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Report: #653331

Complaint Review: Ripoff Report | Online Trading Academy TRUSTED Business | Ripoff Report Verified Safe™ …businesses consumers can trust. Online Trading Academy's roots can be traced back to 1997, as one of the largest trading floors in the U.S., with 180 traders averaging half a billion dollars in daily transactions. To improve results, managers and the top traders offered daily coaching sessions in how to trade more consistently and profitably. - Marietta Georgia

  • Submitted: Wed, October 20, 2010
  • Updated: Thu, August 09, 2018
  • Reported By: David — Cartersville Georgia U.S.A.
  • Online Trading Academy TRUSTED Business | Ripoff Report Verified Safe™ …businesses consumers can trust. Online Trading Academy's roots can be traced back to 1997, as one of the largest trading floors in the U.S., with 180 traders averaging half a billion dollars in daily transactions. To improve results, managers and the top traders offered daily coaching sessions in how to trade more consistently and profitably.
    1351 Dividend Drive, SE, Suite G
    Marietta, Georgia
    United States of America

Online Trading Academy TRUSTED Business REVIEW: Online Trading Academy’s executive team and instructors are dedicated to 100% customer satisfaction. Financial education model is focused on providing highest customer satisfaction in industry.
*UPDATE: Online Trading Academy pledges commitment to always improving operations by joining Ripoff Report's Corporate Advocacy Program, Online Trading Academy recognized by Ripoff Report Verified™ as a safe business service.

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Ripoff Report Verified™ REVIEW

EDitor's UPDATE: Positive rating and recognition has been given to Online Trading Academy for its full commitment to quality customer service.

Ripoff Report's discussions with Online Trading Academy have uncovered an ongoing dedication by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any concerns. Online Trading Academy listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services.

Positive rating and recognition has been given to Online Trading Academy for its commitment to excellence in customer service. [continued below]....
.....

Online Trading Academy is Ripoff Report Verified
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..



The information provided in this report below is based on comments made by Eyal Shahar & Jeremy Nosek during an onsite inspection held by a third-party verification company with no biases towards Online Trading Academy.

Online Trading Academy teaches financial education, long-term investments, trading, in addition to several other financially based courses. Mr. Eyal Shahar stated the following about his company, "we’ve developed a really unique educational model that provides lifelong education. So, from our perspective, we see really great results for our students. Of course, we cannot have a specific schedule that ends because we want to support them for however long it takes for them to be successful. And that’s kind of the environment that we created. So we’ve got the physical courses in the physical centers with virtual help literally every day in kind of virtual rooms, that’s there to help them with no time expiration. It’s a lifelong relationship - that’s kind of what we do."

Leads for Online Trading Academy primary come through online advertising. Online Trading Academy ensures that all interested students are able to fully explore the courses available to them, "so usually we schedule with them several meetings and 3 days of orientation that allows them to kind of map out where they are and where they want to go. And through the process, it is also explained the types of courses that are available. And if you choose to join the academy - they select the path together with an educational counselor of which specific courses to take to achieve their financial goals. The initial courses are always physical, and every single course has a virtual environment that is a continuation of the physical course, which allows them the ability to go retake the classes physically or virtually in any combination they want for the rest of their lives. So there’s no time limitation or support limitation in any way."



CUSTOMER CARE & COMPLAINT RESOLUTION – ONLINE TRADING ACADEMY

During the on-site interview, Mr. Shahar was asked to describe a situation where a client was not satisfied with the level of service they received. Mr. Shahar expressed that they rarely will receive complaints from actual students in their program. However, "if you look at Ripoff Report most of the people that have written any comments are people that went to a half day free class, and decided not to buy." He additionally stated, "we have 97% satisfaction from all of our students. You can actually look at our website. I believe in transparency and all of our classroom surveys are automatically uploaded to our website and accessible from the home page from any center in the World, real time."

When asked to comment on complaints posted on Ripoff Report's website Mr. Jeremy Nosek stated the following, "I think the surprising thing that we’ve seen is that there are no comments on there that are actually from students. What we’ve seen is that people will come in and they had an expectation of a workshop that was different than what was delivered to them. That’s primarily been the postings that we’ve seen on Ripoff Report. They are really coming from folks that have decided to come into the free half-day class and explore Online Trading Academy and then deciding that maybe we are not a good fit for them." While there are no accreditations for their field Online Trading Academy recently obtained BCorp Certification which shows to the public that they can adhere to strict and professional criteria in order to provide students with the highest quality of educational materials.

When asked what type of changes they have made to honor their commitment to making things right with the consumer per the request of Ripoff Report, Mr. Nosek stated, "I think one of the things that we’ve really focused in on is the difference in training and investing education, between knowledge seeking and skill building. We really believe that investing and trading is a skill that you acquire more than it is a subject to be studied...so we at the academy really believe that for folks that decide that this is really something they want to do, not that this is a hobby for them to dabble in - but something they want to commit to that can give them a better lifestyle or better prepare for retirement; we like to go in and make sure that we set really clear expectations that this is not an overnight success - this is a process that they really need to commit themselves to. It takes a lot of time and energy to learn to master these skills. I think one of the things we’ve done over the past couple years is that we shifted our model of how students evaluate the education to it used to be that they would come in and take a free half-day class then make a decision on whether or not they wanted to move forward with the academy. And what we found was that for a lot of people, that was a lot of information really fast. They were in a situation where they were finding themselves making a pretty big decision on changing a part of their lifetime, money and commitment. And what we’ve done in the last couple of years is we’ve really slowed that process down for students."

Online Trading Academy is proud to be a part of Ripoff Reports Corporate Advocacy Business Remediation and Customer Satisfaction Program, "I’m really looking forward to this opportunity to partner together to make sure that people that go through Ripoff Report will have the right image for the academy. We work so hard for students to be successful in what they do and really benefiting from the education that we have. So, I’m really excited about the opportunity in partnering up with you and creating the image."



ONLINE TRADING ACADEMY – STATEMENT FROM THE COMPANY

" As a certified B Corporation, Online Trading Academy is committed to making a positive difference in the world. Certified B Corps aspire to use the power of business to solve social and environmental problems, meeting performance standards that measure a company’s impact on all of its stakeholders (e.g., workers, suppliers, community, customers and the environment). “The financial education we provide has the power to dynamically transform lives,” states Gene Longobardi, Online Trading Academy’s Chief Operating Officer. “Most people pursue our education in order to positively impact others, whether it’s a family member, another individual, a community or a worthy cause. Our entire organization is proud to be part of this global movement of using business as a force for good.”

Student satisfaction rises as students go deeper into the Online Trading Academy curriculum through education in trading and investing multiple asset classes. Unedited reviews on the Online Trading Academy website demonstrate this, with an average 4.76 rating out of 5 from over 165,000 reviewers.

One of the ways Online Trading Academy demonstrates its commitment to student success is allowing enrolled students lifetime class retakes at no additional charge. Ongoing support is also available from instructors and fellow students, because Online Trading Academy is a community of success-minded individuals dedicated to helping one another.

The U.S. stock markets were up nearly 20% in 2017, giving Online Trading Academy students the potential for exceptional gains. However, Online Trading Academy teaches investors how they can make money whether the market is up down or sideways. These skills are designed to help them secure a better future for their families. Online Trading Academy takes employee satisfaction seriously as well. Employee feedback and surveys reveal comments such as this, "From our beginnings in 1997, Online Trading Academy has sought to create success by teaching trading and investing skills. Originally, we provided training for individuals on our dedicated trading floor (then the second largest in the U.S.). Our instructors include former brokers, a Wall Street Market Maker, financial advisors and successful students. Every single person on our team is dedicated to helping students build the knowledge, skills and confidence to succeed in realizing their financial dreams. While we do our best to describe our program in the free preview class, it is not the same as taking education at Online Trading Academy. Talk to our students, or read the reviews on our website, to understand how deeply committed we are to their success. "

Ripoff Report was pleased to learn that Online Trading Academy's past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.



STATED IMPROVEMENTS FROM ONLINE TRADING ACADEMY

Online Trading Academy recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Report's review, Online Trading Academy has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience.

In summary, after our review, which included discussions with Eyal Shahar, Ripoff Report is convinced that Online Trading Academy is committed to quality delivery of services resulting in total client satisfaction.



How does a business get Ripoff Report Verified™

The member business allows Ripoff report to email everyone from the past. Those who respond to Ripoff report with a valid complaint must be take care of. They have made a commitment that if anyone contacts Ripoff Report in the future, they will make things right within 14 days. The member business must err on the side of their customers. Otherwise the member business is off the program.

Ripoff Report has determined that Online Trading Academy meets Ripoff Report Verified™ standards which include a commitment to make a good faith effort to resolve any consumer complaints. Members of the Corporate Advocacy Business Remediation and Customer Satisfaction program do pay a fee for our on-site review, 24-hour monitoring and for support with customers to resolve any disagreements.

Ripoff Report sends a 3rd party service to do an onsite inspection of the new member business. The on-site inspection / review does not mean that the products or services offered by the business have been evaluated or endorsed by Ripoff Report, and has not made a determination as to the business' product quality or competency in performing services. We can verify, that Ripoff Report went to the business, verified their business or “work from home business”, there for, if a customer in the future does not get treated correctly, Ripoff Report can get the problem resolved. If not, and the customers is right, the member business will be taken off the Corporate Advocacy Program. Remember, Ripoff Report emailed every customer from the past that filed a complaint to make sure the member business made things right with customers from the past. Again, to err on the side of their customer, those from the past and those in the future.

Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.

Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. This program works.

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint, so they can make things right with them. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses, so we can insure that the member business did right by their customer.

NOW TO THE ORIGINAL REPORT THAT WAS FILED

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Online Trading Academy, Marietta, Georgia

This report is to warn people to be sure to understand what they are getting into if they sign up for training with On-Line Trading Academy.

 

Their 6 or 7 day classes are $4,999 each in Atlanta, and you can retake them for life (not sure whose life that means).  I don't think they will be around in another 5 years or so.  You can possibly get them cheaper at some centers as I found out at the Tampa Center.  In Atlanta they now require a $250 deposit be paid 14 days in advance for any retake, and if you don't show up for the class they may keep it per their new policy of April 1, 2010.

 

In addition On-Line Trading now has what is known as "XLT sessions (Extended Learning Track) which are "interactive webinars" over the Internet.  A 12 week series of these is $6,000, and for an additional $4,000 you get them "Lifetime".  Again whose lifetime that is, who knows.  I think OTA may not be around all that long for most to have use of it that long.

 

I have taken the Pro-Trader class twice and the Forex Class once.  My "counselor" threw in the Forex Class as a "freebie" (one time only) as enticement to sign up for an XLT.  I paid the full price for Pro-Trader in June of 2009 but had an unexpected expense happen that required me to ask for a refund more than three (3) days after the agreement.  That request was denied and I was unable to attend the class until 11 months later in May of 2010.

 

Each time you are involved in any class, or in special classes, OTA "coaches" use high pressure sales tactics to entice you to sign up for more and more "programs" even though you tell them you can't afford to if that is the case, as is mine.  I signed up for an XLT program not understanding it was for only 12 weeks for the $6,000 fee.  I couldn't get involved in the program until I had paid for it in full, and now will not get use of it after paying them $2,026.  In the process of getting me to sign up for the XLT I was given another class "free".  That being Forex, which I thought I had on the same lifetime basis as the Pro-Trader class but that turned out to not be the case, which I found out when I tried to schedule a re-take and was denied.

 

I have tried to take advantage of other training with OTA such as archived webinars only to find out there is no way to get questions answered by the instructors so they are kind of a waste of time in many respects.  I was on one "live" Webinar where the instructor was so completely lost it was a joke.  One of the webinars is called "Trading With The Pro's" on Thrusday evenings at 6:00 PM Eastern Time.  The particular one I want to mention here was on June 24th. 2010.  At 6:23 PM I gave up and signed out as I was not going to waste my whole evening on this kind of nonsense.  I was on another one I can't remember the date of but it was also late getting started.

 

Just like any other school, or trading class, if you dare ask the instructor why they are teaching when they could be trading, and supposedly making a lot of money, you get the same BS story, and are then called names.  Names like "Seminar Junkie" or as John Hyland of ISI did a, "crap magnet".

 

In my opinion On-Line Trading Academy is no better or worse than others like "Teach Me To Trade/Star Trader", "Invest Tools", "Better Trades", and others I have checked out.  They have a concept very similar to most with some different ideas of their own of course.

 

Whether or not their teaching works I don't know, and may never know because I was "suspended" when I responded in the "Chat" on a live Webinar, to somebody asking about the XlT program.  I said I was not impressed with them and thought they were not worth the price.  I also stated I wished I had never heard of OTA.  The "moderator" cut me off from posting anything further and I was subsequently cut off from everything with OTA.  So be aware you better not say anything negative about OTA, and also be aware of the "High Pressure Sales" not unlike "Used Car Salesmen" as a friend of mine told the individual he talked to at OTA.  Just like any other business, follow the money and the money is in teaching not trading as this again proves.  I have been around a long time and the old saying "Those Who Can Do" and "Those Who Can't Teach" is nowhere as true as in the "Trading Industry". 

 

The first time I took the Pro-Trader class it was good from the standpoint of the instructor knowing the material but from the so called "live trading" standpoint a waste of my time.  By the time it takes to learn the Trade Station Platform, only being allowed to trade with a small stop loss, and only one trade at a time you do not learn much at all about live trading.  That part of the class is a waste of time since most of the students will not even use Trade Station after the class.  This was the instructor that labeled me a "seminar junkie" when I told him all the different schools and classes I had checked out.

 

The second time I took the Pro-Trader class I was not that impressed.  The instructor had different ideas than the first and one thing stood out.  He said he didn't fully understand the MACD indicator and didn't really use it that much.  In as much as the MACD and Stochastic are the two most widely used technical indicators by traders I find that inexcusable.  His concept of plotting support & resistance being contrary to what the other instructors say to use.  With this kind of inconsistency how anybody can become successful is beyond me.  I suspect just like with any "method" or "system" 85 tp 92 percent of traders using On-Line Trading methods will fail.

 

The Forex class was very marginal at best.  Without the prior knowledge I had about Forex concepts and terms I would have been lost at the end of that six day class to be sure.  We didn't even get the correct class manuals until the 4th. day of the class. 

 

After I made the statement in the Webinar I was denied further attendance in any more classes so I stopped paying for the XLT.  On-Line Trading Academy can sue to their hearts content but they will not get another dime from me.

 

One of the big factors that motivated me to sign up in May of 2009 was the tuition rebate from brokers.  That proved to be a joke and a major con game by OTA.

This report was posted on Ripoff Report on 10/20/2010 02:30 PM and is a permanent record located here: https://www.ripoffreport.com/reports/online-trading-academy-trusted-business-ripoff-report-verified-safe-businesses-consumers-can-trust-online-trading-academys-roots-can-be-traced-back-to-1997-as-one-of-the-largest-trading-floors-in-the-us-with-180-traders-averaging-half-a-billion-dollars-in-daily-transactions-to-improve-results-managers-and-the-top-traders-offered-daily-coaching-sessions-in-how-to-trade-more-consistently-and-profitably/marietta-georgia-30067/online-trading-academy-marietta-georgia-653331. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 General Comment

UP DATE TO ABOVE REPORT !!

AUTHOR: Dave clarke - (U.S.A.)

This is my update about the above report that I filed on 10/20/2010.  The purpose is to let others know what has transpired since that time.  Also to warn anyone reading these reports what they might expect if they had a problem such as I did.I received several monthly payment statements to which I responded that I was not going to pay any more monies because I had been denied attendance to any more classes because of the remarks I had made on a Webinar.  I informed them I was going to file a lawsuit in Small Claims court when I had the funds to do so.  Up to now I have not had the funds to do it but am planning to in the near future.I attended the Money Show in Orlando Florida in February where I met a representative of Online Trading Academy who said she could get a settlement with OTA.  It has been nearly a month since that encounter with some email and phone exchanges with her but with no results.I told her what I wanted was a full refund of all monies paid to OTA as what I got served me no useful purpose.  Further the least I would settle for was reinstatement in the classes I paid for in full and a refund of money paid for the XLT classes.  Since that has not materialized I plan to file the claim in the next month or so when I get funds together to file the case in Cobb County Georgia.Again I will say this company is dishonorable and I would not recommend them to any one.  If you do get involved be sure to keep your comments to yourself.  Dont expect to get questions answered properly when you ask any.
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