Insured Profits/Banc De Binary Scam

jdr54

Recruit
Messages
3
I fell for this "Insured Profits" signals service scam, which is tied in very closely (if not one and the same) with Banc De Binary options brokers.

Can anyone please tell me if there has been a ruling against either or both of them? I tried to get a chargeback on my credit card, but I was informed by MasterCard that I will need a letter from an independent trading professional (not just an individual), confirming that either one (or both) are involved in fraudulent practices.

I know that BDB cannot American customers, as the US government has banned them from doing so. Also, Insured Profits is an absolutely useless service designed to benefit the broker and NOT the trader. In fact, when you try to contact support to ask questions or complain, you are asked to refer to your BDB broker!! So I'm to consult my brokerage about a support issue for software which is supposed to (in theory) work against them and benefit the trader?!

Any help would be greatly appreciated.
 

jdr54

Recruit
Messages
3
Very true. Yet sadly, a well respected figure in the forex trading community (has his own very successful signals service) sent me an email endorsing it and actually giving it a glowing review. Apparently, this software is supposed to automatically "hedge" your trades. They claimed to have worked out a formula which will allow you to lose only $3 when you lose, and (depending on how much you place on the trade), receive approx. 300% when you win, therefore making up for all your losses when you win. Problem is, when you choose their "recommended" trade (and hedge) and place the trade, you get a popup about a second in duration that informs you that the hedge could not be placed...however...you guessed it....your "unprotected" trade goes through just fine!! Only about 1 in 10 trades are protected. I was furious and contacted support to point out this "glitch" in their software, and they referred me to my Banc De Binary account manager!!

They offer the Insured profits software for free, but in order to use it, you have to use a binary broker of their choice. Guess which one was their preferred broker? Their software operated on a separate website but "linked" to Banc De Binary. It didn't take me long to realize that they were one and the same. Those Insured profits jackasses were making their money off commissions from the trades of all unsuspecting users of their software. A win-win situation for them and BDB, and a lose-lose for the victims.

BTW, when I skyped this respected forex trader and asked him if he had indeed sent me the solicitation email, he admitted he did. When I told him about all that had happened to me, he didn't seem very surprised, and admitted that the software was "not as good as he had originally thought" and that he now uses it only occasionally..and only when it correlates with his own signals! He said that because of his status, they probably offered him better incentives, and went on to tell me that "as a man of the world", I should not fall for anything that sounds too good to be true! WOW. Needless to say, his credibility is shot as far as I'm concerned!

So that in a nutshell, is how I fell for this scam.
 
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