The Weekly Scam Watch – First Edition – 9/14-28/2014
Ever since Binary Options hit the mainstream, we struggled with who and what to believe. Brokers come and say “Trade! It’s so easy”, signal providers come and say “Our accuracy is 90%. We will make you rich”. Eh, but trading is not easy and signal providers don’t have the Ultimate Answer to trading and that’s when people start complaining. But it’s the Internet and you can’t believe everything you read – at least I don’t – because a complaint can be generated by a lot of reasons. Sure, many times we are dealing with an honest, unsatisfied customer or a poor guy who was scammed out of his money but sometimes people just love trashing their broker and talking crap just because they can and… because Internet. Sometimes even a broker’s competition steps in under the cloak of a normal user and they add fuel to the fire. Yea, it’s confusing so here’s what we are going to do to lift some of the fog:
Every one or two weeks we will bring to the public’s attention the most discussed complaints and possible scams. We will try to investigate them and we will tell you what we believe, what seems like trashing and what looks to be a legit complaint. The advantage is that legit complaints will get a lot more spotlights by being on the main site than they would on the Forum and this way, a lot more people can step in and offer their insights on the matter. Your advantage is that you will be able to make a decision about a broker or signal service based on the opinions of more people. There’s a saying in my country: If everybody at the table says you’re drunk, you’re probably drunk and it’s time to go to bed. So, if everybody says XYZ service is a scam or that it simply sucks… maybe it would be wise to invest somewhere else. So without further ado, here we go:
Xidd from the US warns us about MarketsWorld:
Here’s what we think: First of all, MarketsWorld is not a broker trusted by ThatSucks.com (former BinaryOptionsThatSuck.com). See for yourselves: https://www.thatsucks.com/review/marketsworld-suck/. Second thing: Xidd says they look like a casino and trading with them seems more like gambling. Of course! Did you read our review? We clearly say they look like a casino and we continue by saying: “…they are regulated all right, but by a regulatory authority that I never heard before: the Isle of Man GSC. After a little “investigation” I found out what GSC stands for: Gambling Supervision Commission. So they admit they are a gambling institution but although my first reaction as a customer would be to close the site and start looking for a broker, not a gambling agency”. Bottom line is: read our reviews before opening an account. It might save you some money.
Josiah Githinji from Kenya asks us about Legal Insider Bot:
Here’s the thing: every day or week a new trading robot comes out. Every day or week some multimillionaire wants to share with you and me his secret. Every day or week some new, never seen before magic formula hits the market. Here’s a tip: they don’t work! If they would, the creators would use them to become millionaires. But feel free to try this LegalInsiderBot… if you have some money that you feel uncomfortable with. We don’t have that type of money so we will not be testing this bot.
Complaint against 24Option coming from user Hippo, and Solved.
This guy seems very determined to get his money back and he is right. Posting his complaint in a clear manner on a high-profile website like ours (not bragging, just stating the facts J) is the best thing to do. Also, 24Option is one of our Trusted and Recommended brokers so that probably had something to do with the problem being solved. A couple of days later the issue was resolved and Hippo posted this:
Zorro – no, not the legendary hero, just one of our users:
And here we have a double alleged scam brought to our attention by Zorro…
Dudes, if you are going to invest your money in some black hole trading robot, and a broker that is not trusted by ThatSucks.com (former BinaryOptionsThatSuck.com) (here’s our EZTrader Review), then why are you surprised you get into trouble? If you have been trading with 3 different brokers “without a glitch”, why did you feel the need to try something else?
This next one is about GTOptions. User syl skalecki has this to say:
First of all, stop screaming at everybody here and learn to press Caps Lock… or to not press it. Second: if you would have read the Terms and Conditions of the Bonus offer, you would have saved yourself the trouble. If the 30 times wager is not in the T&C, you should probably talk to the Agency that regulates them and maybe start gathering documentation to sue them. If they are unregulated… why did you give them your money?!
Rob Malan’s Worst Trading Mistake
Rob Malan posts his complaint at the bottom of our article “My Biggest Binary Options Trading Mistakes – Read and Avoid”:
Maybe I should have added this as a mistake: trusting someone else to trade your money for you. What can I say… too bad you lost money but next time you should know that placing a $2500 trade when your account balance is lower than $5000 is not Money Management. Well, it is a sort of money management, just not a good one.
That’s for this week Scam Watch. We’ll be here in 2 Weeks time, with more complaints, comments, feedback, or whatever it is you had to tell us, and we had to answer. See you around! Questions? Feedback? Suggestions? Leave a comments below, check in to our forums or contact us on Info(at)BinaryOptionsThatSuck(dot)com!