Just looked at the EZTRADER site and saw their options. The payout is about 67% if you pick the right way. Why the **** would anyone settle for a spread of 33% about an even money bet, when you can get 5-6% with binary bet. AM I MISSING SOMETHING?
Well serves me right I suppose. Having lost £120 I applied for a withdrawal but it was only possible to withdraw £180. That is the bonus of £150 stays with them. The indicator I used was the same as the one I made 14.5 times my initial demo account but of course strangely doesn't work very well on a real account.
Yep stay away.
All too true I regret to say.I first found out about Ultimate4Trading via a an online pop up advert. As an experienced CFD, Equities and Options trader, I was of course very skeptical. So as to be open minded, I decided to investigate the whole thing very thoroughly.
This is what I found......
I clicked through all the Ultimate4Trading marketing videos and saw several clean cut, post university kids being apparently genuine & even philantropic about their so called "algorithm". It all looked to simple and too easy. See video link below:
I then clicked through and easily opened an account with Ultimate4Trading. AND that is where the fairytale ended!
Within minutes, I received a call from a sales person at EZTrader, supposedly in London. For some unfathomable reason, Ultimate4Trading have decided to link their "algorithm" with a so called "regulated' dodgy broker that is domiciled in Cyprus?
WGM Services, the parent company of EZtrader has had numerous serious fines (EURO 340,000+) imposed on them by the Cyprus regulator recently and has also had their license revoked (see links below).
There is so much bad press and commentary about EZTrader, it is little wonder they are registered in Cyprus!
Market Maker / Bucket Shops like EZTrader would not see the light of day in a decently regulated city like Singapore, London, New York or Sydney.
After numerous emails and phone calls from EZtrader, I had the following confirmed to me (meanwhile they kept increasing their bonus offer from Euro 750 to Euro 1,000 for me to open and fund an account with them),
1. Client Funds (your money) are not held in segregated client accounts in the clients name.
2. All deposited funds are held in a pooled account in the brokers name, in Germany!
3. EZTrader make it almost impossible to withdraw your funds at any time after you deposit as they mix bonuses with your funds, which you cannot withdraw.
If the parent company WGM Services or EZTrader are shut down or go under for any reason, or simply decide to close, it is KYMG! KISS YOUR MONEY GOODBYE! Try complaining to a regulator in Cyprus about a company operating in London, with their IT backbone in Israel, about your money in their name in some German bank account. Mien Got!
While the founders of Ultimate4Trading seem honest and well intentioned, their choice of broker and trading instrument says otherwise.
The so called Ultimate4Trading "Algorithm" only works for Binary Options trading in a short time frame. The fact of the matter is that Binary options are never traded, placed or executed into a real market or exchange. Brokers like EZTrader always take the other side of your trade. Binary Options trades are fictitious. They are made up by the broker. Whether you win or lose is purely up to the broker, just like a poker / slot machine. The only "algorithm " involved, is the program that runs the fake trading platform. For those that are skeptical regarding this point, you will note that there are no quoted BID or OFFER prices, no option strike prices and no execution or fill prices. This is because your are 100% trading against the broker all the time! Mysteriously, every single trade (and I tested 100's) either results in a 100% LOSS or a 72% WIN or occasionally a TIE. If any of these trades were actually placed into a real market or options exchange such fixed results would be impossible. And they are.
EZTrader do not charge fees or commissions per trade. Instead they make a fortune from all the losses on your account, which is already held in their name. This is a classic churn and burn scam. Heres why.....of the 100 trades I tested, 56% resulted in a WIN with a fixed 72% return per trade. 41% resulted in a LOSE with a fixed 100% loss of all capital per trade. 3% resulted in a TIE with a zero outcome. Lots of CHURN and a very slow, long and painful BURN!
Just like a Poker or Slot machine, if you keep plugging away, you will eventually lose all your money. As the fixed LOSS of 100% per losing trade always exceeds the fixed profit of 72% per winning trade. The planning and psychology behind this system is mind boggling. The slick hyper honest marketing sucks you in, the platform gets you hooked and EZTrader makes it almost impossible to withdraw your funds whether you are in profit or loss. And when you do lose all your funds, they then incentivise you to lose even more money with further bonus incentives. Now that is what I call an "algorithm".
It would be very interesting to hear what the four founders of Ultimate4Trading (Abbey Walker-Jones, Matty Voss, John Cross and Ash Patel) would have to say about all this. However, it is impossible to contact them. There are no phone numbers on their website and they never answer any messages sent to any of their listed email addresses. Perhaps then we could find out how much commission EZTrader pays them from their clients losses? Is there an "algorithm" for that?
STEER CLEAR or KYMG.
The Empiricist - Jan 2016
All too true I regret to say.
When you have gone through your deposit money and use their bonus amount you are soon prevented logging in. Even leaving £130 behind of the £150 given.
I suspect the so called winning algorithm is only for the demo account.
Leave well alone.