RESOLVED Case# 2015-060 | depst vs. citrades.com

[dkami]

If they were an honest broker they would waver the bonus rules and @ least give you back your initial deposit!

Guilty

 

[Pharaoh]

Using bonus rules to block access to the initial deposit is unethical and is also illegal in many jurisdictions.

Additionally, any ethical broker would make sure that a "lock in" of the initial deposit would be clearly explained.

My vote - GUILTY!

 

[F***X]

An ethical broker should at minimum return the initial deposit for any reason as requested by the client in a timely manner. A policy such as forcing the client to jump through hoops like a circus animal 30x to get their initial deposit is deceptive, cruel and unusual.

 

[Ibrahim Adam]

Most binary option scam brokers use this trick,they give you 100% or even 200% bonus and they say you can use it as your own fund but they hide in their terms and conditions that you must trade zillion times bonus size in order to be able to withdraw anything from your account,

 

[depst]

This is an update to state that CiTrades have now refunded my account balance in full and no further money is owed. I now regard this case as being resolved.

Citrades have very harsh terms and conditions that are unacceptable. Please be wary.

I wish to thank everyone on the FPA site for their assistance in this matter

 

[zuijlen]

Based on the happy outcome of this case, I'll vote NOT GUILTY. However, this does serve as a warning to first read a broker's term and conditions before opening an account.

 

[Ibrahim Adam]

This is an update to state that CiTrades have now refunded my account balance in full and no further money is owed. I now regard this case as being resolved.

Citrades have very harsh terms and conditions that are unacceptable. Please be wary.

I wish to thank everyone on the FPA site for their assistance in this matter

i am glad your issue is resolved be aware of binary options brokers in the future.

 

[sandowner]

NEVER take bonus offers they are designed to tie you in to ensure you trade and lose your money. Even if you do not take bonuses and only use your own money most make it very difficult and use all sorts of delaying tactics to prevent or delay repayments. Avoid ALL binary options as the odds are massively stacked against you. Better to back any horse with a registered betting company not that this is actual investment advice . At least you can get paid odds that would enable a profit. Binary trades need a success rate of 2 wins out of every 3 at least to make a profit. Options, CFD's and spread betting at least allow you to run profits and cut losses rather than speculate at a fixed return payout. I really cannot understand why binary companies need to cheat people as the odds are stacked massively in their favour anyway.

 

[vgasper]

This is an update to state that CiTrades have now refunded my account balance in full and no further money is owed. I now regard this case as being resolved.

Citrades have very harsh terms and conditions that are unacceptable. Please be wary.

I wish to thank everyone on the FPA site for their assistance in this matter

Some brokers have terms and cond. made for them so whatever you do they will keep your money . Forex market is made to lose if you lose money Great!!! If you make profits you must be very lucky to get the profits from brokers especially from unknown brokers...

 

[Oldguy60]

I am in a similar situation. Started an investment of $1000 due to the offer of a 'bonus' and then John Goldberg gets on the phone and offers to sweeten the deal if I add $5000 with additional bonus bucks. My account has never been traded. I got nervous after reading all the bad reviews so I called the next day and asked for my deposit back. John said that was impossible since my money was tied to the bonus. How can that be? I never even executed a trade. John said that the bonus came from him doing a trade for me in advance to get me the extra money. The terms and conditions say you can't have access to the BONUS money until you trade 30 X $$. Why can't I get my original deposit since I have never traded any money with them? Help for the Oldguy60!!!