I could always Extend the classes and dates of the classes but that the financial Obligation could not be canceled.In Jan 2022 I contacted the *** office to try and get some financial relief by adjusting my payments and were told none could be made, within a few days I called back to the *** offices and Demanded to speak with someone in Management and if not That I would put a halt to making any more payments. The first week of Feb 2022 ********************************* called me, I was Told that the contract would stay enforce but though a continuing conversation we agreed to halve the monthly payments from $700.00 to ****** monthly. Document attached In Oct 2022 I again contacted ********************** with a proposition for *** to accept the $8,000.00 Ive paid.In tuition plus the $2,400 in cash down payment and to drop What is considered my outstanding obligation of roughly $8,000.00, ********************** again stated that the full amount was due and expressed that the discounted deal I received by bundling the courses saved me $5,000.00. None of this Discount was ever mentioned or expressed to me in the contract or literature. Just the opposite

  Business response

  03/03/2023

  Dear ****************, 

   

  Thank you for forwarding the correspondence. Of course, we are saddened to have received this complaint.

  We are looking into this matter with our team and will respond again accordingly. 

  Sincerely, 

   

  Online Trading Academy

• Initial Complaint

  11/19/2021

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I Been trying to cancel my subscription to the class but they New York branch has been saying I cannot. Where as speaking to the ********** branch they are saying yes you can. Very confused as to what I should be doing to remove that balance.

  Business response

  11/23/2021

  Dear ****************,

  Thank you for forwarding the communication. We are disappointed and saddened to have received this complaint in light of our recent conversation on November 5th with ****************, his mother and our ************ Specialist. They agreed during that 11-minute call that due to the circumstances, payments would be deferred until January 2022 for the education which he enrolled in and signed an agreement for. We note that the education is not a subscription and the cancellation terms are per his enrollment agreement. 

  We are certain that our ************ Specialist was very clear and respectfully request that **************** utilize those lines of communication for any questions relating to his account.

  Sincerely, 

  Online Trading Academy

• Initial Complaint

  09/16/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I found OTA via online advertisements back in December 2020 and va their introductory course, I was fooled into buying their courses that were meant to make me an educated trader. I put a down payment of $6,000 and was told I was to make monthly payments of close to $1,140 a month afterwards to pay off $26,000 for courses I can take for a lifetime. I took many courses in hopes of learning to trade, and they were all unhelpful, just pushing how to use their chart viewing platform called Clik with no walk through on how to use trading platforms, how to see what must be analyzed to make a successful trade - it was all basic information of what a trade is and how to use Clik. Not helpful at all. I was fed up and stopped taking courses and classes after April 2021. I realized I will never return to take courses, so I asked for a refund or to stop the remaining payments as I will never go back. I was refused either option and told I can only continue courses.

  Business response

  09/23/2021

  We value all our students and want them to be engaged and to enjoy and benefit from their education. Our company has been in business for over 24 years, offering high quality education and support tools for investors and traders of all levels, meeting them at their needs wherever they are in their education path.  We have in excess of ****** students with over ******* reviews with a **** out 5 star satisfaction rating after taking our courses as posted on our website, so we strongly dispute ************ claims that our education was unhelpful in teaching students to learn to trade. ********** attended a 3-day immersive orientation class, expressly designed to give a complete overview of what we teach, how we teach and how we support our students.  At the end of this 3-day class, a dedicated Enrollment Specialist was made available for questions and support. At that time, she made the decision to enroll in Core Strategy, as well as three of the Academys programs. Importantly, ********** has consumed the education she purchased which includes online access to her resources, which with an internet connection can be consumed at any time. In fact, she accessed these resources 395 times over a 6-month period to June 2021. Despite our efforts to discuss, she has opted to ignore our invitations for support. Based on our records, it is apparent she is showing an unwillingness to commit to her learning journey stating that she doesnt have the time to dedicate to it due to her busy schedule and found it to be inconvenient. We have delivered our services and education as promised under our agreement. ********** will continue to have full access to retake her class and all of the support resources we provide, but a refund cannot be offered based on the facts. The education has unlimited retakes and we continue to hope she will engage and revisit the commitment to her learning and progress. We welcome the opportunity to support her further.

  Sincerely,

  Online Trading Academy

  Customer response

  09/23/2021

  I refuse to take any further classes as the quality of the clases are not what I expected. As with any product purchased, if the quality is terrible, one should be able to get a refund. I do not agree to any further classes, so I demand a refund.

  Business response

  09/30/2021

  Dear ****************,

  We stand behind our education as an exceptional educational experience which has been validated by thousands of students and also an expert report citing "OTAs curriculum and delivery methods compare well with widely accepted experiential learning techniques and provide valuable lifelong learning opportunities for OTA students. ************ materials provide significant learning value to students and enables students who follow the principles and techniques taught by OTA to develop confidence in trading and investing. The full article can be found here at https://www.tradingacademy.com/culture/article/press-release-former-chief-economist-of-the-sec-and-online-trading-academy-comment-that-for-retail-traders-not-all-education-is-equal
  

  ********** has continuous access to all of her education materials with no expiration date, unlike all other forms of education. Again, we are more than willing to work with her in any way possible to get her education back on track.

  Sincerely,

  Online Trading Academy

  Customer response

  10/22/2021

  I do not want to continue any classes. It is wrong to force anyone to pay for a service they do not wish to use ever again. Cancel my subscription and stop my payments. 

• Initial Complaint

  09/13/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I filed complaint with BBB on 9/2/2021 - Complaint ***********. I accepted (**********) response in reaching out to OTA SanJose and get back to me but I didnot heard anything yet. Complaint *********** says its been resolved. Complaint *********** is still open. Please help me.OTA SanJose is not meeting and not returning my money back instead giving me reason that I used their online course so I used their service. OTA SanJose student support manager told me and other students to go through their online videos and class till they organize in person class. They never said they will not do in person class and if I use online material, I am using their service. None of us(students during marketing section) were told that way. OTA ******************** staff should have been transparent about Online vs In-Person training during the signing of the agreement. Hiding this critical information about Course structure and basis, of course, is a clear breach of business conduct.

  Business response

  09/20/2021

  Dear ****************, 

  Thank you for forwarding the information.

  Please inform ************** that we are in active communication with the ************ center regarding her complaint, and will provide an additional update as soon as we are able. 

  Sincerely,

  Online Trading Academy

  Customer response

  09/21/2021

  Hi!

   

  out of total money approximately $8100, I received approximately $1100 that I paid by credit card but I am not able to talk to OTA ************ center to get my money $6970 that I paid by check yet. OTA ************ center owner(*********************) is saying main office (**********) will not able to do anything.

   

  Hope ********** will able to get my money back. As this changes from personal class to online only class is done by OTA ************ and this change was not informed to me. When I came to know and did not accept this change, OTA ************ who did not provide service of in person class as promised - not returning money I paid as down payment by check.

   

  -***********************

  ************

  Business response

  09/28/2021

  Dear ****************, 

  Thank you for forwarding the communication. This remains as a matter between the student and the franchisee, but we are in communication with them and their response is as follows:
  
  While we understand that ************** wishes to attend in-person instruction, we stand by our position that we have and will continue to provide an education, right now via online delivery due to unprecedented pandemic circumstances. This isnt a situation which we anticipated much like so many other businesses.
  
  Again, we want to communicate that she has consumed her online education starting in April up until one month ago. Our extensive online educational offering which includes live online, as well as on demand recordings are nothing new and time-tested by thousands of students. We are hopeful that we will be able to offer the in-person education as soon as practicable and will stay in touch with Ms. ******* She is also free to take the live classes in other locations, although we realize this may not be feasible for her at this time.  

  Sincerely,

  Online Trading Academy

  Customer response

  10/19/2021

  Hi!

   

  OTA SanJose asked me to go through their online education till they start their inperson training so I will be ready for inperson training. They promised to offer inperson training during pandemic april 2021 when they conducted 3 day inperson classes and showed us a batch of students taking inperson classes and told us that they will maintain social distancing while conducting classes. Based on this communication, I enrolled for their course and followed their instruction for 3 months to go through online training while waiting for inperson class to start. I was never communicated that they will not conduct inperson class due to pandemic and if I take online training I will be treated as using their material. I enrolled for inperson training and online training was only for timebeing option by OTA *******. T

  False promise of in-person class & training to get money and enrolled.**************** & Center head ***** and ****** should have been transparent about Online vs In-Person training during the signing of the agreement towards my Informed decision. Hiding this critical information about Course structure and basis, of course, is a clear breach of business conduct.

  OTA sanjose themselves moved decision and didnot take my concern/agreement on online option. When I was informed about their this decision I immediately asked them to stop and return my paid money back.

  OTA Sanjose is misguiding and misleading everyone.

   

  Thanks

  Dimple

   

   

• Initial Complaint

  09/03/2021

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  Details: Date of Transaction: I paid $6,970 with check on 04/18/21 and $365.93 for 3 EMIs 06/01/21, 07/01/21, and 08/01/21.money paid by me: $8067.79 business committed to provide: OTA ************ committed to provide in person class and in person lab for my course by May 2021.dispute: OTA ************ false promised for in person class and hided information that they do in person class once in a year or undefined time. During May month they gave not enough students reason. During June month they said they will need to call instructor from outside and it will cost them so wait for some more time. During July month they said in person classes will start from fall. August month they are saying there is no in person class due to COVID and govt. reason but during April ******************************************************************** person class. * OTA ************ owner is abusive and yelling on me when approached for discussion. false promise on meeting date and time by owner.

  Business response

  09/09/2021

  Dear ****************,

  Thank you for forwarding the communication and we are saddened to hear of this complaint. We have forwarded this to our franchisee in ************ and will follow up upon investigation of this matter.

  Sincerely, 

  Online Trading Academy

  Customer response

  09/09/2021

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  ***********************
  
   
  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩