Cherry Xia and BinaryOption2

vickisb

Private, 1st Class
Messages
27
I want to share my experience using Cherry Xia with binaryoption2.com to manage my binary trading account. I am a U.S. trader and can’t use her recommended broker IG UK, but wanted a platform where my funds were secure, so Cherry finally agreed to use Nadex. I deposited $10k. The first two days, Cherry made $6k, and I sent her the 60% commission via Western Union same day as agreed. I withdrew $5k from my account to fund future commissions on time, leaving $11k in the account. On the third day Cherry lost all $11k in the matter of about an hour. I can’t say whether she found a way to collude with other traders to take the other side of my trades, or whether the trades were just bad and she recklessly followed absolutely no risk management strategy. She was trading a platform she was not familiar with, in the Asian session, when she normally trades the European session, and longer expiries, when she normally trades 5-minute expiries, all with disastrous results.
I asked that she refund the commissions I had paid her, which I promised to be used to try to rebuild the account, but she was unwilling to offer me any compensation unless I referred friends, which of course I was, and am, unwilling to do based on my experience.
Prior to using her service, I had not come across any unbiased reviews. I am hoping the account of my experience will help others.
I have screen shots of all my Skype conversations with Cherry to document all that I have shared with you.
 

Pharaoh

Colonel
Messages
19,994
Forex or binary account managers should only be paid by the broker as per terms of an LPOA.

Report this to your broker immediately.
 

Hamid Muhammad

Recruit
Messages
12
vickisb,

This is by no means a 'blame the victim' comment. However, I do feel compelled to point out that an arrangement such as you had "Cherry Xia" whoever is expressly forbidden by the NADEX member rules. In fact, in a recent notice posted on the nadex.com website, Nadex stated this:

Specifically, members should review Nadex Rule 5.2(d) which states “…a Trading Member may not knowingly or negligently permit any Person not authorized by Nadex and by the Trading Member to use the ID and password to access the secure portion of the Nadex website.”


So, if anyone offers to trade your account for you, then that person is putting your account in jeopardy. Nadex has launched disciplinary action (kicking people of the exchange/banning them) for violating this particular member rule. From time to time, the notices regarding these disciplinary actions are posted on the site.

I would urge anyone thinking of allowing someone else to manage their account to reconsider the implications of doing such a thing.
 

Pharaoh

Colonel
Messages
19,994
Never let anyone trade for you without signing an LPOA and filing it with the broker.

Apparently, Cherry doesn't bother with such details.
 
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