The Weekly Scam Watch – Third Edition – 10/16-31/2014
Our readers continue to share their stories with us, to provide feedback and to help us and everybody else make the difference between a bad and a trustworthy broker. Here are some of this week’s comments:
Don speaks about CTOption but unfortunately I don’t really understand what he’s trying to say:
Come again? What replicator? Trades are placed at the same second for different currencies… okay, so? Is that really the problem or the fact that your account was wiped out? I believe the latter is true and I feel for you, I am sorry you lost money… but this is getting old: people say “give me your money and I’ll multiply it for free” and you believe them. Who’s to blame?
Here comes Kenny with a detailed story about Options24Hours.com:
To be honest I’ve never heard about this broker before but considering how many they are, that’s not a surprise. Kenny’s story is a perfect example of why you should choose a broker approved by BOTS and also why you should go for a regulated broker at least. The thing is that regulation is not a 100% guarantee the broker won’t try to trick you, but at least you have someone to complain to. I bet you don’t really know who owns Options24Hours.com and where their headquarters are… yea, their website says they are located in Tortola, British Virgin Islands, but can we know that for a fact? And if they are located there, what can you do? Maybe take a trip there to sue them? Oh and by the way, I believe it’s illegal for them to make trades on your account without your written consent, so maybe you should ask them for an explanation (assuming of course that you didn’t give them the consent). Honestly, I feel sorry for your monetary loss. Keep us informed about any new developments.
We see a lot of complaints about FMTrader lately and we’re doing our best to spread the word. Here’s what Joe black has to say about them:
What you describe Joe, is definitely an unethical brokerage and I am sorry if you lost money due to their bad practices. But although I don’t like brokers in general, I have to say something: why do you trust their advice when it comes to your money? Why are you in the trading business if you can’t trade on your own? Do you really think those people’s prime goal is to make money for you? It isn’t!
Anthony seems to have a bad time withdrawing his profits from 2 different brokers (CTOptions and 99Binary):
It seems to me that binary options brokers don’t like successful traders and would do everything in their power to keep them away. “Not covered” what does that mean? And about the other company, 99Binary, what can I say… good thing you got your deposit back at least. You say you have emails exchanged between you and them. Well, it would be great to post them here or on our forum. Would love to hear more details. A piece of advice: just go for the most respected brokers, the real big names; that way you will probably avoid some of these troubles.
Complaints about OptionRally pile up lately as well. Here’s what Daniel Cardoso has to say:
Daniel, as you may know OptionRally is a regulated broker. Their regulatory agency is the CySEC so if you want to file a complaint against them, here’s a useful link: http://www.cysec.gov.cy/complaints_cifs_regulated_en.aspx
However, all brokers inform you that trading is a high risk business and that you shouldn’t invest more than you can afford to lose so I don’t know if a complaint would solve anything, but you know all the details and can make an informed decision. About Martingale… it’s a sure way to lose money and it’s not the broker’s fault if you choose to use this strategy. Anyway, maybe a casino is better for martingaling… at least you have hot chicks serving you drinks.
OptionRally is still in the focus as they convince yet another guy to deposit more money (or in this case to agree to a transfer):
Just say No! It’s rather easy once you get used to it. Here: “If you deposit more funds we will get you a better account manager” – NO! “You need to deposit more so your account can sustain more losses without being wiped out” – NO! We have a special offer and if you deposit mo…” – NO! Don’t let them finish their sentences, just say No. You could use the link above and file a complaint but things are pretty blurry, borderline legal. In fact they are legal (for most parts) because they sweet talk you into agreeing so what can you complain about actually? Someone asked for money and you gave it to them… well, you are a consenting adult. Anyway, maybe if you make enough “noise” you will bother the company and get your money back but I think in the future you should be more informed about a company before you open your wallet/account even if you think it’s empty.
Scam Watch Comes Again in 2 weeks!
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 must tell us, and we should answer. See you around! Questions? Feedback? Suggestions? Leave a comment below, check in to our forums or contact us on Info(at)BinaryOptionsThatSuck(dot)com!