I deposited about $500. One day, I received a call from a guy who claimed to be a hot shot Mark Goldman. He traded my account and doubled it while calling it a gift. He then sold me on a bonus, which is their strategy to get you to deposit with them. It's impossible to withdrawal your money afterwards, if your account doesn't make any money. I authorized only $1000 and then he ended up charging my account 3 times which took my checking account to the negative! I had to call up the bank to get a chargeback out of fear.
He then later told me to never perform a chargeback and was making it sound like it wasn't a big deal and telling me that he could get it all taken cared for. The impression I was getting is that this broker has to have full control over managing the account including withdrawals and that the investor is stupid.
He ended up blowing my account with poor money management with ultra high risk settings. He then messaged me to refund my account and kept selling me on 100% matched bonuses with promises of making me rich. I gave in once and then after he messaged me again with the same selling mechanic, I had enough! I told him to go screw himself in a nice way, by telling him to manage what's left on there like 2 K and give me back some money. I never heard from him again and the account was at about 12 K. They've been hitting me with inactivity fees of $50.
Don't really trust this broker. They tried to sell me again with a bonus of $7000 for depositing $2000 with them. The problem with that is that you can't run away with your money from the broker, when you come across a problem.
They will be nice and accommodating for just depositing with them, but trying to leave them for good will become too much of a hassle. They ended up creating a new account for me that's hard to keep track of because it's not my original e-mail address! I put in $500 and told them I changed my mind later. I never heard back from customer service. They are horrible and won't respond to you, hoping the problem goes away on its own. I ended up doing a chargeback on them and got my money back. I'm never doing business with this broker that has poor customer service and a laggy interface, probably from not investing in top quality servers.
Don't go for this broker. There are better ones out there that just let you go with your money and are legit. From what I hear on reviews, this broker isn't even licensed! Just do your research, and I hope my shared experiences cause this company to amend their ways or to just naturally go out of business.
I deposited US$200 into Sycamore Options on the 13 Dec 13 and I requested a refund on the same day because I never receive the trading software as promise. Their staff, Jessica Perry requested me to submit the document in order to close account. These I submitted on the 16 Dec 13. She replied by email that their Account Manager, Yasemin must call me before closing of account. To date, this staff has not call me yet. I written to Jessica Perry a few times regarding this matter and closing account is still "PENDING" for approval. How can a trading company take their time to refund client's money? As it is very difficult to get back the money from them,I advice people not to fall into their scam as they don't deliver what they promise.
I deposited $400 into my account on 12-2-2013. I then discovered that binary options are illegal in the United States. As of 1-7-2014, I have been unable to get a refund on my car. I mailed in the documents they requested, but they have completely ignored me. To make things worse my $400 now does not show up in my account.
Well let me add to their bull c***, I open an account on Nov. 30th. right away an account manager called me "Larry Walton" welcoming me to Sycamore Options, I told them that I was trying to use a trading program that was going to help me trade, right away the problems began. The following day I request it a refund through emails and customer service contact, did not receive a response for about 3 days. After talking to Larry I changed my mind and decided to stay with them because I was told by Larry that he was going to make sure that I received the software to help me trade. I have not received it or are they responding to my emails. I have sent several emails to Jessica Perry and Larry Walton and neither one of them is responding or are they refunding my money.
Please stay away from this company they are not a very reputable company or honest still waiting for a respond from some one or my funds and NOTHING!
And yes I did supplied the proper documentation in more than one occasion.
2013-12-09 1 Star "WARNING" Do not use Sycamore Options I open an account with them which I have not used I request it a re-fund to my C.C. so I can use a binary program to help me trade with them and they are giving me the run around, It was coming back to them any ways now I don't even want to use them for trading you have to wait over an hour just to go in to their live chat and if you missed it you have to wait again and don"t even try to call the US phone numbers all you will get is some good elevator music and no one will ever pick up. ...SO STAY AWAY FROM THEM
Sycamore Options is a professional trading company and has no motivation to deny any client of funds they are entitled to. While I cannot be sure without gaining more details to see your account, I believe you perhaps misunderstood our policies surrounding withdrawal requests. One of them includes the necessity to wait 30 days following a deposit to make a withdrawal. Again, while I cannot be sure without looking at your account, I believe this is the problem you came up against. Furthermore, we require proper documentation before a withdrawal request can be fulfilled. If you feel that you have funds at Sycamore options that you are entitled to, please email us at email@example.com for clarification and/or resolution.
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Sycamore Options is a professional Trading company that adheres to the terms and conditions listed on our website. Clients who have a withdrawal request must comply with the requirements before receiving their withdrawal. If you feel that you are entitled funds which have been wrongfully withheld from you, please urgently send us an email at firstname.lastname@example.org for further resolution and clarification.
do not open an account with them. My withdrawal request has been pending over over a month. I seems that they have no intention of returning my funds. Compass FX has a very interesting recording on binary options brokers and such brokers model their business on Clients failure.
Dear Nabila Ali,
This is Maria from Sycamore Options. It seems there has been a misunderstanding between us, as both your requested funds were returned, and your account at Sycamore Options cleared. Moreover, I am in charge of the Live Chat and spoke to you numerous times regarding your account. I don't know how you can claim that I blocked you, as I have done no such thing (I can post the numerous conversations we had on this site if you forgot). If you have any further problems with the company, you are more than welcome to send an email to email@example.com or contact me again on the Live Chat.
They will not process my or give me back my capital. LIARS. They said they are regulated by CYSEC but they are NOT REGULATED by CYSEC. They Won't reply to my emails or my complaints. They have blocked my email address from using the live chat. They have only one email address which is firstname.lastname@example.org. I am assuming that they used to be called Traderxp but changed their name to Sycamore Options. Placing trades without authorisation.