ruseneca
Master Sergeant
- Messages
- 348
Fellow Army,
I hereby inform anyone that Iqoptoin has been spotted outside the fair and transparent business practices.
Problems with that broker started in the late December 2016 for me when I made a deposit worth $100 and lost everything because of incorrect execution of deals and impossibility to sell early an option. However, they agreed to compensate me just with around $40 for the deal that had failed to be sold earlier with some loss. I found it reasonable not to file official complaints because this was the first time I experience a problem since 2014.
Unfortunately, in the end of March 2017 the same problem occured and always after platform's upgrade!
There was incorrect execution of deals, excessive slippage of 2-3 pips away from the market price shown on chart and a very huge latency between 8-20 seconds! In such case, the company sends a notice that the price has been changed and the option has not been purchased. I didn't receive such notifications but options were executed on a different price.
According to the standard procedure for submitting complaints to CIFs, I firstly escalated my issues and asked for compensation of $30 which was the balance before the problematic day ( a profit of $20+$10 deposited ). They refused to compensate me. Instead, I received a waiver form to sign which was for a compensation of just the amount deposited - $10. I refused to sign it because I initially asked for a refund of the deposit which my account manager indirectly refused and asked to talk to me over the phone. I insisted on writing me so that I have anything black on white. He refused of course, because such important issues were not for email correspondence and are discussed over the phone.
Based on the fact that in order to submit a complaint to CySEC, you will have to pay €20 plus bank's charges which are above €20 as well ( a minimum expense of €40 just to submit a complaint against a CIF ) to their Financial Ombudsman, I assume that it is better for the company to refuse compensation of any complaints which amount less than €40 because in case Cypriot Ombudsman's decision is against client's will, it will be another loss the client. It is always better to limit losses but not for me!
Some companies just deserve to be fined every time someone spots a cheating. As for Iqoption, they were fined several times and the last time fine ( for their execution of orders as well ) was revoked. However, I can't see a better service. It is just getting worse with every single day. Proves are the constant complaints regarding incorrect execution.
Stay away from any Cypriot regulated brokers and the binary options industry as whole.
If you have trouble with a Cypriot Investment Firm ( CIF ), it will be harder to receive a compensation!
I hereby inform anyone that Iqoptoin has been spotted outside the fair and transparent business practices.
Problems with that broker started in the late December 2016 for me when I made a deposit worth $100 and lost everything because of incorrect execution of deals and impossibility to sell early an option. However, they agreed to compensate me just with around $40 for the deal that had failed to be sold earlier with some loss. I found it reasonable not to file official complaints because this was the first time I experience a problem since 2014.
Unfortunately, in the end of March 2017 the same problem occured and always after platform's upgrade!
There was incorrect execution of deals, excessive slippage of 2-3 pips away from the market price shown on chart and a very huge latency between 8-20 seconds! In such case, the company sends a notice that the price has been changed and the option has not been purchased. I didn't receive such notifications but options were executed on a different price.
According to the standard procedure for submitting complaints to CIFs, I firstly escalated my issues and asked for compensation of $30 which was the balance before the problematic day ( a profit of $20+$10 deposited ). They refused to compensate me. Instead, I received a waiver form to sign which was for a compensation of just the amount deposited - $10. I refused to sign it because I initially asked for a refund of the deposit which my account manager indirectly refused and asked to talk to me over the phone. I insisted on writing me so that I have anything black on white. He refused of course, because such important issues were not for email correspondence and are discussed over the phone.
Based on the fact that in order to submit a complaint to CySEC, you will have to pay €20 plus bank's charges which are above €20 as well ( a minimum expense of €40 just to submit a complaint against a CIF ) to their Financial Ombudsman, I assume that it is better for the company to refuse compensation of any complaints which amount less than €40 because in case Cypriot Ombudsman's decision is against client's will, it will be another loss the client. It is always better to limit losses but not for me!
Some companies just deserve to be fined every time someone spots a cheating. As for Iqoption, they were fined several times and the last time fine ( for their execution of orders as well ) was revoked. However, I can't see a better service. It is just getting worse with every single day. Proves are the constant complaints regarding incorrect execution.
Stay away from any Cypriot regulated brokers and the binary options industry as whole.
If you have trouble with a Cypriot Investment Firm ( CIF ), it will be harder to receive a compensation!