We spent time searching the internet to collect an array of information and to explore Online Trading Academy reviews. The purpose is to see if this is a legitimate opportunity or if there is an Online Trading Academy scam.
By the time this review comes to an end, you will be able to better discern if there is an Online Trading Academy scam or if this is a viable opportunity.
What is Online Trading Academy?
This is a type of market education service purported to help people to learn via offline and online courses. Topics range from options, stocks, forex, and multiple related topics.
This program is comprehensive and they claim to have trained more than 200,000 people all over the world.
The purpose of the program is to help those who have not traded before learn how to do it at the beginner level. Additional courses and resources are also available to advance your skills and knowledge.
Online Trading Academy reviews state that the course has in-person and online instruction.
This program does not end with a certificate or a degree. It is purely for informational purposes and not meant to aid aspiring traders in landing a job.
History of Online Trading Academy
This company started teaching trading in 1997. At the start, they were the Block Trading training arm.
Since their inception, the company has expanded their local offices all over the world. As of today, there are more than 40 locations throughout the world.
Based in California, the on-location training centers can be found in North and South America, Asia, Europe and the Middle East. Most of these are individual franchises.
Between 2014 and 2020, Online Trading Academy collected more than $370 million from its US consumers
The Creator
Eyal Shahar founded the Online Trading Academy. Before this, he spent his days importing diamonds.
In 1997, he formed Newport Exchange Holdings. This served as the Online Trading Academy predecessor.
Shahar did not want to be just another passive investor. He wanted to find a way to make the traders he worked with as profitable as possible.
Following each trading day, Shahar got together with his traders to discuss the day. The made note of what worked for the successful traders and the mistakes made by those who had a bad day.
Many of his traders ended up leaving because they were successful and went to invest their money and start their own opportunities. This lead him to want to teach others to find the success of his traders.
How Does Online Trading Academy Work?
To determine if there is an Online Trading Academy scam, the first place to start is to see how the program works.
While exploring Online Trading Academy reviews, the common statement made by the company is that no one needs years of experience with trading to be able to do it on a professional level.
Students are given the choice between five primary program types:
- Core Strategy
- Mastermind Community
- Wealth Management
- Extended Learning Track
- Specialty Courses
Getting Started
The website appears to recommend that students start with Core Strategy as this is said to lay the foundation for learning trading. There are two parts to Core Strategy online.
There are online courses and workshops for students to learn trading. The program provides:
- Training courses and programs that are heavily structured
- The ability for traders of all levels to take part and learn
- Specialty and multi-market training courses
- Professional instructors with real-world experience in trading and finance
- Remote training platform
- Podcasts and some in-person training options
- Once courses are purchased, students are able to retake them
What Programs Does Online Trading Academy Offer?
While searching Online Trading Academy reviews and seeing if there is an Online Trading Academy scam, it is important to explore the programs in detail.
Core Strategy Online 1 and 2
The Core Strategy 1 includes 12 sessions that are three hours each. Core Strategy 2 includes four sessions that are three hours each.
These courses teach:
- The zero-sum game
- Charting and technical analysis
- Professional trading platforms
- Developing a personal trading plan
Extended Learning Track
This is comprised of courses for asset-specific training.
Courses include:
- Core Strategy (extends what Core Strategy 1 and 2 teach)
- Stock Trading
- Options Trading
- Forex Trading
- All Asset Mastery
- Futures Trading
- ProActive Investing
Wealth Management
This includes several courses focused on the student’s financial future and being able to handle and grow their wealth.
Courses include:
- Proactive Investor Online
- Core Tax Strategies
- XLT Proactive Investing
- OTA Real Estate
- OTA Tax Pros
Specialty Courses
These courses are meant to be taken after Core Strategy 1 and 2. Students can choose the ones that best fit their needs and interests and do not need to take all.
Courses include:
- Mastering the Mental Game
- Cryptocurrencies
- Platform Immersion
- Technical Analysis Strategies
Mastermind Community
This is not a specific course, but a place for accomplished traders to congregate, talk and learn from each other.
Members receive:
- Up-to-date information covering the major markets
- Market Screener to scan hundreds of markets
- Access to the XLT All Asset Mastery program
- Access to Pro Picks
- Mastermind Trade Rooms
- The Mastermind Community Clubhouse
- Mastermind Teambuilding
- Private Trade Rooms
- Office Hours with Instructors
- Share-My-Trade at the Mastermind Level
Why Do You Have to Enroll in a Half Day Class?
While scouring dozens of Online Trading Academy reviews to determine if there was an Online Trading Academy scam, one of the things that kept popping up was the half-day class.
Nothing on the internet seems to state that this is a mandatory class. The class itself is advertised as free.
This class states that it allows students to learn the strategy necessary to be able to plan trades and anticipate market moves. It is said to only be a “few hours” long.
The Class
It is designed for novice traders. Following the class, students will be able to purportedly identify supply and demand points that are not in balance to anticipate when prices are about to move.
Other points taught in this class include:
- Two common mistakes made by novice traders and strategies to avoid them
- Building a successful trading plan for today and into the future for retirement planning
- Applying a simple trading strategy based on rules for stocks, currencies, options and any other asset class
This class is provided at the financial education centers located throughout the world. Students can sign up through the website and choose the date that is most convenient for them.
There are not many Online Trading Academy reviews that discuss this class. However, it also does not appear that anyone believes this class is a type of Online Trading Academy scam.
How Much Does Online Trading Academy Cost?
One of the most important elements of Online Trading Academy reviews and to determine if there is an Online Trading Academy scam is the associated costs.
A person’s financial situation and overall experience with trading before taking the courses can impact the total cost.
The following prices are stated on the website:
- Core Strategy Online: $5,000
- Core Strategy Online 2: $2,000
- Extended Learning Track: There are a multitude of options ranging from $8,500 to $12,500
- Mastermind Community: $25,000 for life, or $15,000 for the first year and for each additional year $5,000
- Wealth Management: There are multiple options ranging from $1,000 to $12,500
- Specialty Courses: There are several options ranging from $1,000 to $2,000
The program does offer tuition rebate options for some students. Once a student finishes a class, they receive a rebate certificate that is equal to the training cost.
They then submit this to a broker or dealer that they prefer. They will take up to 20 percent of the student’s gross commissions and return it as a discount against the trades that students make.
Comparing the Cost to Similar Programs
There are a number of other trading courses and programs online that can be compared to Online Trading Academy.
All of these programs differ in terms of how robust they might be and how lessons are delivered. For cost comparison purposes, similar course cost:
- Warrior Trading: Starts at $497
- Investors Underground: Starts at $1,297
- Options Trading Simplified: Starts at $197
- International Edge System: Starts at $1,000
- Professional Futures Trader Online Course: Starts at $5,000
- Topstep Trader: Monthly cost of lowest course $150 monthly
- Day Trading Academy: Starts at $2,997
Online Trading Academy Reviews: What Other People Are Saying
All looks into a possible Online Trading Academy scam must include exploring what some top review sites have to offer. It is important to see the Online Trading Academy reviews real people are writing.
The following websites provide important Online Trading Academy reviews and insight into whether there is an Online Trading Academy scam:
- Better Business Bureau
- Glassdoor
- Indeed
- Trustpilot
- Ripoff Report
Better Business Bureau
The main headquarters of this company is not BBB accredited. This does not automatically indicate that there could be a possible Online Trading Academy scam.
There is however a pending matter which does not bode well for the company.
The Federal Trade Commission filed a complaint against Newport Exchange Holdings, Inc which owns Online Trading Academy.
Several of the franchise locations do appear to have a presence on the BBB website.
Other complaints can be found about the Atlanta location for example, there was one complaint about not getting a deposit refunded as promised. However, on the BBB website, it states that they resolved this issue, and the person who made the complaint did receive a refund.
Glassdoor
This company has 4.2 stars on Glassdoor. There are 173 reviews.
Most reviews appear to be from those employed by the company and its franchise locations.
92 percent approve of the CEO and 89 percent say they would recommend the company to a friend.
Employees report that students are the primary focus. Other reviews say there is a strong team environment.
Indeed
The Online Trading Academy reviews on Indeed give it a 4.0-star rating.
Most reviews on this website appear to be from those employed by the company and its franchise locations.
Reviews state that the environment is positive, ethical and energetic. Many state that there are many perks for employees, including free meals.
There are some complaints, such as limited breaks and significant fluctuations in commission earnings, but these appear to be specific to certain franchise locations.
Trustpilot
This company has 3.0 stars on this website. This is based on a single review.
The review states that the free seminar they attended felt more like a high-pressured sales pitch. This person also states that the program appears very expensive.
Ripoff Report
A verified review on this website lists this company with a positive rating. It states that they are dedicated to customer service excellence.
That review was conducted by the website. It states that a third-party company conducted it to ensure no bias in the reporting.
This program has a 5.0 rating on Facebook based on two people.
Two people say they recommend this program.
Reviewers report they feel the program is comprehensive and that the staff is helpful and knowledgeable.
Pros
- Comprehensive program
- Issues solved to customer’s satisfaction
- Well-presented courses
Cons
- Possibly deceptive practices
- Very expensive
- Some free seminars felt more like sales pitches than informational opportunities
- Difficulty getting refunds
Our Verdict on Online Training Academy
Overall, the Online Training Academy reviews and information do not point to there being an Online Training Academy Scam.
The employees who have left reviews appear to be happy working for the company, however, those who are in the program and those who have completed it seem to have a number of issues recently.
Remarks about the cost vary greatly, but it appears that while the cost is high, some who have taken the courses feel that it’s worth the money. That has changed over time as we see that many more people have been complaining about this company.
As mentioned above, the FTC sued the california-based academy in early 2020 and we urge you not to purchase their courses.
As a result of our research, we mark Online Trading Academy as “Do Not Recommend”.
DO NOT RECOMMEND
(Learn more about our rating guidelines.)
2 thoughts on “Online Trading Academy Reviews”
So, you are thinking about day trading and are wondering if Online Trading Academy, otherwise known as OTA or simply TradingAcademy.com, is your best option for learning to trade. After all they are extremely expensive, and you owe it to yourself to make sure your will be money wisely spent. Maybe you are like we were. Our careers going away, our income less than half what it was just a few years earlier, older, and unable to find work that pays anything close to what we were used to. If so, you owe it to yourselves to read this in its entirety. It will save you many 10’s of thousands of dollars.
Do not believe what I am about to say? The OTA staff brushes off these criticisms as simply being from disgruntled students who did not take the time to do what they were taught. Again, you owe it to yourself to read this in its entirety and read through the FTC complaint of Online Trading Academy Fraud at the end of this story. There you can read for yourself the governments charges against them directly from the FTC website. It truly is a must read for anyone thinking of giving them money and was an “ah ha” moment for many students who were frustrated by the inability to take what they teach and make money.
I had been hearing the Trading Academy ads on the radio for many, many years and always thought they were a hoax. However, I figured that after all those years, if they were not for real, they would have been shut down by now. Knowing our financial situation was not going to change anytime soon and knowing our reserves were not going to get us into retirement, I responded to the OTA talk show on WISN in Milwaukee and gave them a call.
Their initial free 3-hour class gives an overview of the market and how it works. It is quite compelling; they are INCREDIBLY good at putting on a show and selling you their product. The point of that 3-hour class is to get you to sign up for their $299 3-day class which gives a brief overview of what they teach and the different asset classes you can sign up for; Forex, Futures, Stocks or Options. To someone who has dabbled in the market, this all sounded pretty incredible and it looked equally convincing. The whole point is to show you how easy it is and how you too can make a living trading. Next comes the sales pitch.
Lifetime retakes of the classes.
Highly skilled and experienced traders to teach you.
Includes a year of “ProPicks” free, a daily library of trades that you
can take to help you make money while you are still learning.
Online sessions with instructors to watch and learn.
You get everything you need to be a successful trader.
Besides at this point in your life what other options do you have to generate income?
And let OTA help finance that!
“All you have do is follow our training”, they say. They did not say it outright, but one thing I read between the lines was you need to invest the time to be successful. As I said, it sounds quite compelling and they know how to hit your trigger points during their sales pitch. That is why you need to do your research before signing up with them. I’m glad I found this review!
The cost at the time we signed up in 2018 started at $25,000 for either Forex or Futures. Another $5,000 if you wanted to add options training and another $5,000 if you wanted to add stock trading. Or you could sign up for their Mastermind membership which included most everything, for only $55,000. You read that right. After you sign up, they will enroll you in their “Core” class which teaches their supply and demand method of trading and how to find fresh “zones” to take trades in. After that week you need to sign up for the Forex or Futures training. It may take 6 months to get into a class. They only host them a few times per year.
I will say that after a class you feel pumped and confident you too can do this too. Although they give you a survey to rate the class afterward, the survey should come months later after you have had a chance to practice what they teach. After 18-months and countless re-reading and re-watching of the material (we put way more time into studying the material than we should have needed to), we just could not make what they teach work. We and everyone we stayed in touch with from the class were all losing money. Retaking the classes 2 more times did not help, but what you do start to notice is they are cherry picking the setups of what they are showing you. Yes, there are setups that work occasionally, but there are way more times they do not work. As they say, “even a blind squirrel finds a nut once in awhile.”
There are other problems too. Their ProPicks library of trades. They have been caught editing the trades to give a higher success ratio of winning trades. That just begins the stories of fraud, many of which the FTC lays out in their lawsuit.
Online Trading Academy may say they know people who are making money, but I can assure you from the people we know, they are not trading strictly based on what OTA teaches. In fact, what is really infuriating is that when you get to the FTC documents you learn that the instructors are only required to make one trade per year and that trade can be a simulated (not real) trade. The much-touted Sam Seiden the “inventor and patent holder” of the OTA method (who has since left OTA) cannot make money either. I do know a couple of OTA students who are making money, great money, but they have ALL needed to expand their education by spending even more money to learn what Online Trading Academy failed to teach. Trading Academy only teaches supply and demand. There is no price action, moving average, channels, RSI, Fibonacci, Elliott Wave, volume profile, … they don’t teach indicators, just fresh supply and demand zones and I assure you, you can’t consistently make money looking at just that. Yes, what they teach is valuable, but it is like teaching you how to drive and only showing you how to put the key in the ignition. It costs you a lot of money to buy that car, but gets you nowhere.
Complain the OTA system doesn’t work and ask for a refund citing all the fraud as described in the FTC Complaint, and they offered us a free Mastermind upgrade or they simply say “we taught you what we said we would teach you” … well, not exactly, you said you would teach me what I needed to know to make a living trading. All I did was lose money because OTA only gave us one very small piece of a much larger puzzle. To this day, we are still in contact with several fellow students who are all still losing money and are still looking aimlessly trying to figure out why. Probably because they spent so much money on this education that they can not accept the fact it does not work!
After realizing we were not going to make money doing the OTA method of trading we started looking elsewhere for more knowledge. I am happy to report you can make money trading and there are some excellent resources out there to help you learn. Please though, save yourself a boatload of money and do your research online and read through the FTC complaint of fraud and deceptive practices before giving OTA a dime, and that includes the franchise location in Milwaukee. If you still want to make a living becoming a day-trader, look elsewhere. There are MANY resources out there that work and are a small, VERY small fraction of the price.
Hi MDanay,
Thank you for sharing!
Our site is focused on helping our readers decipher is programs are worth their time.
Wishing you all the best!
John