ruseneca
Master Sergeant
- Messages
- 348
Original FPA Traders Court Submission:
I am submitting the case against: eu.iqoption.com/
My Case is: Problems with IQOption started in the late December 2016 when I had some issues with latency in order execution and impossibility to close early an option. As a result, the amount of $100 was lost. After several talks with my account manager and sending some proves, he managed to recover just around $40. I was assured that problems have been resolved as well. Because of this, I didn't find any reason to complain officially.
Unfortunately, the same problems occured on 23 March 2017 when almost 90% of my deals on that day were closed incorrectly. I had an option worth $2 on USD/JPY which was firstly declared as a winning, the profit was credited to the balance and 7-8 seconds later, the status was changed to "LOSS" and the profit was deducted from the balance.
I actually made a deposit worth $10 earlier in March to reduce the losses I have accumulated in the account. My balance reached $30+ by 23 March and this is when the problems started.
After several incorrectly filled deals, I opened an option with the whole amount in my balance ( $20.40 ). The reasons were mainly emotional as my previous options were opening/closing with a delay or incorrectly. There were a second reason and it was a price breakout on USD/JPY, I just expected a long movement after the break.
As per my last option, it was declared as a "LOSS", thus zeroing my account. On a screenshot uploaded here, I have marked the place on the chart where I have clicked the button to buy the option. The price is 110.991 and the time of request is 17:08:46. The deal has been execution at 111.02 and the time is 17:09:06, 20 seconds later!!! Considering that the price has been changed and the latency of 20 seconds, IQOption should had sent a notice that the option has not been purchased because of change in price. This was not done by the "broker" and instead, the deal was opened at a price that I had not specified. Moreover, the price is the highest possible at that moment - you can see that the deal has been executed at a peak.
In case the deal was executed at 110.991 as requested and the expiration price is considered as correct and it is 111.003, the result should had been a "WIN".
After I sent a notice to my account manager ( Peter Ortis ) regarding issues and a request for a deposit refund, I received a call from him which was automatically rejected due to reports against this number which was probably used by a company Trade24. Then I asked Peter for email correspondence so that I have everything black on white. He refused and wrote that everything must be discussed over phone. Then I submitted an official complaint against the company and asked for restoring my balance back to $30 ( the amount that I left on the previous day ). The amount is the lowest possible! Probably I should have asked for the full profit of my lossing option worth $20.40 which in profit is above $35! Anyway, I made another excuse for them.
Several days later, I received their response that everything was normal and my deals had been executed correctly with some proves from their side that prices of expiration were correct. I then asked to provide me with a proof exactly when I have clicked on the button and when the deal has been executed.
According to their statements, the charts are just indicative and they are not obliged to fill the order at the price I see on the chart. Moreover, they couldn't find any error in execution of one of my deals worth $2 - as stated above, it was initially declared as a win and then changed to loss. They asked for proves several times. Unfortunately, these are on their servers, not on my side!
Several weeks later, I made another deposit worth $10 to try their platform and whether problems still exist. This time, I recorded each deal and the process of platform upgrade as I believe that these issues are a result of frequent upgrades!
I have uploaded 2 videos on YouTube that prove they are actually cheating!
The first video shows the latency in execution and that when there is a change in prices, clients receive a notice and option is not executed.
https://www.youtube.com/watch?v=USSii1zIpvw
However, on 23 March, my option was executed with 20 seconds latency and at a different price!
The second video shows how the graphics are manipulated!!! Initially, the result of the option must be a "LOSS" but surprisingly it is a "WIN".
Additionally, you can see a HUGE difference in prices. The first price of expiration is 1.09207 which is lower than the strike price 1.093775 but on the chart, it is shown as higher than the strike price.
Someone had missed the 1st degree of education!
https://www.youtube.com/watch?v=Z_-n9tk0hMk
Before sending these videos to IQOption, just after my official complaint, I received their answer with a Waiver Form where they agree to refund my deposit worth $10. I completely refused to sign the form because I had previously asked for a refund which was indirectly refused by the account manager who wanted to talk to me over the phone ( which was enough reason to ask for $30 in my official complaint, I hate delays, excuses and bureaucracy! ) and in case I sign it, I literally say "Sorry, the fault is mine, there are no issues". I simply can't do that...Taking into account that the sum is too low for submitting a complaint to the FO, the best option for me was to reject signing it and leave everything else to CySEC. I hope that they will be fined once again.
My advice! Don't use IQOption, withdraw everything you have in your account and enjoy your life. If you are trading with CySEC regulated broker, simply change it. CySEC and the Financial Ombudsman are established just to exist...nothing more!!!
New thread in the Scam Alerts Folder:
Review is submitted by ruseneca on 04/28/17
The company was first contacted about the issue on 03/23/17 the last contact was on 04/29/17
Details: IQOption Europe Ltd (hereinafter the 'Company') would like to address your complaint made on the 28th March 2017 and understand that you have the following grievances:
- On 23rd of March 2017, you faced some issues with the platform. The trades on that day were executed above the price that was visible on the platform which led you to lose.
- You requested 30$ refund to compensate for the trades that took place on 23rd of March 2017.
The Company has reached the following conclusions:
You believe that the rates of execution were above the rates on the platform by approximately two pips. However, the evidence that you provided does not prove that the rates were incorrect. Never the less, we have investigated this matter and attached evidence which proves that these rates are accurate as they match the quotes provided by "DevExperts”.
Inline image 1
Inline image 2
1.
Inline image 3
- Execution rate.
Inline image 4
- Expiration rate.
2.
Inline image 5
- Execution rate
Inline image 6
- Expiration rate.
3.
Inline image 7
- Execution rate.
Inline image 8
- Expiration rate.
In addition, it is clearly stated in our Terms and Conditions that the graphs are indicative and you can find the rates history for all the assets available on the platform on the historical data section.
9. Quotes
9.1 The graphs displayed on the Trading Platform are indicative. Thus, the Company does not guarantee that the transaction that was transmitted for execution by the Market Maker will be made at the same prices specified in the Trading Platform at the time of the Client transactions.
9.2 The price displayed on the Trading Platform is formed by the formula (Bid + Ask) / 2
In conclusion, the Company has agreed not to offer any compensation and the case will be considered closed. Please note that we are willing to reopen the case for investigation if you provide us with any additional evidence which proves that the rates provided were incorrect.
If you are satisfied with the investigation and the decision made then please sign attached waiver.
Best Regards,
Complaints Department
Company representatives' emails: Peter Ortis <petr.ortis@iqoption.com>
Peter Ortiz <petr.ortiz@iqoption.com>
Complaints Department <complaints@iqoption.com>
Support Department <support@iqoption.com>
I am submitting the case against: eu.iqoption.com/
My Case is: Problems with IQOption started in the late December 2016 when I had some issues with latency in order execution and impossibility to close early an option. As a result, the amount of $100 was lost. After several talks with my account manager and sending some proves, he managed to recover just around $40. I was assured that problems have been resolved as well. Because of this, I didn't find any reason to complain officially.
Unfortunately, the same problems occured on 23 March 2017 when almost 90% of my deals on that day were closed incorrectly. I had an option worth $2 on USD/JPY which was firstly declared as a winning, the profit was credited to the balance and 7-8 seconds later, the status was changed to "LOSS" and the profit was deducted from the balance.
I actually made a deposit worth $10 earlier in March to reduce the losses I have accumulated in the account. My balance reached $30+ by 23 March and this is when the problems started.
After several incorrectly filled deals, I opened an option with the whole amount in my balance ( $20.40 ). The reasons were mainly emotional as my previous options were opening/closing with a delay or incorrectly. There were a second reason and it was a price breakout on USD/JPY, I just expected a long movement after the break.
As per my last option, it was declared as a "LOSS", thus zeroing my account. On a screenshot uploaded here, I have marked the place on the chart where I have clicked the button to buy the option. The price is 110.991 and the time of request is 17:08:46. The deal has been execution at 111.02 and the time is 17:09:06, 20 seconds later!!! Considering that the price has been changed and the latency of 20 seconds, IQOption should had sent a notice that the option has not been purchased because of change in price. This was not done by the "broker" and instead, the deal was opened at a price that I had not specified. Moreover, the price is the highest possible at that moment - you can see that the deal has been executed at a peak.
In case the deal was executed at 110.991 as requested and the expiration price is considered as correct and it is 111.003, the result should had been a "WIN".
After I sent a notice to my account manager ( Peter Ortis ) regarding issues and a request for a deposit refund, I received a call from him which was automatically rejected due to reports against this number which was probably used by a company Trade24. Then I asked Peter for email correspondence so that I have everything black on white. He refused and wrote that everything must be discussed over phone. Then I submitted an official complaint against the company and asked for restoring my balance back to $30 ( the amount that I left on the previous day ). The amount is the lowest possible! Probably I should have asked for the full profit of my lossing option worth $20.40 which in profit is above $35! Anyway, I made another excuse for them.
Several days later, I received their response that everything was normal and my deals had been executed correctly with some proves from their side that prices of expiration were correct. I then asked to provide me with a proof exactly when I have clicked on the button and when the deal has been executed.
According to their statements, the charts are just indicative and they are not obliged to fill the order at the price I see on the chart. Moreover, they couldn't find any error in execution of one of my deals worth $2 - as stated above, it was initially declared as a win and then changed to loss. They asked for proves several times. Unfortunately, these are on their servers, not on my side!
Several weeks later, I made another deposit worth $10 to try their platform and whether problems still exist. This time, I recorded each deal and the process of platform upgrade as I believe that these issues are a result of frequent upgrades!
I have uploaded 2 videos on YouTube that prove they are actually cheating!
The first video shows the latency in execution and that when there is a change in prices, clients receive a notice and option is not executed.
https://www.youtube.com/watch?v=USSii1zIpvw
However, on 23 March, my option was executed with 20 seconds latency and at a different price!
The second video shows how the graphics are manipulated!!! Initially, the result of the option must be a "LOSS" but surprisingly it is a "WIN".
Additionally, you can see a HUGE difference in prices. The first price of expiration is 1.09207 which is lower than the strike price 1.093775 but on the chart, it is shown as higher than the strike price.
Someone had missed the 1st degree of education!https://www.youtube.com/watch?v=Z_-n9tk0hMk
Before sending these videos to IQOption, just after my official complaint, I received their answer with a Waiver Form where they agree to refund my deposit worth $10. I completely refused to sign the form because I had previously asked for a refund which was indirectly refused by the account manager who wanted to talk to me over the phone ( which was enough reason to ask for $30 in my official complaint, I hate delays, excuses and bureaucracy! ) and in case I sign it, I literally say "Sorry, the fault is mine, there are no issues". I simply can't do that...Taking into account that the sum is too low for submitting a complaint to the FO, the best option for me was to reject signing it and leave everything else to CySEC. I hope that they will be fined once again.
My advice! Don't use IQOption, withdraw everything you have in your account and enjoy your life. If you are trading with CySEC regulated broker, simply change it. CySEC and the Financial Ombudsman are established just to exist...nothing more!!!
New thread in the Scam Alerts Folder:
Review is submitted by ruseneca on 04/28/17
The company was first contacted about the issue on 03/23/17 the last contact was on 04/29/17
Details: IQOption Europe Ltd (hereinafter the 'Company') would like to address your complaint made on the 28th March 2017 and understand that you have the following grievances:
- On 23rd of March 2017, you faced some issues with the platform. The trades on that day were executed above the price that was visible on the platform which led you to lose.
- You requested 30$ refund to compensate for the trades that took place on 23rd of March 2017.
The Company has reached the following conclusions:
You believe that the rates of execution were above the rates on the platform by approximately two pips. However, the evidence that you provided does not prove that the rates were incorrect. Never the less, we have investigated this matter and attached evidence which proves that these rates are accurate as they match the quotes provided by "DevExperts”.
Inline image 1
Inline image 2
1.
Inline image 3
- Execution rate.
Inline image 4
- Expiration rate.
2.
Inline image 5
- Execution rate
Inline image 6
- Expiration rate.
3.
Inline image 7
- Execution rate.
Inline image 8
- Expiration rate.
In addition, it is clearly stated in our Terms and Conditions that the graphs are indicative and you can find the rates history for all the assets available on the platform on the historical data section.
9. Quotes
9.1 The graphs displayed on the Trading Platform are indicative. Thus, the Company does not guarantee that the transaction that was transmitted for execution by the Market Maker will be made at the same prices specified in the Trading Platform at the time of the Client transactions.
9.2 The price displayed on the Trading Platform is formed by the formula (Bid + Ask) / 2
In conclusion, the Company has agreed not to offer any compensation and the case will be considered closed. Please note that we are willing to reopen the case for investigation if you provide us with any additional evidence which proves that the rates provided were incorrect.
If you are satisfied with the investigation and the decision made then please sign attached waiver.
Best Regards,
Complaints Department
Company representatives' emails: Peter Ortis <petr.ortis@iqoption.com>
Peter Ortiz <petr.ortiz@iqoption.com>
Complaints Department <complaints@iqoption.com>
Support Department <support@iqoption.com>
