February 2015: There is are four FPA Traders Court Guilty verdicts against OptionRally. The FPA considers these to be more reasons not to do business with this company. The FPA now considers OptionRally to be a confirmed scam.
March 2015: The FPA is still waiting to hear from OptionRally's Legal Department. We'd like to know how placing trades on a suspicious account would prove that no AML laws are being violated. We'd like to know what would happen if a real money launderer opened an account and placed a few trades.
Until this is cleared up by OptionRally's CEO, the FPA strongly recommends AGAINST depositing any money with OptionRally under any circumstances. If you have any funds with OptionRally, the FPA recommends withdrawing them as soon as possible.
August 2014 WARNING 2: An OptionRally employee has posted a claim that AML laws force all clients to make trades. He says that if a client makes a deposit and decides not to trade, AML laws prohibit the OptionRally from processing a withdrawal request until some trading is done.
The employee declined to answer questions about this claimed law.
The FPA does not know of any legitmate broker having such a requirement or any AML law requiring a client to place trades before a withdrawal is placed.
The trader initially gave into demands to allow an OptionRally employee to place trades in the account. He then reports that he changed his mind and told OptionRally to place no trades in the account. Trading proceeded against the client's wishes and $400 was lost.
This loss of money appears to have been the equivalent of a successful AML investigation. The remainder of the account was refunded. Based on the words and actions of OptionRally, it appears that allowing an employee to place losing trades is required to prove that money laundering is not happening. The FPA is left to wonder what OptionRally would do in a real case of money laundering.
The only good news out of this incident is a report that OptionRally also refunded the loss.
UPDATE: The client later reported an unauthorized charge against his credit card by OptionRally. The company so far has refused to pay back the money.
August 2014 WARNING 1: An OptionRally employee posted in 2 separate threads in the Scam Alerts folder while pretending to be a satisfied customer of Option Rally. You can see these incidents HERE and HERE.
The FPA considers this sort of action to be extremely unethical. Until this issue is resolved, the FPA recommends AGAINST doing business with OptionRally.
The FPA requests that the CEO of OptionRally contact us to discuss how to resolve this incident.
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Optionrally and scala scam
optionrally scammed me for 70.000 dollars. I started with them dec 2015 and in April 2016 my account manager disappeared and since then I can't withdrawal my money nor can I trade. Except when they contacted me to sign an agreement to move my account to scala as my account manager made their. I refused. I was told If I don't sign the agreement I will not be able to withdrawal nor trade. So they froze my account. I have sent emails to almost all of the companies support accounts. No response.
I have contacted the sigaphore police. Abd informed them
Please help. How can take my case to trader court and win my money back.
I joined optionrally (TCM investment) on the 13/5/2016 and deposited R2000 and I was given a R2000 bonus.
I was welcomed by Lee Miller and I was assigned to David King as my account manager.
I explained that I had been scammed by a company called moneyskills and had lost five hundred thousand rands and was wary of losing my money again as I only
had money in my credit cards and was deep in debt.
He told me he would help me and guide me through the trading process and then assigned me a trading teacher Mike, I don’t know his surname.
Mike duly contacted me every 2 days and explained the trading methods and slowly with David and Mikes help we started trading and built the account.
I allowed them into my account via team viewer and David did some trades for me.
Then on 16/5 David said if I wanted to get better profits I would need to upgrade my account and deposit R15000 which I took out of my credit card and that would put me in the trading room with experts that his company would help me to make the R200 000 mark if I could deposit more and the end I deposited which totalled R78 600.00
With bonuses of R58600 from them to me.
Once they put me in the trading room Mike never contacted me again .
Never once did David tell me what I would have to work towards to make up their bonuses and he even told me that if I lost all my money his company would give it back to me and to trust him as if I made money so would he.
He did not explain that the trading room would change my password every time they accessed my account and said we would be in there for a month.
I did what he asked and my profits went up to R231 877.79
Every time I requested a withdrawal it stated different amounts available to withdraw then when I put the request in there were insufficient funds.
I spoke to the financial department and they told me at the end of the month when I had about R200 000.00 in my account I could withdraw.
David had said he tried to contact me on numerous occasions but the phone kept clicking and then cut.
On 2 occasions it said cancelled by managers request which he could not explain.
He would not return my emails or speak to me.
I had asked to be taken out of the trading room by the 29th June and still no one responded.
On the 20/6 my trades had reached R2318776.79 and again requested to be taken out of the trading room.
I sent numerous mails to the financial and support departments to take me out of the trading room but no one except one guy DorH read my mails.
The trading room were losing my trades at 8 per day and long term only 1 came through.
I even contacted them through the chat line and no-one responded
When I checked my trading on the 30th they had invested 10 trades at R15 000.00 till mid August
David contacted me and said he was being transferred to a new department and that Mathew Green would be my new account manager and would help me with everything and he would call me during the following week.
David said I had R150 000.00 in long term trades and I shouldn’t be worried.
I sent a mail to disputes re my getting out of the trading room and it came back saying I was not a member.
Mathew called me on Wednesday 5th August and said I must be ready to trade with him as an important development was coming in on that Friday 7/8/16
My account was still in the trading room despite my request to be removed
There was R56 000.00 in my account.
The trading room again took money out and traded it and on Friday there was no call from Mathew as he promised.
He also told me he would arrange for money to be withdrawn and then it was again cancelled as per managers request.
When I queried it with him he said he didn’t know what that was about.
He then said he would organise R10 000.00 to be transferred back to me which they did but I couldn’t find it in the account I requested.
Only after 3 weeks and many mails to the on-line chat room did some eventually tell me it was sent to another account.
Mathew told me to do some trades actually 8 of them and only 2 came through.
At that stage I only had R16000.00 in the account and Mathew called and said would I be ready to trade and I told him he had traded R40 000.00 on the Monday and he couldn’t remember.
When the trades came back there was only R46000.00 left and I have not heard from Mathew again.
I had spoken to Dietketsing Khosi who had put a thread on your web.
She explained what had happened to her and said not to let them trade for me as they would loose everything.
He said he would call me 2 weeks ago and no calls have been received.
The point that I am at presently is that I have R42 225.11 in my account and my balance details says I have only R35 951.10 to trade with and there
Are no available funds to withdraw.
I have still not heard from Mathew Green.
Every time I try to do a trade either 60 or 90 seconds just at the end last 5 secs it loses which seems rather strange to me.
My problem is now how do I get the deposit I paid out.
My profile analysis says I have traded 2481533.
All I have had back is R12 000.00.
I need to get the rest out and no-one will tell me how to do it and I am scared that if I carry on trading I will lose the rest.
I have all the emails I sent if I need to send them to you. As well as all the screen shots of deposits, bonuses
I wish I had carried out more research and had known about FPA before getting involved with OptionRally. As they realized I was a novice at binary trading they convinced me to have an account manager who forced me by confusing me and not speaking slowly and clearly to give my credit card details to her even although I said I could not afford to risk £6000 from my credit card and said that I was propably at my limit - she insisted she would try and she then asked if I wanted her to place the trades. I agreed to this as I was led to believe she was the expert and she would make me money. The credit card company then phoned and asked if I had agreed to these payments. I was so confused and worried but should have had the sense then to realize what was happening - but I stupidly said yes. She lost me approx £2000 and it was all downhill from then onwards - was given a different account manager who promised to recoup my losses and was given signals from the Senior Manager also - all the trades were lost and I finally lost the plot when the new account manager tried to force me into giving another £1000 as this was the only way forward - I told him they were a bunch of crooks etc etc - he finally agreed with me and gave up and I asked for the remaining £850 back. After various emails the amount was put back in my credit card account. I am now in debt to the credit card and feel an absolute fool to have been scammed so easily.
I have opened an account with Optionrally in November 2015.
The account manager sent at the beginning of March 2016 a document that I needed to sign in order to agree with a transfer of my account to a different company called Scala Trade.
The conditions of the agreement were abnormal and I have chosen to place a withdrawal request.
It is over one month since my withdrawal request is pending.
I have tried to contact the company on the several contact numbers listed and was not able to find anyone until two days ago.
I have been promised that my request will be reviewed and forwarded to the concerned department.
I asked the person I was talking to about information regarding my account and it became clear to me that he was not reviewing my case as he had no idea what account I am speaking about when I challenged him.
It became obvious to me that the person had no intention to forward the matter as he does not know what account I am referring to.
After providing the details he could open my account and see the available balance. He told me there is no trading on my account and did not want to provide any information about my account manager who has disappeared after I decided not to transfer my funds to Scala Trade.
he as well claimed that my withdrawal request will be honored in a maximum of 48 hours , which did not happen.
I am currently in the process of contacting and reporting this incident.
I would appreciate any advice in order to recuperate my funds. I will as well post any advice I might find useful.
I wish I had followed my original gut instincts and pending review from FPA earlier so that I would have avoided being cheated and scammed by Option Rally. My whole saga started in Aug. 2015 when I was initially attempting to subscribe to a signal service which had a very successful stay at home mom in a beautiful estate home describing a very successful signal service and algorithm which runs automatically generating huge profits from a small start up of $250. Well, upon trying to sign up with their recommended broker, it seems like my subscription was hijacked deliberately by Option Rally. The reason I say this is because after a short while of a broker trading unsuccessfully on my behalf, I tried to withdraw my account to which I was referred to his manager, a VP actually, who somehow "insured" my losses and convinced me to disregard my intentions to state them a scammer. They have since had me working with a second broker representative who over a period of two months, nearly tripled the account size, albeit still needing additional funding during that time period of course. They just build your account up and take all the credit for it and then take all the account back by blaming it on either you or the markets, how convenient. I am reviewing this company, if that what it really is, because I want to launch an unfair vendor service complaint regarding how my personal broker representative never fully explained his intention to "hedge" all those open trades and only contacted me by email to confirm the open trades only, with no update as to how the "VIP trades" were working out. I was off-island for work purposes for over a month and did not have access to my account balance so I could only imagine that the first few trades were successful and the profits were being reinvested. Conveniently again, because these option trades were long term, up to about a month, I had to wait until the trades expired to hopefully hear some good news. Well, no calls, no emails, no Option Rally representative ever contacted me for over a month since these last several trades had expired. I don't know what this broker thought of as a good risk management or even money management but to practically empty a client's account without at least a courtesy call or email to state their risky intentions is a most unfair and very unethical broker business treatment of a client in my humble opinion.
I have been trying to contact my broker rep to no avail today. It seems like he is away conveniently again for training. I have been passed over to conveniently another rep to handle my account and was coincidentally just informed of this fact because I tried to call my original rep at Option Rally. After getting nowhere with that VP rep I was later passed onto the same VP who smoothed things out initially last year with me. Great. Things could only move downhill from here. Can you imagine that both of these VPs wanted me to still pay the hedge amount requested in order to recoup a portion of the account? I told him that I was not aware of any hedging strategy and that my rep only wanted me to fund more into the trading account with either my new credit card, or even borrowing the money from my coworker because the returns on these "VIP trades" would be enough to "buy a house". I didn't fall for that line and just told him to trade what was in the account. What was really going on inside my head was why would a growing trading account need additional funding when they can work within the account size? They keep files on you and recall communications with you when things seem to be fine but conveniently hide from you when things go wrong behind long term trades, reps away on training and absent communication with clients.
This whole experience has me turned off from any form of option trading and most definitely from wanting to trade with Option Rally ever again. I highly recommend to not do business with Option Rally.
Between 3 July & 9 August 2015 I invested $14050 with Optionrally
but now have only $3000 left in my account which I cannot withdraw.
OptionRally are very big cheaters. They just emptied my account. I received a call with all sorts of risk free Trades and assurance to make 20k USD/month but once deposited emptied my account.
On Wed, Feb 25, 2015 at 4:46 PM, Albert Moore
I told them you are serious and we both know that when you are making 20K USD/ month consistently – we are going to make money also.
The only thing I'm trying to do at the moment is to give you the chance to start with a higher trade balance, so you would be able make more on
You have to understand something – Dave is the key to your success. You have to listen to him. Do you understand?
I'm still trying to assign you with him, but you have to make to start with another 6K$. With our bonus your Trade Balance will be on a 13K USD.
Dave Green(DaveG@optionrally.com ), account manager emptied account. Initially, opened trades what ever [B][U]Dave suggested [/U][/B]and encountered few losses. Few losses happened with my trades as well. When I asked seriously to provide good trades, he asked me to give authorization, as they will open whenever they find opportunity (as every minute counts and by the time, they inform me over skype and I open, they miss the opportunity).
Hence, I have authorized him to open trades and he opened wrong trades, resulting in empting my account.
Total loss is :~25k
Handed over my account to Dave when it was at ~23k (includes bonus), but went to 5k with his wrong trades.
Later, he asked to give authorization to recovery department i.e dealing room (Julia Rober) to open trades on my behalf. I gave and again the trades opened were wrong.
This is against the initial assurance given that I can make consistently 20k profit per month.
Lost all my hard earned money. Now, when I asked for recovery, no one responds to any of my mails. I have full mail, skype and lost trades proof.
This company is a scam. I deposited 13000 more than two years ago and did not withdraw any amount until recently. I requested withdrawal of my money on April 21st and received confirmation email from them saying within 48 hours it will be cleared. After a 3 days, I followed up and they said Account Manager is trying to reach me to confirm the withdrawal. I spoke to the account manager Matt Brown after 6 days of my original request and confirmed my withdrawal. He said amount will be cleared the next day but it did not happen. I have been following up and every time they are saying account manager will call again. I am convinced that they are not going to clear my account.
This company is a scam. I earn some profits they won't allow you to withdraw even you aren't tie up with bonus. I had my $250 deposited in and i earn 116 USD. They only allow me to withdraw initial deposit but not the profit. THIS COMPANY IS A BIG SCAM. YOU LOSE THEY KEEP, YOU WIN THEY KEEP TOO!!!
Issue escalated to Traders Court Taha vs optionrally.com | GUILTY
I had a long story with Optionrally start from last December after deposited a money to my account in Optionrally (5883 $)
they promised me too much, such as 100% profit and such so. But when i came to request a withdrawal to my visa card they delay and transfer me from one person to another for almost 21 days now, from my account manager to his colleague to customer service and so on,.....
now i have requested to talk to other than my account manager since hes avoiding my calls and emails for his personal needs and issues that i have no clue about
but as much as optionrally reputation i hear about, it came all true since till now when it comes to withdrawal they take ages and for deposit they take seconds for that, and the PROBLEM here is that they don't need your personal endorsement to proceed with the payments
till now im waiting their response, as i was referred to Mr. Leon to handle it from customer service
and their mado is (in 24 hrs someone will call you, if its Friday, then auto its on Monday)
and 29/01/2015 i called the Switzerland branch and their phone were not in service nor their online chat service, and after i called many countries branches, Dubai branch pick-up my phone and inform me that i have 0.65 cent only from 1233.65 US dollar and that happen within only 2 days of me not checking my page since my account manager changed my password and won't reply my emails (ignoring me)
i took a screen shots of my amount before and after that day and the new withdrawal i made before he intentionally loss my money to get me into tricking me again to deposit
im lost now and i have no idea those companies how they continue doing that ....... all what i want is to make business and nothing else
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