GUILTY Case# 2013-140 | mkhumz vs www.bnryoptions.com

Based on the available evidence, do you believe that bnryoptions.com is guilty?

  • Guilty

    Votes: 30 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
    30
  • Poll closed .

mkhumz

Recruit
Messages
7
Original FPA Traders Court Submission:

I am submitting the case against: www.bnryoptions.com

My Case is: bnryoptions.com is a binary options broker. I started trading with them and deposited several times. Because of my inexperience, I lost some money, but I then started winning my trades and my balance had grown to over $1400 when they, out of the blue, decided to suspend my account. They said I have been trading in contravention of their terms and conditions. They allege that I have traded using a robot. They also allege that I have masked my location. I can confirm that I travelled to Canada during August/September, 2013, and I traded at the hotel that I was using. But, instead of asking about this, they immediately assumed I was using a proxy! They have now closed my account, and, from the look of things, I have forfeited my balance. I do not believe their "investigation" will ever be concluded as there is no truth in any of the allegations. They just did not want or anticipate that I would start making money and they closed the account at the time when I was making money, NOT when I was losing!

New thread in the Scam Alerts Folder:

Review is submitted by www.bnryoptions.com on 10/19/13

The company was first contacted about the issue on 09/10/13 the last contact was on 10/16/13

Details: You will be notified by email of the outcome

Best regards

Kate Hepworth

Client Support Services

Company representatives' emails: Kate Hepworth <support@bnryoptions.com>
Garry <garry@bnryoptions.com>

 

Attachments

  • Dear Melusi.pdf
    223 KB · Views: 0

mkhumz

Recruit
Messages
7
The company has told me that the results of their investigation show that I violated their conditions in that I, on two occasions, placed two trades on the same asset in the same direction within 3 minutes of each other. However, the trades in question were losing trades, and there is no reason why I should forfeit my profits because of a couple of LOSING trades.
They have failed to respond adequately or explain their actions on the forum. I can only conclude that they are a scam who refuse to pay out when the client is winning.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,715
I've formally invited them to come back to your thread in Scam Alerts. If they don't post or reply within a week, this will move to the Open Cases folder.
 

F***X

Sergeant
Messages
237
This smells like the classic case of an unscrupulous broker(s) not sending your order directly to the liquidity provider in hopes that average traders will lose their account, as the statistics will usually work in their favor. Shame on them being caught with their trousers (or skirts) about their ankles. Forget about the paragraphs of baloney, a scam is a scam. There will always be something they can try to use to intimidate the the average trader. Public awareness and pressure will prevail, or they will go out of business. Never give up and keep on fighting till the end my friend.
 

NetWoofer

Private, 1st Class
Messages
44
This appears to be another scam broker using any excuse they can think up to suspend an account.
 

susan

Private
Messages
19
am astonished do they mean a trader cannot trade from anywhere around the globe? pure scam
 

Pharaoh

Brigadier General
Messages
20,230
This smells like the classic case of an unscrupulous broker(s) not sending your order directly to the liquidity provider in hopes that average traders will lose their account, as the statistics will usually work in their favor. Shame on them being caught with their trousers (or skirts) about their ankles. Forget about the paragraphs of baloney, a scam is a scam. There will always be something they can try to use to intimidate the the average trader. Public awareness and pressure will prevail, or they will go out of business. Never give up and keep on fighting till the end my friend.

Think carefully - how could a liquidity provider deal with a BET, not a trade? If price ends up 1 pip or 1000 pips in the direction the client chose, then the client wins a fixed money. If price ends up 1 pip or 1 million pips the other way, the client loses a fixed amount of money.

As far as I can tell, the terms liquidity provider and binary options are mutually exclusive.
 

Awais Rasheed

Private, 1st Class
Messages
45
Why this happens losing clients never violates any rules and if he wins he is a violator? Why haven't we ever heard about a company saying "Man.!! You lose money coz you violates our rules and you''ll be paid back"..
 

Master Yoda

Captain
Messages
2,929
Guilty, besides I think the FPA should have a different section for binary, this is not trading this is gaming
 
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