Complaints Against Binary Options Brokers
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Complaints Against Binary Options Brokers

As I have discussed in several previous articles, binary options are regulated. However, there are many companies and people who are not honest in this market and who take advantage of it to make money dishonestly. I often receive complaints against binary options brokers, and requests for help in recovering the money that a client can’t withdraw. These complaints are almost always against binary options brokers that are not regulated.

In order to try to help people who have complaints against binary options brokers, or against any other company related to binary options, I decided to write this article where one can expose their situation so that I can try to help. With these comments and responses we also hope to prevent other people from being deceived by the same companies.

Complaints against binary options brokers – What is it?

The idea is that people can leave in the comments a description of his situations in which they are in need of help in anything related to binary options brokers.

By leaving your complaints against binary options brokers in the comments you will help others who have the same problem. They can see how to get the help from someone else who has been through a similar situation and has managed to resolve it.

We will use the comments as if they are a help forum.

Complaints against binary options brokers – How to avoid them?

The simplest way to avoid having complaints against binary options brokers is to choose a good broker. As I have explained in several articles, it is essential to choose a regulated broker. Not only because they are more reliable, but also because being regulated (preferably in Europe) we have a way to complain to the regulators.

This is the simplest way to avoid problems: always work with regulated brokers.

Check if there are many negative reviews about the broker on the best-known sites and forums. If there are a lot of negative reviews, it is best to not choose this broker.

Check the offers (bonuses and others), if they seem too good to be true, it is because they are usually hiding something.

Complaints against binary options brokers – How can I help?

When you leave your complaint, I will try to find out if the broker in question is serious and whether it has had recent problems or complaints. I will try to help, letting you know where and how you can complain, and how you can place more pressure on the broker to resolve your problem.

Ideally we should try to resolve the situation directly with the broker. It is necessary to know what to say and how to pressure the broker to look at your problem and try to resolve it before there is an escalation of the situation.

Most brokers don’t like negative reviews, especially when the client has a case and can prove that it is the broker’s fault. This is a strategy that, if used well, usually has results.

I’ve helped people recover their money simply by knowing how to pressure the broker. It is easier if the broker is regulated because by knowing where to complain it is easy to apply pressure. In the case of an unregulated broker, the situation is more complicated, but not impossible.

Complaints against binary options brokers – Step 1

If you have a complaint, just leave your comment below explaining your problem. After reading it and investigating the problem, I will communicate directly in the comments to try to help in the resolution of your problem.

Don’t forget to include the name of the broker and explain the problem clearly and succinctly.

Rui Oliveira

Trader for more than 20 years and author of several blogs. After the success of my Binary Options training lessons, I decided to offer my services on a worldwide basis. That is how this blog was born. I hope you enjoy it and share it. Thank You.

  • djfrigo

    Problem with withdrawal-binaring.com.
    Hi, I have account with this broker, but probably it was huge mistake. They always forced me to put more money, but all withdrawal requests were cancelled. Their reason is “keep trading”. They are probably not regulated, so money are gone forever? Beware guys. They dont communicate, only if they want money. Will try to close my account and get the money back.

  • amandeep

    Broker: Binary Brokerz
    I wanted to try out the fully automated centument bot and received a phone call from Senior Account Manager Ben Gold. He asked a lot of personal questions and managed to dissuade me from using the bot .I was asked a lot of personal questions and i answered that i was facing redundancy . I was informed that if i was to invest £3.5k that they will top it up with a 100% bonus so i could achieve the £1-1.5k monthly income i was looking for . I was informed that i could take out my money anytime and he suggested i wait for 2 months before i take out my deposit, then it will be the bonus money used to generate my monthly salary. I enquired about the bonus i read a couple of reviews he said look upon it as a gift from the company and to concentrate on achieving my goal. Before passing me on to another lady he said the monthly success rate was50-60% . I was then handed over for the lady to speak and thanks to her my Bank Account went in the negative for the first time in my life. She spoke about a 1 last day special event where i was entitled to a 100%bonus if i made any additional deposits, being none the wiser i was happy to give another£5k but at a later date i insisted there were no extra funds in my Account but she said if they give it 1 try and even if it fails then i will still receive the additional bonus. They must have made numerous attempts the accountant whom she passed me over to managed to take out £500. Ben informed me i would be working with a senior broker Jack Cruz. The lady gave me the name of the website but asked me to wait until the broker contacted me because some traders would start trading and were losing trades. She claimed i my Account would double in a month at no point was i warned about any terms and conditions or the locking of money due to the bonus. I received a phone call from Jack Cruz who from the very first day was very pushy for the extra £5k he asked me for my credit card details and insisted upon phoning for the extra funds rather than wait 2-3 weeks for it. He spoke about risk and said never take a risk and i was requested and obliged using the team viewer. I was asked not to place trades without him . He boasted about how he made thousands for his traders and how after a couple of months i would be able to withdraw my deposit. No mention of terms and conditions or deposit being locked in by bonus. When i did eventually discover more about binary bonuses he stated it was a volume x 10 which was a lie because it is 30. I reported him 2-3 times i was not happy with him failing to place trades which were pre arranged by us. At first in 3 weeks we achieved $3.8 k and he said the Account was coming on nicely then he stated that within a few weeks 5-6 you will see a 70% profit in your balance, needles to say another lie. After 3 weeks it started to go in the negative since February 16 trades have been placed with a 50% itm rate unfortunately the losing trades took the Account into the negative due to the higher amounts he invested in them. Anyway the pressure for the £5k never stopped i told him that i no longer had the money to give he got angry and stated ‘that was no way to conduct business and my reputation was at stake.’ A Nicholas Cavallieri once phoned and we placed trades that was because i complained about Jack and asked not to work with him again, but i was sent back twice. I complained about the losses and was desperate to make a withdrawal Nicholas said wait until June , Jack was in a habit of placing long term trades.

    • Binary Brokerz is a fraud. This broker has several complaints. They are not regulated, and since they are hide in a Offshore they allow themselves to do whatever they want.
      The lack of regulation it is an issue to try to recover your money.
      If you have deposit using credit card, you can ask for a CASHBACK. Tell you bank that is this a SCAM, say you have never authorized any deposits, you only give them the card in order to verify your account.
      If you didn’t use credit card, the only solution is to try to leave your complaint in other websites, like this one: http://www.forexpeacearmy.com/ and this one: http://scambroker.com/

      • amandeep

        so there is no chance of recovering my deposits? I cannot ask for cashback because I was contacted by the bank and gave permission. I have also been informed that their terms and conditions do not cover my request for cash back

        • In that case, my friend. They grab you by your b…
          Try to make as much noise as you can in the sites I said.
          I don’t see any other way.
          This is why I only work with regulated brokers.

          • amandeep

            I have written on forex peace army who have been very helpful but the other website does not show any sympathy therefore I would not write in to them .They do not have any empathy for traders they forget it could be a case of no knowledge of their website and I have read so many traders losing thousands with banc de binary yet a lot of the watchdog sites promote banc de binary. I have read so many complaints regarding the regulated and unregulated it is a pity there is no law to protect the consumers. Would you recommend using a service provided by Rebecca Goodwin with Forex Peace Army? there is a service which she provides a no win no fee solution .

          • I don’t know that service, but if you only pay if you receive money, and you don’t need to open any other account with no other broker, so then I would accept.

  • Give Voctor Fear

    Hello

    I have a situation with OPTECK Broker

    I invest with them 25k in the beginning if 2016.

    I was not trade alone because he gave me platinium account with account manager who give me order of each trade.

    He started with me and he gaves me some winning signals when I reach 20k he convincing me to reinvest 10k. To get more options and secure account and a 100% bonus.

    I did it in a condition to withdraw this 10k when it enter my balance.

    After this withdraw he start give me a lost trade he made me lost all my balance and he refuses my order of withdraw.

    I received from them two email that I win bonus of 1.6k because I reached a trade volume of 65k.

    And the account manager told me that I get also the bonus of 100% 25k because I reached 250k trade volume.

    But nothing from this bonus enter my balance and after they made me lost.

    I ask them where is my bonus and why they gave me lost trade.

    They start lay on me and escape from ky call.

    I change my departemnt to the arabic department because I can talck verywell arabic language.

    The new account managerin arabic department also demand to make an investment of 5k before and he will give me my 25k bonus because I reached the volume of trade 250k.

    I cant invest niw this 5k and I need to make a complaint against this broker because it’s my right to get back my money.

    I know that I made a mistake because I invested with westernunion not by bank paiement but I have a hope that you can help me and give me an advice

    Thank you

    Please help me to get back a part from my money

  • Suzie M

    I am having a problem with drawing my money from Porter Finance. I have
    met all the requirements from the accounts department in terms of
    verification. I have not taken a bonus. After trading for about 3
    months i needed to withdraw my entire balance of usd 3,000. They paid
    usd 900 but have gone silent on the balance of usd 2,100 which is profit. Its now 2 months of waiting.

    • Hi,

      Porter Finance is not regulated. So, that is a really big problem. Without regulation, a Broker can make almost what they want.
      To be honest, I don’t think you will get your money back.
      Try http://www.forexpeacearmy.com they have a service to get money back from scammers.
      Next time get a better look and chose a regulated Broker.

      • Suzie M

        Thank you. I will contact them and let you know how it goes

  • Josh Mellor

    Hi,

    I tried to sign up with Copy Buffett a while ago and got synced with Secured Options and another time with OptionBit. I knew nothing then but am a lot wiser now. Luckily I only put minimum deposits. I’ve already gotten rid of Secured Options but I kept OptionBit because it reviews well despite only being regulated with Euro customers (I am in Australia) Once I realised Copy Buffett didn’t work I stopped using it and just left the money there for weeks while I did research and learnt to trade. I am part of a really great group now but here is my issue.

    I decided against better judgement to sign up with Neo2 so I could get it free for life. I tried 4 trades with it and OptionBit and always got the same currency pair for a call. So I asked them to deactivate which they said it was.

    When I came on yesterday to trade manually nearly all the money was gone and the trade history showed all the same Eur/USD trades for the last few days, mostly losses. They are also not the signals that Neo2 shows. In any case I am in a pitched battle with their support trying to get compensated for the loss as I actually believe they did it on purpose, my argument is they said Neo2 was deactivated.

    I can prove with my history that I didn’t use Neo2 after they said they deactivated it. So whether it was Neo2 or not these trades were made in error and not by me. Currently I am asking them for documented proof with all the ip addresses so I can confirm with Neo2 support where the trades came from. I would love some advice on how to pressure them. That said it’s only $250, so I will be happy to be rid of them now that I know and am happy with a couple of good brokers!

    • Hi,

      I never use Neo2. Are you sure that is was not a bug with the Neo2 sytem? I know how it works the auto systems that work with the OptionBit. Once the sytem gets the approval to trade, he can trade without the person do anything.
      If you are sure the problem was with the broker, talk with them and if they do not reply make a complaint with CySEC.
      In my opinion, I wouldn’t bother with that value. I would prefer to put my head in make money elsewhere and recover this losses.

  • investor

    how would i know if my broker is regulated? the name of the broker is Frank Powers, he is calling me from a UK banc de binary number and convince me to deposit 5k$. He said he will send me for an education session after that we will start trading under his guidance. I would like to know if he is legit. I already have an account at Banc de binary and have already deposited the 5k$. He told me not to touch the money until he we start trading with his advice.

    Please advise. thank you.

    • Hi,

      Any regulated broker is proud of being, so they always have that information in a visible spot of the website. They even inform the licence number so we can confirm. If that information does not exist, it is because he is not regulated.
      If you are not sure, give me the link of the broker that I will investigate for you.

  • Mahendra

    Hi I have invested total of 22300 pounds on http://www.53option.com first I invested 300 pounds then profit was going higher so I invested another 2000 and then I invested 5200 via card payments then the profit was 15000 then they showed that I had lost trade total of 15000 so I invested another bank transfer 15000 via bank transfer to recover the lost but now they asking for more to insure me on the trade and they are not allowing me to withdraw the money I can see on they site the money is 30000 in the account. But they saying that your money is in the trading platform but it’s on they for the past 2-3 weeks my account broker is a men called (Steven trust) I have spoken to the support deportment but they saying I need to speak to my broker but he want let me withdraw my money

    Please guide me how I can get my money back please.

    • Hi,
      Your Broker is not regulated, that can be a major problem, since you can’t make a complaint on the regulator.
      If you deposit by Credit Card try to have your money back, by doing a CashBack.
      There are other companies that offer services specialized in recovering money back from scam brokers like this one.
      I Knnow that http://www.forexpeacearmy.com is one of those that provide this service. Get in touch with them.

    • badi babrir

      YOU CAN RECOVER EVEN A 70% WITH AN ORTHODOX METHOD EMAIL BBABRIR@GMAIL.COM YOU MUST HAVE THE LOGIN DETAILS TO THE SAME ACCOUNT

  • Vaithieswaran RS Eswaran

    I invest the amount 250$ to optionspro360.com and I earned huge. The site first time said my side bank is problem. but they did not response to me. now the site is locked how can I withdraw from my broker

    • Hi, I am afraid that your company was just a scam. And they are gone with the clients money. If I would guess I would say they were not even a real Broker. My opinion is that you lost your money.
      Try to see with ForexPeaceArmy about other complaints and if there are others, try to get together and to buy a service to recover your money.
      It is very important to chose only regulated Brokers.

  • Janelle Gee

    Hi, I have been trading with Wynn finance and up until last week had been doing ok. However my broker urged me to do 3 trades to end on 11/11 totaling $7 000 and 1 trade of $3 k ending 30/11 my account was only $10 k. I have now lost the $7k and looking like I will lose the remaining $3k. Is there any way to recover my money? Broker said he would call and we could rebuild, but have head nothing. Thanks for you help in advance.

    • Hi,

      That Broker is not regulated. The story you just told me is the kind of scam made by that kind of Brokers.
      If you deposit with credit card, contact your bank and tell them you have been scammed.
      Ask for a Cash Back.

      • Janelle Gee

        Thank you, I will contact my bank this morning

  • Vusi

    Good day
    My name is Vusi from South Africa. I have invested 1800 USD with the http://www.53option.com/. They told me that I will get 60% profit on 9 December 2016 and that I will be able to withdraw the money. When I checked my account on 9 December 2016 I was shocked to see that it showed a Zero Balance. I send an email to the lady (broker) who was assisting me and she never responded to my emails. I checked the trading history on the account and now it shows that I have lost the 1800 USD. Please help me to recover my money back from this scam.

    • Hi,

      As you probably know by now, that Broker 53Option it is indeed a scam. They are not regulated. Or you can hire a service to help you recover (not always they managed to do that) or you can try get it by yourself if you deposit in using a method that you have some protection,like credit card.
      What was your deposit method?

  • Sheldon Hughes

    Hi people my money was stollen by RBinary.uk london a promise that the orion code would put lots money in my pocket mmmm? Instead it has it has taken money out my pocket abroker who wanted more money all the time first it was250dollars then another 250dollars wait he was not done yet..he then requested another 250dollars that’s when I said no sorry no more .now I get no more emails the company or website can’t be found or traced 500dollars gone . ..in south african currency thats about R7000 Shame on u for riping people off I joined to help my children and grandson on a bit in life but was used .. we work for our money nnot steal it some peoole comitted sueside when companys took ther livelyhood away so all u of u people beware a roaring Lion is prawling beware. Thanks Sheldon

    • Hi,
      That behavior is not correct. The broker is really scaming you.
      The big problem is that they are not regulated.
      So, you can’t reach them through a regulator.
      You need to try another approach.
      What deposit methods you used to deposit?

  • badi babrir

    THE BEST WAY TO AVOID SCAM ON TRADING PLATFORM : NEVER ACCEPT ANY BONUS OFFER , NEVER DEPOSIT ABOUT $100 TRY WITHDRAWAL AFTER A DAY IF YOU SEE IT SUCCESSFUL CALL THE HELP LINE IS THE RESPONSE IS PROMPT THEN YOU CAN INCREASE YOUR TRADING VOLUME BUT NEVER ACCEPT AN OFFER OR A HELP TRADER FROM THE BROKER

  • James Harrower

    I knew nothing about Binary Options but received messages on my Internet about Robots and as I have a busy schedule I thought that may be a good way to go and I was directed to Big Option where on 7th May 2016 I deposited 250 Euros. I was contacted by an Accounts Manager called Viktor Bogrov who told me that he had many certainties coming up Disney etc but I would have to put more money into the account. On 18th May 2016 I put in another 250 then on 31st May another 8000 then on 12th August 2016 another 2000. I heard nothing from the Accounts Manager. I was diagnosed with Cancer and found that there was treatment available in Germany at a cost of 13000 and I dec ided to withdraw my money that being on 9th October when I asked to withdraw 12500. That was cancelled and the Accounts Manager contacted me and I explained why I wanted to close the account and he urged me to invest as he had certainties and on the first two investments he lost 10000. As a result on 22nd November 2016 I asked to withdraw 2500 and that was cancelled and again the Accounts Manager called me and said that I should make an investment on Oil as he would not like to see me leave empty handed. That investment came off and the balance in my account was then 4375 Euros. On 13th January 2017 I asked to withdraw 2187 and that was approved and reac hed my Bank 3 months later. My balance was then 2188 and on 20/1/17, 24/3/17 and 27/3/17 I asked to withdraw this amount but was told my account was in default and as I had no traded for 1 month I would be required to do a number of trades otherwise they would stop 5% every month of the money. I told them that I had no intention of trading with them as I had lost all confidence in them and that if they did not return the money they were in fact stealing it
    I have E Mailed the accounts manager a number of times but have never received an answer. The other thing I found odd was that on each occasion somewone from their Company contacted me if I replied to that E Mail it always said the E mail address was wrong. All I want is the 2188 Euros they hold of mine. and I would not recommend anyone use them.

    • I have never trade in BigOption, but from what I check, this broker is not regulated. When we deposit in non regulated Brokers like BigOption, it is very easy to get scammed.
      From what I read on your comment, they prepared you from day one to stole you as much as they could.
      If you deposit using credit card, try to make a cash back. Perhaps it is too late, but get in contact with your bank or credit card issuer, to do that.

      • James Harrower

        Thanks Rui, I will contact my Bank and see what they can do. Thank you for your advice

        J. Harrower

        • You welcome.
          Keep me posted, to see what can be done, and if you got any luck.

      • James Harrower

        Rui,
        I have never tried to do a cash back on a C redit Card, in this instance how much would I be asking to claim back, just the 2188 they owe me although that amount has not been shown on a Credit Card and what if any evidence do I need to give the Bank

        Regards

        J. Harrower.

  • Gary Jackson

    Hi Rui, I started an account at 23Traders. I deposited £250 pounds which I know isn’t a great deal but almost straight after that I got called away with work. They have e-mailed me plenty of times since about getting started. I have been very busy backwards and forwards with work and read a few horror stories about them on the net. The last e-mail they sent me I replied that I was too busy with work to give it a go and would rather just withdraw my money. I haven’t heard from them since and have chased it up with a few mails but nothing. I know it’s not much compared to some but can I get it back?

    • Hi,
      I have never heard about that 23traders, but is seems to me that they are scammers. They operate under another company called Decimol Ltd in Bulgaria, wich makes rather dificult to recover your money.
      Or at least, more expensive, than the money you lost.
      Depending the way you deposit there can be a way, since there are anti fraud systems that several banks and card issuers.
      What deposit method you use, so I can see if you can go from there?

  • Germaine Thomas

    Great thread. Very helpful