The Weekly Scam Watch – Scammers Pray That You Don’t Read This!

Last updated on June 2, 2016

The Weekly Scam Watch – First Edition – 9/14-28/2014

Ever since Binary Options hit the mainstream, we struggled with who and what to believe. Brokers come and say “Trade! It’s so easy”, signal providers come and say “Our accuracy is 90%. We will make you rich”. Eh, but trading is not easy and signal providers don’t have the Ultimate Answer to trading and that’s when people start complaining. But it’s the Internet and you can’t believe everything you read – at least I don’t – because a complaint can be generated by a lot of reasons. Sure, many times we are dealing with an honest, unsatisfied customer or a poor guy who was scammed out of his money but sometimes people just love trashing their broker and talking crap just because they can and… because Internet. Sometimes even a broker’s competition steps in under the cloak of a normal user and they add fuel to the fire. Yea, it’s confusing so here’s what we are going to do to lift some of the fog:

Every one or two weeks we will bring to the public’s attention the most discussed complaints and possible scams. We will try to investigate them and we will tell you what we believe, what seems like trashing and what looks to be a legit complaint. The advantage is that legit complaints will get a lot more spotlights by being on the main site than they would on the Forum and this way, a lot more people can step in and offer their insights on the matter. Your advantage is that you will be able to make a decision about a broker or signal service based on the opinions of more people. There’s a saying in my country: If everybody at the table says you’re drunk, you’re probably drunk and it’s time to go to bed. So, if everybody says XYZ service is a scam or that it simply sucks… maybe it would be wise to invest somewhere else. So without further ado, here we go:

Xidd from the US warns us about MarketsWorld:

Here’s what we think: First of all, MarketsWorld is not a broker trusted by ThatSucks.com (former BinaryOptionsThatSuck.com). See for yourselves: https://www.thatsucks.com/review/marketsworld-suck/. Second thing: Xidd says they look like a casino and trading with them seems more like gambling. Of course! Did you read our review? We clearly say they look like a casino and we continue by saying: “…they are regulated all right, but by a regulatory authority that I never heard before: the Isle of Man GSC. After a little “investigation” I found out what GSC stands for: Gambling Supervision Commission. So they admit they are a gambling institution but although my first reaction as a customer would be to close the site and start looking for a broker, not a gambling agency”. Bottom line is: read our reviews before opening an account. It might save you some money.

Josiah Githinji from Kenya asks us about Legal Insider Bot:

Here’s the thing: every day or week a new trading robot comes out. Every day or week some multimillionaire wants to share with you and me his secret. Every day or week some new, never seen before magic formula hits the market. Here’s a tip: they don’t work! If they would, the creators would use them to become millionaires. But feel free to try this LegalInsiderBot… if you have some money that you feel uncomfortable with. We don’t have that type of money so we will not be testing this bot.

Complaint against 24Option coming from user Hippo, and Solved.

This guy seems very determined to get his money back and he is right. Posting his complaint in a clear manner on a high-profile website like ours (not bragging, just stating the facts J) is the best thing to do. Also, 24Option is one of our Trusted and Recommended brokers so that probably had something to do with the problem being solved. A couple of days later the issue was resolved and Hippo posted this:

Zorro – no, not the legendary hero, just one of our users:

And here we have a double alleged scam brought to our attention by Zorro…

Dudes, if you are going to invest your money in some black hole trading robot, and a broker that is not trusted by ThatSucks.com (former BinaryOptionsThatSuck.com) (here’s our EZTrader Review), then why are you surprised you get into trouble? If you have been trading with 3 different brokers “without a glitch”, why did you feel the need to try something else?

This next one is about GTOptions. User syl skalecki has this to say:

First of all, stop screaming at everybody here and learn to press Caps Lock… or to not press it. Second: if you would have read the Terms and Conditions of the Bonus offer, you would have saved yourself the trouble. If the 30 times wager is not in the T&C, you should probably talk to the Agency that regulates them and maybe start gathering documentation to sue them. If they are unregulated… why did you give them your money?!

Rob Malan’s Worst Trading Mistake

Rob Malan posts his complaint at the bottom of our article “My Biggest Binary Options Trading Mistakes – Read and Avoid”:

Maybe I should have added this as a mistake: trusting someone else to trade your money for you. What can I say… too bad you lost money but next time you should know that placing a $2500 trade when your account balance is lower than $5000 is not Money Management. Well, it is a sort of money management, just not a good one.

That’s for this week Scam Watch. We’ll be here in 2 Weeks time, with more complaints, comments, feedback, or whatever it is you had to tell us, and we had to answer. See you around! Questions? Feedback? Suggestions? Leave a comments below, check in to our forums or contact us on Info(at)BinaryOptionsThatSuck(dot)com!

posted in Binary Options Scam Watch • 5 Comments

5 Responses to “The Weekly Scam Watch – Scammers Pray That You Don’t Read This!”

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Stephan
06/02/2016 14:04

Watch out for the Drexel code
Watch out for the Drexel code crap. They showed you videos where they make money. After depositing money on their page you end up at Titan trade. All the promises been made disappear and no one in Titan trade know about Drexel code thing .I ended up with a Ben Collins one of their senior managers. He keep on that I must deposit more money in my account but for 2 months I battle to get any answers and response from them I try to withdraw my money but immediately they phone you with all the promises that they will make money with your account .I battle again for any answers and now been told that he is to busy to answer my mails.This is a total scam I feel like to report this and make sure that the whole world now about this scam
Noel
10/07/2015 00:04

Stay away from Option
Stay away from Option.FM unless you like to be on the business end of misrepresentation, exploitation and fraudulent malpractice. It doesn’t appear to have a bone of decency or honesty in its body. How else could a “very experienced” trader (and Tier 1 account manager) assure that high trading outcomes can be achieved without risk (i.e. in a protected trading environment), and then manage to destroy some $250K in a single trading session, with every single trade being personally directed by that same manager? How could that manager’s projections of 100% success on more than 100 successive trades have been made other than through a protected / insured trading regime when that same manager’s personal performance on more than 100 previous trades was barely over 40%? How can such an experienced trader entrusted to high value clients as a self-declared “financial manager” be so remiss in duty of care and risk management to a client? And how can a senior trading manager working in any reputable company evade client contact and the “truth” of the trading outcomes for more than six weeks after the trading session that destroyed all the client’s money?
But don’t believe me. Let me use the words of OptionFM, using extracts from recorded conversations:
PRIOR TO THE FINAL DISASTROUS TRADING SESSION, WHILE RELENTLESSLY SOLICITING SUBSTANTIAL ADDITIONAL CLIENT FUNDS TO MAXIMISE THE CASH PAYOUT:
• “I believe I did a superb job (on the account)…. You are in an excellent position in the market”
• “(You) made a huge success (in trading) …because (you) listened to me”
• “the remaining 24% (of a trade with a 76% payout) goes to OptionFM…. We are very rightfully so deserved … if we are able to get your client at that level of success.”
• “(you are) entitled to these profits … . so it would be very stupid .. not to liquidate the account in the highest bracket (i.e. by putting in a very large amount of new money) and live life in a much more comfortable way.”
• “(putting in substantial extra funds) cannot damage you in any way.”
THEN FINALLY, AFTER 6 WEEKS OF EVASION BY PHONE, IN AN EMAIL:
• “(You) placed trades and some of the trades lost.”
AND:
* (of the confidently projected $800K+ of trading results) … “Most of (the trades) lost. And this is basically the reason why you don’t have much money in your account. This is the reason why you only have $578 in your account.”
There are plenty more quotes and misrepresentations that could entertain fraud investigators and regulatory bodies for some time, so if you contemplate any dealings with OptionFM, beware, and make sure you record every transaction, including phone calls.
Steve Elliott
06/17/2015 17:48

Could you please give me your
Could you please give me your opinion on ” OptionRally “. Thankyou, Steve Elliott
Roger W
10/06/2014 05:57

In response to Roger Willis Post
In response to Roger Willis Post.
Yes i have dealt with Option.FM and a pushy guy called DonM.Based in UK.
STEER WELL CLEAR.These guys are Robbers.But you cant do nothing cos they
talk you into placing the trades,so no comeback on them.Site and company is legal but not the rep.This guy is a ARsehole.Too embarressed to tell you how much I lost.
Roger Willis
10/01/2014 10:38

Let me tell you about getting
Let me tell you about getting sucked in. I joined 2014 Millionaire run by a guy called Sam Lutz, Australian, but I gather this is not his real name. Their recommended broker is Option.fm and because I kept on seeing repeat videos and offers that didn’t seem to lead to any progress in the plan, despite fictitious profits mentioned, I went with Option.fm only. Having deposited 250 dollars I was soon contacted by an account manager Ben Williams, a persistent kind of guy. Anyway, after a couple of successful trades I was persuaded to make a bigger deposit and promptly lost the next trade, clearing my account. After this the guy kept persisting, being under the impression that I had unlimited funds and would I put in another £20,000! I told me I had no further funds to deposit, but he kept on and on and I kept putting the phone down and he kept ringing. I have now threatened to report this kind harrassment to the police and take action against him and the company. I hope no one else has experiecned this kind of aggression. All I am after is a nice friendly approach, not the kind of aggression I haeve been subjected to. It has put me off bnary trading for good.