In light of the Online Trading Academy (OTA) being sued in the United States over money-making claims, FXStreet, a provider of real-time foreign exchange (forex) analysis, has launched a new live webinar service, which will provide OTA users with a similar training experience.
According to the statement provided to Finance Magnates, the aim of FXStreet’s new service is to guarantee that no OTA users are affected by a possible shutdown of the online academy.
The new service consists of 19 weekly live webinars that cover foreign exchange, with four sessions dedicated each week, stocks, futures, options, long-term strategies, and a weekly session on questions and answers.
Commenting on the new service, Setxi Fernández, CEO at FXStreet.com, said in the statement: “In our 20 years in the market we have always cared about the trader, and we have always vouched for education and to keep on empowering our users. Trading is a risky activity and the more you learn about trading the better decisions you may take, and it is still never a guarantee of success.”
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“Traders are often misled to believe that trading helps everyone can become rich easily, and unfortunately this is not the case. Trading requires practice and knowledge of the markets, and no one can guarantee any success rate.”
For the first three months, FXStreet will offer the education service for users of OTA for three months without charge.
OTA sued in the United States
As Finance Magnates reported, the US Federal Trade Commission suspects the investment training and education firm of fraudulent activities. The California-based entity, headed by former Israeli intelligence officer Eyal Shachar, organizes training and interactive workshops on investing in the stock and currency markets.
In the opinion of the FTC, the odds organized by OTA offer useless knowledge for inadequately high rates, accusing it of fraudulently collecting more than $370 million from consumers over a six-year period.