Thank you for all the nice comments. I rarely post anything - but if and when I do, I believe I am right. Some of you may remember the story of Crown Forex - and I hope some of you got at least a little money back when FINMA closed the shop down.
Now back to the infamous Binary Option business. Let me just say that basically I find it an exciting wayy to make money. It needs some guts and understanding but you can actually make money - if you apply some rules and common sense.
When I criticize a company, or make accusations, then I can back it up. I always put my money where my mouth is and that means I do actually open accounts and put money in as well. Only this way you can find out what really happens.
I did so with EZTrader
I did it again with OptionRally
After a lot of hassle and threats, I got my money back from EZTrader. The problem is always the same: They want your money and they are giving you the run around to actually get the money back. It's a hassle with no end and if I am forced to threaten with civil and criminal charges, the fun is gone.
Next is OptionRally: I am NOT afraid to call this a criminal organization - SUE ME!!
I read their general terms and conditions and could find no fault in that, with the exception of the clear statement, that prices quoted are "indicative"......
I went ahead and opened the account with 500 bucks. I immediately discovered that they were actually manipulating prices. Supposedly they have a data feed from Thomson Reuters and it might be even true, except..... what you see is NOT what you get. You will be buying on the price you actually see, that much is true. But then the tricky game starts. Upon Expiry of an option, they apply a totally different price. Depending on the side you are, the option expires not at the quote you see but rather they change the price. What they do is simple: If you're long with a call, the option does not expire at the quote you see but at the quote they give you and that is far away from market. So actually you have NO control over anything, you simply don't know what the expiry is and you're forced to swallow it.
Now... between the standard binary options and the 60 second options is a difference that often exceed 20 points!! I took screenshots of all that and started to complain about it. The answer came in the snottiest way I've ever experienced: You know, this is how we make money.......
No need to explain that I instantly put a request to withdraw in. That was on June 19, and it was confirmed on June 20. Right. This is the 3rd of July and instead of having gotten my money back, I was given the run around. Dozens of mails with complaints were answered with a standard text: Your request has been forwarded to your account manager. Say what? Some crooked "account manager" is now deciding whether I get my money back? .. right.. that's how it is.
It does not matter who is in charge. The names are all fake. Whether he calls himself "Sven Johnson" or "Saul Goodman" - it's a criminal and crooked set up.
The list goes on: The phone numbers given are all "call centers". You call one of those numbers and they can't connect you to anyone. I have the conversations, at least the important ones, on tape. The Swiss phone number is forwarded most likely to Cyprus. You call the offices of "Optionrally Financial Services Ltd" at their Cypriot Offices - the same girl answers. You ask for the financial or the legal department..... "Sir, what is your number? What is your account number? Ok. Someone will call you back"... Needless to say it never happens.
Meanwhile I have put this all nicely together in a package, filed the complaint with CySec - even though I don't expect much to happen. It's not the Binary Option Trading that is crooked, it is the Companies.
I urged each and everyone: READ THE GENERAL TERMS AND CONDITIONS carefully before you put down any money. Have doubts? Stay away from it.
And in response to Osa's comment: I am not sure whether it is allowed here to recommend a broker in Binaries. If it was allowed, let me know. But if you check this website carefully, you see an advertising at the top from a British Broker.......
Now back to the infamous Binary Option business. Let me just say that basically I find it an exciting wayy to make money. It needs some guts and understanding but you can actually make money - if you apply some rules and common sense.
When I criticize a company, or make accusations, then I can back it up. I always put my money where my mouth is and that means I do actually open accounts and put money in as well. Only this way you can find out what really happens.
I did so with EZTrader
I did it again with OptionRally
After a lot of hassle and threats, I got my money back from EZTrader. The problem is always the same: They want your money and they are giving you the run around to actually get the money back. It's a hassle with no end and if I am forced to threaten with civil and criminal charges, the fun is gone.
Next is OptionRally: I am NOT afraid to call this a criminal organization - SUE ME!!
I read their general terms and conditions and could find no fault in that, with the exception of the clear statement, that prices quoted are "indicative"......
I went ahead and opened the account with 500 bucks. I immediately discovered that they were actually manipulating prices. Supposedly they have a data feed from Thomson Reuters and it might be even true, except..... what you see is NOT what you get. You will be buying on the price you actually see, that much is true. But then the tricky game starts. Upon Expiry of an option, they apply a totally different price. Depending on the side you are, the option expires not at the quote you see but rather they change the price. What they do is simple: If you're long with a call, the option does not expire at the quote you see but at the quote they give you and that is far away from market. So actually you have NO control over anything, you simply don't know what the expiry is and you're forced to swallow it.
Now... between the standard binary options and the 60 second options is a difference that often exceed 20 points!! I took screenshots of all that and started to complain about it. The answer came in the snottiest way I've ever experienced: You know, this is how we make money.......
No need to explain that I instantly put a request to withdraw in. That was on June 19, and it was confirmed on June 20. Right. This is the 3rd of July and instead of having gotten my money back, I was given the run around. Dozens of mails with complaints were answered with a standard text: Your request has been forwarded to your account manager. Say what? Some crooked "account manager" is now deciding whether I get my money back? .. right.. that's how it is.
It does not matter who is in charge. The names are all fake. Whether he calls himself "Sven Johnson" or "Saul Goodman" - it's a criminal and crooked set up.
The list goes on: The phone numbers given are all "call centers". You call one of those numbers and they can't connect you to anyone. I have the conversations, at least the important ones, on tape. The Swiss phone number is forwarded most likely to Cyprus. You call the offices of "Optionrally Financial Services Ltd" at their Cypriot Offices - the same girl answers. You ask for the financial or the legal department..... "Sir, what is your number? What is your account number? Ok. Someone will call you back"... Needless to say it never happens.
Meanwhile I have put this all nicely together in a package, filed the complaint with CySec - even though I don't expect much to happen. It's not the Binary Option Trading that is crooked, it is the Companies.
I urged each and everyone: READ THE GENERAL TERMS AND CONDITIONS carefully before you put down any money. Have doubts? Stay away from it.
And in response to Osa's comment: I am not sure whether it is allowed here to recommend a broker in Binaries. If it was allowed, let me know. But if you check this website carefully, you see an advertising at the top from a British Broker.......
