1 reviews | Active since Feb 2012
Misleading
I approached this company because I was interested in their funding options. I don't have experience with other prop firm options, so I am completely new in this department and no idea how it actually works. I organised a meeting with Uan to chat with both my husband and I and explained my story to them in detail, what I needed to get out of trading and how I needed someone that can explain everything to me like I have never traded before. I emphasized all my struggles that I have had with trading in the past and reiterated that I really needed help. Smooth guy... has all the right answers.
They promised the moon and the stars.. said they were a large organisation with a strong community and a "Rolls Royce" course. The course costs R24 000, but you are allowed to pay it off over a certain period at R1300 per month.
This R24000 would include a very detailed course, daily market insights, a specific hand-in-hand mentorship to help you reach your goals, an instant funded account and 2 free evaluations for a prop firm account and a live trading account with R20 000 capital to trade (R10 000 that they give you and R10 000 that the broker matches). Right, this sounded amazing.
I was not interested in the course, but I wanted the funding options as Capital was my problem, and the R20 000 account made it seem like it was a no-brainer.
After accepting the R1300 option they sent me a personal loan form to sign. First red flag. Anyone with a little bit of financial know-how knows that signing a personal loan agreement is the WORST financial decision anyone can make. The course would cost me R50 000 after I take the interest into account. I then decided to pay the course upfront, and then suddenly got a reduction in the course to R14950, and was told I can use the R10 000 that Im "saving" to fund my own account and then the broker would still match the R10 000, so I still have R20 000 to trade with. Right so 2nd red flag... they actually just pump up the cost of their "grand" course, to use your own money to fund your account and make it seem like they are doing you one hell of a favour.
Then comes the funded account. What they don't tell you is that the spread with their highly questionable broker (Quicktrade) is literally 3-10 times more than any other broker. For instance BTC spread with most brokers is usually $12-$25 but with Quicktrade it is $225!! When I complained to Uan he asked me what I expected and that surely I should understand that they need to make money somehow for giving me this funded account. I pointed out to him that they are already getting a 20/80% split on profits made (which seems impossible to do in retrospect) and that I pertinently asked him in a previous voicenote if they profit off my losses, to which he said "no". Their website also states that they use a 100% A-book broker. There was also never clear instructions to me about daily max losses .. and that should you breach a daily max loss, the funded account is closed completely (and not just for that day). I never knew this and realise afterwards that that is how all funded accounts work, but none of this was explained to me when I initially had my meeting with him to ask him how this whole funded account thing works. He also admitted to me that I would actually never be able to reach my pre-discussed goals with the funded account, due to the high spreads.
Then there is their community: they have members, but you have no idea who they are or how to interact with them, so really this does not meet the definition of a "community". Also, on their platform where they have a forum absolutely no-one ever comments on anything except the people who work in their company (and everyone seems to be family).
Their funded accounts- really all they are adding in is a funded account that you could have bought directly from a broker for MUCH less, without spending a week to work through their tons of AI created modules. Now that I actually started looking into this I realise there are tons of companies that offer much cheaper funded accounts with very clear instructions on what a funded account actually is. I wish I knew this before.
If this company was "ethical" they would have pointed me to one of those companies in the first place, knowing very well that I am handing my very last bit of money over to them to help me become successful.
If you have never traded before- trust me there are MUCH less complicated and way more interesting courses out there for much less. If you have traded before, just stay away.. this company will not make things better for you.
I also realise they really believe that they are helping people and giving them "options" ... the fact that they don't even realise how they withheld important information that should have been explained in the INITIAL consultation, is the worrying part. Had I known the funded account would come with rules, and what the rules were I could have made a more informed decision on whether or not this was for me, but had I known about the Spreads, I would have definitely NOT signed up ever, as its near impossible to trade on a short timeframe with those hectic spreads.
I want a refund, but they have already told me I cant get one. Just pulling up their shoulders. I want answers, but they have already started responding much slower than usual. I want them to be more transparant and clear in future, because someone who has never traded before will not even see how they are being blindsided by this company. Stop pretending you have this amazing course. You don't Stop pretending that you want people to win, if you also benefit from their losses. That's only a win for you, not for your client.
***- I am happy to speak to anyone who has questions.
Thank you for your feedback. As you confirmed that you reviewed our website, you would have seen the different package and payment options available. Uan assisted you with our comprehensive offering, and when you elected to pay via EFT rather than use the finance option, you received a substantial discount while retaining the same applicable educational products and services.
The “second red flag” referred to in your review relates to your decision to select the EFT option and use R10,000 to fund your own self-managed live trading account with our preferred A-book broker in order to qualify for the applicable tradeable bonus. Had you selected the finance option, the R10,000 allocated for trading would not have required the same upfront cash outlay, as the financed amount would have been repayable monthly, subject to the finance provider's terms and approval.
For clarity, Diversit-e Smart Trade College is an education and training provider and is not a financial services provider or investment manager. Your payment was for the educational package and associated services, and our records indicate that you have already completed approximately 99% of Modules 1–12.
We have nevertheless taken your concerns regarding the Instant Funded Account seriously. You are fami**** with its requirements and trading rules, we are prepared, as a gesture of goodwill, to provide you with one additional Instant Funded Account at no additional cost, subject to the applicable account terms and rules.
We trust this provides some clarity and remain available to address any outstanding concerns directly.
Thank you for your feedback. As you confirmed that you reviewed our website, you would have seen the different package and payment options available. Uan assisted you with our comprehensive offering, and when you elected to pay via EFT rather than use the finance option, you received a substantial discount while retaining the same applicable educational products and services.
The “second red flag” referred to in your review relates to your decision to select the EFT option and use R10,000 to fund your own self-managed live trading account with our preferred A-book broker in order to qualify for the applicable tradeable bonus. Had you selected the finance option, the R10,000 allocated for trading would not have required the same upfront cash outlay, as the financed amount would have been repayable monthly, subject to the finance provider's terms and approval.
For clarity, Diversit-e Smart Trade College is an education and training provider and is not a financial services provider or investment manager. Your payment was for the educational package and associated services, and our records indicate that you have already completed approximately 99% of Modules 1–12.
We have nevertheless taken your concerns regarding the Instant Funded Account seriously. You are fami**** with its requirements and trading rules, we are prepared, as a gesture of goodwill, to provide you with one additional Instant Funded Account at no additional cost, subject to the applicable account terms and rules.
We trust this provides some clarity and remain available to address any outstanding concerns directly.
*Eg. you say one can pay it off, but you don't mention the fact that someone will need to agree and accept a personal loan (from an entirely different company, not S.O.T.)
* You do not discuss the options of paying R14950 CASH versus taking out a personal loan of R24950.
Only once I decided to pay the R24950 cash/eft I was told the course fee is now only R14950 and then put 2 and 2 together that you were actually using an individual's funds to fund their account, but pretending like it is S.O.T that is funding it.
* You did NOT discuss any of the rules regarding the funded account in my consultation. You only focused on the PROP firm account and only after I signed up with you guys, explained that a instant funded account is basically the same as the evaluation account, but minus the evalutions (but has max daily profits, max daily losses etc)... this was never explained initially and I had a lot of questions about it. I still have the voicenotes regarding some of the questions I asked afterwards, which I can send on if need be.
* the spread was never disclosed upfront- this is my biggest issue. A new trader will not even know what spread is, and will not even understand why its near impossible to hit hit TP. The spread is ludicrous and although it might be legal to charge whatever you want as a spread, this should be disclosed, especially since it is WAY out of the norm, so that clients can make an informed decision as to whether or not they want to opt for your funded accounts or not.
YES you are a education provider, but I told Uan that I am not signing up for your course. Im signing up for the mentorship, accountability and the funding option. He knew this.
He should have told me that with the above data I would probably be better off not making use of your setup and referred me to another prop firm then.
*Eg. you say one can pay it off, but you don't mention the fact that someone will need to agree and accept a personal loan (from an entirely different company, not S.O.T.)
* You do not discuss the options of paying R14950 CASH versus taking out a personal loan of R24950.
Only once I decided to pay the R24950 cash/eft I was told the course fee is now only R14950 and then put 2 and 2 together that you were actually using an individual's funds to fund their account, but pretending like it is S.O.T that is funding it.
* You did NOT discuss any of the rules regarding the funded account in my consultation. You only focused on the PROP firm account and only after I signed up with you guys, explained that a instant funded account is basically the same as the evaluation account, but minus the evalutions (but has max daily profits, max daily losses etc)... this was never explained initially and I had a lot of questions about it. I still have the voicenotes regarding some of the questions I asked afterwards, which I can send on if need be.
* the spread was never disclosed upfront- this is my biggest issue. A new trader will not even know what spread is, and will not even understand why its near impossible to hit hit TP. The spread is ludicrous and although it might be legal to charge whatever you want as a spread, this should be disclosed, especially since it is WAY out of the norm, so that clients can make an informed decision as to whether or not they want to opt for your funded accounts or not.
YES you are a education provider, but I told Uan that I am not signing up for your course. Im signing up for the mentorship, accountability and the funding option. He knew this.
He should have told me that with the above data I would probably be better off not making use of your setup and referred me to another prop firm then.
We also note your comments regarding the Instant Funded Account rules and broker spreads. Broker spreads and trading conditions are determined by the broker and may vary by instrument and market conditions. Nevertheless, we take seriously your concern that you believe these matters were not sufficiently explained to you before making your decision.
We do, however, need to point out that your original review specifically referenced information on our website, including the broker model. The same website also sets out the requirements and trading rules applicable to the specific Instant Funded Account, including the relevant daily loss limits and breach conditions.These requirements are available here: https://smartonlinetrader.com/prop-firm-trading/
We take your feedback regarding the consultation process seriously and will use it to improve how these points are communicated going forward.
You may have wanted certain aspects explained in greater detail during the consultation, thus, our offer of an additional complimentary Instant Funded Account also remains available, subject to the applicable rules and conditions.
We also note your comments regarding the Instant Funded Account rules and broker spreads. Broker spreads and trading conditions are determined by the broker and may vary by instrument and market conditions. Nevertheless, we take seriously your concern that you believe these matters were not sufficiently explained to you before making your decision.
We do, however, need to point out that your original review specifically referenced information on our website, including the broker model. The same website also sets out the requirements and trading rules applicable to the specific Instant Funded Account, including the relevant daily loss limits and breach conditions.These requirements are available here: https://smartonlinetrader.com/prop-firm-trading/
We take your feedback regarding the consultation process seriously and will use it to improve how these points are communicated going forward.
You may have wanted certain aspects explained in greater detail during the consultation, thus, our offer of an additional complimentary Instant Funded Account also remains available, subject to the applicable rules and conditions.
I also did not realise that "simulated funded account" is the same thing as "instant funded account" until now.
I also see the max loss and profit differs from what showed on my matchtrader platform.
Perhaps a suggestion is to have the website open during a consultation and go through all the details from there, then everyone is on the same page. At the time of decision making I did not feel the need to research the entire website after our in-depth consultation as I trusted that I had most of my questions answered, but I realise now that how it is outlined on the website versus how I understood it from the verbal communication is worlds apart.
Regardless. thank you for offering to give me 1 last attempt at the funded account. I trust the matter of spread will also be addressed at some point?
I also did not realise that "simulated funded account" is the same thing as "instant funded account" until now.
I also see the max loss and profit differs from what showed on my matchtrader platform.
Perhaps a suggestion is to have the website open during a consultation and go through all the details from there, then everyone is on the same page. At the time of decision making I did not feel the need to research the entire website after our in-depth consultation as I trusted that I had most of my questions answered, but I realise now that how it is outlined on the website versus how I understood it from the verbal communication is worlds apart.
Regardless. thank you for offering to give me 1 last attempt at the funded account. I trust the matter of spread will also be addressed at some point?
With regard to the spread, please note that spreads and trading conditions are broker-related matters and fall within the broker’s area of expertise. These may vary depending on the specific instrument and prevailing market conditions.
I will arrange a session with our Support Manager to assist you further and will also proceed with arranging the complimentary Instant Funded Account, subject to the applicable trading rules and conditions.
We appreciate your feedback and trust that this provides a constructive way forward.
Wishing you a blessed day further.
With regard to the spread, please note that spreads and trading conditions are broker-related matters and fall within the broker’s area of expertise. These may vary depending on the specific instrument and prevailing market conditions.
I will arrange a session with our Support Manager to assist you further and will also proceed with arranging the complimentary Instant Funded Account, subject to the applicable trading rules and conditions.
We appreciate your feedback and trust that this provides a constructive way forward.
Wishing you a blessed day further.