Recover from binary options
Recover from Binary Options
Have you ever been tempted to get involved in binary options? Have you had a bad experience? Have you been scammed. How do you recover from binary option scam.
It happens to many people, even professional educated people. The first thing if you have been scammed is to not blame yourself wholly. Neither beating yourself up will help. More importantly do not even think about suicide, while there is breath there is still life and hope of better things to come.
There was a case of a Canadian man who got scammed, lost a lot of money and then committed suicide. There are many stories of people who have been scammed and have no clue how to recover from binary options.
Firstly it goes without saying, prevention is better than cure. Here are some tips to help
- Make sure the broker that you are using are registered with a proper regulatory authority like the FCA.
- Make sure you only risk money you can afford to lose
- Don’t do any investments to make a quick get rich program they are bound to lose you money.
- Learn and educate yourself in financial matters
- Never take advice from a broker as they make money if you win or lose. Many people who listened to a broker have in many instances lost money, you would be better doing the reverse of the trading advice.
- Practice on the demo until you are proficient and never add funds to cover a shortfall as it probably means you are going to lose it.
- Generally better to stay away from binary schemes and go more for forex.
- But same principles apply for forex trading.
- Stay away from trading robots and automated systems as in many cases they are scams.
- Always try and use a credit card as you get a level of protection against fraud.
A lot of people make their first contact with binary options through a scam. Many people are called out of the blue, or be careful subscribing for investment advice from websites as your details could be passed on to scammers. Never join a company from a phone call always do due diligence and check reviews on a company first.
The binary options industry is heavily abused and many scammers get away with a lot due to lax regulations and bad due diligence of victims. There are networks of fake review websites that support and endorse these scams, so for a person with no experience in trading it is very difficult to find the right path. Always do thorough due diligence where you see a site of fully supportive views be wary is it truly independent? No company is perfect. You can tell which sites are false or real.
Many people are getting scammed and they are losing money. They are promised an income, but in reality they take their money and lose it deliberately.
What to do if scammed?
Once you have been scammed don’t panic. You will be going through emotional shock and guilt. The first thing to do is send a complaint to the customer services team. Then contact the police, and file a complaint with the financial regularity authority that the company is hopefully registered with. Contact the FBI. Also make sure you have your evidence in place as it will be your word against the companies. In many cases you may not even realise you have been scammed.
Remember the risks, you can lose money as well as gain. You will be reminded of this. If you do lose money and get scammed they will state you were aware of the risks.
Be sure you write everything down that has happened. Don’t forget that you should always file a complaint with customer services first. Every regulatory body will have its procedures and they will ask did you file a complaint with the customer services. In some countries like Cyprus it is a legal requirement that the company gives you a case number which you can then use to file a complaint with the Cysec and Financial Ombudsman.
It is also worth contacting your credit-card company and bank.
Any communications or calls with the company you should record.
If you find that you get stuck and need help then get it touch with Phoenix Advisors Group to see if we can help. www.phoenixadvisorsgroup.com
Never use or be very careful with recovery rooms as they can also scam you as an easy vulnerable target. Always do your due diligence and look at reviews.
Some legal companies will charge lots of money and you may find that you lose as much with the legal companies than you do with the scam.
There are some chargeback companies that offer a service to help and some may actually be able to help.
Banc De Binary is one company that has had many bad reviews and been accused of scams, Phoenix Advisors have successfully helped some customers who were scammed and to get their money back.
But it is better not to trade with any Binary companies at all, and make sure they are in my opinion FCA registered.
From the Times of Israel – According to the French securities regulator, the AutoritÃ© des MarchÃ©s Financiers (AMF), close to 100 percent of binary options customers lose some or all of their money. This is due to the fact that the companies income derives directly from customers losses. In some companies, particularly those regulated in Cyprus, employees told The Times of Israel that some customers are able to withdraw some money if they refuse a bonus money given to clients by the firms, with many small-print strings attached, to encourage them to trade more, and then used as a pretext to prevent them withdrawing their funds, resist aggressive sales pitches, and are very adamant in their demands. The far more common scenario, however, is that customers are refunded only if they threaten a credit card chargeback or otherwise cause the company immense headaches, and even then only rarely.
You can try and find where these companies reside. Far too often they call you from UK or other numbers when they are fake. Most binary options holding companies are located in Israel and most of the brokers are fraudulent. The brokers are young sales people, usually new immigrants who want to earn big commissions in costly Tel Aviv. Operating in a morally deprived environment these young immigrants are trained to lie, use aggressive sales tactics and play on clients emotions to get them to deposit money. They use fake names and don’t have any financial training.
Here is a testimony how Phoenix Advisors helped someone who got scammed by Banc De Binary
I’m very thrilled to say that I have recovered part of the money that I got cheated by Banc de Binary and I’d like to write in favour of Phoenix Advisors Ltd (https://phoenixadvisorsgroup.com/). Phoenix Advisors is NOT a scam.
At first I tried to do a chargeback with the bank directly, I tried to do it myself. The result was negative; the bank rejected my request and would not open the chargebacks for me (not to mention I’ve put the whole process at risk as after banks rejection I had even smaller chance to open, not to even mention winning the dispute so I suggest for people to don’t even try to handle it on their own as then you might not even have a chance to get any help from the professionals).
Luckily, I had opened a thread and a case in this FPA website and Pheonix Advisors contacted me offering their services. I thought that if I didn’t need to pay anything up front, then it would be worth a try. Anyways, I didn’t have any other options. So I settled an agreement with them and sent them all the information about my case. They guided me throughout all the process and were able to assist me in a way that the bank was willing to open the chargebacks. They helped me open a dispute against the Bank and contact the Financial Ombudsman to regulate my dispute against the Bank. That was the only way they opened the chargebacks. After 7 months of a long process going back and forth with the Bank, the Financial Ombudsman and Phoenix Advisors (emails, letters, calls, etc.), Mastercard ruled in my favour and I was able to get a refund for AU$36,855 (US$27,035)
I wouldn’t have been able to do it without them, they have the knowledge and the expertise and know exactly what to do and say to the Banks. I’d also like to thank Anthony and the personnel at Phoenix Advisors for helping me recover those funds, you really came back to me in a timely manner responding to every single question I had and every email I sent you. It really gives me space to breathe as I got deeply into debt to be able to put money into BDB.
Unfortunately, some of the money I sent to BDB was through Bank Wire Transfer and that is impossible to recover, at least thats what Phoenix Advisors told me.
17 February 2016