Resolved - Potential Interactive Option Scam

[Theb]

Dear all, I just wanted to give a fair warning as there are a lot of red flags concerning interactive options.

This is my personal experience:

I have opened an account about 3 months ago when I was looking into Binary Options (I have opened accounts with multiple brokers - different story). I funded this account with some play money (500 €) but I did not initiate any trades. First I was working on my strategy in a demo account.

This year I wanted to start with trading using Interactive Option, and I logged into my account only to find that my balance was at 0 €.

Someone initiated two losing trades end of December for 50% of my account each. Actually the risk was 100% as both trades were initiated at the exact same time, using the same currency pair.

I am confident that nobody hacked my account as I have a strong random pw generated by keepass.

I have written to my 'account' manager and to support to ask them to investigate.

The first reply was that he tried to reach me (did not have missed call) and that he was happy to discuss my trades and a new strategy.

I have replied 2 days and no feedback back since then

 

[DylanSuth]

Dear all, I just wanted to give a fair warning as there are a lot of red flags concerning interactive options.

This is my personal experience:

I have opened an account about 3 months ago when I was looking into Binary Options (I have opened accounts with multiple brokers - different story). I funded this account with some play money (500 €) but I did not initiate any trades. First I was working on my strategy in a demo account.

This year I wanted to start with trading using Interactive Option, and I logged into my account only to find that my balance was at 0 €.

Someone initiated two losing trades end of December for 50% of my account each. Actually the risk was 100% as both trades were initiated at the exact same time, using the same currency pair.

I am confident that nobody hacked my account as I have a strong random pw generated by keepass.

I have written to my 'account' manager and to support to ask them to investigate.

The first reply was that he tried to reach me (did not have missed call) and that he was happy to discuss my trades and a new strategy.

I have replied 2 days and no feedback back since then

I advise you to do a credit card chargeback if thats true

 

[Theb]

something I have forgotten to mention, but I have asked them with a security log of my account (user log ins and ip addresses). Then I will reconcile that with my public IP at that time.
Since this is my account, I trust this is not a privacy matter.

I have just heard from my 'account manager' he prefers to talk over the phone. Will have a call later this afternoon.

Will keep you updated.

 

[Theb]

Just spoke to my 'account manager'.

bottomline: they stated that there was a software glitch at their end which cause them to trade on my behalf. They have "refunded" my 500 €.
I of course asked them to write this to me but he was very reluctant and promised me he would ask his manager to do that.

the longer version: we had a chat and initially the account manager told me he can't do much; I was just transferred to him and we've only had contact since January 6th etc etc.
He also started with stating the obvious talking about two losing trades which blew up my account. I told him I did not initiate those trades. Going a bit back and forth about it and I ask him about the security log.
First time he actually lets slip one fact. he could see I logged into my account end of September and beginning of January. Basically confirming I could not have done those trades. I was of course pointing this out and told him I want this investigated and asked him what the next steps would be.
He was trying to stall a bit and told me he would send this for investigation to a technical department. I told him that the outcome of this would define how I would continue IO. I told him one of my steps would be to contact CYSEC. He then told me to hang on, after a bit back and forth he told me they refunded me my 500 €. I insisted on knowing what happened and he then eventially told me that there was a software glitch on their side which initiated those trades on my behalf. I asked him to send this in an email to me, which he did not want to do. I continued insisting and he told me his manager will send me an email.

Now of course the next hurdle begins and that is to actually withdraw this money. Will keep you posted.

 

[Theb]

email from my account manager

As discussed, due to technical issue of the software 500 EUR have been refunded to your account.

Sorry for inconveniences.

Will be happy to work with you in the future.

 

[FxMaster]

Great that you got your money Back.

One advice to everyone, whenever you feel scam by any broker then please contact your broker first. Most of problems are solved just by chatting with live support.

 

[Master Yoda]

Interactive Option is a broker we are having some issues with.

They are very unclear and they do not provide answers

 

[Theb]

Great that you got your money Back.

One advice to everyone, whenever you feel scam by any broker then please contact your broker first. Most of problems are solved just by chatting with live support.

well I am going to rejoice when I have the money actually on my bank account . It still is in status pending. Will request an update on Monday and keep you folks posted.

 

[Theb]

Interactive Option is a broker we are having some issues with.

They are very unclear and they do not provide answers

I agree and the red flags remain

trading on behalf of traders without their consent
blocking communication
only when pressured and threatened with a complaint to CYSEC etc they try to resolve issues
not allowing withdrawals from some folks

the list of on FPA goes on and on :/

Anyhow, thanks a bunch for all the ace work you guys do here Master Yoda and other mods. This really feels like a safe haven in the wild trading world

 

[Master Yoda]

A broker who's trading on behalf of traders is illegal and against even if the trader agrees.

Trading world is wild indeed, although I can't call binary option as trading