Winner's Edge Trading

Hello,
We received a notice about a complaint of our service. The notice is attached.
State our
In this case, our position is very simple. The product that [redacted] is referring to
is an investment/trading product which is high risk by nature.
The sale of the product was based on the fact that the income strategy had great
results and our expectations were for those results to continue.
To protect ourselves, we did not offer a refund guarantee past a certain point that
results would meet certain expectations because, like any investment, it's impossible to
guarantee the results.
Unfortunately, the strategy did not continue to have positive results after a few months.
We worked on this strategy and attempted several revisions, but the results were not
as anticipated.
As unfortunate as it is, that is part of the investment world and we hate to admit that some
of our best plans do not work out as we hope and anticipate. Such is the nature of high
risk investing.
It's our position that a client or customer needs to invest with the understanding that loss
is a possible result (as explained clearly prior to any purchase). In this case, the strategy
did not fare well after the beginning months where we saw outstanding results.
Again, that is an unfortunate part of the higher risk investment avenues, and we wish that
we could stop that from happening or guarantee good results, but that is not possible.

Review: Not sure about the Complaint Type. Winners Edge Trading advertised by emails about what they considered a wonderful income opportunity by investing in their Forex Program called their Quiet Time Trader, or QTT for short. In the original webinar that they conducted in Spring of 2013, they made many claims that by investing in this program, they felt they would be able to make about 4% to 5% per month which they claimed was far more than the bank could offer. In fact they even guaranteed this for the first month of the service. I foolishly fell for this hook, line and sinker and also persuaded two others to invest. Needless to say our investments all lost money. We lost on average about 50% of our investment. Each and every time I tried to contact [redacted], the apparent ruler of this kingdom, he had a standard reply that he sends back to everyone that he is too busy. Meanwhile he is, for all practical purposes, making money off the commissions charged. The amount of hype and so called education that this firm produces is tremendous. They have webinars, send out almost daily emails explaining in detail how they say they trade and even offer courses to teach you their methodology. The reality struck home when we saw that each and every month the bottom line was that they were losing our money. They need to be reported and stopped from continuing what they are doing, or at the least advise other prospective investors that this is not a firm that will make money for you. They will only succeed in losing your money.Desired Settlement: Refund the original investments, the monthly fees we paid on all three of the accounts we set up in full, plus interest for the time involved in their program. It would also be nice if we could receive a letter of apology signed by [redacted] himself along with a phone call from him. Thank you

Business

Response:

Hello,

Review: I have paid them $1997.00 to copy their trade automatically with a [redacted] broker and they have said we guarantee that in 1 year if you don't make money we will refund your payment of $1997.00.Since they started trading my account not a single month they made money and I kept losing from my capital. I gave them more time than 1 year hoping that they can make money and finally I gave up on them and when I asked for my money the told me that I should have asked for it 12 months exactly. But now because it is almost 17 months when I asked for it they will not honor their refund and refused to pay me back the $1997.00.Desired Settlement: Pay me back the money I paid them only(I shall not ask for the thousands of USD they made me loose from my capital)

Business

Response:

To whom it may concern,We appreciate the notice of the complaint by Mr [redacted].The product this gentleman is referring to is a trade copying product that was released in 2012. Mr [redacted] is accurate that the performance of the product was poor. In fact, we recalled the product and did issue refunds to the majority of the customers involved in the product.However, Mr [redacted] did not comply with the agreement of our purchase and has not been completely truthful in his complaint. We tried to handle the issue as cordially as possible, but we do hold to our terms and conditions and so we weren't able to authorize a refund in this particular situation.While it is true that the performance did suffer, we had several good months of performance before a major broker issue caused the performance to slide downhill which ended up causing us to recall the product; suggesting that not a single month of profit was had is utterly untrue.Furthermore, the terms and conditions are clear on the refund process. The terms state that clients may purchase a year of access and if after the year has ended, the performance has been poor, they may request a refund. The refund request must be made within 60 days of the end of the 365 day term that they purchased.This is a sensible policy as we are a business and need to know how long monies should be held and when they are “free and clear” so to speak. Furthermore, the policy was made public throughout our promotions and was “Initialed” during purchase. With thousands of clients, unfortunately, we cannot track each one's personal situation to know if they may or may not have wanted a refund—it's up to them to contact us and make a request within the terms that they've agreed to.Not only did Mr [redacted] not contact us regarding a refund, but he let his subscription continue (even though his card was invalid and he didn't pay for it). Our system sent automatic notices requesting that the gentleman update his card and pay the failed invoices, but he did not do so (or respond with any other comments).He ended up attempting to request a refund about 6 months after that, well beyond what the period established by the terms. We informed him that his subscription was still going on and he actually had an unpaid balance of $1,997 for the renewal but we were happy to waive that invoice since our performance did not meet expectations. We also communicated that because the terms were not followed we would not be able to process an additional refund of the original purchase. Instead, we offered him some of our updated tools that were performing quite well as our attempt to go above and beyond for a client. He did not accept our offer of free access to other services, so we removed the subscription and left it at that.Of course, we do wish the issue had not come up at all and that the product would have been above expectations so that we wouldn't be dealing with an unhappy customer. With that said, we do have to abide by our terms and conditions and feel that we had rightfully done so in this situation. We always try to go above and beyond for every customer, but in a industry based on the uncertainty of investing, we do sometimes fall short unfortunately.