uBinary USD50k Loss

Managed Account Deliberate Losses:
I have been trading with uBinary for about 18 months.
Initially I was wary since I had deposited money and lost with other Brokers, mostly small, but USD22k with Banc de Binary - another story. I started small with USD1000 and gradually deposited a total of USD55k (USD55,000.00). Trades were done by Chris Paulsen - my account manager and in the main made money for me - some wins and some losses - about 5% per month. I retired January last year (2015) and lived mainly off the proceeds. Withdraws of USD5k to USD10k were slow to transfer, but eventually came through (worst was 42days). Total withdrawn to date is USD49k. My account balance after the last withdraw was USD57k. Because Chris Paulsen was going away for December and January a number of longer term trades were entered into by Chris Paulsen early Dec15 with maturation 24Dec15, 31Dec15 22Jan16 and 31Jan16. Some in the money some not. At the exact time of the 24Dec15 win maturing, another Account Manager (unknown - maybe Ryan Allman) with access to my password from inside the system (not given by me) entered into losing trades with short expiries - two or three hours. Losing from the outset.
Three Key Trading Principles were agreed with Chris Paulsen beforehand - 1) Always keep 20% of Equity as Recovery Fund (ie not in any trades), and 2) Maximum USD5k per trade. 3) Always take longer term expiry Trades (30 to 45days).
These new short expiry trades took my account balance to near zero. Serious discomfort. The trade ended out of the money and the next win was on 30Dec15. I sent an email with strict instructions NOT TO TRADE FURTHER to David Lake (GM at uBinary), Chris Paulsen (Account Manager at uBinary), Ryan Allman (Account Manager at uBinary) , Nizar Mansour (Compliance at uBinary) , Noah Samuel (Compliance at uBinary), Compliance at ubinary and ubinary at ubinary. I also changed my password and told nobody at uBinary, thinking this would prevent any account manager from trading on my behalf. This was ignored and further deliberately (in my view) losing trades were taken resulting in further losses. Two remaining trades were EURCHF for 09h40 on 22Jan16 and Deutsche Bank for 31Jan16.
Earlier in the week I sent a pre-win WITHDRAW instruction email to the above and no response.
Also gave instructions on CHAT also with no confirmation. Telephone calls to any of the uBinary numbers result in a 20minute "uBinary Please Hold" wait before I give up.
Also sent a WITHDRAW email and an online WITHDRAW request (I cannot make a withdraw without my account managers written approval - Unlike other brokers where I can do online requests and have confirmations within two hours, and transfer execution into my bank account within 2 days. Obviously I prefer these.)
Again I sent an email with strict instructions NOT TO TRADE FURTHER to David Lake (GM at uBinary), Chris Paulsen (Account Manager at uBinary), Ryan Allman (Account Manager at uBinary) , Nizar Mansour (Compliance at uBinary) , Noah Samuel (Compliance at uBinary), Compliance at ubinary and ubinary at ubinary. I also changed my password AGAIN and told nobody at uBinary, thinking this would prevent any account manager from trading on my behalf.
The win of 22Jan15 was USD13125 on a Trade of USD7500. As mentioned earlier I was hoping to withdraw the USD13k to purchase a secondhand vehicle.
So to the 22Jan16 debacle....
Instructions given NOT TO TRADE
USD13k Withdraw instruction given
Password Changed and not shared
Watching my account at 09h40 GMT
Taking snapshots before, during and after...
I bet you can guess what happened.
09h40 Win registered on open trades section with Golden Cup to celebrate....- great
09h41 Account Credited with USD13125 - great
09h43 Withdraw request declined - not great.....
09h45 Two new losing trades created one for DAX30 expiring at 10h00 on 22Jan16 and one for Natural Gas expiring at 10h10 on 25Jan16. both OUT OF THE MONEY. Account Manager unknown.
I have all the snapshots and emails as proof that this happened and will take ALL necessary steps to ensure NO MORE CLIENTS LOSE MONEY TO UBINARY.
As expected.


Lt. Colonel
Two steps that you must follow

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

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


UBinary are thieves and a huge scam. DO NOT GIVE THEM YOUR MONEY!!! They have cleared my account (which is supposed to be "insured" ie. guaranteed) and I have lost a huge amount over the past month. Since then, nobody at UBinary is available by phone or email. The broker (I won't call him account manager as he doesn't deserve the title) is a B.S. expert, don't believe a word he tells you and DON'T INVEST WITH UBINARY. I will do everything legally possible to recover my money and shut down this scam company!
Last edited by a moderator:
Dear Pharoah
Total Deposits USD57500
Total Withdraws USD49000
Account Balance USD716.00

Last Deposit USD5000 on 4Sept15 via Credit Card
Deposit Series 5XUSD2000 15 & 16April15 via Credit Card
Deposit USD10000 2Mar15 via Wire Transfer
Deposit USD1500 25Feb15 via Credit Card
Deposit USD1000 18Feb15 via Credit Card
Deposit 4XUSD1000 2Feb15 via Credit Card
Deposit USD15000 23Jan15 via Wire Transfer
Deposit USD7000 8Jan15 via Wire Transfer
Deposits USD1000 & USD3000 30Dec14 via Credit Card



Have a chat with the fraud department of your credit card's issuing bank. Explain exactly what is happening. Point out that the company is not providing the promised withdrawal service. Ask if anything (like a chargeback) can be done.
Managed Account Deliberate Losses: $50K Insured Account

I commenced trading with uBinary in July 2015 based on the apparent successful history of my friend, Emile Fitzmaurice, who started this thread and who had been trading with the account manager Chris Paulson(CP) for about 12 months. I started with an insured account with a minimum balance of $50k whose terms and conditions included insurance on all trades and any lost trades were to be re-credited to my account within 7 days. CP advised that I was to expect minimum earnings of approximately 20% per month.

Clear ground rules were set by CP in the beginning where no more than 50% was to be traded at any one time to ensure that sufficient funds were available for flipping.

Trading started off slowly with earnings being made as projected and first re-credits made in late October. Two withdrawals were made which required repeated requests to CP. November was a roller coaster month with heavy losses and after several requests $40k was re-credited to the account on 08 December 2015 bringing the balance in the account to $124K. This is where it all started to go wrong.

Within a few hours of the $40K being re-credited, 6 trades were placed at $20k each(total $120k) with expiry dates from 08 Dec to 16 Dec. I was very alarmed at the volume of trades and emailed CP. No response. After first 3 trades were out of the money, I got in touch with Ryan Allman(RA) (introduced as boss of CP, CP appeared to have already gone on vacation and was non contactable) who refused to honour any re-credits and requested transfer of more funds to flip any trades. I refused and requested that he contact CP. No progress. Ended up 5 out of 6 trades loosing as no funds to flip. Disaster. Account balance down from 120k to 37k.

On 15 December 2015, 2 further trades were placed amounting to $37k with no funds again left for flipping!! Don’t know who placed the trades. With trades looking out of the money I unfortunately agreed to transfer $20k for flipping after clear agreement with RA that I would withdraw the $20k once flip was done. As trade needed flipping immediately, RA deposited uBinary funds(20k) in my account and flipped the trade and later removed the 20k the next day. Transfer of my funds would take a few days. $57k left in the account.

RA expressed surprise that no funds were kept earlier for flipping by CP. He agreed to manage the account in CP’s absence and 50% of funds to be kept for flipping at all times. On 23 December I started the transfer of 20k to uBinary as earlier agreed and forwarded the receipt to RA. On 24 December 2015, 3 trades were opened clearing all the available funds in the account again to my shock and horror, with expiry dates from 24 to 29 December. Repeated emails and phone calls to RA and CP got no response. 1 out of 3 trades were in the money. $35k left in the account. At this stage my emails to RA/CP were advising to stop all trading on the account until further notice and to immediately return the 20k recently transferred once received.

30 December 2015: I thought this could not get any worse. No communication from RA/CP since sending him the receipt of transfer. Leaving messages continuously with Noah Samuel on reception. 2 trades placed for full funds in account expiring on 30 and 31 December. No funds for flipping. Both ended up out of money. $450 left.

31 December 2015: The transfer of 20k that I had done earlier on 23 December showed in the account on 31 December at 08.39am. By 08.52 the full $20k was placed on one trade, Dow Jones, expiring at 12.10 out of the money. $450 in account.

All efforts to get any response/contact from Chris Paulson, Ryan Allman and even David Lake have been fruitless. Messages still being left with Noah Samuel/ Ziad at their reception every second day who most of the time puts you on hold indefinitely and expects you to give up.


Emails and screenshots of trades available as proof to all of the above.


Everyone scammed by them should:

1. Leave a 1 star review here - http://www.forexpeacearmy.com/public/review/www.ubinary.com to help warn other traders.

2. Notice that they claim to be a UK company, so file a complaint with ActionFraud and post the complaint ID.

3. File a complaint with eConsumer and post the complaint ID.

4. If you deposited by credit card, contact the fraud department at your issuing bank, share all the facts, and ask about a chargeback.

5. Get together and look for a lawyer. GiambroneLaw.com says they do forex lawsuits, and there are other firms out there.
Thanks Pharaoh.

1. Left review.
2. Action Fraud Crime Reference No. is NFRC160201314489
3. eConsumer no. is 69573874.
4. Transfers done by bank transfer only. Contacted my bank anyway.
5. We have already contacted one. Any other names you have would be much appreciated.