B4Binary.com Binary SCAM Broker: Fraud - Theft of money from Closed account

Dave23

Recruit
Messages
1
I have been Scammed by B4Binary.com for the full amount of $14,097.00. Last December 2015 I opened a Managed Trading Account with B4Binary.com. B4Binary began trading for me in December 2015, I had by the 7 March deposited a total of +- $2750.00 into my account. By 12 July 2016, I suspected something was not right and I had had enough of being ignored by my account manager, Mr. Robert Young and having all my 'Withdrawal' requests apart from (1) one the first one made rejected for no apparent reason (I had sufficient funds in my account) and all of my e-mails ignored (none of which were ever answered) requesting information concerning my managed account and some ROI programme that Mr. Young mentioned regarding when I could make my first Withdrawal. (Originally given as July then changed to August 2016)
I sent my first e-mail requesting to 'Withdraw' the FULL balance of my account and to have my trading account Closed to B4Binary.com on the 12 July, I also instructed B4Binary in all of my (7) seven follow up e-mails that I wanted to 'Withdraw' the full balance of my account and to Close and Freeze my account and that No further trading was to take place on my account, I received acknowledgment from B4Binary which only said that they had received my e-mails and would send these on the the department responsible, I did NOT ever get any response from the account manager Mr. Young.

After doing some research on B4Binary.com, on the 20 July 2016 I submitted an Official B4Binary 'Account Termination Form' to both B4Binary and Tradologic.com, (Novox Capital Ltd, they have offices in Leeds) my trading account balance was then $14,097.00, I received an acknowledgement from both Tradologic and B4Binary on the 21 July 2016 that they had received this Termination form, I followed up with (3) three further e-mails requesting the status of my Withdrawal request and if the Compliance department had approved Verification of all my documents, I only received acknowledgement that my e-mails had been received. Eventually on the 9 August I received an e-mail advising me that my 'Withdrawal' request was rejected due to a 'Billing Address Error', no other explanation. I replied immediately on the 9 August to B4Binary and Tradologic asking them exactly what the problem was and what did 'Billing Address Error' mean, I only received an acknowledgement that my e-mail had been received. In total I sent 10 e-mails requesting information regarding the reason given for 'Withdrawal' Rejection 'Billing Address Error' with No response to any of them.
On the 17 August I spoke with someone named Jack Morris who said he had just joined B4Binary.com and that he was my new account manager, I explained what was going on and explained that I had submitted to B4Binary an Account Termination Form on the 20 July 2016 and he said he would find out and come back to me, he had No idea what 'Billing Account Error' was. On the 18 August I sent an e-mail to Jack Morris to ask if he had any information for me however I never received any reply and have not heard from him again! On the 18 August I sent (2) two further e-mails to B4Binary, after the 2nd one I received a phone call from someone at B4Binary saying they were the CEO, Mr. Zack Peterson, we had words and what he said was 'That as I had only deposited $2750.00 in my account and that His Trader had made the profit, I was NOT entitled to the full amount in my trading account'!.
Very shortly after that phone conversation I went into my B4Binary Closed trading account and found that Someone from B4Binary had gone into my Closed account on the 15 August and made continuous losing trades, one after the other and LOST $10,440.00, leaving only $4,021.00 in my Closed trading account, also someone had submitted a 'Withdrawal' request for $1,250.00 from the account? I certainly didn't.

All of my Verification Documentation had been submitted and I was verbally told by Compliance they were Approved. I have kept copies of all the e-mails sent to and received from both B4Binary.com and Tradologic.com and the Skype messages between myself and my then B4Binary trading account manager, Mr. Robert Young.

With regard to the 'Withdrawal' request made by someone at B4Binary, I received an e-mail on the 29 August 2016, telling my that my 'Withdrawal' was rejected for the reason of 'Trade Requirements'. I immediately responded with an e-mail telling B4Binary that I had submitted an Account Termination Form on the 20 July which they had acknowledged receiving and that this trading account was therefore closed and no trades should be traded on it. I have Not received any response to this e-mail.

Please try and help me get my money back or at the very least put an end to the illegal practices that B4Binary are carrying out. Thank you.
I had a similar situation with AAoption. I did the trading myself, met the turnover standard and they have not credited my bank account following my withdrawal request. All efforts to contact them to provide a vilid reason has proved abortive.

No contact from my account manager. They don't answer their phone.
 

Pharaoh

Colonel
Messages
19,831
Still no reply or response from B4Binary.com. What if any action can I expect from FPA with regard to this Scam? They have ignored my e-mail request to contact you.
I hope you've already filed a complaint with your credit card's issuing bank. If you don't feel comfortable doing it yourself, WinChargeback provides professional assistance.

Then there are 2 more steps:

1. Leave a nice shiny 1 star review here: http://www.forexpeacearmy.com/forex-reviews/12897/b4binary-binary-brokers

2. Carefully read the instructions here and file an FPA Traders Court case:

http://www.forexpeacearmy.com/community/pages/traders-court/

Make certain to check on the case thread at least once per week.
 

holycow

Master Sergeant
Messages
294
I had a similar situation with AAoption. I did the trading myself, met the turnover standard and they have not credited my bank account following my withdrawal request. All efforts to contact them to provide a vilid reason has proved abortive.

No contact from my account manager. They don't answer their phone.
I guess you should also follow the same instructions as instructed in post # 12 and also invite your broker to this thread for resolution of this issue.
 

IainMarsh

Recruit
Messages
1
I have been Scammed by B4Binary.com for the full amount of $14,097.00. Last December 2015 I opened a Managed Trading Account with B4Binary.com. B4Binary began trading for me in December 2015, I had by the 7 March deposited a total of +- $2750.00 into my account. By 12 July 2016, I suspected something was not right and I had had enough of being ignored by my account manager, Mr. Robert Young and having all my 'Withdrawal' requests apart from (1) one the first one made rejected for no apparent reason (I had sufficient funds in my account) and all of my e-mails ignored (none of which were ever answered) requesting information concerning my managed account and some ROI programme that Mr. Young mentioned regarding when I could make my first Withdrawal. (Originally given as July then changed to August 2016)
I sent my first e-mail requesting to 'Withdraw' the FULL balance of my account and to have my trading account Closed to B4Binary.com on the 12 July, I also instructed B4Binary in all of my (7) seven follow up e-mails that I wanted to 'Withdraw' the full balance of my account and to Close and Freeze my account and that No further trading was to take place on my account, I received acknowledgment from B4Binary which only said that they had received my e-mails and would send these on the the department responsible, I did NOT ever get any response from the account manager Mr. Young.

After doing some research on B4Binary.com, on the 20 July 2016 I submitted an Official B4Binary 'Account Termination Form' to both B4Binary and Tradologic.com, (Novox Capital Ltd, they have offices in Leeds) my trading account balance was then $14,097.00, I received an acknowledgement from both Tradologic and B4Binary on the 21 July 2016 that they had received this Termination form, I followed up with (3) three further e-mails requesting the status of my Withdrawal request and if the Compliance department had approved Verification of all my documents, I only received acknowledgement that my e-mails had been received. Eventually on the 9 August I received an e-mail advising me that my 'Withdrawal' request was rejected due to a 'Billing Address Error', no other explanation. I replied immediately on the 9 August to B4Binary and Tradologic asking them exactly what the problem was and what did 'Billing Address Error' mean, I only received an acknowledgement that my e-mail had been received. In total I sent 10 e-mails requesting information regarding the reason given for 'Withdrawal' Rejection 'Billing Address Error' with No response to any of them.
On the 17 August I spoke with someone named Jack Morris who said he had just joined B4Binary.com and that he was my new account manager, I explained what was going on and explained that I had submitted to B4Binary an Account Termination Form on the 20 July 2016 and he said he would find out and come back to me, he had No idea what 'Billing Account Error' was. On the 18 August I sent an e-mail to Jack Morris to ask if he had any information for me however I never received any reply and have not heard from him again! On the 18 August I sent (2) two further e-mails to B4Binary, after the 2nd one I received a phone call from someone at B4Binary saying they were the CEO, Mr. Zack Peterson, we had words and what he said was 'That as I had only deposited $2750.00 in my account and that His Trader had made the profit, I was NOT entitled to the full amount in my trading account'!.
Very shortly after that phone conversation I went into my B4Binary Closed trading account and found that Someone from B4Binary had gone into my Closed account on the 15 August and made continuous losing trades, one after the other and LOST $10,440.00, leaving only $4,021.00 in my Closed trading account, also someone had submitted a 'Withdrawal' request for $1,250.00 from the account? I certainly didn't.

All of my Verification Documentation had been submitted and I was verbally told by Compliance they were Approved. I have kept copies of all the e-mails sent to and received from both B4Binary.com and Tradologic.com and the Skype messages between myself and my then B4Binary trading account manager, Mr. Robert Young.

With regard to the 'Withdrawal' request made by someone at B4Binary, I received an e-mail on the 29 August 2016, telling my that my 'Withdrawal' was rejected for the reason of 'Trade Requirements'. I immediately responded with an e-mail telling B4Binary that I had submitted an Account Termination Form on the 20 July which they had acknowledged receiving and that this trading account was therefore closed and no trades should be traded on it. I have Not received any response to this e-mail.

Please try and help me get my money back or at the very least put an end to the illegal practices that B4Binary are carrying out. Thank you.
I have also just been done bu these people. Robert Young was my Broker, After 6 months of him trading for me very succesfully it seemed I wanted them to pass the final test and send me all the money (GBP 34K). I went to withdraw a nominal amount and it was rejected as too much for a ROI withdrwal, Robert Duly got me a ROI withdrwal of 1,75K. I went back to Robert and explained that I was under the impression that I was able to take as much as I wanted out, he came back with that wasn't possible due to trading volumes not being met. over 500 trades!! I asked what volumes needed to be met and got not reply. Robert then traded to lose all the money in the account. GBP $2, is now the balance!
I am looking into see if these people are actually trading sa sthere is no reason for them to trade the money away when people want to withdraw it. There is no beneift to them. This in my mind is out and out FRAUDULENT behaviour. I will let you know if I make any progress.
 

Ali Amarsi

Recruit
Messages
3
I am also a victim of B4Binary. I had opened a 6 month managed account depositing $3K, with broker manager, Mike Kovrovski in January 2016. I requested a withdrawal $3K in on Friday 4th November from my my account balance of $12,520, which was rejected because of Trading Requirement. But today, 7th November, my account shows a balance of almost ZERO. They have withdrawn all the money without any reason or any trades. Literally they stolen my deposit as well as all the profit. There is nothing I can do because B4Binary is a SCAM broker and is not Licensed. I am waiting to receive a charge back from my credit card company.
 

Pharaoh

Colonel
Messages
19,831
File a complaint with every applicable financial regulator, both in your country and in any country b4binary claims to have an address or phone number in.
 

Dangerous

Recruit
Messages
1
Having read your posts I am now worried about my account with B4Binary. My account manager is also Robert Young and I recently had my first attempted withdrawal refused on the basis of trading criteria not met. Prior to my attempted withdrawal Robert had told me that after 6 months you are entitled to make withdrawals of 10% of the balance. 6 months later I attempted the withdrawal of 10% which was rejected. The support team were not very helpful but eventually Robert explained (via phone) the reason for rejection.
He mentioned 3 things that may also apply to your accounts, perhaps without you knowing.
1st - apparently the 10% was incorrect and my balance of £10K was only entitled to 5%. He apologized and mentioned that 10% applies to a balance of 100K upwards.
2nd - the trading strategy used was to make risk free trades wherever possible. This is done to help grow the account without risking the funds but to qualify the funds are tied in until a set trading volume criteria is met. (I was aware of how risk free trades work so it all made sense to me and was happy to continue trading.)
3rd - the intention is to re-invest the 5% to continue to grow the account. He didn't say I couldn't withdraw the 5% but given I was happy with the explanation I did re-invest the 5%. (actually, it took me 2 months to get to the above solution so there were 2 monthly 5% withdrawals re-invested. I believe this was done as a RFT also.)
I am still skeptical but I figured as long as I'm no longer investing my own funds, but rather re-investing 'so called' profits then at least I have limited my losses.
Having read your posts I'm now wandering whether I too will experience issues similar to those you've experienced - or whether, your accounts also used RFT's meaning you were perhaps mislead into what to expect after 6 months. (e.g. I was never expecting a full withdrawal but it seems some members were.)
At this point, it would appear that all is rosy until withdrawal attempts are made. However, one user did post that they were able to withdraw over 1K, so that gives me a little confidence.
Seems the only way I will know for sure is to attempt a 5% withdrawal.
Was anyone else told anything similar to above?
 

Pharaoh

Colonel
Messages
19,831
If you get your own thread opened here in Scam Alerts, your issue will get more attention. Make sure to include information about how, when, and how much you deposited.
 

fxmasterteam

Recruit
Messages
2
To clarify, I am also an account holder with B4Binary and was also assigned Robert Young as my broker/trader and my deposit amounted to $1500 and up to now the account had achieved a balance of $5,000 this dropped back to $4,000 and Robert contacted me to suggest that I deposit more funds to allow for "secured" trades but did not proceed with the idea.

When you claim that you were scammed for the full amount of $14,097.00 this is the balance of your account but you deposited $2750 and this is the liability that is at risk not the $14,097.00 which may have accrued through trading.

I hope that you are successful in recovering lost funds but the situation with Binary companies is that you are required to trade 40x or more of your deposit to qualify for any withdrawal of funds.

I have also requested withdrawal and was given the same reply that it was rejected due to not meeting the trading requirement.

All the best to you.
 

Pharaoh

Colonel
Messages
19,831
For those binary companies claiming to be under Cysec, the law in Cyprus says that bonus requirements can't block withdrawals.

Many binary brokers also push bonuses on victims without explaining the trade volume requirements or even increase those requirements after a trader meets them.

If a trader accrues profits, access to those profits is a valid complaint. Chances are that only the initial deposit can be recovered if a chargeback is successful, but that doesn't absolve the broker of theft.
 
Top