Today’s review is BonTrade, a live day trading chat room.
BonTrade offers a live day trading room that specializes in teaching students how to day trade the crude oil futures. The cost of the day trading room is $399 per month. Additionally, it offers an Advanced Course at a price of $5,949, a price action course at a price of $3,449, and a mini course at $1,349.
There is no listed ownership anywhere on the website. However, we were able to confirm that a person named “Scott” is responsible for the company. We sent three requests to the company asking for some sort of summary of ownership, however they were only willing to reveal the name “Scott”.
How long has BonTrade.Org been in business? Once again, the company refused to answer the question. However, through a quick perusal of Archive.Org we can see that the company has been offering a live day trading room and educational products since 2009.
Funded Trader Opportunity?
One of the things that I found interesting about BonTrade is that they are offering a “Funded Trader” trading opportunity to anyone that purchases the $5,949 advanced educational course. In a nutshell, a person pays a fee of $5,949 for the Advanced Course, and once a person has proven that they have learned the course material, then they will be given a trading account funded with $50,000. BonTrade describes this opportunity as “No Risk Trading”.
I had some serious questions about this funded account opportunity. Specifically, what exactly does a person need to accomplish to be rewarded the $50,000 trading account? How many other people have also been awarded a $50,000 trading account? Whom is providing the $50,000 for me to trade “risk free”? Am I allowed to lose the entire $50,000? All of these questions are serious questions, and so I emailed the company and asked for specifics regarding the $50,000 trading account.
Up to now, the business hasn’t responded to my queries. I’ve awarded the company two weeks to react and made multiple orders through email…they’ve just decided to ignore me.
On the other hand, the folks at TopStepTrader were forthcoming in confirming the chance. In TopStepTrader, I managed to really talk with the financed traders, also verify the dimensions of their trading fund. BonTrade is simply reluctant to answer the simplest questions concerning the opportunity. Very suspicious.
The Day Trading Room
From July 28 through July 30, as well as August 6 through August 10 I recorded the live day trading room in its entirety. For the six days of attendance, the only thing that I was able to witness was a chart of crude oil. There is no speaking or sound whatsoever. Rather, there is a chat box where the moderator would occasionally type something like, “this could be a good spot” or “I might take this” along with chat, the moderator would type in abbreviations that apparently mean something. Not once was I able to ever record the moderator giving a specific trading recommendation. However, if the market moved in the predicted direction as the prior suggestion, then the moderator was quick to congratulate himself for yet another winning trade.
The following is a typical chart that a person will see once inside of the trading room:
One thing that you will never see inside of the BonTrade trading room is a trading DOM. Nor will you ever see any trading from the charts. This appears to be a trading room that only provides the occasional suggestion via chat box. But no concrete trading that can be tracked and recorded.
Another pressing issue about the conversation box…there’s a cacophony of different individuals frantically scanning in ideas and chatter, therefore if the moderator typed a message, then I had to fish the message out. Really, very confusing, annoying, and unprofessional. Specifically, one unidentified individual retained typing in”BOOYAH!!!” With a lot of exclamation points. Apparently he’d put a commerce in some kind of market and has been doing a happy dance. I find him very bothersome since I had been trying my best to determine exactly what Scott was doing.
Searching For Performance
“Scott” responded he no longer maintained a list of transactions since it had been too easy to just make a bogus record of transactions, and because it had been too simple, he wouldn’t send me something which may be easily falsified. This form of absurd logic I found bothersome. I emailed back to Scott a confident to him that I thought he wouldn’t send me a bogus record of transactions, however Scott responded that I need to go back and reread his first message.
Eventually I sent an email requesting”Scott” when he had been trading with a live trading accounts, which the only way I could put a value on his own instructional goods and methodology was supposed to look at his own personal trading functionality. This month end statement provides the gain and loss and also the specific trades entrance and exit for your month. Yet more, Scott clarified that this may easily be falsified with photoshop and I couldn’t ever think if anybody ever sent me accounts statements. I explained I wouldn’t question his ethics, and I would think whatever he delivered me. He again refused and once more gave me the excuse that anybody could only create bogus account statements and this was the worst possible method to confirm his trading functionality.
But, Scott did invite me to examine his testimonials and the testimonials were evidence that pupils were happy and rewarding.
Using Multiple Identities
Perhaps “Scott” had a problem with my personality. And so I created a couple of different aliases and random email addresses. And then I sent “Scott” variations of my prior line of questioning. Once again, Scott responded with same line of broken logic.
Getting Scott’s Attention
In one last attempt to get Scott to speak with me, I sent an email that said that I was now ready to spend $5,949 for the advanced trading course. This certainly got his attention quickly and my email was promptly answered. However, I said that before I send my $5,949 fee, that I would need to verify that “Scott” actually trades. Once again, “Scott” referenced me to his prior reasoning and that he would not disclose any trading performance. However, he once again offered testimonials.
Wrapping Things Up
The BonTrade trading room is a complete waste of time. There is absolutely no record of trades for the trading room. The person that owns the company refuses to verify if he even has a live trading account. No live trading on the screen whatsoever. No DOM, no trading on the charts, no release of account statements. The trading suggestions from the chat box are just suggestions, there are no specifics like “I am entering at X price, with a stop at Y price, and a target at Z price. However, if the price moves in the suggested direction, then the moderator was quick to congratulate himself.
The $50,000 fully funded trading account also appears to be complete and total nonsense meant to lure the newbie into purchasing the $5,949 dollar course in the shadowy and remote hope that he would be able to secure an additional $50,000.
The only way I was able to get even the most minuscule amount of attention from BonTrade was when I said that I was ready to spend my money on the educational course.
This guy Scott is a complete BOZO.
My advice: Avoid.