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 Any bonus is for trading purposes & cannot be withdrawn.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?
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?