Binary Options Con/Scam

Filmon

Junior member
BOCapital, OptionBit, GOptions.........

I opened account with BOCapital with $200 deposit, refused their bonus as I did not agreed with their withdrawal restriction tide with bonuses. Started trading and I was up a grand on two days of trading on my third day of trading I was up by additional $600. That is when my problem with them started, first they started adding additional pips to the strickprice and then they started tampering with the expiration times like a YOYO. At first I did not expected such-things when I start loosing on trades that I should not have losed, but I quickly realised the odd things they where doing.

I called my so called account manager regarding the problems, funny enough she was more concerned about me depositing additional money so that they can "triple my bonuses". I told her why should I put in more money to my account when I'm winning and have over $1500 in my account. Anyway to cut the story short, I realized the hard truth that I was dealing with con artists when I spoke the so called head manager, he start to belittle my knowledge of trading and the fact that my initial deposit was "little 200", he was an absolute ****.

Anyway I requested a withdrawal of 50% of my profits just to test the waters and did not got nothing after trying everything I could to get my money for the last 6 weeks. They simply closed my account and refused to replay to any of my emails.

I also realised that they are the sample con artists at Optionbit. I can get my money back and I can not undo my silly mistakes of providing them all my IDs. But I'm determine to jeopardize their scam business in every-way I can. I will create a website, make a youtube videos, do reviews and stuff. All in effort to inform people and getting the binary option scam out of business.

Seen guy named 'Mr. Stone' advertising GOptions yet another scam broker. quick glans on the website is enough. They say "Our offices are located here in the heart of London" I guaranty you they do not have any office or license in London. If they do, I have no problem giving them a visit to check on things. The office they claim to have in London, on their website is a bogus, an office that does not exist. Mr Stone prove me wrong will ya. Please invite me to your office :cool:
 

rsh01

Experienced member
This is a disgrace, filmon good luck in your quest, hope you get it sorted. I am surprised none of these guys get what' should be coming to them, pee off the wrong person and all.

Where is mr stone? His bravado bordering on arrogance started appearing after only a cpl of days of questioning. Suppose you need to be deluded to go down this road. Feel sorry for ppl like that.
 
L

Liquid validity

This is a disgrace, filmon good luck in your quest, hope you get it sorted. I am surprised none of these guys get what' should be coming to them, pee off the wrong person and all.

Where is mr stone? His bravado bordering on arrogance started appearing after only a cpl of days of questioning. Suppose you need to be deluded to go down this road. Feel sorry for ppl like that.

+1
Filmon sorry to hear your story.
For anyone else, simply do not deal with any financial outfit that are not regulated.
Even then, preferably only regulated by the FSA, NFA or SEC.
 

NVP

Legendary member
I have really been trying to be more balanced in responding to the numerous new Members that arrive at T2W - as I was being accused of being too aggressive and scinical in my responses to the messages that were posted (alongside the other more established members here)

if the message above is true then perhaps I am being to generous to one particular new joiner who needs to respond to this comment regarding his companies activity

N
 

Filmon

Junior member
Thank you all for the comments.

What is more disgraceful is that ones credible companies and websites promoting and legitimising this outright scam websites as a broker.

Countless established economic news websites are participating on this big scam directly or indirectly, even moneybookers actively promote scam broker banc de binary.
 

pboyles

Legendary member
When you see crap like this it's not hard to figure out what's going on. This will all end in an entirely predictable way, the warnings were there, nothing was done, then when it does happen anyone daring to mention it will be banned. It's just another superfundfx/Mike Baghdady in the making.

It's only a matter of time. Hopefully not too many people will lose their money.
 

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Mr Stone

Active member
Hello everyone,

I was taking a few days off from posting, then a client of mine gave me a heads up on this thread.
To Filmon, sorry you got yourself screwed over. But making aqusations about my platform and location and services is bang out of order. You are in London are you? Well how about you come through to our office and meet me face to face. I am here Monday through to friday.

You want to sling crap around fine. But try to make out that we are a scam and not with an office in NW London is pure crap. You have an open invitation to come through at any time.

For anyone also joining in. I have stated numerious times we are not currently regulated or licensed. Check out there to see who has a sterling reputation and who doesnt. GOptions is growing and still providing top sterling service to any client trading with the platform. To date not one client has had any problem accessing or receiving their money when requested.

To the forum veterans i know you do not like binary options. fair enough it is not for everyone. A client chooses to buy the option on not. Bonuses are optional and not forced on anyone, and most importantly in our terms and conditions everything is in black and white.

Filmon, as I said. You are more than welcome to come through to our offices and see me face to face. I am in the office 10am GMT until late every day. So, before you continue badmouthing us, who incidentally have never had you as a client or treated you poorly at any time I suggest you get your facts right. Once this month is done I will continue posting some trades and ideas. Again I am not forcing anyone to do anything and yes I am after new clients. Everything I have said and done has been upfront and I am the only broker to have come to this forum for Binary at least and done that. Actually answered straight up to all questions and pokes.

Sorry if you got shafted. Next time READ the terms and conditions before you throw your money down the toilet with a platform that is out to screw you over.

Mr Stone
 

NVP

Legendary member
fair enough...........after all we all have to make a living somehow......
 

LosPinos

Member
Hello everyone,

I was taking a few days off from posting, then a client of mine gave me a heads up on this thread.
To Filmon, sorry you got yourself screwed over. But making aqusations about my platform and location and services is bang out of order. You are in London are you? Well how about you come through to our office and meet me face to face. I am here Monday through to friday.

You want to sling crap around fine. But try to make out that we are a scam and not with an office in NW London is pure crap. You have an open invitation to come through at any time.

For anyone also joining in. I have stated numerious times we are not currently regulated or licensed. Check out there to see who has a sterling reputation and who doesnt. GOptions is growing and still providing top sterling service to any client trading with the platform. To date not one client has had any problem accessing or receiving their money when requested.

To the forum veterans i know you do not like binary options. fair enough it is not for everyone. A client chooses to buy the option on not. Bonuses are optional and not forced on anyone, and most importantly in our terms and conditions everything is in black and white.

Filmon, as I said. You are more than welcome to come through to our offices and see me face to face. I am in the office 10am GMT until late every day. So, before you continue badmouthing us, who incidentally have never had you as a client or treated you poorly at any time I suggest you get your facts right. Once this month is done I will continue posting some trades and ideas. Again I am not forcing anyone to do anything and yes I am after new clients. Everything I have said and done has been upfront and I am the only broker to have come to this forum for Binary at least and done that. Actually answered straight up to all questions and pokes.

Sorry if you got shafted. Next time READ the terms and conditions before you throw your money down the toilet with a platform that is out to screw you over.

Mr Stone

Not to sure why I am bothering to write this but I guess just to show how full of BS you are.

But the live chat forum you were banned from for spamming people "BOD" I seem to remember being in that room and you were talking about how sunny Cyprus was and you loved living there and even to the point where you mentioned you hadn't been back to the UK for a number of months.

If you do have an office in the UK it will be some regus building where you have a post box. I'll take you up and that and I am due back in the UK next Wednesday. I'll pop down at some point between Weds and the following Tues... look forward to meeting you!!!!!!!!

Los Pinos - "To be a good liar you need a good memory"
 

Mr Stone

Active member
As I also put on there I move between the two locations as I have done for the last year or so. It's funny how we were not the "regulated" broker who scammed the guy and yet we are being branded by you online thugs as bad news and a bad broker to deal with.

Long story short, regulation sucks and guarantees you nothing. I guess I will c u next tuesday or whenever. For the meantime why dont you lot focus on the platform that actually did scam the poor guy above and try helping him out to recover the funds!!!
 

pboyles

Legendary member
As I also put on there I move between the two locations as I have done for the last year or so. It's funny how we were not the "regulated" broker who scammed the guy and yet we are being branded by you online thugs as bad news and a bad broker to deal with.

Long story short, regulation sucks and guarantees you nothing. I guess I will c u next tuesday or whenever. For the meantime why dont you lot focus on the platform that actually did scam the poor guy above and try helping him out to recover the funds!!!

Any unregulated broker is a bad broker to deal with. Don't take it personally, its just when you disappear your clients will not be entitled to compensation like they would be with a regulated broker.
 

davidfielder

Active member
I need to say that this whole conversation just stinks of broker bashing and has nothing to do with the original comment which is that another broker screwed over a client. He got screwed by BOCapital (I believe they defunct at the moment). What does this have to do with any other broker?
Why just sling crap in every direction.
I am not saying that if this company is lying about location it's ok - it just has nothing to do with the original comment that NO ONE seems to be giving the guy any advice/help/sympathy
Christ - get human !
 

Mr Stone

Active member
Any unregulated broker is a bad broker to deal with. Don't take it personally, its just when you disappear your clients will not be entitled to compensation like they would be with a regulated broker.

Hi Pboyles,

I am not disagreening with what you are saying you know that much already. We are not going anywhere, but of course without regs as you said from a clients perspective it can be pretty off putting.

My best advice to any with a non regulated broker such as GOptions is to keep it simple and small, never going to massive investment wise therefore limiting any potential risk or possibility that something bad may happen.

My hope is that over the next couple of years as we cement our operation and gain some decent licensing that clients will stay with us and feel safe to stay with us for good.

Anyway, best of luck to all trading today, best wishes to all the US suffering with that bloody hurricane and I will be back soon to post some trade ideas and connect. Just trying to close out a really busy end of the month right now.

Mr Stone
 

davidfielder

Active member
Is it hard or a problem to get licensed as a binary options company?
I see many running to CYSEC now and some like MW going to get a gaming license
But is it even really that hard? Or is it just a question of putting up some cash and a rubber stamp?
 

moka2

Established member
This is not about broker bashing but to highlight what kind of stupid risks come in to picture when such a product/ broker choses to run away from more established regulators..
"Regulations crap" is what you vetsed interest going to say all the time.. but none of you have addressed the addditional risk questions raised
SO Mr Stone and Mr Fielder why don;t you honestly answer some of the questions raised

Why shoudl anybody trust a small broker ina jursdictions where it is realtively easy to get a so called Broker Licence over a broker regulated in a large and established jurisdction.
Tray and do this in AUS without a proper licence and you will end up in Jail
and that is a win for consumer
I mean Binary looks attractive ye ssure get in to main market and 3earn respect first
 

moka2

Established member
So Mr Stone
-What happens to client money if your "reputed" firm goes down???
_ are you a market maker? ...for people to win do you have to loose?
- If you say "we hedge the exposure" is that disclosed? at all? and how
- Take FTSE option on your firm are they based upon Official FTSE value or soem value "Dervied" by you? which we can't dispute?
 

safvan

Established member
This is not about broker bashing but to highlight what kind of stupid risks come in to picture when such a product/ broker choses to run away from more established regulators..
"Regulations crap" is what you vetsed interest going to say all the time.. but none of you have addressed the addditional risk questions raised
SO Mr Stone and Mr Fielder why don;t you honestly answer some of the questions raised

Why shoudl anybody trust a small broker ina jursdictions where it is realtively easy to get a so called Broker Licence over a broker regulated in a large and established jurisdction.
Tray and do this in AUS without a proper licence and you will end up in Jail
and that is a win for consumer
I mean Binary looks attractive ye ssure get in to main market and 3earn respect first

With little disrespect to your thoughts regarding regulation but the main issue is not the regulation but the product itself.

Even lottery tickets are based on mathematically acceptable market approaches. 1000 people give in $10 each generate $10,000. The winners get $8,000 payout and the rest goes to the fat hairy tax man.

In the case of binary options you expect 1000 people to pay $10 each and promise every one $8000 payout and the give each of them the technical ability to win it also. The brokers cannot pay $8000,000 while raising only $10,000 assuming every participant gets the market direction correct.


The mathematics of binary options with 150% or 200% payouts does not work hence there would never be a sound regulatory body approving such a product.

The correct license for this product should come under the "gaming" or specifically "gambling" where every one is aware that the house has the upper edge.

Its a gaming product and should be treated as such.

With correct regulation, customers can at least be assured to be paid in case they win "acceptable" amounts.
 
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davidfielder

Active member
Dude - I've said it about 5 other posts specifically addressed to you:
You obviously won't trust an unregulated broker for reasons you've expressed and I dont and didn't disagree. I think your argument is very good. It's useless though. That's my point. You are arguing only for those who are going in wanting regulation, only regulation, and damn the unregulated. Ok. But what about people WHO DON'T want to trade with the IGs of the world? That was what I have been answering. The risk is not an issue for those who can't or won't trade with the regulated and I can give you reasons why they wouldn't want to. It's not the issue. There are people who like product X and those who like product Y. I just happen to be more open to defending the unregulated as I can't stand the zealotry surrounding regulation. Sending some ahole to jail DOES NOT HELP CONSUMERS !!!! So either tell me how regulation dropped costs, lowered spreads, increased liquidity, lowered the demands of the consumer when opening an account, ANYTHING - and i'd agree.

Those who want regulation won't listen to me or Mr stone or anyone else. So it's pointless
Those who don't necessarily want regulation - probably understood my argument

Have a good day
Mr. Fielder has left the building
 

davidfielder

Active member
With little disrespect to your thoughts regarding regulation but the main issue is not the regulation but the product itself.

Even lottery tickets are based on mathematically acceptable market approaches. 1000 people give in $10 each generate $10,000. The winners get $8,000 payout and the rest goes to the fat hairy tax man.

In the case of binary options you expect 1000 people to pay $10 each and promise every one $8000 payout and the give each of them the technical ability to win it also. The brokers cannot pay $8000,000 while raising only $10,000 assuming every participant gets the market direction correct.


The mathematics of binary options with 150% or 200% payouts does not work hence there would never be a sound regulatory body approving such a product.

The correct license for this product should come under the "gaming" or specifically "gambling" where every one is aware that the house has the upper edge.

Its a gaming product and should be treated as such.

With correct regulation, customers can at least be assured to be paid in case they win "acceptable" amounts.

Ok, back in the building
Your math is wrong
And your assumption is wrong
MIFID has already agreed to step in to regulate binaires post CYSEC regulation (sometime in early 2013 with much of the regulation kicking in before official launch already on the 1st of Jan 2013). Meaning, your argument is moot - one touch options (those 200% and even 800% winning payouts ARE in fact going to be regulated).

Your math sucks cause you can construct 1 touch options using vanillas - which if you knew anything about the math behind the vanillas would lead you to the simple conclusion that as opposed to directional correctness, the statistical probability of guessing the right touch strike is very low and much lower than 10%, thus leverage based on the cost of said option (using simple vanilla call puts) would lead to a cost of option that is very low. So..... the cost vs reward in such a strategy would be a scenario that could theoretically far exceed 800% or even 5000% ! Trade some vanillas, learn the math, then come back with a round about argument that makes actual sense man.
 
 
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