August 2018: There is an FPA Traders Court guilty vote against this company. The FPA recommends extreme caution dealing with BinaryOnline until this issue is resolved.
2018-01-26: The Estonian Finantsinspeksioon has issued an alert against Binary Online. CLICK HERE to verify.
2017-07-14: The Monetary Authority of Singapore has issued an investor alert against BinaryOnline.com. CLICK HERE to verify.
2016-12-14: The Canadian BCSC has issued a warning against BinaryOnline. CLICK HERE to verify.
Related sites include Trader.Online. The other websites of this company BinaryOnline.com. Finarix.comis part of Zolarex Ltd group. Known members of this group includeMProInvestment.com, PrimeFXMarket.com, MliningInvestments.biz, OrangeGlobalInvest.com, WebFXTraders.com, OptimalProTrade.com, VertexTradeOptions.com,UltimateFXTraders.com, AthenaOptions.com.
If you are reading this is because you have already been cheated
Length of use: over 1 Year
I opened an account at BinaryOnline on 10/05/2017, now called Finarix, totally unaware of the Forex market and much less of the scammers out there. I let myself be carried away by ambition and easy money, I was a perfect idiot and to this day I still punish myself for it. My shame, my stupidity and my indecision have led me to try to negotiate with these gentlemen to this day, but to no avail, basically they get into a strategy to buy me time not to withdraw. My health, family and financial problems have been terrible since I sadly realised I was being cheated. However, unlike most Forex accounts, my account after a bad period in which I didn't notice anything about this market, performed very well, something that this broker certainly didn't want to happen. I started this account with 250€ until reaching 22850€ of investment, after being fooled with a bonus and blackmailed and psychological torture by numerous people of that company to invest money if I wanted to make withdrawals, how could I be so stupid, don't forgive me for that. Until 3 months ago, my account was being traded for a software called "Algotrader", my account until the termination of the contract with the software reached more than € 257,197, started with about € 140,000 through manual trades. However, according to the person who allegedly is or was managing my account "Mr. Jim Holt", to complete the the endless turnover (they started with the bonus 30 times and then demanded the bonus 60 times), i needed to make more than 480 lots in order to make a withdrawal. Obviously I did everything to achieve this and concluded within six weeks 1005.50 lots, with my account reaching Balance of € 381,059.88 and an equity of € 346,240.42, I had open positions in the amount of -34346,42 euros. Two withdrawals of € 20,000 each were requested in June. It was at this moment and after a number of emails sent to the support team, finance department and Mr. "Jim Holt", wanting to know why they were taking so long to process the withdrawal that I was contacted by "Jim Holt", this warned me that I had made a lot of money in a short time and made lots of lots, warning me that my account was going to be analysed in detail. They did so for the third time in the history of my account (Under investigation). I was contacted again by Mr. "Jim Holt" and to my amazement he tells me that I practiced scalping on my account, he sent me an email with 9 trades, 3 of which I made a profit in less than 1 minute and 6 trades placed by my error and closed immediately afterwards without any positive or negative result (0). It should be noted that in about 6 weeks I made 593 trades. It follows that they forced me to close all the trades I had open in the negative amount of € 34346.42 (24 trades), as well as they removed (stole) from my account all the profit obtained in this period in the amount of € 89,240.42 and they warned not to negotiate further until otherwise ordered by them, something that I no longer do until today, because the fear of further reprisals is predictable. Regarding trades that closed in less than a minute, they had a take profit of 30 pips, having explained to Mr. "Jim", that it was impossible to predict or prevent Gaps. Regarding the remaining six trades, I explained that it was a mistake in inserting the pairs and that it did not cause any harm to anyone (I remember that I made 1005.5 lots when I only needed 474.79 lots). Since June 16, 2020, I have had no response to the emails I send almost every day to contact me. In these emails I ask several questions that Mr. "Jim Holt" has not even answered me by phone, namely the definition of scalping and obviously when I can go back to making trades on what I already consider a puppet account. It is evident and clear that I will be facing a large-scale fraud, where financial crime prevails and above all there is also a crime of psychological torture that I think has never been mentioned in the FPA and that affects everyone who claims their rights here. We cannot forget that taking into account Article 5 of the Universal Declaration of Human Rights and Article 7 of the International Covenant on Civil and Political Rights, which determine that no one will be subjected to torture or to cruel, inhuman or degrading treatment or punishment. So we are facing a crime that can be perfectly prosecuted by the United Nations. I reinforce that all this treatment given by Zolarex Ltd. (Finarix / Binaryonline), had caused me irreparable health problems. For God's sake don't trust these people. Health to all because mine is no longer what it was.
By sharing my review I would like to know also if someone would be able to help me to try to get back my funds. Please let me know. To get the long story short, I have naively registered to this company some years ago without checking (at this time I think researches were not so deep and my knowledge and experience zero), thinking I would do some profits. I have started investing 250€. Then it increased little by little, up to reach 13 500€ in total. Like many clients, they told me I would have good results and give me bonus to be able to trade more and earn more. But this was a trap, with their bonus turnover rule (of 30 times, which is huge) I was blocked. Since then, like 5-6 years, I can't withdraw and they even always ask me to invest more or put the funds to Algo trading. Of course I don't trust them anymore. But how can I get out of this situation and is there a hope to get back my money, I don't know. If this review can help others and also make someone contact me to help resolving this case legally and get rid of this world of trading, I would be enchanted. Thanks for reading.
1 trader has found this review helpful
London, United Kingdom,
Sep 17, 2019,
Service use: Live
Length of use: over 1 Year
I have been with them for 3 years, they have never allowed me to withdrawal. At all, they have passed me on to so many account mangers which I have reason to believe are the same people with different names, my account manger steward poles did not inform me of the bonus policy and told me to agree before finarix sent it to me, once I found out he quickly turned form being nice to evil. And finarix blames me. Now my new account manger which I think is the same person dan Morris as refused to call me and said we communicate through mail. This is a scam, I wish I had theses reviews when I opened an account and when I deposited again this summer.
Finarix use to be binaryonline Bigtime Professional Scammers
Service use: Live
Length of use: over 1 Year
I am also a victim of this Finarix all the reviews below are very accurate and the same thing happened to me. If you read a lot of the reviews using google and search (finarix review) you guys will see all the negative reviews which shows that this website finarix/binaryonline and algo are all part of their scamming business. These people are basically criminals so to speak. They have to be stopped before another victim falls into their scams. The thing is they still continue victimizing people and this has to stop. Their websites should be brought down. This kind of stealing money from honest investors and giving them all the headaches n worries are unacceptable. They have to be shutdown.
Previously BinaryOnline, rebranded to Finarix in Feb 2019.
I had a comically bad experience with BinaryOnline before, and following the call from the Finarix representative this morning it looks like it's the same people still working their scam. I've dealt with them for over 14 months, and felt I need to leave this review as the new company probably think they'll get away with a clean sheet and no bad review baggage. May this help innocent folks look elsewhere with their hard earned money.
So here are some things that you need to look out for:
- Once your money is in, it's near impossible to get it back. From my $30,000 deposit I made an initial small withdrawal to test things out, which worked fine once "approved" by their finance department, but subsequent attempts had the most incredible excuses and rejections. You can try get your money back through VISA or Mastercard if you paid by card.
- Whatever you do, do NOT accept a "risk free trade" or a "bonus trade". This is where they hook you and your money then becomes their money before you can say "unethical scammers".
- They are based out of Bulgaria are not regulated by anyone like the FCS. They operate by their own laws. This morning I had a call from someone there who told me that "there's not enough activity on your account, we have to close it because of money laundering regulations." I said I completed a winning trade for $200 6 days ago, does that not count? The person replied "No there's still not enough activity on your account". The conversation ended with him telling me "Good luck losing your money". You can't make this stuff up. I've resigned that I'll never get my money back, and just trade there for practise as you would with a demo account.
- You will have the most incredible conversations with people trying to pressure you into whatever their latest "product" is, usually algo trading, and they will use pressure tactics and eventually aggression to try convince you to invest more money. They will pass you from one account manager to another over time, and they will all one way or another pressure you to invest more money.
- The two biggest con artists in their team are Viktor Bokrov and Peter Thompson. Both I believe are using fake names (some of the BinaryOnline reviews calls this out as well) - I thought I'd leave the names here should someone google them that they at least get a heads-up not to trust them.
Another thing I noticed is that they will never put anything in writing, it will only ever be a telephone conversation.
Hopefully this will be helpful to someone. The last review I left for BinaryOnline here magically went away after a couple of days, I've copied the text this time and will put it on other sites as well should this one vanish.
This is the new name/brand for binaryonline.com, a scammer broker that kept € 6800,00 from my account to themselves, and scammed many other users. I suggest people to not work with them as you will probably lost your money. Please check the reviews for this scammer here in FPA to get more information.
In december 2017 I registered at binaryonline.com. I invested 250 €. I have made some profits with trading and now have 373,63 € in my account. I wanted to withdraw some money and that's where all the problems started. Due to their terms and conditions, it is mandatory for their adviser to give you a phone call before any withdrawal. So I got that phone call and they wanted me to deposit 2000 €, so I can withdraw 500 €. It was said, that I have to do something for their firm, so they can do something for me in return. I didn't want to invest any more money and got very suspicious. Every time they called me, I wanted to talk only about 2 things - withdrawal and deleting my account. The adviser was very offensive and aggressive, I have been threaten, that the adviser has the power not to grand my withdrawal if he/she decides so. They are making new terms all the time and it is impossible to withdraw the money.
Let me tell you, that I thought, that I have lost all my funds and that i wrote them to close my account. I then tried to log in and I couldn't, so I thought the story was over for me. Last week they called me and said I still have funds in my account - don't ask me how. And because i haven't been trading, my account was dormant. I had to place 5 trades, which I did. Advisors kept calling me and telling, I have to deposit 2000 € so I can withdraw 500 € - it's been said I have to do something for their firm, so they can do something for me in return. I didn't deposit any more money and I surely wont. I think I don't have to mention, that the advisors were offensive, aggressive and they threatened me.
After I read a lot of post here, I filled complaints here: https://www.econsumer.gov/en/FileAComplaint#crnt , here: http://ec.europa.eu/solvit/index_en.htm , and here: https://www.fca.org.uk/ . I have been recording the phone calls too.
I have informed them about all the actions I have been taking.
The next day I got an email, that my withdrawal request has been approved. That was on a friday, and on monday the funds were in my account.
So, I can happily say, that my "binary online story" is finished.
I hope, this can help someone, who has issues with binary online.
Aug 3, 2018 - 1 Star Well ... In december 2017 I registered at binaryonline.com. I invested 250 €. I have made some profits with traiding and now have 373,63 € in my account. I wanted to withdraw some money and that's where all the problems started. Due to ther terms and conditions, it is mandatory for their adviser to give you a phone call before any withdrawal. So I got that phone call and they wanted me to deposit 2000 €, so I can withdraw 500 €. It was said, that I have to do something for their firm, so they can do somenthing for me in return. I didn't want to invest any more money and got very suspicious. Every time they called me, I wanted to talk only about 2 things - withdrawal and deleting my account. The adviser was very offensive and aggressive, I have been threaten, that the adviser has the power not to grand my withdrawal if he/she decides so. They are making new terms all the time and it is impossible to withdraw the money.
Let me tell you, that I thought, that I have lost all my funds and that i wrote them to close my account. I then tried to logg in and I couldn't, so I thought the story was over for me. Last week they called me and said I still have funds in my account - don't ask me how. And because i haven't been traiding, my account was dormant. I had to place 5 trades, which I did. Advisors kept calling me and telling, I have to deposit 2000 € so I can withdraw 500 € - it's been said I have to do something for their firm, so they can do something for me in return. I didn't deposit any more money and I surely wont. I think I don't have to mention, that the advisors were offensive, aggressiv and they thretened me.
These guys are a bunch of Scammers who need to be exposed. Been with them for over a year and consistently trading that account. They always make excuses to release withdrawals.
Its always the same people using different aliases .
I have been building up a case against them.
I would recommend everyone to stay away as you will never see your money again.
Jul 23, 2018 - 1 Star I have also invested funds with them,been with them for almost a year. tried requesting withdrawal over 15 times and every single time they come up with a different story. They keep moving me from one portfolio manager to another.
This company needs to go down!!
We all need to do this together.
Drop your emails and lets all work together in bringing them down, there are many cases against them already. We just need to make them stronger.
2 traders have found this review helpful
Jul 24, 2018,
i'm professional an see what they did
Hi (im gonna post with picture in Forum)
My name is Vasco and i am profissional trader. I have my website, i am mentor and teach people how to trade.
Regards this broker doesn't have regulation i deposit the minimum.
And i have no problems to increase, i am a very aggressive trader and i pass from 250€ to 20k€ in less than 2 months.
1- my account was under investigation because i'm a suspicious and fraudlent guy.
2- this excuse is very funny. Do you know when you place an order and you have 2 seconds to cancel?? I have abuse from that feature themselves give to traders. ahahaha
3- i have to place 15 trades a day during a while to prove i didn't understand what! Or to deposit more. I thought to loose something intentionally, about 10k and they will think "ok, we'll give this one to him and block him" . . . mistake of mine.
4- the block and delete my account.
5- after 1 or 2 months i receive an e-mail saying to reset my password (probably them mistake) and i have access to my account. Was good to take some prints and poofs i will expose them in a post.
6- they say my account was dormant because i hadn't trade. "off course . . . . you blocked me, REMEMBER"???
7- i've tried to contact them and hadn't no more answers and i'm deleted again.
8- i forgot to say, this SCAMMERS ASKED ME TO TEACH MY STRATEGIES SAYING IM BETTER THAN THEM ANALYSTS. What a shame!!!!!!
Please . . . Stay away from this scammers
And sorry for my English, is not my native language
I started my account in December 2017, my supposedly account manager Victor Bagrov ( who doesn't respond to my emails anymore ), was contacting me many times a day to increase my investment from USD500 to USD20'000 to have a better profit margin. I refused, the after few weeks, he contacted me to join a program called Algo, the investment will be automated and high profit margins will be expected, but in order to enroll, I will need to deposit a further USD4500 in order to have a total of USD5000 in my account, I was sent a contract, that looked so unprofessional, after correcting it, I signed, and had to chase up my copy for weeks. I thought its too late to back off, so lets see where we will end up, the software of course shows you tons of profits, the software made 45% of profits in about 3 months, when it was over, Victor called me to say that in order to continue, I will need to have 250K in my account, I was even going to fall for that, then I thought, let me try and withdraw some money out, and that’s when everything got exposed, first they said I had to wait 30 days because of the contract, while that paragraph referred to the cancelation of the software, you can't cancel it when its finished already, I waited 30 days, and approached them again 1 month later, for them to tell me that my account is in a dormant state, and I will need to do 5 trades in order to take it out of this state and my money will be transferred. I did follow there rules, and after the trades, I made more money, and now I have 12'559.61 in my account, yet nothing is being transferred, I contacted them many times through there chat support, ( this and email are the only ways of contact available!) and they tried to stall me further by saying that my case was escalated to the investigation team, then to top management, later a guy called Peter called who promised to sort things out, he did not! I start to get emails from all sorts of departments, who apparently are not talking to each other, and I keep on getting a different reply from different individuals. I have sent the final email stating that unless all of my funds are transferred, I will follow up this matter legally, I have all the documents, emails, live chats, and screen shots available for more details.