Optionstarsglobal (website optionstarsglobal.com

riclew

Private
Messages
20
I have been unable to withdraw my funds from option stars (also known as optionstarsglobal).I Have made deposits totaling US$3,050, I have profits of about $5,500 and bonuses of $2,450. I was tricked into accepting the bonuses, the horrendous conditions attached to them were not explained to me.
In the terms and conditions on the website it says that bonuses must be covered by a trading volume equal to 15 times the bonus, in practice they increase this figure to 40 times.
My complaint concerns the terms and conditions and their interpretation of them. Clause 20 states (exact copy):
20. The Company, at its sole discretion, may decide (but not be obliged to do so) to offer bonuses, promotional offers or any other kind of benefits to the Client, to set its conditions, and/or change them without prior notice to the Client. The Company shall not be subject to reason its decision nor to be forced to do the same in future transactions of the Client. Once a bonus has been awarded/accredited to a clients account, they will be subject to execute transactions in an amount of at least fifteen (15) times the bonus amount and might also subject to minimum deposit and/or minimum volume of trading and/or a certain time limit. Any bonus is for trading purposes & cannot be withdrawn. Furthermore, the Company may, at its sole discretion, credit the Client with up to Thirty five Percent (35%) bonus for each deposit made by the Client up to a maximum of one thousand five Hundred ( $1500). Financial bonuses will be also subject to Client’s full compliance with these Terms. In any case where a client wishes to withdraw funds from his account while a bonus is active and it’s trading requirements have yet to be complete, the company reserves the right to remove the profits and the bonus from the account balance so that the client may withdraw any remaining funds.
What I tried to do was withdraw my own funds without bonuses or profits. If you read the last sentence in the paragraph above, it is reasonable to assume that I am entitled to do so. However, the company has steadfastly refused to allow any withdrawal and says that I must trade $57,000 before I can withdraw any funds at all.
I have asked optionstarsglobal where they are regulated, the response was "we are not regulated".
It is pretty obvious that if I trade $57,000 I will risk losing the whole account. So how can I recover funds that legitimately belong to me?
 

FxMaster

Lt. Colonel
Messages
10,113
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Invite him via skype or any communication address you have for him.
 

riclew

Private
Messages
20
Optionstarsglobal have been invited to join this thread. One more piece of information: When you are asked to join the website gives you the impression that they are regulated in Cyprus. However, quote from ScamBroker website "Non European Residents – Traders who do not live in Europe are not accepted at OptionStars. Instead the are sent to trade with Option Stars Global which is an unlicensed broker, owned and operated by New Markets S.A. Novasage Chambers, Level 2, CCCS Building, Beach Road, Apia Samoa." That was never explained to me, it would have sent alarm bells ringing. Apia is not part of American Samoa which would be covered by US laws.
 

Pharaoh

Colonel
Messages
20,029
If you used credit cards, you may want to have a long talk with the fraud department at the card's issuing bank. Report back about what they say.
 

riclew

Private
Messages
20
Optionstarsglobal have been invited to join this thread. One more piece of information: When you are asked to join the website gives you the impression that they are regulated in Cyprus. However, quote from ScamBroker website "Non European Residents – Traders who do not live in Europe are not accepted at OptionStars. Instead the are sent to trade with Option Stars Global which is an unlicensed broker, owned and operated by New Markets S.A. Novasage Chambers, Level 2, CCCS Building, Beach Road, Apia Samoa." That was never explained to me, it would have sent alarm bells ringing.
 

Mike777

Private, 1st Class
Messages
33
You must be able to withdraw your deposit without profit and bonus. Otherwise this is a fraud or scam.
 

riclew

Private
Messages
20
I have talked with Fraud Dept at my bank and submitted a detailed report on the scam. They have not been able to recommend any action at this stage.
 

Pharaoh

Colonel
Messages
20,029
Call them back and ask about whether a chargeback can be done. If they act confused, ask for a supervisor. If that fails, consider professional chargeback assistance from a company like WinChargeback.
 
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