willyboy88
Recruit
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I opened an account with Titantrade in June 2014 through Mike Freeman recommendation and over a period of 2 months have deposited about usd30k with them.
They offered me 'protected/insured trade' where they reimburse you if you have a losing bet which turn out to be not true.
They do reimburse your losses into your account when you have a losing trade but when you request for a withdrawal, they will deduct the 'bonus' from your account.
After failing to make withdrawals, I made a request to close my Titantrade account.
After they fail to close my Titantrade account within 10 business days, I wrote a letter to my credit card company to file a credit card chargeback in October 2014.
My credit card company, credited back the fund into my credit card account and they begun investigation.
My credit card chargeback was pending for approx 2 months.
In late December 2014, I receive a letter from my credit card company stating that I have won the dispute with the merchant (Titantrade/NRG/NRGBinary) and the credit issued earlier is now permanent.
Signing up for Titantrade was the worst investment decision I made in my life and I am glad that I get all my capital back.
I am also glad that I am able to file my chargeback within 100-120 days of transaction posting date of my credit card statement within the law in the US.
If you are facing issue with Titantrade, NRG or NRGBinary....do not waste your time. File a credit card chargeback !!
I hope my story help someone out there who may be in the same situation.
Thanks.
Here is the letter I wrote to my US credit card company.
___________________________________________________________________________________________________________________________
Dear Sir/Madam,
1)I am writing this letter to dispute billing errors on both my credit card accounts with the number xxxx and yyy.
2) I was solicited online to sign up with Titantrade Binary Option broker services on xxx 2014. The services provided by Titantrade broker includes
a) taking deposit of my fund,
b) allow me to trade binary options using the fund deposited, and
c) process fund withdrawal from my Titantrade account upon my request.
Deposits are done through my Chase credit cards. Withdrawals are also done through the same Chase credit cards. Withdrawal fund comes back to my credit card as refund using the same credit card used for deposit. The withdrawal/refund amount cannot exceed the my original deposit amount. When I make a single deposit request online into my Titantrade account, the charge on my credit card could appear under these merchants -Titantrade, NRG Binary or NRG. Titantrade told me that they are under the same umbrella of companies e.g. NRGBinary/ NRG owns Titantrade. The same is true for withdrawal of funds e.g a single withdrawal request by me could appear as credit card refund from these merchants - Titantrade, NRGBinary or NRG.
Titantrade services obligations is to process deposits, tradings and withdrawal requests upon my request that is done online through their website titantrade | Ambition has no boundaries. This is a continuous service agreement e.g. we can have multiple deposits and withdrawal requests over time.
On xxx, 2014 and xxx 2014 , I submitted online requests to withdraw money from my Titantrade account. Under the term of the contract that I signed with Titantrade, Titantrade will agree to process my withdrawal request within 7 days of receiving my withdrawal request. My withdrawal documentations e.g. driver license, proof of address, credit card copies have been submitted and approved by Titantrade previously. Titantrade has failed to process my withdrawal requests that were submitted in xxx 2014. This is a failure of Titantrade service and Titantrade has breached our service contract agreement. I have sent multiple emails to Titantrade requesting Titantrade to process my on-line withdrawal requests that I have submitted. Titantrade tried to persuade me so that I don’t withdraw money from my account and to leave the money in the account for trading. On xxx 2014 since Titantrade has failed to process my withdrawal request that has been pending for about a month, I have emailed Titantrade to close my account.
Under the Fair Credit Billing Act, I am requesting that this billing error be corrected and any finance charges and fees associated with the disputed charge be credited to my account, and for an accurate statement to be mailed to me.
This charge is inaccurate because Titantrade has breached our service agreement contract and has failed to continuously provide the withdrawal service agreed upon under the service term and agreement contract. Titantrade has also failed to provide a credit upon my request to close my account. I don’t have any open trade since and I dont have any pending obligations with Titantrade e.g.no bonus in my current balance.
I have enclosed a copy of my billing statements with the disputed charges highlighted.
I want to file the charge back using the following codes:
Visa chargeback reason code = 85 - Credit not refunded. This is because Titantrade failed to process a refund when I request them to close my account. I have provided them with more than 10 business days written notice. I dont have any open obligations with Titantrade and have not taken any bonus money.
While working on this chargeback filing , I did an online review search on NRBBinary and Titantrade. I was shocked to find out that Titantrade/NRGBinary/NRG could be a scam..
I found out that the company is blacklisted by the Canadian regulator recently on July 24, 2014 OSC | Investors - Investor Warnings - Warning List - NRG Capital (CY) Limited o/a NRG Binary
The Cyprus Securities and Exchange Commission has also issue similar warning late last year. Refer to the Warning from Cysec on NRGBinary attachment.
There are also many bad reviews online from other clients complaining that they have been scammed by NRGBinary/ Titantrade.
Is TitanTrade a Scam? Beware, Read this Broker Review First
NRG Binary | NRGBinary.com reviews and ratings by Forex Peace Army
Ripoff Report | NRGBinary Complaint Review Internet: 1051068
In support of my dispute, I have enclosed copies of the term and agreement of the service contract and all email communications between me and Titantrade.
Please contact me when you receive this letter. I will fax a copy to you. I will also send you the complete copies which include all account transactions and statements and email communcations between me and Titantrade through a certified mail.
Please investigate and correct this billing error as soon as possible.Thank you for your time.
Yours sincerely,
xxxxx
__________________________________________________________________________________________________________________________________
They offered me 'protected/insured trade' where they reimburse you if you have a losing bet which turn out to be not true.
They do reimburse your losses into your account when you have a losing trade but when you request for a withdrawal, they will deduct the 'bonus' from your account.
After failing to make withdrawals, I made a request to close my Titantrade account.
After they fail to close my Titantrade account within 10 business days, I wrote a letter to my credit card company to file a credit card chargeback in October 2014.
My credit card company, credited back the fund into my credit card account and they begun investigation.
My credit card chargeback was pending for approx 2 months.
In late December 2014, I receive a letter from my credit card company stating that I have won the dispute with the merchant (Titantrade/NRG/NRGBinary) and the credit issued earlier is now permanent.
Signing up for Titantrade was the worst investment decision I made in my life and I am glad that I get all my capital back.
I am also glad that I am able to file my chargeback within 100-120 days of transaction posting date of my credit card statement within the law in the US.
If you are facing issue with Titantrade, NRG or NRGBinary....do not waste your time. File a credit card chargeback !!
I hope my story help someone out there who may be in the same situation.
Thanks.
Here is the letter I wrote to my US credit card company.
___________________________________________________________________________________________________________________________
Dear Sir/Madam,
1)I am writing this letter to dispute billing errors on both my credit card accounts with the number xxxx and yyy.
2) I was solicited online to sign up with Titantrade Binary Option broker services on xxx 2014. The services provided by Titantrade broker includes
a) taking deposit of my fund,
b) allow me to trade binary options using the fund deposited, and
c) process fund withdrawal from my Titantrade account upon my request.
Deposits are done through my Chase credit cards. Withdrawals are also done through the same Chase credit cards. Withdrawal fund comes back to my credit card as refund using the same credit card used for deposit. The withdrawal/refund amount cannot exceed the my original deposit amount. When I make a single deposit request online into my Titantrade account, the charge on my credit card could appear under these merchants -Titantrade, NRG Binary or NRG. Titantrade told me that they are under the same umbrella of companies e.g. NRGBinary/ NRG owns Titantrade. The same is true for withdrawal of funds e.g a single withdrawal request by me could appear as credit card refund from these merchants - Titantrade, NRGBinary or NRG.
Titantrade services obligations is to process deposits, tradings and withdrawal requests upon my request that is done online through their website titantrade | Ambition has no boundaries. This is a continuous service agreement e.g. we can have multiple deposits and withdrawal requests over time.
On xxx, 2014 and xxx 2014 , I submitted online requests to withdraw money from my Titantrade account. Under the term of the contract that I signed with Titantrade, Titantrade will agree to process my withdrawal request within 7 days of receiving my withdrawal request. My withdrawal documentations e.g. driver license, proof of address, credit card copies have been submitted and approved by Titantrade previously. Titantrade has failed to process my withdrawal requests that were submitted in xxx 2014. This is a failure of Titantrade service and Titantrade has breached our service contract agreement. I have sent multiple emails to Titantrade requesting Titantrade to process my on-line withdrawal requests that I have submitted. Titantrade tried to persuade me so that I don’t withdraw money from my account and to leave the money in the account for trading. On xxx 2014 since Titantrade has failed to process my withdrawal request that has been pending for about a month, I have emailed Titantrade to close my account.
Under the Fair Credit Billing Act, I am requesting that this billing error be corrected and any finance charges and fees associated with the disputed charge be credited to my account, and for an accurate statement to be mailed to me.
This charge is inaccurate because Titantrade has breached our service agreement contract and has failed to continuously provide the withdrawal service agreed upon under the service term and agreement contract. Titantrade has also failed to provide a credit upon my request to close my account. I don’t have any open trade since and I dont have any pending obligations with Titantrade e.g.no bonus in my current balance.
I have enclosed a copy of my billing statements with the disputed charges highlighted.
I want to file the charge back using the following codes:
Visa chargeback reason code = 85 - Credit not refunded. This is because Titantrade failed to process a refund when I request them to close my account. I have provided them with more than 10 business days written notice. I dont have any open obligations with Titantrade and have not taken any bonus money.
While working on this chargeback filing , I did an online review search on NRBBinary and Titantrade. I was shocked to find out that Titantrade/NRGBinary/NRG could be a scam..
I found out that the company is blacklisted by the Canadian regulator recently on July 24, 2014 OSC | Investors - Investor Warnings - Warning List - NRG Capital (CY) Limited o/a NRG Binary
The Cyprus Securities and Exchange Commission has also issue similar warning late last year. Refer to the Warning from Cysec on NRGBinary attachment.
There are also many bad reviews online from other clients complaining that they have been scammed by NRGBinary/ Titantrade.
Is TitanTrade a Scam? Beware, Read this Broker Review First
NRG Binary | NRGBinary.com reviews and ratings by Forex Peace Army
Ripoff Report | NRGBinary Complaint Review Internet: 1051068
In support of my dispute, I have enclosed copies of the term and agreement of the service contract and all email communications between me and Titantrade.
Please contact me when you receive this letter. I will fax a copy to you. I will also send you the complete copies which include all account transactions and statements and email communcations between me and Titantrade through a certified mail.
Please investigate and correct this billing error as soon as possible.Thank you for your time.
Yours sincerely,
xxxxx
__________________________________________________________________________________________________________________________________
