Anyone heard of directtrader.net

dodgy_gooner

I have recently started receiving phone calls from this company trying to sell me their trading software and they have even sent me their brochures even though I have never given them my address.

Finally after hanging up on them several time I spoke to them and the returns they claim are far to good to be true and for the small sum of £4000 now and another £4k when I make my first £25K I can purchase their software.

I have googled the company and the software and almost no results are returned and I just wondered if anyone had any experience of them or was being pestered by them as well.

Clearly it's too good to be true although I am sure they must get some unlucky punters to sign up.

Gromitt

Closest I've ever heard of is RBS Direct Trader, but now I just use x'o

Sounds like a typical scam to me, £4000 (or is that £8000?) for their "special software", if it actually exists.

Ark_Welder

Report the contact to Action Fraud. The best that can be said of their web-site is that it is in breach of many UK/EU regulations with regards to offering goods and services. Keep the brochure and other paperwork that you have been sent: the police may be interested in seeing it.

If their software is so good, why is it being sold to other users? Best not to bother even asking them.

Whatever B.S. answer they come back with, the main reason that good software would NEVER be sold to anyone else is that by increasing the number of users of the same system, the overall returns tend to diminish back to a normal trend, wiping out any advantage - except the advantage of those that sell the software, who can buy and sell the recommended stocks before the software issues its signal. That's without assuming that the software won't spend more time examining the contents of your computer than it does examining share prices.

roxannafy48

Seems dodgy to me. Had a look at their website - no real info, nothing.

My take: AVOID! ;-)

dodgy_gooner

Avoid that was my take on it, as mentioned there is very little info on their website and the brouchure whilst glossy and eye catching has next to no detail apart from lots of lifestyle pictures to draw you in and how they turned £2K in over £50K in 2 years.

As said if it's that good you would keep it for yourself and make a fortune !

Thanks for the replies.

CaptainHaddock_2

I've also been hassled by these people and they sent me a brochure even though I told them not to.

The brochure is glossy alright, but they actually got their own post code wrong on the back. "EC3V 1LL" does not exist. I wonder if they did that to prevent people doing a casual check on them from finding anything out, or if they are simply amateurs.

EC3V 1LP does match the street address they quote (the Lloyd's building). It looks like they are in Regus rented offices. The company has one director (see here) and a share capital of £1,000. The only (!) director, Anthony Joseph, is not the same as the CEO that signed the sales flyer, Gareth Anderson.

The web site is registered through GoDaddy and the web registration contact details are hidden.

Stay way away. I have sent the details on to the FSA to see if they want to do something about it. If you want to do the same, the email is [EMAIL="consumer.queries@fsa.gov.uk"]consumer.queries@fsa.gov.uk[/EMAIL].

Voice_of_Reason_2

I've had the hard sell from these people too - the salesperson was called Blaire, who claimed to be a former trader. I humoured her by listening to the patter for 10 minutes in the interests of experiencing how these con men operate. It's quite obviously a scam. I work in corporate finance in a Big 4 professional services firm so am a natural sceptic, but it should be clear to anyone that the required £4,400 upfront fee plus an investment of £1,000 is money you will certainly never see again!

Avoid at all costs is my advice.

sosabe77

How does this compare to RBS Trader?

Ark_Welder

sosabe77 wrote: »

How does this compare to RBS Trader?

It doesn't. RBS Direct Trader is RBS's share dealing platform for execution-only share trading (£48 p.a. admin). This other 'product' looks like an attempt to play on RBS's legitimate business.

CaptainHaddock_2

sosabe77 wrote: »

How does this compare to RBS Trader?

RBS Trader = trading platform
DirectTrader = boiler room scam

edit: Ark Welder beat me to it!

thenudeone

Even if some software was actually supplied and was completely free initially, I wouldn't use it.

It could be a variant of the betting tip scam shown on "minder" in the 1980s.
You offer free betting tips, saying - My tips are so good, I won't charge you unless you make a profit. Then you provide racing tips chosen at random.
After a while, some people will be down, some break even, and some make a profit. This last group will pay you because they think it's because of your excellent tips. In fact it's just random chance.

The software may do the same and may just pick stocks at random. If enough users have signed up, then a significant proportion will be in profit after a while, and will pay the extra money.