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Market Traders Institute, Inc.

Phone: (407) 740-0900Fax: (407) 740-0201

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Customer Complaints Summary

8 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues2
Billing / Collection Issues1
Guarantee / Warranty Issues2
Problems with Product / Service3
Delivery Issues0
Total Closed Complaints8

Additional Complaint Information

Consumers report they are led to believe from sales presentations that purchase of products can be cancelled with a refund. Such statements from the sales presentation include "60 day free trial", "60 day money back guarantee", "full refund less registration fee" or other similar phrases. The company response is the consumer may apply for a refund only after completion of a 4 phase process.

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (8)BBB Closure Definitions
12/22/2014Problems with Product / Service | Read Complaint Details
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Complaint
I was asked to join their financial guarantee money making company with no questions asked if I decide to terminate the membership!
All started upon joining the program I was given e user name name and password to log in within program platform and introduction to their 100% money making programs which I was never able to use it due to technical issues also posted questions during daily seminars!my personal financial coach was assigned **** ** Who from day one before I even started the registered course and recover my money he was trying to sell me on another course within same company!

Desired Settlement
I am asking for a full refund and apology for all this unnecessary work! As you know I had initiated dispute process with my ****** **** but was contacted by your Manager multiple times and asked to stop the dispute process because she was going to give me the full refund and to this day J haven't receive anything! Her name is
Sincerely,

****** *****

******@markettraders.com
Retention

Business Response
In response to the complaint filed by former client, ******* *********, Market Traders Institute, Inc. has the following information to provide with reference to his complaint lodged with the Better Business Bureau:
Mr. ********* attended a webinar presentation hosted by Market Traders Institute, Inc. on 4/2/2014 which featured the online education course, The Ultimate Traders Package on Demand. Webinar Attendees to Market Traders' presentations sign up for the event on their own volition. During the presentation, Mr. ********* expressed interest in the product by providing his contact information so that a Sales Representative from Market Traders could follow up with any questions that Mr. ********* may have about the presentation and/or product. On 4/2/2014, Mr. ********* decided to get involved with the course and signed a contract to purchase Market Traders Institute, Inc.'s The Ultimate Traders Package on Demand. Within this contract, the specific terms of the purchase are disclosed in writing and also via the telephonic conversation. Moreover clear and conspicuous terms with specific reference to the Satisfaction Guarantee and Cancellation Policies, are also reviewed by the Sales Representative during the telephonic conversation and initialed and signed by the client during the call. Due to Mr. *********'s signature, initials, and acknowledgement of all of the contract terms, it is clear that Mr. ********* was fully aware of the contract terms and expressly authorized the contract. To clarify, Market Traders does not make claims that the education and/or programs we sell are 100% money making, as Mr. ********* suggested. Mr. ********* also initialed our "No Guarantee of Return" statement that is on the contract he signed.
Mr. ********* had multiple communications with his Account Representative regarding additional continued education courses to further enhance his market knowledge. He was in no way obligated to purchase these additional courses. However, Mr. ********* was in contact with his Account Representative regarding the education that he did purchase and appeared to be eager to get started, as evidenced in written correspondence that we maintain
Within Mr. *********'s contract it clearly and explicitly states that terms required to be fulfilled in order to be eligible for a full reimbursement via the Satisfaction Guarantee Policy. This is a 100% Satisfaction Guarantee Policy as long as the requirements are met within the 90 day term from purchase date. If a client does not wish to complete the requirements, a Cancellation Policy is provided. Within the Cancellation Policy, a client can opt to be cancelled out for a calculated and disclosed fee. For Mr. *********, this was calculated as $1748.50. Mr. ********* did request a refund on 6/5/2014, which was well within his 90 day window to receive a full reimbursement; however he did not satisfy the stated requirements according to the Satisfaction Guarantee Policy that he specifically authorized and acknowledged on his contract. Multiple attempts were made by Market Traders Retention Specialist to contact Mr. ********* regarding his refund request and to relay that he had not met the requirements for a full reimbursement and to offer assistance for completion of these terms. Mr. ********* was non-responsive to our contact efforts. Specifically on 6/10/2014, 6/23/2014, 6/26/2014, 6/27/2014, 7/7/2014, 7/17/2014, 7/31/2014, 8/1/2014, and 8/4/2014 contact was attempted.
Then on 7/23/2014, Mr. ********* filed a dispute with his credit card issuer for the entire amount of his purchase. In the response prepared by Market Traders, the information pertaining to the contract terms and subsequent correspondence was provided to validate the charge made to Mr. *********. The credit card company ruled in the company's favor for the full amount of the dispute due to the information we provided, which was essentially enforcing the contract terms that Mr. ********* authorized. However, Mr. ********* continued the dispute for the Cancellation amount pursuant to his contract and even though Mr. ********* was engaged with his Account Representative past the alleged date of cancellation that he provided to his credit card issuer of 4/6/2014, Market Traders opted to release those funds as a measure of customer service. Please recall from above that he did not even request a refund until 6/5/2014.
The Retention Specialist that was assigned to Mr. *********'s refund case did ask him to cancel the dispute so that we could engage in settlement discussions to release him from his contract. Mr. ********* did not cancel his dispute; therefore the settlement discussions were terminated.
Upon further research into Mr. *********'s account, we do not have record of technical issues that Mr. ********* claims to have been encountering. We have a full staff of Technical Support Representatives that are available to all clients to assist with technical issues. Had we known of his issues, they would have been resolved.
We do maintain supporting documentation for the items relayed in this response and would be more than happy to provide them if needed.
Market Traders considers this matter as closed as Mr. ********* received the Cancellation amount of $1748.50 pursuant to his executed contract from the dispute he filed with his credit card issuer.


03/03/2014Advertising / Sales Issues | Read Complaint Details
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Complaint
Market Traders Institute is a company that does a lot of spamming against my wishes.
Today, I will like to file a complaint against Market Traders Institute. I never in a hundreds years would had thought that I would file a bbb complaint against a company for spamming, but Market Traders Institute takes it to a new level. Market Traders Institute claims to be a company that are ran by professional traders, but any person with some sense will have to wonder that if a company is so successful with trading forex, they wouldn't spend hours every single day spamming people. I'm assuming that I'm on dozens of Market Traders Institute that I didn't subscribe to. I had sent the company an email asking them to stop spamming me and they still want to do so. At this put, I feel like I have to register for a brand new email. Market Traders Institute been spamming for months.

Desired Settlement
I will like for Market Traders Institute to stop spamming my email account.

Business Response
Market Traders Institute has OPTED OUT Mr. ******** (email: **********@gmail.com ) from our email marketing campaign as of 1/3/2014. Mr. ******** was emailed by the company pursuant to his request on at least two separate web forms which asked Mr. ******** to input his information to receive advertisements and correspondence from Market Traders Institute regarding products and services. The information pertaining to those forms is as follows:
5/19/2013 - Mr. ******** signed up for information at this URL http://wwww.markettraders.com/forex-strategy/. This link is no longer active due to the expiration of the offer that was on the page. He input his name and email address.

11/27/2013 - Mr. ******** signed up for information at this URL http://wwww.markettraders.com/forex-strategy/. This link is no longer active due to the expiration of the offer that was on the page.

It is important to note that Mr. ******** also attended a webinar regarding Market Traders Institute on 12/16/2013.
If Mr. ******** inputs his information again, on a page sponsored by Market Traders Institute, he **** receive emails again as he is effectively opting back in. In order for Mr. ******** to stop receiving emails from Market Traders Institute on a permanent basis, it is important that he refrains from requesting information/signing up on web forms for Market Traders Institute. As of 1/3/2014, Mr. ******** has been OPTED OUT of our email marketing campaign as mentioned above.

11/15/2013Problems with Product / Service | Read Complaint Details
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Complaint
I purchased the ultimate traders package from MTI after multiple infomercial emails and phone calls. Their sales ******* ***** told me on the phone that their cancelation program is designed for the first 30 days to allow customer to opt out if not completely satisfied and I will received a full refund. The deals and the hype never stop I finally purchased the package for $4700.00. I signed a consent for them to take the payments from my credit card which is divided into two parts, however I received an email with my orientation instructions 7/23/2013. I called the office I was assisted with how to access the lessons online. After about 15 to 20 minutes the ********** ****** told me if I have any problem to contact him. On the 7/23 I worked online with the product I had no problem the following day I noticed the video stopped in the middle of the lesson then a black screen appeared with difficulty to restart the lesson.I called the office I was assisted by another mentor, he got the video up and running, but only lasted for an hour or more and stopped again and the black screen would appear with difficulty to restart the lesson, after multiple calling the office I was assisted x3 the problem continues I decided to cancel and get my money back. I was told to fill out a form on their website in order to cancel, I did, but the company pay no attention to my problem but continued to send me emails to buy more of their fraudulent products. This company is very big on hype and extremely short on delivery and measurable results. I received nothing from this company for my $4700.00 I only viewed a part of the first video of this course with a lot of difficulty I refused to have anything more to do with their product and would like a full refund of my money. I will not finish the course that they asked me to do. This is all a scam because the video does not work. This is Ponzi scheme why do I have to finish 16 module to get my money back. To everyone please stay away from this company.
Product_Or_Service: The Ultimate Traders Package

Desired Settlement
Complete refund.

Business Response

Ms. ******* purchased Market Traders Institute's Ultimate Traders Package on Demand from an authorized seller, **** **** ********* ********* **** on 7/22/2013. A copy of her Education Order Form/Installment Contract (the ''Contract'') has been provided to the BBB.
As per the contract she signed with **** **** ********* ********* the Cancellation Policy and Satisfaction Guarantee Policy were clearly and conspicuously outlined for Ms. *******. She initialed the sections identifying the Cancellation and Satisfaction Guarantee Policies and subsequently signed the entire contract indicating her acceptance and understanding of the terms of the contract. In addition, she was afforded 90 days to complete the requirements as listed on her contract as opposed to the standard 60 day time allotment for a full reimbursement pursuant to the Satisfaction Guarantee Policy. It is important to note that Ms. ******* has until 10/22/2013 to complete the requirements as indicated on her Education Order Form/Installment Contract.
Market Traders Technical Support Team learned of Ms. *******'s technical issues on 7/23/2013. The Technical Support Representative had resolved the issue she was having at the time. Then on 7/24/2013, the Technical Support Team was contacted again for the same issue. It was determined that due to her slow internet connection and a personal computer that was also ''slow,'' she was having issues with the education. On 7/24/2013, Ms. ******* was sent an email from Market Traders Technical Support with instructions on how to correct the issue she was having with the lessons based on the conditions she was working under. I have attached the email for review. It is important to understand that while Market Traders takes every step possible to ensure that the education is accessible and working properly, the company has no control over the hardware and internet connection that is used by the client. That being said, the company has protocols in place that will attempt to mitigate factors that are beyond the company's control (i.e. pc and internet speed). For Ms. *******, the Technical Support Team was prepared to invoke one of those protocols, which included downloading the product on her computer directly, but Ms. ******* was not amenable to any solution the Team could provide and did not want to be ''bothered.''
Ms. ******* opened a refund case on 8/6/2013 pursuant to a conversation with her Account Representative. Unfortunately, she has not completed the required steps to receive a full reimbursement pursuant to the Satisfaction Guarantee Policy. She is still eligible for a Cancellation as per the policy she acknowledged but would receive $1850.00. Should Ms. ******* decide to pursue a full reimbursement, she has until 10/22/2013 and Market Traders is prepared to assist her to completion.
Market Traders Institute has been and is still eager to assist Ms. ******* to meet her completion requirements. Alternatively, should Ms. ******* decide to continue with the education, the company can provide the technical resolution mentioned previously but requires Ms. *******'s cooperation to do so. Otherwise, the company can proceed with her Cancellation request and refund her the amount of $1850.00 pursuant to the contract she signed. Market Traders awaits Ms. *******'s response.


Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
I never purchased a computer from them, or told them I needed one. I purchased an online lesson I never received because it did not work. I need a full refund of $4700.00.

Thank you,

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

Final Business Response
The company believes to have made reasonable efforts to provide Ms. ******* with an appropriate alternative given that she did not honor the terms of her contract. The company would still like to offer the computer mentioned before, but is not amenable to a refund.

Business Response
Ms. ******* has been refunded in full as of 11/8/2013.


Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
**** **** ********* had offered me a computer fully loaded with their videos I refused. So they called me to find out why I had refused so I told the gentleman on the phone that nothing is wrong with my computer and that I have my apple Desk Top for five years and I have no problem. Then he told me that their videos don't work well with apple and I will receive a full refund. I agreed and was refunded $4700.00.

07/08/2013Problems with Product / Service | Read Complaint Details
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Complaint
Market Traders Institute failed to honor their money-back guarantee and kept my money.
On 03/15/2013, I signed a contract with Market Traders Institute to pay $4995 (paid by credit card) and receive a trading education called the Ultimate Traders Package. One reason I signed on for it was because they offered a 60-day money-back guarantee: if I fulfilled all of the obligations of the guarantee, then I could request a refund of my "tuition". The stipulations were:
1. Take the course
2. Install and use the charting platform MTI4.0
3. Make a trade
4. Attend the 2-day on-site seminar (also could be attended online).
I paid $995 on 03/15/13, then the remaining $4000 on 03/18/13. At this point I was given access to the course, and I started on 03/19/13.
I fulfilled all of the obligations of the guarantee; I took the online class, used the software, placed a trade, and attended the only seminar that was available to me on 05/13 and 05/14. It was apparent to me fairly early that the course offered me nothing (it's really meant for people completely unfamiliar with trading concepts and is focused on basics). But I made sure that I fulfilled all of the obligations required of me to qualify for a refund. On 05/13 and 05/14 I took the on-site seminar (I took it online) and at the conclusion decided to request a refund.
I called my account representative (***** ******** on 05/15. I talked to another person who said that he would give the message to *****. I requested a refund at that time. Mr. ******* did not call me back so I called again on 05/17. This time I got voice mail so I left Mr. ******* a message, again requesting a refund.
The following weeks ***** and I played phone tag (not entirely their fault, I was very busy at the time in my real job), but when we did make contact I asked for a refund and explained why, but Mr. ******* preferred to discuss "other possible options". I never found out what those were, but just allowing Mr. ******* to mention them was part of the reason I was denied my refund.
Eventually (06/10/13) I contacted MTI Customer Support to request a refund. They said that they needed to discuss my case with management. I then got a phone call that said I would not receive a refund because I was outside of my 60-day period. Although they acknowledged that I had made my request within the 60 days, because I had allowed Mr. ******* to mention "other options", that has somehow overridden my refund request, and now we were outside the 60 day period.
BE CAREFUL. I did everything I could to follow the stipulations of the refund contract, and MTI still backed out because of some obscure technicality that I couldn't possibly have known about. If you think that a refund policy means that you will get a refund, that is not true in this case. MTI will back out of their end of the contract if they can come up with any possible technicality, reasonable or not. I believe that in my case it was completely unreasonable, but they were still able to keep my money.

Desired Settlement
All I want from MTI is just what they contracted with me for: a refund of my $4995 if I followed their rules and requested it. I did all of that and fulfilled my side of the contract. Now I want MTI to fulfill their side and refund my $4995 back to me.

Business' Initial Response
(see scanned doc)

****** ********* purchased Market Traders Institute's Ultimate Traders Package on Demand education product on 3/15/2013 through our authorized seller, Next Step Financial Holdings, Inc. This purchase is documented on Next Step Financial Holdings, Inc.'s Education Order Form/Installment Contract and was not directly purchased from Market Traders Institute. Please refer to attached documentation.
The Next Step Financial Holdings' Satisfaction Guarantee Policy that Mr. ********* contractually acknowledged required him to complete specifics steps to be eligible for a full reimbursement from Next Step Financial Holdings. To date, Mr. ********* has not fully completed those steps contrary to what he had indicated in his complaint. He was made aware of this fact by a Customer Service associate.
Next Step Financial Holdings has informed us that they will be refunding a portion of his purchase subsequent to receiving additional documentation. This has been communicated to Mr. ********* and his case will be deemed resolved between the parties involved.

Consumer's Final Response
(The consumer indicated he/she ACCEPTED the response from the business.)
Market Traders Institute contacted me, explained why they believed I did not qualify for a refund, and offered to refund 50% of my tuition. I have accepted their offer.

03/25/2013Advertising / Sales Issues | Read Complaint Details
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Complaint
Called to cancel and told three day right to cancel not in force. Immediately after signing, problems logging on to program, received error messages.
Collection's have contacted Me on behave of MTI. ****** Goldenberg.

Desired Settlement
Decline my responsibility to dept.

Business' Initial Response
(see also scanned doc)

****** ****** purchased Market Traders Institute's Ultimate Traders Package on Demand education product on 4/12/2011. He financed his purchase through Universal Guardian Acceptance by way of Next Step Financial Holdings, Inc. This purchase is documented by Next Step Financial Holdings, Inc.'s Education Order Form and Universal Guardian Acceptance's Application (collectively "the contracts"). We have reproduced a copy of these contracts from our files and submitted them as attachments. These contracts represent a binding agreement between the parties.
From our records, Mr. ****** never accessed the online education product he purchased and there were no technical support cases evidencing his inability to access the education. At this time, as a good faith gesture, his account with collections has been closed and all negative remarks have been removed from his consumer credit file. Thus, Mr. ****** has been relieved of his financial obligation for his purchase of The Ultimate Traders Package on Demand.

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07/05/2012Guarantee / Warranty Issues

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