QUESTION
Would like to know who to file a complaint to when it comes to binary options platforms.
Asked on Aug 17th, 2012 on Securities Fraud - California
More details to this question:
Binary options dealer sent me a email stating that they would give me $50 to start trading for free no strings attached. I traded my free $50 and my account is up to 2300 dollars. I went to cash out and they will not let me stating that the money was bonus money and subject to their bonus terms. Below are the bonus terms. There was no qualifying deposit in my case because the promotion was for a free $50 no strings attached.
In order to redeem their bonus credits customers are first obligated to meet a volume requirement on their account which the payment of bonus credits is conditioned upon.
Traders Room Withdrawal Policy and Bonus Redemption
The general volume requirement on the customers'' account requires that a customer trades a total account volume which is 15 times the value of the qualifying deposit+given bonus.
This condition is calculated from the point at which the bonus credit is first given.
1 ANSWER
This sounds like a scam to me. In order to confirm that, you may want to contact the CBOE and your state securities regulator. Tell them how you were contacted and your involvement with this entity. Also ask them if this entity is registered as an options or securities dealer. These regulators can tell you how to proceed with a formal complaint , if necessary. I certainly would not give this dealer any money unless you can establish that it is a legitimate business. My answer does not constitute legal advice but only general information for your consideration. Good luck.
Answered on Aug 20th, 2012 at 10:13 AM