Refusing to show and pay profits - Onetwotrade

RoyS1

Private
Messages
10
Dear asir,

I was scammed into parting with my savings with a company called Onetwotrade which claims that it is not a forex company but a binary company. I was made to believe that they would monitor my tradings based on their sophistaced tools of trade to ensure an 80% winning margin. On agreeing to join , I was asked to click on a column at the end to enrol with the company. On clicknig at thefinal stages Iwas asked to read the rules and regulations. being eleborate I decided to print and reda them the following day. On reading I found the rules to be schewed to ensure that one cannot collect the money until they make 20 times the amount invested.I immediately wrote to thebroker for clerifications adn said that I would withdraw if they continued to inact the regulations. Tothis I did not receive any answer.meanwhiel they asked me to trade for anothe r2 days where they asked me to take out US$15,000 t trade in lucrative sure win shares. I agreed thinking that my case would be refered for withdrawalas it was less than a week adn they would have a due grace period before inacting the agreement. I had since been writing to the company to just collect my invested capital, adn asking them to keep the profits based on my earluer transactions.They claim that all my profits are from bonuses adn would not allow me to go into my account to print my statements to varify.
On 20 February2015 a staff from their compliance dept called me adnasked for my visa card numbers adnasked meto resign the agreement. I did so with the sole intention that they will amicable settle my case based on my proposition. After thatI wrote to state my intentions.I never received any more correspondences from the company anymore.
I would want to imress on persons to read the regulatory requirements of such scrupelous companies to protect them against unjust regulatory rulings by companies which are not registeresd.

Roy Sundram
 

FxMaster

Lt. Colonel
Messages
9,981
Two steps that you must follow

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

2nd - Go to there website and invite them to here via Live Chat.
 

RoyS1

Private
Messages
10
Failure to refund my investments and profits by Onetwo trade due to technicalities in signing the regulatory forms.

On 2 Dec 2014, I registered as a member with an online binary options forex company named Onetwotrade, to learn and invest in forex related investments. The company advertised that they can generate a profit of up to 85% returns on invested capital and that they are regulated. (Ron Berdych Risk and Client Relationship Manager +442037347240 and Simon Evens Senior Account Manager +442037347240 simon.e@onetwotrade.com ) were assigned to me.
On completing the online format, I had to click at the bottom of the format under Terms/Conditions to activate my account. On clicking on conditions, I was shown a long list of rules and regulations of the company. I decided to print the information and read it the following day. On reading I noticed that the terms and conditions in retrieving ones bonuses and capital were subject to very severe requirements and eschewed towards the companies interest. I immediately wrote to the brokers to seek clarification of the agreement, so that I could understand the regulations better. The brokers did not want to assist, and evaded the subject, informing me that I would be able to make the necessary profit withdrawals within a short while. Within the next two days 3 Dec and 5th December, I invested a total of US$ $13,750 based on the promptings of the brokers. I obeyed to their every request, thinking that I could meet the 20 times turnover equivalent. On each trading they asked me to invest anything from US$500-US5000.
Noticing that I would not be able to withdraw my money, and based on some bad investments made by the brokers, I started to realize that they were manipulating my account. I decided to quit and stop investing. I wrote to the company in no uncertain terms that I would like to withdraw and forwarded a withdrawal form through the system. I was informed that I was not able to withdraw my money based on the regulations I signed.
“The bonus cannot be used for withdrawals until the end of Term. At end of Term, Client can only be eligible to withdraw any bonus amount if Client has transacted a turnover equivalent to 20 times the combined value of their initial deposit amount and bonus amount. For cancelling my membership, I need to write to the company within a certain period”.
I had since been fighting the case with the company, and asked my bank to mediate. My banks have asked me to settle the matter with the merchants – Onetwotrade.I had informed the company to make an exception as I am a retiree and a cancer patient, and my sole purpose in delving in the forex market was that I would make a supplementary income to pay for medical and personal expenses. The company had since been using different people to attend to my case and had tried offering me US$500/- to resolve the case and to reinvest another US$10,000 to trade and make back my losses.
I had proposed a onetime settlement of my case by being paid half of my investment and profits. The Company had since closed my records for me to view my transaction history in order that I do not see the actual amount.
On 20 Feb2015 I received a call from a Mr. Danny, a staff of the company, danny.m@onetwotrade.com, inquiring on my visa cards and amount spent. He assured me that he would assist me with the refunds and also asked me to initialize the bonus agreement and provide him with the visa card numbers and amount transacted. I complied thinking that they were doing all this to resolve my case. I then did not hear from Danny despite writing to him on my decision in signing the forms. I believe they use the document to inform the banks as proof that I signed the agreement.
I had written to Onetwo trade that I would be making a Police report and to report the company to their regulatory body.
The company had based on my correspondences tried to settle the case by offering me US$500/- as a goodwill gesture. I had refused on grounds that I invested US$13,750/- and I have an account balance of US$12,523/- plus a trading profit over the three days of US$31,763( profits bonuses). The company is still considering my appeal.
 

RoyS1

Private
Messages
10
I was informed that Onetwo trade is not a regulated company under the FCA. I have done some research into One Two Trade and from the information I could find it appears the company is a binary option trading company. Binary options/bets are not regulated by the FCA. This is because the FCA believes binary options do not meet the RAO definition for Contracts for Differences under Article 85 since they have a binary win / loss outcome rather than fluctuating in reference to an underlying asset value, price, index or other factor. Instead they have a Gambling Licence in 2005 outside UK. If they are operating presently in the UK, the Gambling commission finds them illegal and they should reapply their licence under the SPA. The company had failed to correspond with me after my many mails requesting refund of my funds. I had even proposed an amicable one time settlement of my investments. They claim all my profits are in bonuses and therefore cannot be taken out. I have records to show that the transactions were made with my cash.
The government has confirmed that the 2014 Act will not be commenced for the purposes of those Binary options which are a form of fixed odd bets on financial markets. The Government proposes to consult on amending the Regulated Activities Order (RAO) 2001 to take such products out of the scope of the Gambling Act 2005 and regulate them as financial products. This would bring binary options within the remit of the Financial Conduct Authority (FCA), in line with standard European practice. Financial services is not a devolved matter and therefore this change would mean that the regulation of binary options is consistent across the UK.

The effect of this is that operators that do not have remote gambling equipment in Great Britain will not, for the time being, require a gambling operating licence to offer such binary options, and no application will need to be made until further notice. However, operators with remote gambling equipment in Great Britain will continue to require an operating licence until such time that the RAO is amended.
As such, this website is not licensed by the Gambling Commission as it seems that their remote equipment is based outside of Great Britain.

I was asked to contact the company directly with the issues you have raised and follow the companies’ complaints procedure. If they fail to respond in a satisfactory manner then please ask them for the details of their regulatory body for you to escalate this matter. The address provided for the appeal by One two trade is incorrect. I had stopped corresponing with them and made a Police report, negotiating with the banks and visa to recover my money and profits.
 

yapdonny

Recruit
Messages
1
Withdrawal being cancelled

I am sorry to hear your case, mine is almost the same fortunately I don't invest large amount with onetwotrade only 500usd and I don't ask for any bonuses to avoid any of these. But even with that they are refusing to process my withdrawal, they don't answer any of my emails, they hang me out of chat area, and my account manager Oliver Derby is not answering my skype. I lost hope to withdraw my account and profit with this bogus company. I will just charge this to my experience and hopefully other traders will learn from this. I attached all of my screenshot for evidences.OneTwoTradeScam.jpgOneTwoTrade.jpgOneTwoTradeChat.jpg
 

jbinary219

Recruit
Messages
7
You have to contact your card's issuing bank. OneTwoTrade is an established scam operation that has numerous complaints on various sites over the internet. It's also affiliated with known internet scammers Michael Freeman and other affiliates pushing fraudulent binary options auto-traders. The company is a bucketshop and they are not going to return your money. The terms and conditions are designed to be extremely restrictive when you want your money back.

Contact your bank or your credit card provider - whichever you made the deposit with. Explain to the fraud department the services the broker is supposed to offer - deposit, withdrawal and trading. They are not allowing you a withdrawal, so they are failing their side of the agreement and if you can prove this to your bank then they will initiate a chargeback and hopefully you can recover all the lost funds.

Good luck.
 
Top