GUILTY Case# 2014-071 | Orscella vs Traderush.com

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

  • Guilty

    Votes: 35 97.2%
  • Not Guilty

    Votes: 1 2.8%

  • Total voters
    36
  • Poll closed .

Orscella

Private
Messages
10
Original FPA Traders Court Submission:

I am submitting the case against: WWW.TRADERUSH.COM

My Case is: I had an account with traderush.com during 2012 with email rpf_81@yahoo.com. But i closed it after i came across some problem with the platform. My account with the email was deactivated after it was inactive for long. I opened another account with Traderush.com on 04.02.2014 with same Name and email orscella@gmail.com which traderush knows of already, because it is with this email i had account with moneybookers and did transactions. I Deposited USD 250 on 04.02.2014 and started to trade. In the first week of my trading, i had never had any problems with the platform. All my orders got filled. But when i started to gain more, i came across “OPTION TEMPORARILY SUSPENDED” error often when the maret becomes more predictable in one direction. But they started to apply fixed spread in the opposite direction. If i had to take a position, i was only allowed to take a position in the opp direction with broker’s spread applied to it. But i still managed to win and got my account balance over 2100 USD as on 21.03.2014.


In the meantime, on 19.03.2014, they deactivated the 3 SEC option cancellation screen. Regarding this i contacted support and asked why it was deactivated. They said that, i have abused the cancellation future and so they deactivated. Their terms and condition as on that date says that “The acceptable cancellation percentage cannot exceed 20% of the total number of executed trades. Cancelling more than 20% of the total number of executed trades is considered abuse of this feature and resulting profits may be forfeited from such abuse.” But my actual cancellation % as on 19.03.2014 was 12.87 (48 cancelled trades out of 373 total trades). When i gave this stat to the support team they just kept on saying that i abused it and if i want, the cancellation screen will be activated again, which they never did.

On 21.03.2014 at around 13:51, when my account balance was at 2,169 traderush suddenly deleted 1889.96 USD from my account as bonus and the very next minute they sent my 250 USD to my credit card as withdrawal. At that time there was an open trade for 20 USD which ended ITM at 14:00. When the option expired, they simply deleted my account details and access to the site was denied.
Regarding this i contacted support through chat.

They simply accused me of Trade cancellation future and Chargeback issues. Both of which are blatant lies that i proved in the thread that i opened in Scam alert folder here --> http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/33710-traderush-com-scammed-me-i-have-proof.html

New thread in the Scam Alerts Folder:

Review is submitted by Peter Fernandez on 04/06/14

The company was first contacted about the issue on 03/21/14 the last contact was on 03/28/14

Details: They are just adamant in their stance that they do not provide any proof. Even after i proved that i had not abused traderush.com in any way they just keep telling the same story.

When i kept on insisting them that i had not abused the cancellation future, they have now gone to the extent that they have modified their terms and conditions Para 10. A and completely removed the “20% of the total number of trades”. This just proves that TRADERUSH are trying to cover thier lies by changing their terms when i told them that i am going to expose this.

* See their T&C Page before they blocked my account on 21.03.2014 --> https://web.archive.org/web/20140317...rms%20of%20Use - This is web archive page as on 17.03.2014 (the last time traderush was archived).

* The same proof here in this video  https://www.youtube.com/watch?v=XNxpz2yjDyk
This is google cached page as on 24th Mar 2014.

* See their T&C Page as it appears now  TradeRush - Terms & Conditions

Company representatives' emails: TradeRush Customer Support <support@traderush.com>
Traderush Accounting <accounting@traderush.com>
Technical Support <tech@traderush.com>

 

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Pharaoh

Colonel
Messages
20,076
This one looks very straightforward. If they want to close your account for any reason or no reason at all, they have that right, but they still must pay 100% of the money you legitimately have in your account.

Yo AsstMod, can you please get a case number and send a formal invitation?
 

F***X

Sergeant
Messages
237
Read the policy:
We reserve the right to to delete your account and withdraw any bonus money, if any of the following conditions are met:
* If you are not part of the 98% of traders who lose in binary options
* If you abuse the [Cancel] button with an obscure mathematical formula, however slight
* If you manipulate or update your email address at any time
* If your account increases by more than 20% or $20 USD whichever occurs first


I will vote guilty, just gimme the button.
 

Orscella

Private
Messages
10
Untill the minute i had chat with Jenna Morrison from Traderush on 21st Mar, i had never ever heard of the word chargeback. Only after the chat i googled and found what chargeback actually means. Infact the card i used to deposit was not even a Credit Card. It was a Visa Debit card provided by ICICIBANK in my state. You might know having a chargeback using a Visa debit card is next to impossible... That too, after 456 days of the deposit?

I advice my fellow traders to stay away from this SCAM broker.

You can see detailed report about this issue in the Scam Alert folder that i opened here --> http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/33710-traderush-com-scammed-me-i-have-proof.html
 

Feisal Rahimtoola

Private, 1st Class
Messages
57
Apparently this seems to be a case where Traderush.com has not taken the plea that orscella@gmail.com has violated the accepted terms of trading style/options. Perhaps the trader may have the right to modify or alter trading styles they allow but in that case it can not be reactively applied without notice. I have voted guilty.
 

Forex Angel

Recruit
Messages
1
Dear Orscella.

My submission here is intended only as moral support for yourself, and as forwarning for others that may be considering TradeRush as a viable Binary options broker.
I have no personal axe to grind, but feel obliged to disclose my knowledge to support your position.
I will start by assuring you that your experiences with this broker are not unique, and it would be conducive if others with similar stories would come forward. 90% of what I report in this submission has been verified verbally by an ex- sales agent of TradeRush as being their standard practice.
You are quite correct in surmising that TradeRush data "throttle" targeted accounts at will and go to great lengths to control access, performance etc. So much so that TradeRush have invested 10x more $$$ in " damage control" software than in any other department of their business in the last 2 years. Alerts are raised when client accounts exceed specific win ratios and degrees of handicapping "control" are implemeted accordingly...even to the point where it becomes (virtually) impossible for the account holder to log-in. Not that this has stopped some IT savvy account holders from trying, using various techniques of tunnelling etc. Suffice to say that TradeRush and a select few persistant account holders are constantly (and quietly) engaged in a battle of whits to outdo each other.
TradeRush are in this game to make money, not to loose it. Don't insult your own intelligence by swallowing their sales line "we like you to win because then you trade more and recommend others." You are allowed to win just enough for them to encourage you, and to believe that any subsequent losses are just a bad spell of luck.
Getting you to invest MORE funds is the name of the game, and is essential revenue for sales staff, as they are paid a commission percentage of deposits only. Bonuses help to lock those deposits in for a decent term and chances are, they will be lost over time. Bonuses can only be retained after trading a minimum of 20x the bonus given. Suffice to say that only a small percentage of traders can achieve this without blowing up (you do the math).
Trouble is (for TradeRush), that some can, and do. As the threshold gets closer, the damage limitation increases. Imagine trading an instrument whos prices and movement bears no relationship to its actual market price, and is not only unique to TradeRush but also to YOUR PLATFORM! Your fill price and your expiry price will be their choosing. That is how far they will go to handicap profitable account holders...and then some: Timer clocks being changed, trades disapearing, options being suspended, filled prices being manipulated way off the screen price etc. Even this doesn't stop an elite few making profit, so IP blocking is next in the damage limitation armoury.
If you happen to make this elite group of die-hard account holders, you have the prestige of being known by TradeRush staff throughout the office (and possibly around Limissol :) ..if only for the fact that you are a thorn in the side and No Opportunity for commission hungry sales staff.
Whether or not this is common practice amongst other Binary option brokers or not, I cannot comment. I am aware that TradeRush repeat to all that enquire (and have done for the past 3 years) that they are currently in the process of completing their regulation. Conclude from that what you will. There are enough EX TradeRush staff to make such regulation a dangerous prospect, albeit that they are threatened venomously not to disclose anything.
So to Orscella and all other Traders contemplating TradeRush as a Binary options broker:
The challenge to become a consistant and profitable Market trader is a challenge of which most will not prevail (binaries or otherwise).
The challenge to prevail over TradeRush is a whole new level.
 
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