Investor’s $108K Locked in Binary Bonus Scam — BinaryScore.com
An investor who has US$108k locked up with an unregulated binary options broker serves as a warning to potential traders and investors about binary bonus scams. The investor who we will refer to as “Mr R” reached out to us recently.
“In order to withdraw funds from an account that has been credited with a bonus, the customer is required to execute a minimum turnover of — bonus amount plus total deposits multiply by thirty — (Bonus+Total Deposits) X 30 = Minimum turnover required. The bonus can be withdrawn only when the foregoing stipulation has been fully respected and fulfilled.”
That’s $6.48 million in trades for a 100% bonus!!!
We will refrain from naming the binary broker who is peddling this scheme as this is still ongoing. However, they present themselves as London based and have customer support phone numbers in multiple countries.
In this instance the investor Mr R was scammed by binary bonus terms & conditions where an unreasonable trading volume requirement was placed upon traders who receive the bonus. The most damning allegation is that the broker did not mention these conditions to Mr R at the time of account opening.
Beware of Trade Volume Conditions
This is the most common way traders are scammed by binary option bonuses. From our investigations, it appears many others have been tricked by this same broker. Many have substantial amounts of money locked up.
Below is the email the BinaryScore.com team received from Mr R (redacted as it’s still being investigated):
We decided to rustle a few feathers….
We Investigate. Broker Becomes Hostile
The BinaryScore.com team went to investigate this broker as we could find no bonus offer or conditions listed on their website. Posing as a new client we started speaking to a representative on their live chat. They were very keen for us to sign up, until we brought up the topic of binary bonuses…
Instead of giving us a straight answer of what bonuses were offered, they started asking questions about nationality and where we are located. They refused to give any details over the chat and asked for our phone number. We sensed a degree of hostility and the broker stopped responding to the chat.
Unfortunately for Mr R, as he is dealing with an unregulated binary broker, he has little recourse with the regulators.
Honest Binary Options Bonus
Moreover when you are dealing with an ASIC regulated broker like HighLow, they are legally required to be transparent to the customer and operate to the highest standards. We suspect they would be fined and shut down if they operated as in the example above.
Trading is challenging enough. Don’t be like Mr R and do your research!