Complaint Review: PremiereTrade - Altamonte Springs Florida

PremiereTrade is a company that sells software relating to trading stocks, options, mutual funds and the Forex foreign currency markets. They claim that their software can accurately predict trends and conditions that lead to successful trades.PremiereTrade sells their software and data feed at 2 hour seminars.

At these seminars, their instructors overstate the ease and simplicity of trading foreign currencies.

During the introductory 2 hour seminar, the PremiereTrade instructor says that the average person using the PremiereTradeAI software, can successfully trade foreign currency on the world foreign currency markets. They try to convince you that simply do exactly what the software tells you and you will make money.

During the 2 hour seminar, the instructor states that purchasing the PremiereTradeAI software would allow the purchaser to attend an 8 hour training class on their software. The instructor stated that there was a money back guarantee that, should the purchaser decide not to continue using the PremiereTradeAI software, the full purchase price would be refunded during the 8 hour training class. These guarantees were repeated by the Premiere sales staff.

I purchased the PremiereTradeAI software on September 29, 2006 at a seminar in Duluth, GA. I am pretty computer savvy but had no success with their demo Forex trade platform and their data feed. I then went to the 8 hour training class to try to learn and understand more about the software before deciding whether or not to return it for refund.

At the 8 hour training class there was total electrical power failure at the hotel just as the class was getting started. Refunds could not be made during the power failure. When it appeared that the power failure would last a long time(it lasted in excess of 4 hours), the instructor contacted the home office for instructions. The home office offered the option to attend other 8 hour training classes in distant cities. They also stated that a time extension of 30 days would be granted for attendees at the training class, for returning the PremiereTradeAI software for full refund if they wanted to do so.

I continued to try to use the software but found out that the PremiereTradeAI software and data feed was not always accurate when compared to other charts available on the internet. I also experienced problems with the limits and stops. Every demo trade resulted in a loss of money. One test trade resulted in a money loss even when the market moved in my favor. After experiencing the many problems with it, I decided to return the software for refund.

I called PremiereTrade and received a Return Material Authorization number, RMA No. 00969548. I mailed the software materials by US Priority Mail on Oct 18, 2006. Premiere verified receipt of the materials I returned to them a few days later.

I was told that it would take 30 days to receive a refund. I did not understand why it should take 30 days to refund money that was credited to their account instantly at the 2 hour seminar but gave them the benefit of the doubt. Later I found out that refunds would not be made to credit cards used to purchase the software but would be made by issuing checks.

After the 30 days period, I called Premiere. I was told that there was a backlog and they were making refunds in the order the refunded materials were received. I made numerous calls but always received the same answer. I asked to speak to someone that may have more information. I was told that there was no one at Premiere that had more information.

To date, Feb 9, 2007, almost 4 months after returning the software to Premiere, I have yet to receive a refund.

Tom

Suwanee, Georgia
U.S.A.