Private, 1st Class
I opened binary trading account with Banc De Binary and deposited £250 from my TSB account. Next day I received a call from the company called Ivory Option somehow they got my mobile number. They said we are better binary trading company than Banc De Binary so move your deposit to us. They even put cancellation request for me to Banc De Binary, may be hacked into my Banc De Binary account. I opened the account with them and deposited £250 from my TSB debit card. They appointed my account manager, Mr Adam Naji. They took all my IDs including copy of my passport. As they said we are regulated by FSA and we cannot open account without verification. They sounded very professional. Mr Naji said I put you risk free trades which means if you lose we will refund your initial deposit to your trading account and you would not lose a penny. For this kind of trade minimum you need is £5000 for each trade and maximum two Risk Free Trades (RFT) we give to a new customer. I told Mr Adam Naji that I do not have this kind of money. He said, do you have a credit card. My answer was yes. He said you can use credit card and by 15 April 2016 you will win this trade and earn 75% on your investment which is £8750 and you can return £5000 to your credit card the rest is your earning. As the chances of winning is 93% and even if you lose we will refund your original amount. Thus is win win situation. I deposited £5000 from my TSB credit card and he sent me RFT offer signed by their VIP department –copy is attached. He put me on RFT trade. Next day Mr Naji rang me and said you must take second RFT trading and you need to raise another £5000. I told him that I cannot do that as my credit limit does not allow. He said you raise £2500 and will give you £2500 as a bonus and put you on second RFT. I deposited £1000 from TSB credit card and £1400 from my Barclays credit card. As I had £250 my initial deposit thus I was able to make up £2500. He sent me RFT offer again signed by their VIP department. I have copied of these offers. During this time he was ringing to persuade me to take up these golden opportunities. He did not mention any bonus turn over requirement. I was blindly trusting him whatever is was telling me.

Next day he called me again and he said now I will teach you daily trading and the best way to do this is use our bonus money. If you put £5000 we will give you £5000 as a bonus once you receive the bonus than you can withdraw your £5000 back and use our money for daily trading and training purposes. I told him that I do not have this kind of money and all my credit cards are stretched to the limit. He advised me to borrow from your friend for a day and once you got the bonus then you can withdraw and give him back. I borrowed from my friend and deposited £5000 to my trading account he sent me e-form to sign for the deposit which did not show any term and conditions I signed and returned. They deposited £5000 making £10000 in total. As I wanted to return this money to my friend I straight way put a withdrawal request and it went into processing. Mr Naji turned his tongue and he said you cannot withdraw your deposits. Once you used all your bonus then you can withdraw. I stopped trading. At this stage I got suspicious about them and contacted to TSB on the same day I deposited this £5000 they said that cannot stop the payment. They advised me that you talk to Ivory Option to resolve this issue. To resolve the issue I made numerous calls to Ivory Option and contacted them via e-mails but no positive response for two weeks and they told me that you have to trade to reach the turnover. As I was told lies through from account opening to Risk Free Trades (RFT) to bonuses thus I no longer trust Ivory Option. I requested them to take your bonuses back as I did not used them and let me withdraw my deposits but they opposed to that idea. When my first Risk Free Trade was lost I requested my account manager Mr Naji to return £5000 to my trading account as agreed by RFT offer, he sent me an e-document for signing. I printed the document before signing as I was very cautious to sign anything from Ivory option anymore. The document stated that the £5000 will be returned as a bonus and turnover is required to withdraw. I was not given that information when I was put on RFT and neither terms and conditions for RFT were stated on their website. I refused to sign the document and requested my account manager to return the amount £5000 to my trading account. At this point I ended my second RFT trade which was wining trade and all the amount for that trade went back into my trading account. At this point my account manager stopped communicating with me. I contacted Ivory Option support team as requested them to pass my call to Mr Naji but he never talked to me. I continued to login to my trading account keep telling the customer support team via live chat about my problem but they made too many false promises but was not getting any positive response. During this period I only logged into my account to take photo of my trade account balance and for live chat regarding my issue. But at the end I felt like hit my head against a brick wall as was not getting any response from Ivory Option. Under those circumstances I had no choice but to raise a dispute for the following amounts £5000 (TSB debit account), £1000 and £5000 (TSB credit card). I held back for the amount of £1400 which I deposited from my Barclays credit card.

TSB applied chargeback to my trading account and £5000 which was chargeback on 26th April 2016, £1000 and £5000 was chargeback on 10th May 2016-see attached my trading account statement. When the first chargeback was applied I received a call from Jim Turner Ivory Option documentation team. As he spoke to politely and asked me to tell the full story about this matter. I explained him the whole story and he requested me to forward him the copies of e-mails from Mr Naji who provide me misleading information. He promise to call be back straight after assessing these e-mails. He rang me after ten minutes of sending these e-mails. Hence he admitted that the mistakes were made and he promised to me that we will refund £5000, £2500 and remaining lost RFT of £5000 will be investigated. In return he requested me to sign a credit authorisation form for the amount of £5000. Between his calls I rang to TSB dispute team and asked regarding signing of this form. They advised me not to sign any document as the dispute is ongoing and they also advised me to asked for written confirmation for refunds with amounts, as they cannot take call recording as an evidence. When Jim called again I requested him for written confirmation of the refunds, in return I will sign the credit authorisation form for their audit purposes. He agreed verbally but did not confirm in writing hence I did not sign this form. I have recorded all the conversations I had with Mr Jim turner. This recording gives full information of this matter. In the meantime Ivory Option appointed Jack Roberts as my new account manager whose only motivation was to agree me for trading and empty my trading account by making me loose. I insisted not to trade until my concerns are not resolved. I have record of all communication I have with Mr Roberts. When TSB applied chargeback on 10th May 2016, Mr Roberts stopped communicating with me. But I continue to pursue the matter with Ivory Option support team mainly with Celena Corner.

At this point Ivory Option closed my trading account and I could no longer login. They confirm this in writing saying that the account is closed due to chargeback and money has been returned to my bank and you must figure this out with your bank-see attached emails.

I contacted TSB dispute team and also forward the copies of e-mails I received from Ivory option support team. But TSB told me that the money never come back to them so they cannot credit my accounts. Throughout this dispute I received very unprofessional service from TSB dispute team. TSB credit card dispute team finally credit my account in June as temporary measure while the dispute was still ongoing.

I was shocked to receive a combined letter from TSB debit and credit card teams saying that the decision was made in the favour of the retailer so you need to communicate directly with the retailer to resolve this issue. As I was still in communication with the retailer I contacted them again via phone call and spoke to Celena of 15th August 2016. She promise to me that she will look into this case and will talk to their finance department. For the period of 15th August 2016 to 15th September I was away on holiday but I was still communicating with support team for the updates but no response. When I came back I made numerous call to support team regrading this matter as my intension was to give Ivory Option another change before I take further action.

Finally support team passed me back to Mr Jack Roberts who confirmed in his e-mail dated 28th September 2016 that the amount £11000 never come back to Ivory Option.
Never sign anything from a binary broker that limits your ability to chargeback. Signing that form may have doomed your money.

I suggest contacting WinChargeback and asking if there's anything they can do in a case like yours.
Never sign anything from a binary broker that limits your ability to chargeback. Signing that form may have doomed your money.

I suggest contacting WinChargeback and asking if there's anything they can do in a case like yours.
I was scammed by Ivory Option. Are they registered with live exchange? Please any information you have regarding this scam broker.