Fraudsters don't sleep! The financial supervisor of the US, the CFTC, has just unmasked and fined yet another fraudulent entity. Is School of Trade Scam or Reliable? Let's see what the authorities had to say.
One of the online trading courses which plenty of people have been telling me about lately is School of Trade and apparently they are backed with a claim that this is the school that will make you a top level trader, no matter who you are. They claim to teach you the “secrets” of price action analysis and market psychology so you can locate profitable trades in even the wildest markets.
But the truth is, there are a ton of online trading courses these days, and they differ dramatically in quality. Others are plain scams that have no intention of giving you your money back. So, is School of Trade a scam or is it a legit place to help you learn how to trade?
And I have been doing my due diligence by reading School of Trade reviews and asking people if the courses are really worth it or not. With the School of Trade review, it is time to determine if the School of Trade is legit or a scam?
Is School of Trade a Scam?
For a trader, a crackdown by the CFTC in 2017 on School of Trade (SoT) is just another warning sign that you must be very careful when it comes to trading education programs. School of Trade (SoT) may present itself as a trustable site to learn trading strategies, but The U.S. Commodity Futures Trading Commission (CFTC), a financial regulator, announced SoT is fraudulent.
Why School of Trade is a FRAUD
CFTC Fines SoT: A Consent Order was entered by CFTC against Megan Renkow and Joseph James of School of Trade. Reimbursements were awarded to victims and a large civil fine was imposed.
Misrepresenting Returns: SoT purportedly represented its strategies as extremely profitable, falsely claiming hundreds of thousands in annual profits. Those accounts, however, were never profitable, as the CFTC claimed.
Fake Trading Experience: SoT is supposed to showcase Joseph James as an accomplished financial trader. CFTC found that to be a complete lie as it turns out James did not have the experience or recognition he was claiming.
Fraudulent Live Trades: SoT's "Live Trade Room" featured fake live profitable trades. But the CFTC found that these trades never actually were placed and never landed in any live accounts.
No Disclosures: The marketing material that SoT issued did not disclose to the public as mandated by CFTC regulations.
This evidence clearly shows that the Trade School is not a trustworthy trading educator. The key components of this recipe are deceptive advertising, fictitious data and absence of transparency.
My Takeaway:
School of Trade- A classic example of the Hope Selling Program. Instead of falling for such scams you should most concentrate on the proven trading strategies developed by any reputable educational institute. In trading, success needs to be complemented with hard work and realistic goals.
Some more tips for traders who are starting off:
Things You Should Do Research: Research the trainers and their history before you enrol in any program.
No guarantees: Avoid courses or signals that offer unrealistic promises. Use common sense to judge. Stay away from any program that offers instant cash making.
Seeking education: Find courses that will teach you basics of trading, managing risks and market analysis.
Keep it simple: If you are new to trading, start small with a practice account learning the ropes before putting your own money at risk.
Better Alternatives Exist
There are many good sources that can teach you useful trading. Find programs that offer books as the focus of education, risk control (learning when to trade), and realistic return potentials. Look for independent reviews, find reputable experienced traders who are transparent about their results and stay away from anything that even smells of “get rich quick.” At AtoZ Markets, we recommend signal service provider by Our in-house trading expert Dr Yury Safronau, PhD in Economic Sciences.
Be careful and if you put the time in, the scams (as with everything in life) can be minimised, leading to success for you withi n the trading world.
Should you start trading on your own at all?
Before you start trading, you'll want to read this.
Our in-house trading expert Dr Yury Safronau, PhD in Economic Sciences, gives you daily his best forex, metals, and cryptocurrencies to buy and sell signals right now.
His trading strategies which are based on non-linear dynamic models have achieved more than 65 000 pips of profits since 2015. And right now there are some very strong buy and sell signals across several markets you don't want to miss.
Want to see which ones?
Think we missed something? Is School of Trade Scam or Reliable? Let us know in the comments section below.