Which broker you are talking about?Hi, please could you assist. Do you know if it's possible to file a case on this platform for fraudulent activity of a binary options broker on this platform. Or is this relative to forex brokers only? Please advise.
It's quiet a long story but will try make it short as possible. I'm VERY new to binary options and any sort of trading. I opened my account with them. I initially opened my account with $250. I was contacted and asked to deposit another $250. Told them I don't have the money but they insisted they will help me turn that into profit. So I then used funds in my credit card which I save for emergencies. They told me an account manager will then be appointed to me and he will call me taking me through the next steps. When he called I had to deposit ANOTHER $1000 just so he would train me. "You can trust me, I only earn when you earn so it's in my best interest to help you be profitable as that is the only time I make money" - he told me. I believed him. Deposited a further $1000 - maxing my credit card. I explained to him my financial situation is lying in his hands. "We will make your financial worries disappear" - he told me again. We scheduled a training the session the following day & he wanted me to take a number of long term trades using all my funds. I told him no - that sounds too risky, I'm not going to take trades to that extreme, I'm happy to do smaller trades so if there are losses, the losses are small and not all the money in my account. He wouldn't accept no. I didn't say yes. Told him I would need to sleep on this and this doesn't sound right. A week went by I didn't trade and he didn't call. then I decided to rather withdraw $1200 thus leaving $300 in my account. He called me to find out why I wanted to withdraw, I told him my car needed urgent repairs and I'm relying on a woman to get to work and back but this was only a temporary solution until I get my car back as it's an inconvenience to her. He told me if I withdraw the money they would need to close my account. Since I needed the money urgently, there's some fantastic opportunities so he would help me make a profit of $1000 so I can keep my account open then he would approve my withdraw of $1200 needed to fix my car. I was hesitant and said no but he convinced me - "You can trust me" - he said. "I know what I'm doing" - he said. And I fell for it. I tried to get onto the platform to take some trades while at work but the site was blocked by my office network. He said he would trade on my behalf. We agreed on a strategy that he would risk the $300 which I didn't need to make a profit of $1000 so that regardless of what happened I didn't loose my $1200 I needed urgently to fix my car, without my car I can't work, I will get fired and I'm a single mother and have nobody to rely on - so I couldn't afford to loose the $1200 so he must NOT risk this at all. He agreed. Based on this I allowed him to trade on my behalf. He agreed he would keep me posted via email on progress as I was going into an all afternoon meeting. First email I got he had brought my account up to $8000. Then he went quiet. When I got home that evening, I checked my account and there was only $480 in my trading account. The first session of trading was successful, shows he knew what he is doing and is an experienced trader. Then he took 8 x $1000 trades so that if all went south I would be left with $480. I've got 2 problems with this strategy 1) we did not agree on the strategy he took, he was only supposed to bring my account up by $1000 to leave my account open 2) even though he didn't stick to our strategy, he should have used the strategy so that if all trades lost I would still be left with $1200 to withdraw (he knew faced the possibility of loosing my job if I couldn't get my car fixed) - instead he used a strategy leaving me with $480. I believe he purposefully set me up for failure even though he knew my job was at risk. I since did research and found an independent company who teaches one how to trade, just as the account manager was supposed to, except he doesn't work for a broker - you just pay him fees to teach you to trade. He explained to me that I was lied to when I first opened my account, brokers don't earn commission when I profit, they earn when traders loose and brokers loose with traders win so no account manager will ever teach me how to trade successfully. He suggested a lodge a dispute with my credit card company based on the fact that the services I signed up for is not what I'm receiving as they will not be teaching me as promised. It's fraudulent services and based on that my credit card company should approve my request of a charge back. I lodged a dispute with my credit card company and they have rejected the claim due to the fact that I provided my credit card details. I live in South Africa so laws are different here. I have just recently found an article on the internet that a trader opened his account with 99Binary with $5000. He took 2 x $2000 - both won thus almost doubling his account the same from $5000 to $9000. The very next day he received an email from 99Binary confirming they are closing his account giving him no reason as to why. When he questioned this it was ignored. They refunded his $5000 but did not pay his profits. If what they told me is true that they earn commission when a trader is successful, this is surely the type of trader they want on their platform. The fact that they closed his account immediately proves to me that the independent party who advised me was telling the truth. So this proves this is fraudulent services. I've spoken to a legal representative after my credit card company is not helping me and the legal representative cannot assist me unless he employs a lawyer in the same country as 99Binary to take them to court - which I obviously don't have the funds for. Everybody I speak to says I have a case but nobody can assist me. I have proof of all I say above including the link of the gentleman who's account was closed.
A stupid mistake from the account manger who scammed me, he sent out a bulk email a with an opportunity should anybody be interested to contact him. Not so long ago a lady replied to all with a complaint. I contacted her via email this evening and await her response. As I sent the email to her this evening, another gentleman included in the original bulk email sent a mail replying to all threatening 99Binary saying he wants his money back. Please see below drop screen of his email....
6:57 PM (47 minutes ago)
to Pinky, marbro43, vasildimanov, cherylginnings, keith.kelly, lars.tph, fporrill, rcdritchie.pvt, david, Robertbalanoba, mahloramokone, natsirai1984, a.larrion, villagwaai, donmax912, asilagamolo01, lloydwilson28, kevinbrad.kb, duranjerom, capscookies, Gsithole, dynamicfathima, Geno6941, poetspath26, Stino_is
I am asking for a refund of my money. I am noticing that no one responding to my messages when I ask for my money. However, I am not afraid as I am from a large family and therefore have family in different places. Hence my family will be coming for my money and u may not like it when they showed up
Clearly I'm not the only one who has a problem with 99Binary. I sent an email to Rainford immediately and want to contact each person on the email find out if they have any issues - maybe we can lay one bulk claim against this fraudulent broker scamming people out of their hard earned money. If they told me
The account manager promised to make my financial situation better. But from my experience and what I've found out since it's something they will NEVER do and that is NOT the services I paid for. If they were honest and told me that upfront they only earn when I loose, I would never have trusted them - it's clear definitive conflict of interest. I'm new to trading and I was an easy target and they took advantage of a single mother who's battling to make ends meet as it is and they preyed on that promising me the world when they were never going to deliver, were they?
I do not understand how they go to sleep at night in their comfy lifestyle and eat their food while they know their success has been at somebody else's expense. I think it's disgusting and I want to stop them in their tracks and prevent them from doing this to somebody else.
I want my money back from them and I want to take them down and, if I can, I want to bring others with me if they want (from the email as copied above with other people's complaints) to make all of our cases stronger so that they NEVER ever do this to somebody else. They deserve what is coming to them
I have all emails and correspondence and proof of all I say above and can be provided as supporting documentation. I need help because even if I get everybody together, what would be my next step? Where do I turn and how do I proceed with this? Any help, guidance and assistance will be GREATLY appreciated!!