RESOLVED | Binary International - stay away from "Risk Free" trades

therocketman

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On April 23rd Binary International issued a press release heralding their new "risk free trade" offer.
The full release can be seen here:

Binary International Press Release

In it they state "any deposit that comes in and ends up being lost in trading, will be refunded to the trading account, at no charge." I have been a client of BI for more than a year now. They pride themselves on customer support, their staff are very friendly, and like to treat you as "part of the family".Until now I have had very good relations with my account manager, and his manager, the senior analyst.
On April 28th my manager sent me a Skype message suggesting I open a new $5000 account in order to take advantage of a "risk free " trade for expiry end of day on May 1st. He said it was a safe trade. I ran this by the senior analyst, and she said it was ok to run with it. I in fact deposited $4k into my existing acount, and placed a $5k trade.
The trade lost, but I thought - risk free, no bother.
On May 4th I asked my account manager to refund the $5k to my account, and he said, of course, no problem.
On May 8th I messaged him to say I wanted to withdraw $.4.5k from my account leaving a balance of $1k to keep it live.
That's is when he came back to me and told me that the "risk free trade" had been given back as a bonus, and that I couldn't withdraw.

Now "bonus" is not mentioned on the BI press release, and bonus was not discussed with me at any point while he was encouraging me to open a new
account and take a $5k trade. I had also had prior discussions with the senior analyst about "risk free" trades, and she had never talked to me
about bonus conditons either.
When I found the smallprint on the T&C's on the website ( which are not displayed on the trading platform ), it states " Risk Free Trades must not be greater than 50% of deposit to qualify as risk-free trades. " So my account manager had already been in breach of their own conditions when he encouraged to make a $5k trade from a $5.5k account.

I wrote him an email outlining my arguments, but he said he was powerless to do anything.
On May 8th I sent the senior analyst a Skype messsage to say that I was upset because my funds were tied up, and I wanted something done about it.
Between May 10th and 21st I wrote her several emails, and several Skype messages, but got no reply at all. It wasn't until I emailed one of the other senior analysts on May 21st that I got a response from her.

Since then I have been constantly mailing the senior analyst as she had taken responsibility for resolving my issue. She had intimated that it would be resolved in my favour, but no concrete conclusion as yet. Her responses are few and far between, and most of the time she ignores my mail. This has been going on for over a month.

My warning to members is obvious. Don't be taken in by offers from this company of "risk free trade". There is no such thing as a risk free trade, because it doesn't really matter to them if the trade loses. Your are entrapped with the brokerage by the conditons of the bonus. If an account manager makes you such an offer, ask them to provide for you in writing ALL of the conditions attached to it.

Binary International's customer support is very poor when it comes to dealing with disputes. They don't have enough professional staff. My analyst is too busy to deal with my dispute, but at the same time refuses to pass me on to senior directors so that I can deal with the matter myself. Stay away people.
 
As the author of this post I'm pleased to report that Binary International have responded very quickly, and have promised to re-imburse all my money lost in trading.
I think they have behaved honorably and fairly. They have also agreed to make sure that the terms and conditions attached to risk free trades, and all other bonuses are well publicised, and that no account manager encourages anyone to take a trade without first appraising them of all the risks and pitfalls.
In light of their swift and positive action, I would like to withdraw my previous post, and ask Admin or the Moderator to delete it.
 
I have had quite a long, and good relationship with this companyuntil now. They've acknowledged there were mistakes made, and have agreed to compensate. They kno that if this is not fulfilled, I will post complaint agin on this forum, and escalate that to a FPA trial !
 
B.I. have sent me documented proof of the transfer of $4000 back yo my bank account. So I am happy with their response.
 
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