Bloombex-options.com :Over $4,000 Stranded with Broker

ulot79

Recruit
Messages
8
Background

I deposited $5,500 with bloombex-options.com with an

account manager (broker) called Jesse Gracia on the

12/05/2014 precisely $5,479.80 was deposited

to my account due to bank charges. The account manager

insisted i take the 100% bonus which was $5,500 as he

informed me that it was a special account

that will be traded him as he will act as my personal broker to make

profit for me. He put the bonus on my account and my account balance increased to $11,000

Based on the rules for this special account

account, i was told i would be allowed to make

a withdrawal on this account every 3 months without restrictions

if i required.


Subsequently, the account manager broker

Jesse traded my account but without

generating much account growth,instead the

balance of the account was reducing due to

persistent poor tradings; Much after 3

months, I made a request to withdraw $1,500

in order to limit my exposure;

Subsequently $1,500 was credited to my bank

account excluding bank charges; however the sum of $3,000

was removed from my trading account

indicating a reduction of the bonus by the

value of the withdrawal ie the bonus was

reduced by $1,500; this took place on

04/09/2014.


After the first withdrawal and reduction of

the account bonus, my account manager

broker Jesse Gracia continued trading my

account unprofitably until the balance

reduced to almost like $5,000 plus from

starting balance of $11,000 before the first

withdrawal;


Another 3 months approached and after another period of

successive losses on my account, I made another request for a withdrawal and it

was at that instant that my account manager

broker Jesse Gracia seized communication with

me. This was around november 2014.


Earlier this year 2015, i was called by another of

one companies brokers John davis (who claimed to be the head broker) who told me

that my former account manager broker Jesse

has left the organisation for some reason,

but he will take over my account as a new

account manager broker. He told me I couldn't

make a withdrawal as i had a bonus wager of

about $90,000 to clear before i can make a

withdrawal the calculation for the total

bonus was thus (5,500-1500)=4000 * 27=

108,000 out of which almost $20,000 has been

traded.

He offered to help me trade and clear the

bonus but subject to the condition that i

needed to make an additional deposit of

$20,000 as he was a big time trader and he

doesn't trade small account like mine.

Alternatively he said i could try to trade

the account myself and clear the bonus if

could. I took the later option as i couldn't

afford to risk any further funds as i had

already lost confidence in the trading

capabilities of any of your brokers after the

previous experience with Jesse Gracia.

After trading myself for like a month, i was

able to successfully clear the required bonus

of making a trade volume of additional

$90,000; my account balance after clearing

the bonus wager was now reduced to $4,616.64.

Incidentally I have since then resubmitted a

request for withdrawal and request my account

to be closed because i am i was no longer

interested in operating the account because

the initial objective for opening the account

has been voided as the broker that opened my

account that was supposed to be trading my account

has already left the organisation after loosing part of my money.

and no one was willing to trade

my account except i made additional deposit.


Up till now, my request for withdrawal has

been ignored by the organisation. they

stopped responding to my emails and if i

called they will just keep me on hold till

perpetuity

All i basically want back is the balance of

my trading capital and nothing else and close

my account. I have not requested for more

than i have deposited so am snot even asking them to give me money i didnt deposit.


Summary is that I made a deposit of $5,500, withdrawn $1,500;

i still have a balance of $4,000 of my trading capital; my current

account balance is $4,616 and i traded over

and above the required wager volume ie over

90,000. Please not that all the conditions they gave me when i opened the account has been voided

I will thus seek for the assistance of

forexpeacearmy to assist me in getting my

money back as this guys have completely

ignored all my recent communication; I dont

think am willing to forfeit more $4,000

stranded in my trading account.

Please I need help on getting my money out.
 

FxMaster

Lt. Colonel
Messages
9,123
Three steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat.

Details are :

Account managers

accountmanager@bloombex-options.com

Customer Support
support@bloombex-options.com

Phones
Australia: +61290984384
Australia: +61290984384
Russia: +74999184396
Russia: +74999184396
Nederlands : +31858886546
Nederlands : +31858886546
Canada: +16475579733
Canada: +16475579733
Turkey: +902127055657
Turkey: +902127055657
Germany: +492112409081
Germany: +492112409081
Paris: +33170700013
Paris: +33170700013
London: +442036951155
London: +442036951155
USA (Toll-Free) : +18662029657
USA (Toll-Free) : +18662029657

ADDRESS
Bloombex-Options European Support Center is located at:

Wilhelm-Raabe-Strasse 14,
Duesseldorf 40470, Germany

3rd- Go to their Social media pages and share your STORY and Link of this Thread as a comment on latest post.

Social pages are

https://www.facebook.com/pages/Bloombex/1516291975308923?ref=hl

https://twitter.com/BloombexOptions

https://plus.google.com/u/1/b/112021395774155047671/112021395774155047671/posts

https://www.youtube.com/user/BinaryOptionsTest


Also share your review at FPA Review page here Bloombex-Options | Binary Options Broker Reviews | Forex Peace Army



PS: We want your votes at open cases, check this section FPA Open Cases and votes for Guilty or Not Guilty.
 

John Bloombex

Bloombex Options Representative
Messages
1
Dear Tolulope Ibikunle

Dear Tolulope,

I am surprised to see your comments here since I am always answering your questions and we discussed this yesterday on Skype! It upsets me as my intention is purely to aid you in this situation you are in and to give you the best experience from our company. Furthermore, in the past, we did honor your withdraw even though you still had a volume to complete.

As we discussed, you have made a lot of hedging trades which do not count for turnover and that doesn’t allow you to withdraw the bonus you received.
See below an example of the recent trades you made:

Position Id Position Start Position End Direction Investment Asset Name
447929 2015-04-14 19:48:36 2015-04-14 20:00:00 call 500 EUR/USD
447926 2015-04-14 19:45:59 2015-04-14 20:00:00 put 500 EUR/USD
447886 2015-04-14 19:19:50 2015-04-14 19:30:00 call 200 EUR/USD
447883 2015-04-14 19:16:03 2015-04-14 19:30:00 put 200 EUR/USD
447858 2015-04-14 19:01:31 2015-04-14 19:15:00 call 200 EUR/USD
447855 2015-04-14 19:00:32 2015-04-14 19:15:00 put 200 EUR/USD
446716 2015-04-14 11:38:09 2015-04-14 11:45:00 call 500 EUR/USD
446705 2015-04-14 11:33:23 2015-04-14 11:45:00 put 500 EUR/USD
446702 2015-04-14 11:32:21 2015-04-14 11:45:00 call 500 EUR/USD
446687 2015-04-14 11:25:12 2015-04-14 11:30:00 put 500 EUR/USD
444835 2015-04-13 19:10:23 2015-04-13 19:15:00 call 500 EUR/USD
444804 2015-04-13 19:00:13 2015-04-13 19:15:00 put 500 EUR/USD
444319 2015-04-13 16:31:54 2015-04-13 16:45:00 put 500 EUR/USD
444314 2015-04-13 16:31:10 2015-04-13 16:45:00 call 500 EUR/USD


This technique is very well know in the binary options industry and is prohibited.
Blaming the company for you not to comply with requirements is not acceptable.

The way I see this, you can either :

- Withdraw your remaining balance immediately minus the bonus since you didn’t honor the conditions yet = $4,616 - $4,000 bonus = $616 balance.
- Complete your turnover requirement to withdraw your bonus (without hedging obviously) of = $108,000 – $88,214 = $19,786

I am looking forward to hearing from you.

John Davis








Three steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to their website and invite them to here via Live Chat.

Details are :

Account managers

accountmanager@bloombex-options.com

Customer Support
support@bloombex-options.com

Phones
Australia: +61290984384
Australia: +61290984384
Russia: +74999184396
Russia: +74999184396
Nederlands : +31858886546
Nederlands : +31858886546
Canada: +16475579733
Canada: +16475579733
Turkey: +902127055657
Turkey: +902127055657
Germany: +492112409081
Germany: +492112409081
Paris: +33170700013
Paris: +33170700013
London: +442036951155
London: +442036951155
USA (Toll-Free) : +18662029657
USA (Toll-Free) : +18662029657

ADDRESS
Bloombex-Options European Support Center is located at:

Wilhelm-Raabe-Strasse 14,
Duesseldorf 40470, Germany

3rd- Go to their Social media pages and share your STORY and Link of this Thread as a comment on latest post.

Social pages are

https://www.facebook.com/pages/Bloombex/1516291975308923?ref=hl

https://twitter.com/BloombexOptions

https://plus.google.com/u/1/b/112021395774155047671/112021395774155047671/posts

https://www.youtube.com/user/BinaryOptionsTest


Also share your review at FPA Review page here Bloombex-Options | Binary Options Broker Reviews | Forex Peace Army



PS: We want your votes at open cases, check this section FPA Open Cases and votes for Guilty or Not Guilty.
 

Pharaoh

Colonel
Messages
19,813
Any comment on the allegation that the account managers at Bloombex were the ones placing the trades on the account?

Considering the guaranteed significant lose from trading hedged positions in binary options, I'm not so sure that the bonus would ever be able to make up for the money lost. Let's do some math.

Let's see. If I deposit $100 and get a $100 bonus, I need to trade 27 times my deposit (or is that 27 times the total of the bonus and deposit?). Your website says I get "Up to 85% payout'"

So, I decide to "play it smart" and "cheat" by hedging. Let's assume I only need to trade $2700 and get the max payout.

First pair of trades: 100 long, 100 short on EURUSD. They close. $100 lost and $85 won. Net result for each $200 traded = -$15.

I need to do this 13.5 times (or trade smaller amounts that add up to this. -$15 x 13.5 = -$202.5 So, for every $100 I put into this hedging scheme, I'm guaranteed to lose my initial investment, the bonus, and still end up owing $2.50

So, can you please explain why a "widely known technique guaranteed" to end up negative in the account is against the rules? I'd think that "use a special technique mathematically sure to give all your money to the broker would be the best possible type of client for your company. :D
 

ulot79

Recruit
Messages
8
Dear Bloombex Options/Mr John Davis

First of let me categorically say that completely disagree with your every point you have placed above; and I also before I go into any more technical details, it will be useful if note the following facts.

1. Where is your staff Jesse Gracia, that opened my account for me and said he will be trading it for me and are you aware on the terms and conditions he gave to me for this account.

i. In the first place I didn’t ask for a bonus, he was the one that advice that I get this bonus (now the reasons are obvious) because I personally stay away from bonuses because of withdrawal restrictions but he insisted It was a special bonus that does place as such restrictions on my account an I was guaranteed a withdrawal opening window every 3 months without prejudice to account.

ii. He is supposed to be managing this account on my behalf (ie trading on behalf of the client), based on the fact that I met the minimum requirement to qualify for a VIT client (Very important trader) with a minimum deposit of $5,500 so this was supposed to be managed account not a trading account.

iii. PLEASE NOTE: I am not under the obligation to be trading this account or meeting the trading volumes but I only had to do so under compulsions because your staff the former account manager abandoned the account after relatively much poorer than expected performance, and you guys claims he is no longer with your company, though I was only informed of this after almost 3 months of non response from Jesse or any other support person from your company;

iv. Please be aware that left on my own, I will never have attempted to deposit any money to trade on your type of platform because I never liked your platform in the first place; this is mainly because I do not trade on platforms that requires 3 seconds to confirm a trade before it is executed, it absolutely does not conform with my trading style; I told your the former account manager Jesse when he asked me to open this account but he said I shouldn’t worry about that since he will be managing the account that was not my problem.

v. Summary is that I opened this account on the terms and conditions that it will be managed by one of your seasoned brokers, but instead I am now brought under the compulsion of having to trade the account myself and clear the trading volume after a relatively poor performance of your brokers on my account. I didn’t sign up to this.

2. Prohibited Trades: Having said that I completely disagree with your position of canceling of some of my trades and claim that they are prohibited because they were hedged; am very sorry but nothing on your terms and conditions for your bonus prohibited hedging as part of trading volume. So you can’t be deciding new rules for trading from your thin air, it is no where on your website’s terms and conditions that hedging is prohibited to qualifying as trading volume to clear a bonus; On your website terms and conditions only two requirement was given to qualify a trading volume to clear a bonus requirement

i. It has to be only Classic binary options instrument
ii. Or long term trade binary option

Bloombex_Bonus Terms_andConditions_as_at_30_May2015.png

I’m sorry maybe you forgot to mention that hedging was not allowed but though luck, you can’t be changing the rules after the fact. Your Terms and conditions for bonuses are crystal clear and hedging and was not prohibited so I don’t know where you got your prohibition clause from except you just decide to amend your website which will make your intentions even more questionable

3. As a matter of fact, if in fact I was actually technically speaking hedging solely for the purpose of generating trade volumes and not for genuine risk management purposes, how will you hedge to make a trade volume of 90,000 plus with a balance just over $5,000. My account balance before I took over the account from your former broker was just above $5,000, even if I kept on hedging as you so call it, if I go buy a call 2,500 and sell a put 2,500 at the same time, the loosing leg will return zero, the winning leg will return (80%*2500)=4,500, so meaning I will still be losing $500 ie I will lose 10% on each hedging cycle. So meaning it is mathematically impossible to repeat this cycle more than 10 times assuming I want to make a trade volume of 50,000 as the account will approach extinction because you will lose 10% on each hedging cycle and end up with a number close to zero by the last hedging cycle. So honestly its really a mute point, its arithmetically impossible I still have balance of over $4,000 from a starting balance of $5,000 after making a trade volume of over 90,000 if I was actually dubious hedging just to make trade volumes and not genuine risk trading reasons; I only hedge to control my risk or reduce a loss if tides go against me and you cannot be tell me you want to compel me to be taking unprotected risk because I have a bonus, its like compelling trader to place a trade and tell him stop losses are prohibited, am sorry to say with due respect but it doesn’t make sense.

4. Trade Volume: With reference to 3 and 4 above, I also completely disagree the trading volume of 88,214 you indicated above, from my calculations the total trade volume on my account base on the Classic binary options and long term which are the 2 trading requirements provided in your terms and conditions to meet a trading volume to clear a bonus, the total trading volume on the account is 118,055 comprising of trade volumes from when your former broker managed the account and trade volumes when I was had no better choice than to trade the account myself; See details below of the total 35 + 2 pages of trades carried out based on classic binary options and long term binary options only

See link below for my detailed trade history and volume

https://goo.gl/9Qz6rA

Summary
i. Total valid Classic Binary options trade volume excluding cancelled trades = 108,405
ii. Total valid Long term Binary options excluding cancelled trades = 9,650
Total trading volume = 108,405+9,650 = 118,055

PLEASE NOTE: This implies the current total trade volume on my account is 118,055 which is 10,055 in excess of the required trading volume 108,000 to clear the bonus. So you cant make ANY claims of bonus on my account anymore, all of your bonuses where part of the losses generated by your former employee that managed my account improperly and left your company, he is your liability not mine, so if you are looking for your bonus maybe you should look for him and make the claims to him not me, as your bonus no longer exist in my account please.

5. Conclusion: Based on the facts and conditions enumerated in 1-4 above I kindly request you return at least the balance of my trading capital ies (5500-1500)=$4,000, am willing to take the only balance of what I deposited which is $4,000 as a terms of settlement having met all the required conditions; your former staff Jesse Gracia that opened the account for me with your company as even left your company without informing me a client and all the terms and conditions with which he opened the account for me has all been voided so you guys have to mitigate the effect of whatever liabilities he left behind on your behalf to the clients because he is your responsibility and not mine so you bear the brunt; this is the honorable thing to do if you are a leading reliable broker that you claim.

Regards

Tolulope




Dear Tolulope,

I am surprised to see your comments here since I am always answering your questions and we discussed this yesterday on Skype! It upsets me as my intention is purely to aid you in this situation you are in and to give you the best experience from our company. Furthermore, in the past, we did honor your withdraw even though you still had a volume to complete.

As we discussed, you have made a lot of hedging trades which do not count for turnover and that doesn’t allow you to withdraw the bonus you received.
See below an example of the recent trades you made:

Position Id Position Start Position End Direction Investment Asset Name
447929 2015-04-14 19:48:36 2015-04-14 20:00:00 call 500 EUR/USD
447926 2015-04-14 19:45:59 2015-04-14 20:00:00 put 500 EUR/USD
447886 2015-04-14 19:19:50 2015-04-14 19:30:00 call 200 EUR/USD
447883 2015-04-14 19:16:03 2015-04-14 19:30:00 put 200 EUR/USD
447858 2015-04-14 19:01:31 2015-04-14 19:15:00 call 200 EUR/USD
447855 2015-04-14 19:00:32 2015-04-14 19:15:00 put 200 EUR/USD
446716 2015-04-14 11:38:09 2015-04-14 11:45:00 call 500 EUR/USD
446705 2015-04-14 11:33:23 2015-04-14 11:45:00 put 500 EUR/USD
446702 2015-04-14 11:32:21 2015-04-14 11:45:00 call 500 EUR/USD
446687 2015-04-14 11:25:12 2015-04-14 11:30:00 put 500 EUR/USD
444835 2015-04-13 19:10:23 2015-04-13 19:15:00 call 500 EUR/USD
444804 2015-04-13 19:00:13 2015-04-13 19:15:00 put 500 EUR/USD
444319 2015-04-13 16:31:54 2015-04-13 16:45:00 put 500 EUR/USD
444314 2015-04-13 16:31:10 2015-04-13 16:45:00 call 500 EUR/USD


This technique is very well know in the binary options industry and is prohibited.
Blaming the company for you not to comply with requirements is not acceptable.

The way I see this, you can either :

- Withdraw your remaining balance immediately minus the bonus since you didn’t honor the conditions yet = $4,616 - $4,000 bonus = $616 balance.
- Complete your turnover requirement to withdraw your bonus (without hedging obviously) of = $108,000 – $88,214 = $19,786

I am looking forward to hearing from you.

John Davis
 

Master Yoda

Captain
Messages
2,929
Let me get it straight: the company representative said that hedging is not allowed but it's not mentioned in the terms and conditions?
 

Kerobokan

Banned for uncivilized conduct
Messages
138
This is nonsense!

What a load of rubbish,Jesse Garcia and John Davis are just completely fake names.I'm an options trader myself by trade and this "statement",for want of a better word has no strike prices and no expiration date for the options!
Hey John Davis,do your traders use the Full Greeks for trading purposes and what sort of Deltas are you looking at?BTW a put and call in options trading is called a strangle,straddle or a spread NOT a hedge!
And as for the company name,Bloombex?It's obviously a play on Bloomberg to try to build some credibility,this is just another options scam that everyone should stay well away from!
 

ulot79

Recruit
Messages
8
Ok Fine Mr John Davis, i will take the second option you'v provided below and complete the turnover of $19,786 without hedging.

Thanks for your cooperation.

Regards

Tolulope


Dear Tolulope,

The way I see this, you can either :

- Withdraw your remaining balance immediately minus the bonus since you didn’t honor the conditions yet = $4,616 - $4,000 bonus = $616 balance.
- Complete your turnover requirement to withdraw your bonus (without hedging obviously) of = $108,000 – $88,214 = $19,786

I am looking forward to hearing from you.

John Davis
 

Pharaoh

Colonel
Messages
19,813
It would be most unfortunate if you did all this work only to find the market suddenly making wild moves (most of which are not reflected on other brokers' price feeds) to wipe out your cash.

It would also be most unfortunate if you did all this work, made a lot of money, and then found out that you somehow were in violation of some other rule.

BTW - The case up for a vote against Banc de Binary has a chat transcript showing a broker employee telling a trader to lose money on hedged trades, since this will generate needed Trade Volume. I guess BDB's people understand the math and realize that this is a sure way to make tons of money - for the broker, not the client.
 
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