FPA Scam Finding
We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
There are now a total of 3 FPA Traders Court guilty verdicts against this company.
Case 1. FPA member Ruseneca reported signing up for a $25 no-deposit bonus with GOptions. After profitable trades, he planned to deposit some money to meet the terms of the bonus. Then his account was canceled. Messages from GOptions claimed that the bonus terms required the trading terms to be met within either 24 or 48 hours. He showed an initial offer email which did no contain these terms. GOptions joined the thread in Scam Alerts and denied sending any email versions of the offer's terms. In the Traders Court case thread, the representative from GOptions stated that the broker would no longer be assisting customers who decided to post at the FPA.
Case 2. FPA member Tomjersey reported not being able to get withdrawals processed after depositing £5000 and making £800 profit. He showed a live chat session that disconnected when he mentioned his withdrawal issue.
The FPA invited GOptions to the thread. Jim Avery, VP of Support and Customer Service at GOptions, used his unhappiness with a the first Traders Court guilty verdict as aa reason to not examine Tomjersey's issue.
Case 3. FPA member VicChan reported initially only having half of a 500 euro withdrawal request approved. Later, he deposited another 4910 euros. He specifically declined all bonuses so not to tie up his money. After making use of a “4 risk free trades” offer, his account was credited $250 euro for a trade he lost. The credit was listed as a bonus. He then attempted to withdraw all of his money to test if GOptions.com would really let him have unrestricted access to his money. The withdrawal wasn't processed. A week later, his account was blocked. The company's representative instead offered to unblock the account if he would deposit more money or else accept a bonus that would restrict withdrawals.
VicChan reported that the account was unblocked, but that another GOptions employee demanded he make trades or else pay a $1000 euro fee for withdrawing his money. The employee then said 20 trades were needed, but proceeded to make over 100 trades, losing a significant portion of the funds in the account. The account was then blocked again.
When contacted, Jim Avery of GOptions declined to present the company's side.
Under these circumstances, the FPA has no choice but to declare GOptions.com to be a scam. This ruling also applies to any other related websites. We offer GOptions the opportunity to have this Scam Finding lifted by meeting these requirements...
1. Process all overdue withdrawals. Add a 0.5% compound interest payment for each full month compensation for any withdrawal that been delayed more than 2 months since the initial request was made by the client.
2. Fully compensate all clients in cases where GOptions employees used abusive tactics to force a client to allow employees to place trades.
3. End all trading of client accounts by “Account Managers” and other GOptions.com employees. Clients should trade for themselves or find independent account managers.
4. Process all new withdrawal requests in 10 business days or provide a valid reason for any delays. Any reasons for delays need to come with reasonable time frames.
5. Have all withdrawals be handled by the accounting department. “Account Managers” and other employees of other departments should have no say in whether or not a client makes a withdrawal.
6. Make certain that no client can sign up for any bonus or no deposit bonus program without clicking on an agreement page which shows all of the terms. When this is done, a full copy of the applicable terms should immediately be emailed to the client.
7. Register with a real regulatory agency and publish links to this regulation on all of the company's websites..
8. Appoint a reliable representative to the FPA who will address client issues in a timely and professional manner.
GOptions.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or with any company associated with it. If you have an account there, the FPA recommends trying to withdraw all of your funds as quickly as possible.
Based on the available evidence, we feel there is no choice but to label GOptions as a scam.
Discussion Thread for this Scam Finding
Ruseneca's original complaint against GOptions
Ruseneca's Traders Court case against Goptions.com
Tomjersey's original complaint against GOptions
Tomjersey's Traders Court case against Goptions.com
VicChan's original complaint against GOptions
VicChan's Traders Court case against Goptions.com
FPA Review Page for GOptions