According to a whistleblower, the Israeli Tradenet is to be qualified as a scam and/or a “disguised” CFD broker platform. The whistleblower also provided a detailed explanation and facts. While we cannot confirm the “scam” status at this point, FinTelegram would like to learn more about Tradenet and his operator Meir BARAK before coming to a final conclusion whether this is a scam. Hence, we share some information with our readers asking them for feedback and reviews.
The Israeli trading “guru” Meir Barak allegedly offers CFD and FX trading products to clients worldwide, including Canada, US,
CFD & FOREX Trading In Disguise?
This is how the scheme allegedly works: The Cyprus-based company F.S. Tradenet CY Ltd (or just Tradenet) is offering day trading “education packages” starting from 500$ and up to $9,000 to “students”. These packages include regular educational material such as ebook, demo account, course, access to live trading room and etc.
The “students” then get access to Tradnet’s Funded Account Program. Each student is getting the opportunity to become a proprietary trader for an investment company called TEF Securities (TEFS).
Each student is being equipped with 3 things: a buying power, termination level and a success fee as a percentage of the profits achieved. The STUDENT package, for example, gets you a fictitious buying power of USD 80,000, if you lose $4,000 your account is terminated and if you win you get 75% of the profits. For the PPRO package, that costs USD 9,000, you get USD 240,000 buying power to trade CFDs. If you lose USD 12,000 they will terminate your account and if you win you get 85% of the profits. The CFD company they trade with is Colmex Pro, which is the counterparty to all trades. Thus, if clients lose they win, and if clients win they only give him 75-85% of his winnings. Sounds like a brilliant idea, doesn’t it?
Tradenet allegedly offers CFD trading accounts disguised as “educational
material” with proprietary trading positions. They would do so without the respective regulatory approval in the U.S. and Europe, one may argue. Officially, the Tradenet traders are contracted proprietary traders for TEFS.
This guy is well aware to what he’s doing and he knows very well he’s breaking the law, just check his Facebook friends, Lee Elbaz the scammer, her Boss Yossi Herzog and lots of other “good guys”. All the information can be verified.Whistleblower
Request For Information
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