ComplaintsforMarket Traders Institute, LLC

• Initial Complaint

  03/05/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  circumstances have arisen that have left me deeply concerned and dissatisfied with the entire process.Shortly after signing up, I unexpectedly had to travel to ******* due to a family emergency. Despite this unforeseen circumstance, I made efforts to engage with the course

  Business response

  03/08/2024

  Dear BBB,

  Thank you for this message.  After extensive research, here is our findings. 

  **************** did indeed purchase the product as described and all aspects of the product, to include our satisfaction guarantee were properly covered, reviewed and agreed upon in his onboarding call.  Since his onboarding, our team has made numerous attempts to reach **************** to ensure he is properly utilizing our educational program.  To date, we have never been back in contact with him, despite our multiple attempts.  Additionally, we never received a request for a refund, so this BBB complaint comes as a shock to us.   Since receiving this BBB complaint, we have continue to try to reach ****************.  

  In keeping with our core value of creating a great client experience, We kindly ask that **************** reach out to our retention specialist ************************************* at ***********************************************************  so we can solve his issue, to include issuing him a refund.

  Thank you very much. 
  

   

• Initial Complaint

  01/10/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I purchased access to time saving automated software system for FOREX Currencey Trading. The cost was $2,495.00, and I made the first payment of $1,247 on 01/03/2024. Instead of providing the promised time saving automatic trading system, MTI provided access to a very complex program of educational videos and online lessons. On 01/04/2024, I asked customer service for a refund. They said they would submit a refund request and that I would receive a confirmation email within 48 hours. No refund or confirmation email has been provided 96 hours later. I want to cancel any and all services I have with this company, and I want a full refund of any and all payments.

  Business response

  01/11/2024

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

  In keeping with our core value of Creating a Great Client Experience, we conducted an internal investigation. We verified from the webinar you attended, as well as the telephone call that resulted in your purchase, that our Education Specialist properly explained the product offering. Additionally, we confirmed in our system that we not only responded to your refund request but also made attempts over the last few days to reach you by telephone to resolve the matter. Since you stated you are not interested in the education and only wished to use the trading strategies and technology, we wanted to speak with you more in-depth. This would ensure we fully understood your needs and could guide you in using the features of the product that are most meaningful to you. Indeed, you are correct that the Ultimate Traders Package is a comprehensive educational program full of several trading strategies. However, it also includes the trading systems in which you expressed interest.

  
  However, in keeping with our company's core value of Creating a Great Client Experience, we wish to inform you that we want your experience with us to be positive and fulfilling, even if that means parting ways. Therefore, we are issuing you a refund using the payment method you originally used, in the amount of $1,247.50. Typically, the money will be credited by your banking institution within 96 hours. However, your bank should be able to provide you with a more accurate estimation.
  

  Should you require any further assistance, please do not hesitate to reach out to us. Thank you.

• Initial Complaint

  12/17/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I signed up for the Signal Shadow Pro program 8/2023 paying $2495 and its been a very disappointing experience. All training was a sales pitch to get you to spend more money before even learning the system. It was explained to me that this program was automated and all I had to do was confirm trades through text messages each time a trade was placed by their head trader. I chose to start with $3000 so as to get a good start. My mom became very ill and I had little to NO TIME AT ALL to study the program....understanding the refund policy, I never requested a refund however, since i was NEVER able to make a single trade, I requested my money be returned to me. NOT asking for the $2495......just my $3000 from the Pro Trader account that I never used....I never even used the demo account.....My mom's illness was untimely and MTI doesn't have to consider refunding the program cost BUT the money in the trade account is mine!!!!! I've been contacting them since October and the only thing I've been told was I MUST make a trade to get my money back with a 15% profit, RIDICULOUS! Its now almost December and the only communication I continue to get is automated emails and very frequently was called and emailed by account rep/manager trying to sell me more expensive automated programs that were supposed to generate better returns.

  Business response

  12/19/2023

  Dear BBB,

  We are keenly interested in resolving this situation for this client. We can see from our CRM that we have made repeated attempts via email and telephone calls over the last several months. After reading ****************' BBB complaint, it's apparent that there is some confusion regarding ****************' understanding of the Prop Trading Program that she purchased. She purchased the rights and ability to trade an account with defined trading parameters. The account has no ability to have funds withdrawn until the parameters are achieved. That said, we would love nothing more than to speak with her to not only clear up the confusion but also to resolve her complaint. We kindly ask the BBB to forward **************** our ************** *********** Mr. *********************** contact information so she can reach out directly to him to get this resolved. His direct line is ************, and his email is *******************************************************.

  Thank you.

   

  Business response

  12/20/2023

  Dear BBB,

  Thank you for forwarding our contact information to *****************  We were able to speak with her today over the phone and resolved her complaint. After listening to her, not only did we educate her on the product she purchased, we made the business decision to refund her the $3,000.00 that she requested.  At this point, we consider this matter resolved.  

  -Market Traders Institute. 

• Initial Complaint

  12/08/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  This company is using scamming tactics to get people to buy their products. I asked for a refund for this program and they said they would only give me a 50% refund or finish a bunch of stuff and complete videos , tests, and watching live presentations and complete courses **** within 60 for my refund. I have contacted them and was first told I was given a refund case number. So they only gave me those 2 options either 50% refund today or complete all their training programs within 60 days and then I might get a refund. I want my refund now and this company closed for scamming people. I have reported this to the bank that the loan was given by and the ************************* Please advise me on how to proceed. Thanks for your help and time. *********************

  Business response

  12/15/2023

  Dear BBB, 

  I'm attaching ************** Education order form to this message.  On 12/4/23, ************** purchased the Ultimate Traders Package and not only signed the education order form, but initialed the form in the appropriate sections that stated he read and understood the satisfaction guarantee and cancelation policy.  On 12/4/23 we released 100% of our education, trading strategies, trading manuals and trading system to **************, in which he it accessed the training, trading systems and charting software.  On 12/6/23, he electronically requested to exercise his rights of the Satisfaction guarantee and cancelation policy due to a personal family issue.  On 12/8/23, ************** spoke with our ****** Services Specialist, ********************  On this call ************** re-reviewed the Satisfaction guarantee and cancelation policy with **************, as well as offered to pause ************** product access and subscriptions until he was ready to resume his training as an alternative to the Cancelation policy.  
  
  The call ended with ************** saying he would consider his available options and follow up with us on his decision.  We did not hear back from **************, so we attempted to reach him via phone and email on 12/11/23. 
  
  After further research ************** filed a chargeback with the merchant.  We will not pursue or defend the chargeback.  Please direct ************** to follow up with his merchant, as once a chargeback has been filed, we don't have control of when the client receives their refund. But rest assured, it will be issued to him.  Its unfortunate that a BBB complaint was filed, as it could of been avoided with a returned phone call or email after our 12/8/23 interaction.  
  
  We consider this matter resolved. 

  Thank you,

  Market Traders Institute

  Customer response

  01/03/2024

  Im still trying to get them to refund my money. I have been sick and must have missed the email on this complaint. They need to be shut down with the way they are tricking people into paying for their online service but they said that it was a full refund but with 3 stipulation, watch around ************************************************* order for the refund. They sent me a PayPal link that payed them their payment and afterwards I said I didnt agree to this and refund the money and they said that only if I completely do the 3 steps within *********************************************************************************************************************** a very tricky way. Thank you very much for your help. 
  *********************;

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

  Customer response

  01/09/2024

  Im still trying to get them to refund my money. I have been sick and must have missed the email on this complaint. They need to be shut down with the way they are tricking people into paying for their online service but they said that it was a full refund but with 3 stipulation, watch around ************************************************* order for the refund. They sent me a PayPal link that payed them their payment and afterwards I said I didnt agree to this and refund the money and they said that only if I completely do the 3 steps within *********************************************************************************************************************** a very tricky way. Thank you very much for your help. 
  *********************;

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

  Business response

  01/19/2024

  Dear BBB,

  We are confused on how to respond to the client as the client filed a chargeback on December 9th, 2023, in which we did not fight the chargeback and the client was refunded 100% of their money on December 15th 2023.  I'm not sure why the client would reject the offer, as they received 100% of what they paid us and there is nothing outstanding due to the client.  I have attached the proof of the refund to this message. Can you please help advise us on the next steps from here?

  Thank you,
  ***************************

  Business response

  01/19/2024

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

  Attached is the proof of 100% of your returned money on December 15th, 2023.  Considering this was resolved a month ago, we are seeking information on why you rejected our response after having received a 100% refund. 

  Thank you. 

  Customer response

  01/23/2024

  I do see that this was refunded to my account and I apologize for not responding sooner. Ive just been able to login to my PayPal account and it just updated that I was refunded. I want to thank MTI for refunded this back to me and Im really in a hardship right now. Please remove the claim on the website since now I confirm this was made good to me. Thank you for your help and if you need anything please let me know. 
  *********************

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

  Customer response

  01/23/2024

  I do see that this was refunded to my account and I apologize for not responding sooner. Ive just been able to login to my PayPal account and it just updated that I was refunded. I want to thank MTI for refunded this back to me and Im really in a hardship right now. Please remove the claim on the website since now I confirm this was made good to me. Thank you for your help and if you need anything please let me know. 
  *********************

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

  Business response

  01/23/2024

  Dear BBB,

  Since it appears this issue stems from the client not properly checking his account for the refund over a month ago and then responding that he did in fact receive his refund and in fact thank us, is it possible to have this complaint removed from our account.  As the complaint would not have happened if he was logging into the correct account.

  Thank you,

  **************************** 

• Initial Complaint

  12/07/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Services rendered were not satisfactory especially after I kept complaining to the continued education specialist tried on several occasions that I was not happy with the way things were going and was definitely not happy with the automation at all so I tried looking for the complaint department and when ****** it kept sending me to BBB so here I am hoping for a resolution to my issue the course was around $3100 and the automation was exactly $1795 can't find the receipt for the automation but still looking will definitely have at a later date

  Business response

  12/14/2023

  Dear BBB,

  *************************** and our ****** Services *********** Mr. ******************* were able to speak and resolve his issues.  Accordingly, we were able to satisfy the client's issue and consider this matter resolved.  

  Thank you for your your assistance. 

  -Market Traders Institute 

  Customer response

  12/14/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  04/20/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I signed up for the Signal Shadow Pro program on 1/19/23 at a price of $2495 and have been very dissapointed.It was explained to me that this program was automated and all I had to do was confirm trades through text messages each time a trade was placed by their head trader.I was also told that I could set up preauthorization so I would not miss any traders that at night.The sales person also told me that most people started with around $200 and that they did very well with that amount.I told sales person that I would start with no less than $500 and he said that i would see very good gains that way.I chose to start with $1000 so as to get a good start.As I started using system I noticed very quickly that I wasnt even making enough to pay the $199 a month fee for this program after trial period was over.I brought this concern to the attention of my account rep/manager and he informed me that the minimum I needed in my brokerage account was $3000.I deposited $2000 more into my account to reach the minimum.As I received my daily gains reports after adding the $2000 I noticed no improvement.I was repeatedly told by my account rep/manager that the preauthorization should not and could not be used for my application.As I went through learning course material I found that not all courses showed that I had completed them and was told by account rep/manager that even though I didnt see that courses had been completed it was still documented in their system that I had completed them.I asked sales person(via email) and account rep/manager(via phone) for a refund. I was told by account rep/manager that I hadn't completed all of the learning courses and never received a response from sales person.Shortly after signing up for this program I started getting nonstop automated emails and very frequently was called and emailed by account rep/manager trying to sell me more expensive automated programs that were supposed to generate better returns.Stay away very misleading.

  Business response

  04/26/2023

  Our Director of Continued Education, Jeff W****** and Mr. ***** ****** were able to connect via telephone on 4/24/23.  We learned there was a misalignment on expectations of the product.  We came to a satisfactory solutions for both parties and refunded the full cost of the product that Mr. ***** ****** purchased on 4/25/23.  Based on the conversation between us and Mr. ******* we believe this issue has been concluded.  If there are any outstanding items to be addressed, please have Mr. ****** reach out to Jeff W****** as *************  

   

  Thank you,
  Jacob M*******

• Initial Complaint

  11/16/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I wanted to increase my knowledge of the stock market and improve my ability with trading stocks to supplement my retirement income. I called and they required a down payment to enter their program, so I relunctantly charged $750.00 on my credit card and asked if I would get a refund if the program didn't suit my needs. He said that they would, but did not mention additional requirements were needed to get a refund. I immediately began the introductory modules on their website and after three weeks I became unhappy with their program. Two major problems of poor site navigation and class start times of 5:00 am for many of the lectures and courses. Their program was based for students on the US east coast and I preferred live classes, rather than watching recordings with no ability to ask questions or interact with other students. When I called for a refund he told me I had to complete more of the class modules for a refund within a month, and I probably would not have enough time left to accomplish this, since I only had 10 days left. I have completed over 30 online classes at both WSU and WGU and I did great with online learning. I do not feel they treated me appropriately with my request for a refund and they failed to inform me of their excessive requirements at the start of the program.

  Business response

  12/22/2022

  Business Response /* (1000, 5, 2022/11/24) */ There appears to be misalignment on the events that led up to this complaint. On February 25th, 2022 Mr ****** purchased our Ultimate Traders Package, and digitally signed the education order form. The education order form outlines many pieces of information, to include the relationship between MTI and Mr ******, as well as our 60 day refund policy and Cancellation Policy (separate policies), which is labeled as section 5 and highlighted in yellow at the time of signature. Additionally, after review of the the phone call, MTI's Education Specialist verbally reviewed the education order form with Mr. ******, prior to his signature, to include each line item of our refund policy and Cancellation policy. Attached is the signed Education order form. On April 11th, 2022, Mr ****** requested a refund, which he stated were for personal financial reasons. On April 18th, 2022, Mr. ****** was reminded of the steps he needed to complete in order to be approved for the refund. Additionally, he was offered the ability to exercise his right to use the Cancellation policy. On April 19th, Mr. ****** agreed to exercise the cancellation policy, which would relieve him of his monthly payments, allow him 12 months to rejoin MTI and apply 100% of the money he has currently spent on the Ultimate Traders Package at the time of rejoining. Attached are the communications between MTI and Mr. ****** that support these events. With all that said, we now understand by virtue of the the BBB complaint that Mr. ****** now just wants a refund. Although Mr. ****** did not complete the refund steps, we desire to have a favorable outcome for Mr. ****** and are willing to offer him a complete refund of the Ultimate Traders Package. Please inform Mr. ****** that we will process his refund on the next business day. He will need to allow up to 7 days for his banking institution to issue the credit to his account. Consumer Response /* (2000, 7, 2022/12/05) */ (The consumer indicated he/she ACCEPTED the response from the business.) Yes I received the refund.

• Initial Complaint

  04/05/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I filed a complaint within 60 days to get my money back according to their guarantee. And 10 days later it says it's accepted and should receive it within 6-8 weeks. 4-5 days later I receive an email saying that I needed to complete some other requirements that weren't easily available to track down. I literally had to set up an appointment to figure out what it was that I had to do. When at first I was told that I jus has to complete the lengthy quiz and test. So finally figured out the rest to do. And as I'm doing them the videos I have to watch aren't saying that I have watched them becuz of connection issues on there side because they said it tracks via ip address so using my phone doesn't count. Well I have done all that is needed and within the 60 days but there sitting here telling me I didn't complete it because it says I hadn't logged in. Well I'd like my life savings of $4,499.00 back because this is not at all what I believed it was. N threw teeth pulling I was able to complete everything. But I need help collecting it because they're not trying to refund it

  Business response

  05/03/2022

  Business Response /* (1000, 5, 2022/04/14) */ There appears to have been some miscommunication between the client and our client services department. When the Client Services Manager received the refund request from Mr *******, he reached out to Mr. ******* and the refund was issued. Mr ******* should allow a few days for the refund to be processed by his financial institution. If he has any further questions, please direct him to our client services department to discuss. Additionally, after speaking with Mr. ******* on the phone due to the BBB complaint, he confirmed that he did not write the BBB complaint. Rather, Mr. ******* stated his girlfriend filed the complaint with the BBB. His girlfriend is not a client of our company. Based on this information, we respectfully request that the BBB remove the complaint as it was not filed by the client.

• Initial Complaint

  01/16/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  These people are frauds. They are refusing to refund my money even though they guarantee 100% satisfaction with their product which is garbage. In their so called "classes" all they do is market more garbage trying to get you to buy more. All I want is a refund and they are giving me the run around.

  Business response

  02/18/2022

  Business Response /* (1000, 5, 2022/01/21) */ Ms ****** purchased the Market Traders Institute Product of the UTP on Demand on 11/18/21 for the purchase price of $4,995. Ms ****** paid the downpayment of $1000 on that same date, and signed an Education Order Form agreeing to pay the remaining balance of $3,995 in 12 monthly installments of $332.92 with the first payment due on 12/17/21. As per the attached Education Order Form signed by Ms ******, in order to qualify for a full reimbursement pursuant to the Satisfaction Guarantee Policy, she had to complete three (3) steps within sixty (60) calendar days from the date of purchase. In addition, Ms ****** initialed and signed the Education Order Form a total of 8 times, evidencing her understanding and acceptance of the terms of the contract as provided in the attached. Furthermore, upon execution, she received a copy of her Education Order Form for her records. Ms ****** contacted Market Traders Institute on 12/7/21 after realizing that she could not afford this education. Our client retention team offered to show Ms ****** how to complete the steps, but Ms ****** felt she could not complete them. The Client Retention team made Ms ****** aware that submitting a refund request without completing the steps of the Satisfaction Guarantee might not entitle her to a refund and explained the other options available to her. At this time, Ms ****** agreed to a partial refund of $500, 50% of the purchase price paid and we'd forgo any obligation to complete the education. When Ms ****** filed this BBB complaint, our Client Retention manager tried to reach out to her on several occasions to work together to find a resolution. However, all attempts at communication have been unsuccessful.

• Initial Complaint

  01/10/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  11/11/2021 $500 Invoice ID: ************************ TRANSACTION ID:****************** 12/17/2021 $332.92 Transaction ID:****************** I was told by Richard, a salesman with MTI, that I would have 60 days to try out their program. Today is the 60th day and I have already asked for a refund of the initial $500, but I was unable to continue my 60 days unless I made a payment of $332.92, which I did on 12/17/2021. Today it's been 60 days exactly and I will be asking again for the entire refund once more of $832.92. Please see the attached invoices as proof of my payments. This institution claims they have a 60-Day money-back policy with NO QUESTIONS ASKED! Please help me get my refund IN FULL. Thank you. Sincerely, *************************

  Business response

  01/31/2022

  Business Response /* (1000, 5, 2022/01/12) */ *********** purchased Market Traders Institute's online based education package entitled The Ultimate Traders Package on DemandTM ("UTP") on November 11, 2021 for $4,495. To date Ms ***** has paid a total of $832.92 towards the purchase price. As per the attached Education Order Form signed by Ms *****, in order to qualify for a full reimbursement pursuant to the Satisfaction Guarantee Policy, she had to complete three (3) steps within sixty (60) calendar days from the date of purchase. In addition, Ms ***** initialed and signed the Education Order Form a total of 8 times, evidencing her understanding and acceptance of the terms of the contract as provided in the attached. Furthermore, upon execution, she received a copy of her Education Order Form for her records. Ms ***** reached out to Market Traders Institute to request a refund on December 7, 2021 due to a change in personal circumstances, which were unrelated to our products or services. The MTI client retention team attempted to reach out to Ms ***** on several occasions in December following her refund request (via email and phone call) to try and resolve her case, as she had not followed through with her commitment to the training program. Market Traders Institute has honored our commitment to Ms ***** and has faithfully delivered our product and services as outlined in the Education Order Form. However, above all we want our clients to be fully satisfied with the education they receive from Market Traders Institute. As of yesterday 1/11/22, our Client Retention Manager successfully communicated with Ms ***** and after taking her circumstances into consideration, we have agreed to refund the full purchase price paid as a gesture of good faith.

*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. ↩