Bnryoptions.com Scam

mkhumz

Recruit
Messages
7
bnryoptions.com is a binary options broker. I invested my money several times with the aim of trading binary options with them, and, hopefully, make some money. After losing several times, I was finally able to master the art of trading and my account was about to reach $1,500 when the broker decided to suspend my account, claiming I had violated their terms and conditions. They allege that I was using a robot when trading and have masked my location, among other untrue allegations. They said they will conduct an investigation that would take "up to 45 days" to complete. I believe the broker has deliberately made up these allegations because I was finally starting to make money.

Please stay away from them. They are unfriendly, unprofessional, and downright rude. This is especially true of their Live Chat agent, named Sue. For example, I travelled overseas and accessed my account from my hotel there. I can prove my travel plans as well as the hotel I used, but instead of asking, they just concluded I was using a "proxy", and they didnt recognize this "violation" while I was losing money, they only did when my account had grown to over $1,400. They then made up allegations, didnt even give me the right to respond, suspended the account and never conclude the "investigations". The only explanation I have is that they want you to lose money and if you start making money they will cut you off.
 

Pharaoh

Colonel
Messages
19,840
Get screenshots of all the terms of service as quickly as possible. I'll bet there's no specific rule against using a proxy. Yes, this doesn't really apply to you, but if there is no such rule, it would show that the broker is making up excuses.

How did you deposit? How much did you deposit?
 

mkhumz

Recruit
Messages
7
Get screenshots of all the terms of service as quickly as possible. I'll bet there's no specific rule against using a proxy. Yes, this doesn't really apply to you, but if there is no such rule, it would show that the broker is making up excuses.

How did you deposit? How much did you deposit?
I deposited a total of $265. How should I attach the screenshots?
 

Pharaoh

Colonel
Messages
19,840
How did you deposit the $265? Credit card? If so, one option is to contact the fraud department at your credit card's issuing bank. Explain the situation and ask whether a charge back would be appropriate. The drawback to this is that it makes it very unlikely that you will ever see your profits. The advantage is that if the broker plans to keep everything, including your initial deposit, you at least get that money back.

For attaching screenshots, after hitting Reply, click the "Go Advanced" button. Attachments are one of the options that will show up below where you are typing your message.

Go ahead and send an email to every address you can find for bnryoptions.com. Invite them to come to this thread and explain why they won't give you your money.
 

bnryoptions

Bnryoptions.com Representative
Messages
1
I wish to reply directly to these totally unfounded allegations. There are always two sides to every story. Mr K raised a number of red flags regarding fraud management with regards to the operation of his trading account.

1. Yes he was warned about using a proxy, which is contained in paragraph 38 of our terms and conditions but we accepted he was overseas in Canada at the time and of course in the nicest possible way allowed him to continue to operate his account. Even though later when you examine this one sequence of log ins it appears that Mr K had defied the laws of physics and was in two separate locations at the same time.

Login Time Stamp Logout Time Stamp Location IP Address

09/09/2013 13:12:51 09/09/2013 18:00:37 South Africa (ZA) 198.**.65.**
09/09/2013 13:11:25 09/09/2013 16:04:18 United Kingdom (GB) 93.***.31.***
09/09/2013 12:08:15 09/09/2013 13:12:37 South Africa (ZA) 198.**.65.**
09/09/2013 06:33:52 South Africa (ZA) 198.**.65.**
08/09/2013 22:37:00 South Africa (ZA) 41.**.2.***
08/09/2013 10:30:47 United Kingdom (GB) 93.***.31.**

FYI restricting the use of a proxy or any technology to hide ones location is simple, there are certain locations which we are not allowed by law to operate or accept clients from and it is to prevent clients from these locations registering an account. We would be in violation of the law by operating such an account and are therefore required to take reasonable measures to prevent this. Even though we require clients to read and sign terms and conditions before issuing a bonus to avoid any confusion, we cannot force clients to read our general terms and conditions.

2. Mr K then had problems providing the necessary KYC documents that are required and asked on a number of occasions if we could accept different sets of documents than those that are required. We are required to obtain and keep on file a particular set of documents proving the clients identity - this both protects the client against ID theft and unauthorized access to their account as well as satisfying international anti-money laundering regulations. To date we still do not have any KYC documents on file for Mr K.

It was the combination of these separate issues that raised 'red flags' as well as a sudden dramatic change in trading style that instantly started to produce positive results which were in complete contrast to the results he had produced to date. Statistically this is extremely unusual and falls outside of the the range considered 'normal'. This issue on its own would have been reason to investigate the account and during the normal course of events this would have happened at a later date.

The combination of all three of these issues however, provided a compelling trigger to conduct a thorough investigation at this time and suspend Mr K's account. No specific allegations were made at this time except pointing out the particular paragraphs of the terms and conditions that the investigation would focus on.

This investigation was completed by a third party yesterday and specific evidence was found that proved Mr K had on more than one occasion executed fraudulent trades in clear contravention of posted terms and conditions which he had agreed to, as is standard practice, when he opened his account.

Mr K has now been notified of the outcome of this investigation and supplied with all the evidence. His account has been closed and the last deposit he had made has been refunded to his credit card, Mr K is now in possession of the receipt for this transaction and the refund should hit his card without delay. As this has been processed as a refund not a withdrawal we have been able settle this immediately and without having Mr K's documents on file. The other deposits were not refunded, as no monies were owed as Mr K had traded up until this point in accordance with our terms and conditions and lost, his account balance was at that point zero and this had triggered the final deposit.

We have always treated Mr K professionally and with complete respect and spent many hours working with Mr K on Skype, to teach him the basics and finer points of trading. If he had been in any way unhappy with our service before these issues came to light why did he deposit his $265 in five separate deposits? Why did he accept four bonuses all of which were redeemed or cancelled due to low balance and two of which were no deposit bonuses, only one of two clients ever to receive two no deposit bonuses?

We bent over backwards to help Mr K, to enable him to trade even when he had no funds to deposit and even provided him a second practice account which has always remained active during the course of this investigation. On reconciling Mr K's account by cancelling the fraudulent trades and subsequent trades funded by those profits the account balance is now negative - but we still have refunded Mr K's deposit immediately and despite his unfounded and untrue allegations on this forum have indicated our desire to draw a line under this and take no further action.

We have always given Mr K the benefit of the doubt. In what way could we have been any fairer with our handling of this matter?

I will conclude by making the following points to defend our excellent reputation which we worked very hard to build and value above anything else

At bnryoptions.com we understand exactly why this sector has such a poor image and because of this we pride ourselves on our integrity, honesty and transparency and on the excellent responsive client service that we provide. Not only is this the first ever complaint of any kind, but so far we have received nothing but fantastic feedback from clients and reviewers alike, as this third party unsolicited review shows: bnryoptions | Binary Trading. In particular Sue receives nothing but thanks from the many clients that she works tirelessly for, to provide help, support and sound trading advice.

I sincerely hope that this goes someway to explaining the other side of the coin and that as a broker we are on occasion faced with traders that try and circumvent the rules that have to be in place, and that due to the very nature of our business have to be monitored carefully and when necessary rigorous action taken.

Thank you
Garry Simpson
Director of Broker Services
bnryoptions.com
 
Last edited:

nakachalet

Recruit
Messages
10
@Garry Simpson
Director of Broker Services
bnryoptions.com

1. may i point out to readers of this forum that many trading companies can not accept clients from the u.s. or other countries which have very strict rules and regulations concerning money transfer and trading, particularly forex. the main reason this company and many others on the internet can not and dare not accept funds from clients within these countries is because each of theses countries requires transparency and documentations which many trading companies on the net are unable to provide nor comply with.

2. more importantly, some brokerage companies even though they accept funds from u.s. territory but they use brokerage clearing houses OUTSIDE OF THE U.S. TERRITORY, such as in australia, new zealand and others; in order to avoid regulatory scrutiny. so they may place misleading advertisements in the internet to attract suckers like you and me.... lol, to send them money.

3. you said,
I wish to reply directly to these totally unfounded allegations....[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif] [/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif] personally, i do not know you nor this client of yours who took time to launch a very realistic complaint against your company and some of the more questionable trading practices. [/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif] you admitted that this client of your started to trade poorly and physically was in north america but then suddenly his trading results improved dramatically and he started to make profit from trading whatever.... which you personally believed was impossible to accomplish, right?[/FONT]
[FONT=verdana, geneva, lucida, lucida grande, arial, helvetica, sans-serif] then you launched an investigation and discovered that your client miraculously and physically were in africa or somewhere, where you believed that he should not be in at that particular point in time....
may i ask you a simple question? did you company state clearly and unequivocally in writing that this client of yours understood that, that he/she must use the same computer at the same place to trade with your company? that he/she must place each trade from the same location and furthermore that he/she must traded alone by himself/herself, and that he/she could not trade with friends or others....?
may i remind you these are very serious questions that you are trying to tell readers at this forum that your clients must trade according to your company's borderline fraudulent practices....
[/FONT]
4. you said, he was warned about using a proxy....
my question to you is, if an applicant is not in complete compliance with whatever rules and regulations, why on earth did you allow him to proceed? the only answer i could figure out was, that hopefully he/she would be another trading fool who would only place trades at the wrong side and at the wrong time, therefore your clients' losses regardless of the amount, would be your gains....
i dislike making such assertion but in most cases, the final analyses were similar.

5. you said,
Mr K then had problems providing the necessary KYC documents....
k's kyc documentations were beside the point and immaterial at best, isn't that so? if he were to continue to place the wrong trades all the time. the problem became unmanageable because somehow miraculously he started to trade by the right orders and sequences, either by himself or with his friends, coach, guru or whoever....
the best and most honorable solution for you and your company is, to pay up in full whatever you owe him according to his trading statement. if k is making too much money from your company for you to finance his profits, then you could honorably bid him farewell, without any complaint from your side. so he could take his biz elsewhere, where he could trade what he wants, when he wants and how he wants....with or without help from whoever, openly and without any deceit nor fraud. you know, there is no law that says a trader must trade alone and in the same place.... and that trader can not solicit assistance from whoever he/she wishes.... correct?

6.
It was the combination of these separate issues that raised 'red flags' as well as a sudden dramatic change in trading style that instantly started to produce positive results which were in complete contrast to the results he had produced to date.
you are really making a complete fool of yourself and the company you represent, do you really, really expect all your clients to loose money. those who are learning how to trade or learning how to trade profitably and consistently are smart people, they just have not found a proper way to trade profitably and consistently yet.
from all its appearances, this chap k was way smarter than most that you have to date encountered, he lost and he apparently sought advice and counsel from someone who knows more than him to help him out, which all newbies and wannabies ought to do the same to delimit losses.
and garry simpson, as the director of broker services of your company, you are saying that k chap must be stopped?

come on, garry.... pay him fairly and squarely, bear the blunt for now, no one can be profitable all the time, right? let k enjoys his winning, as you know no one can be profitably all the time.... OR otherwise, you and your company would be in the mud for a long long time, particularly around traders' forums for years to come, as a forex brokerage company to avoid at all cost.....
surely, you do not want that kind of reputation around you, do you? with all due respect.
 

Pharaoh

Colonel
Messages
19,840
spent many hours working with Mr K on Skype, to teach him the basics and finer points of trading
a sudden dramatic change in trading style that instantly started to produce positive results which were in complete contrast to the results he had produced to date. Statistically this is extremely unusual and falls outside of the the range considered 'normal'.
So I take it that your Skype tutorial's are statistically highly unlikely to help a trader start producing positive results. :p

specific evidence was found that proved Mr K had on more than one occasion executed fraudulent trades in clear contravention of posted terms and conditions which he had agreed to
As I understand it, we are talking about binary options trading here. How, exactly does someone click "I think price will go up" or "i think price will go down" in a fraudulent way? How can such a click violate posted terms and conditions?


I can understand that some brokers are so eager to get hold of client money that they will accept an initial deposit before getting all KYC documents. What I can't understand is how a broker would justify continuing to accept more deposits without those documents.
 

nakachalet

Recruit
Messages
10
it is incredible how these forex trading tutorial companies or by whatever names they hide behind, are still in existence nowadays

to lure the unsuspecting newbies to part with their already limited resources.

couldn't something be done on behalf of those anxious to learn how to make quick profits which are almost non-existing in trading forex or whatever.

just thinking out loud.

feel so very bad for everyone who lost, not because of their own doing, but was due to someone's fraudulent enticements or practices along the way to trading successfully, profitably and consistently.

hopefully, someone could help these poor anxious traders fallen prey to shameless and faceless trading companies. it is such a shame, really.

nakachalet@gmail.com

So I take it that your Skype tutorial's are statistically highly unlikely to help a trader start producing positive results. :p



As I understand it, we are talking about binary options trading here. How, exactly does someone click "I think price will go up" or "i think price will go down" in a fraudulent way? How can such a click violate posted terms and conditions?


I can understand that some brokers are so eager to get hold of client money that they will accept an initial deposit before getting all KYC documents. What I can't understand is how a broker would justify continuing to accept more deposits without those documents.
 

mkhumz

Recruit
Messages
7
What Mr Garry fails to mention is that all the trades that they flagged as "fraudulent" were actually losing trades. How can they penalize me and not pay my profits on the basis of trades that were losing trades?

On the KYC issue, I read their terms and conditions and found that they require TWO identity documents (a passport and another photo ID that contains an address). I only sent a query to their live support, saying that, apart from my passport, the only other ID is my driver's licence, which does not contain an address. I was met by a very rude response from Sue saying that their requirements are non-negotiable and implying that I have to tell my government to issue me with a licence that has my address! There was no "professionalism" in the way I was treated by this broker, and I am surprised that Garry says they "bent over backwards" to accommodate me!

I think the broker should just give me my winnings. I can provide my passport, proof of address, driver's licence (as issued by MY government) and copy of my credit card. This is acceptable to other brokers, banks and international forex companies.
 

Pharaoh

Colonel
Messages
19,840
So your government's drivers licenses aren't BnryOption.com compliant? What country are you from? It would be good to warn people in your country that they'll never be able to get their money out.

Wow - not only did you defraud them by guessing whether price would go up or down, but you committed fraud by losing money! This has to be a first in the history of fraud. Perhaps Garry would be so kind as to return to this thread and explain exactly how this fraud was accomplished and how you benefited from it.
 
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