Are Scala Trade are SCAM broker?

Investment ForumCategory: Broker QuestionsAre Scala Trade are SCAM broker?
Giuseppe Bacchetti asked 5 years ago
I am still waiting on my two payments of £250 being credited to my bank account.

Their headquarters is based in Singapore and they never answer their telephone either, always ringing out.

Despite sending ID documents to them several times and by e-mail directly to their compliance department nobody there has ever made any effort to contact me. I got one telephone call from a Simon Morrison trying to get me to give him more money to get into the elite club but just seems another SCAM. So beware and DO NOT use Scala Trade! Always use 1 of the 4 top regulated brokers.

An e-mail from Simon:

I’m actually sitting in cypress Europe and not in USA or China, even thought we do have offices all around the globe. i understand that you trade with big option, however it sound like you only trade once or twice a month instead of trading daily with a broker, i understand you need to rest as you’re human (just like myself) however your money should be working for you 24/7 to reach the highest potential.
i would appreciate if we can have a phone call to discuss this in greater details
Simon
Scala Trade

The guy has never called me once, his broker is a SCAM!

3 Answers
Giuseppe Bacchetti answered 5 years ago
Checked with my Bank and they money as returned but let this be a lesson to anyone considering using an unlicensed broker. Beware also of those self proclaimed gurus on webinars promising great returns within 48 hours who then send you to deposit money with these dodgy brokers.

Bann answered 5 years ago
I have opened an account with Scala trade in April this year. My account manager was very friendly calling me every day and sending me emails but the minute I said I placed a withrdrawal request he disappeared of the face of the earth. I email him and he dosnt answer. My withdrawal request is for $4900 andit’s been pending since 20th of June despite providing my documents to them. The numbers on the website ring out and no one answers. The chat service is always answered by a guy called Martin who tells me he cant help me other than tell me it’s pending. I sent multiple emails to the support email address or the contact me email address with no answer!

Michael Cates answered 5 years ago
I am a fifty six year old Australian who ceased employment in February 2016 due to advanced prostate cancer and reactive depression. In April this year my wife was made redundant by her employer and her redundancy package was to be our only income for the next few months, ie until my wife can find another job. I will never work again and only have two or three years left.
After reading an ad on the internet about Scala Trade I decided to join on 2nd May 2016. I was looking for a way to leave my family a reasonable nest egg and be debt free for after I’m gone. So I joined with just $150. Within 24 hours I received my first telephone call from Martin Baker and that when the lies began. Martin promised me full training and guidance and the chance to make me debt free within six months. But I needed to add more money to my account. Martin was extremely persuasive and given my current mindset I fell for it hook line and sinker. My first “training session” took place a day later and was on using the ladder system. I tried telling Mr Baker that I did not have a good internet signal but he ignored me and using Team Viewer Mr Baker placed 10 positions of $25 on GBP/JPY and within minutes they all lost! Mr Baker’s reaction was “Oh well you get the idea” and ceased our call.  I should have known then that something wasn’t right.
Mr Baker’s next couple of phone calls were to place a couple of long term positions, most of which lost and to coerce more money from me. Mr Baker has this uncanny ability to ignore what you are saying as he manages to withdraw money from your credit card on your behalf, constantly saying how everything was going to be wonderful!  No actual training ever took place. I actually mentioned that I had enrolled in an online training course run by Scala on investing with NFP but Mr Baker told me not to waste my time with any online training as he would teach me everything I needed to know!  On the night of the May NFP Mr Baker also had me speak to one of his USA colleagues (Saul ??) who proceeded to tell me how wonderful Mr Baker was and between the two of them, they would help me pay off my $600,000 debt in six months providing I had a minimum of $60,000 in my account.  Again I was sucked in and drained my second credit card to obtain the funds. I was getting in over my head but Mr Baker just kept pushing me. For the May NFP he assisted me in placing eight transactions of $5000 each. When we first looked at these positions they were all in the green. Mr Baker said something along the lines of “I told you so” and ended the call. Within 24 hours two positions had paid out but the other six were in the red. I made every effort to contact Mr Baker but he did not answer my e-mails and within a few days I lost $30,000.
Mr Baker’s next contact with me was to tell me my $61,000 bonus had been added. When I made comment about the lost NFP positions Mr Baker said it was my fault and I should have sold them earlier – I had no idea what he was talking about because I had not been trained in conducting these transactions.  We placed a couple more long term transactions but these also proved to be incorrect and I lost another $5000. I was struggling along trying to make positive transactions with absolutely no training or experience in this field.
A day or so later Mr Baker contacted me to tell me about big moves with Oil in June and how Oil was going to hit $50 a barrel and stay there for June. We placed three $20,000 positions on three different dates in June and Mr Baker told me these were going to be huge. Again I believed him but it certainly did not turn out that way as all three positions lost and that was the end of my bonus.
On 26 May Mr Baker contacted me to say he had a great option for me. Together we placed two $5000 positions on Gold at PUT, but he should have said CALL as within ten minutes Gold went up 6 cents and I lost $10,000. After Mr Baker realised his error he said that he would call me back in ten minutes. I did not hear from Mr Baker for over a week when using Team Viewer and despite my protestations, he tried to organise a personal loan with my bank so we could add another $15000 to my account. In the end I hung up on Mr Baker because I simply could not afford more debt. I have not heard from him since. I tried contacting him for the next four weeks but Mr Baker left me high and dry throughout the entire Oil fiasco. He simply chose to ignore my pleas for advice and assistance and I just had to sit and watch my Oil positions lose. From $60,000 output I finally manage to sell the third position for $6500. My account dwindled to a few thousand and I had no idea where to turn for help.
During the period of mid-May to mid-June my account balance stated that I had in excess of $29,000 available for withdrawal, however whenever I placed a withdrawal request (three occasions), Mr Baker cancelled.  I needed this money to pay outstanding bills. I also received a couple of notifications from Citibank stating that somebody from Scala was trying to withdraw money from my credit card. Money that I didn’t and still don’t have.
So I never heard from Mr Baker again and the next phone call I got from Scala Trade was from “Risk Analyst” Nicole Sachs who had been assigned my case due to its large loss percentage. No mention has been made of Mr Baker. For some reason I had to find another $1500 to build my account to $13,000 so we could start again. I never quite understood why it had to be that amount and it has never been made clear to me. With Nicole’s assistance we manage to build the account up to just $60,000 but I was away for two weeks and during this time, under Nicole’s control my account has fallen to $6000.  Naturally I have not heard back from Nicole.
Now nobody will contact me. I have asked to close my account and pay my outstanding $3700 but no reply from Scala!
As a result of all this I am now homeless as my wife has asked me to leave.  I am now living out of my car or staying with one or two friends who have forgiven me for the mess I’ve put my family in. All of my wife’s redundancy payment is now gone and we have no income. We are now struggling to pay off our loan and will probably have to sell our dream home. We can’t afford to pay utilities or credit card bills and our credit rating has hit rock bottom. My daughter is getting married next year but I can’t afford to pay for the wedding. What started as my dream to leave my family in a very comfortable position when I pass away has turned into being my worst nightmare and I place the blame firmly in the lap of Scala Trade.