Original FPA Traders Court Submission:
I am submitting the case against: binarybrokerz.com
My Case is: I first got involved with this company on 28/1/16 and made an initial deposit of £250. I was soon contacted on 3/2/16 and 4/2/16 by Jack Cruz a broker who convinced me to make various deposits totalling £20,950.00 which was matched by a similar amount of bonus funds. Jack Cruz then gave me advice over the phone on what trades to place and the amounts. After a few days I could see that the advice he gave me over the phone was not happening in reality.
He said he would follow two rules. 1. Risk Management - Do not take risks, Be conservative. Only place in the direction of the market and only trade big movements. 2. Diversification - Use short, medium and long strategy. End of day, end of week and end of month. Make money on every trade and finally protect your investment. Some would say these are very wise words.
However he then proceeded to convince me to place trades, ranging from £100 to £3000. Not all lost, but after 2 weeks my account was heading for a £7000 loss. Not exactly conservative trading and hardly advice to protect my investment. I decided I had done enough and ceased to place any more trades, leaving those placed to work through. My last trade completed on 11/3/16 showing a loss to my initial deposit of nearly £3000. As money became available in my account I requested withdrawals, the first on 19/2/16.
Date & Time requested Amount to withdraw Bonus Cancelled
11/03/2016 17:34 $6,349.32 Credit Card Pending $10,938.00 Bonus
04/03/2016 14:12 $2,452.00 Credit Card Pending $10,938.00 Bonus
26/02/2016 15:03 $7,547.00 Credit Card Pending $25,499.00 Bonus
19/02/2016 17:46 $9,900.00 Credit Card Pending $25,499.00 Bonus
There then followed numerous emails and phone calls to support to initiate the withdrawal requests. I followed their withdrawal procedure to the letter, and finally got to speak with a broker on 7/3/16 called Nicholas Cavaleiri, who I have noted from earlier emails is a Director of the company. He tried to tell me I could not withdraw my money as I had been given a bonus and had not traded the required amount. Their T&C's state that any withdrawal will cause the bonus to be cancelled as you can see from the table above copied from their website. He promised to sort this out the next day. He didn't. I have made further phone calls and emails since then, and was promised that the head broker, Lisa Foster would phone me. She didn't.
It seems clear to me that this company have no intention of allowing any money to be withdrawn, and I suspect this company is no more than some sort of ponzi scheme and certainly a scam. I have reported the circumstances to my credit card company who are taking things forward.
New thread in the Scam Alerts Folder:
Review is submitted by Robert Bond on 03/14/16
The company was first contacted about the issue on 02/22/16 the last contact was on 03/14/16
Details: Last email from Binary Brokers Support on 13/3/16
Dear Robert,
Thank you for your email, we apologize for this delay and can see that your request has been forwarded to our head broker and head financial adviser . They will contact you as soon as possible to further assist you.
Thank you for your patience and cooperation.
Company representatives' emails: support <support@binarybrokerz.com>
I am submitting the case against: binarybrokerz.com
My Case is: I first got involved with this company on 28/1/16 and made an initial deposit of £250. I was soon contacted on 3/2/16 and 4/2/16 by Jack Cruz a broker who convinced me to make various deposits totalling £20,950.00 which was matched by a similar amount of bonus funds. Jack Cruz then gave me advice over the phone on what trades to place and the amounts. After a few days I could see that the advice he gave me over the phone was not happening in reality.
He said he would follow two rules. 1. Risk Management - Do not take risks, Be conservative. Only place in the direction of the market and only trade big movements. 2. Diversification - Use short, medium and long strategy. End of day, end of week and end of month. Make money on every trade and finally protect your investment. Some would say these are very wise words.
However he then proceeded to convince me to place trades, ranging from £100 to £3000. Not all lost, but after 2 weeks my account was heading for a £7000 loss. Not exactly conservative trading and hardly advice to protect my investment. I decided I had done enough and ceased to place any more trades, leaving those placed to work through. My last trade completed on 11/3/16 showing a loss to my initial deposit of nearly £3000. As money became available in my account I requested withdrawals, the first on 19/2/16.
Date & Time requested Amount to withdraw Bonus Cancelled
11/03/2016 17:34 $6,349.32 Credit Card Pending $10,938.00 Bonus
04/03/2016 14:12 $2,452.00 Credit Card Pending $10,938.00 Bonus
26/02/2016 15:03 $7,547.00 Credit Card Pending $25,499.00 Bonus
19/02/2016 17:46 $9,900.00 Credit Card Pending $25,499.00 Bonus
There then followed numerous emails and phone calls to support to initiate the withdrawal requests. I followed their withdrawal procedure to the letter, and finally got to speak with a broker on 7/3/16 called Nicholas Cavaleiri, who I have noted from earlier emails is a Director of the company. He tried to tell me I could not withdraw my money as I had been given a bonus and had not traded the required amount. Their T&C's state that any withdrawal will cause the bonus to be cancelled as you can see from the table above copied from their website. He promised to sort this out the next day. He didn't. I have made further phone calls and emails since then, and was promised that the head broker, Lisa Foster would phone me. She didn't.
It seems clear to me that this company have no intention of allowing any money to be withdrawn, and I suspect this company is no more than some sort of ponzi scheme and certainly a scam. I have reported the circumstances to my credit card company who are taking things forward.
New thread in the Scam Alerts Folder:
Review is submitted by Robert Bond on 03/14/16
The company was first contacted about the issue on 02/22/16 the last contact was on 03/14/16
Details: Last email from Binary Brokers Support on 13/3/16
Dear Robert,
Thank you for your email, we apologize for this delay and can see that your request has been forwarded to our head broker and head financial adviser . They will contact you as soon as possible to further assist you.
Thank you for your patience and cooperation.
Company representatives' emails: support <support@binarybrokerz.com>
