Binary Options Chargebacks and Refunds

Chargebacks represent a form of customer protection, allowing credit card holders to dispute a transaction and to reclaim their money, provided their chargeback claim is indeed accepted. A binary options chargeback will essentially void the transaction through which the trader made his/her deposit with the broker, forcibly removing the funds from the broker’s account and returning it to the balance of the credit card holder.

Have you been scammed by a binary options or Forex broker? Don’t miss the below step-by-step Practical Guide for Recovering Lost Funds!

As a fallback option for the consumer, the chargeback is a powerful tool indeed. Its power however should not be abused in any shape or form. Most people seem to consider chargebacks the slightly-more-radical equivalents of refunds. That, they are not.

Introduced by the Fair Credit Billing Act of 1974, chargebacks were meant to protect consumers from fraudulent transactions perpetrated by criminals, as well as from the sub-par services and abuse of various unscrupulous merchants. As such, binary option traders can use it to recover their monies from brokers, who they feel took advantage of them one way or another. Sub-par services and downright fraud is unfortunately quite wide-spread in the world of binary option trading, so having such a tool at their disposal is definitely a net positive for traders. In order to properly wield the power handed to them by this customer-protection tool, traders need to understand the nature of the chargeback thoroughly.

First of all: in what ways are chargebacks different from refunds? When filing a chargeback, the customer goes over the head of the merchant and has the bank forcibly return his money, without the consent of the latter. By contrast, a refund is an agreement between the two parties involved in the transaction, and as such, it does not bring the bank into the dispute as a decision-maker.

Chargebacks offer a plethora of advantages to traders – in the short-run – and to all market participants over the long-haul. Their mere existence keeps merchants honest and always striving to offer their customers the best possible services and products.

When can one legally resort to a chargeback?

In case of fraud (such as a string of unauthorized transactions resulting from identity-theft) the card holder has every legal right to resort to this “weapon”. Indeed, there have been cases involving binary options chargebacks, which were meant to recover money stolen by fraudsters. When the existence of fraud is merely suspected though, card holders are always advised to contact the merchant first. The way of the refund should always be the preferred one, as it’s much quicker from the perspective of the customer and it allows the merchant to recover its merchandize and sell it again for profit. Refunds also stave off the possibility of “friendly fraud” and spare both parties the unpleasant ramifications resulting from chargeback-abuse.

What exactly is friendly fraud? In essence, it is chargeback abuse. Sometimes, consumers decide to skip the refund process, because it is too cumbersome. They may experience buyer’s remorse, they may run out of patience waiting for the merchandize to arrive or they may aim to avoid certain handling fees. In such cases, chargebacks are unjustified, and as such, they stray into the realm of fraud.

The Chargeback Process

Here’s what really goes on when you file a binary options chargeback: you first notify your issuer (your bank) and request a refund. The bank then reviews the request, and if the claim conforms to regulation, it is accepted. If it doesn’t, the chargeback is voided. The issuer swings into action and simply strips the acquirer (the bank account of the broker/merchant) of the money in question. It credits it to the trader’s account.

The acquirer then takes action and notifies the account owner of the chargeback, according to regulation. The merchant/broker usually has the right to dispute the chargeback, which  it probably will, given the dire consequences of the move for its operation. The acquirer then takes action on behalf of the broker/merchant, re-presenting the chargeback, providing evidence delivered by the broker/merchant.

The issuer reviews the evidence presented, and it takes action, either upholding its initial verdict, or reversing it and posting the transaction again to the acquirer.

From the above, it is rather clear that the chargeback process is a lengthy and costly one. Its consequences are significant for the broker/merchant, as well as for the customer. Repeated chargebacks will result in the levying of fines upon the merchant and eventually the closure of its bank accounts. A MATCH list entry is also in the books for the affected operator, which in essence kills the chances of it using payment processing services for 5 years. For less severe cases, a hiking of the processing fees and rolling reserves is in order.

From the perspective of the customer, refused chargeback claims are identified as fraud attempt, and they may result in the closure of their bank accounts. In the case of a successfully disputed chargeback, the customer will end up stuck with the chargeback costs. Due to increased chargeback risk, merchants may hike their prices to compensate.

The bottom line is that while they are indeed potent customer-protection tools, chargebacks can be double edged. They should only be used responsibly, as a last-resort and by no means as a kneejerk reaction when seeking a refund.

Practical Guide for Recovering Lost Funds

If you were scammed by a binary options or Forex broker, these are the steps we recommend taking:

  1. The first thing you need to realize is that if you were trading with a non-regulated broker and you have made profits, you will usually not be able to withdraw your profits. You should only focus on getting back the money you deposited.
  2. If you still have a balance, you should first try to withdraw the money in the conventional way. Make sure your account is fully verified by sending the required documents to the broker. Required documents may include a copy of your credit card, a bank statement, a government issued ID and proof of address, such as a recent bill. Don’t just submit the withdrawal request via the broker’s website. Send them a formal email, maybe even a letter. Also, try calling them. Warn them that you will be taking further legal steps if they fail to return you your money. You can tell them you will do a charge back which can be very damaging for them or complain with the FBI (you can do that at Some people have told us they were able to get a withdrawal by simply threatening the broker that they will complain to yours truly… the Binary Options WatchDog.
  3. If you don’t have a remaining balance because your broker traded it away without your consent, you should ask for a refund. Again, do so via a formal email or letter, or by calling them and threatening them as described in #2.
  4. If the broker is still refusing your withdrawal or refund, the next step would be to contact your bank, credit card company or the ewallet you used to deposit the money and see if they are able/willing to help you initiate a charge back for free. Many times they will refuse, especially if more than 2-3 months had passed since you’ve made the deposit. However, try pressuring them saying that you had fallen for a dangerous scam. Many people are aware nowadays of the binary options scam.
  5. The last step we can recommend before hiring a lawyer and taking your broker to court is to use a professional chargeback service. However, you should keep in mind that they will only be able to help you if you’ve deposited $5,000 or more via a credit/debit card or $10,000 or more via wire/bitcoin/ewallet. There are many companies that provide this service, but there’s one company I work with which specializes in binary options and Forex chargebacks. You can CONTACT THEM HERE.

If nothing works, please feel free to contact us and let us know which steps you already tried and where you got stuck. In some cases, there’s nothing which can be done unless you’re willing to travel to the country where the broker is located and sue them. There are also a few law firms that allow you to take the broker to court without being physically present.

If anyone reading this was able to use a charge back service or law firm successfully and got back their money, or if you used any other method of getting back lost funds, please enlighten us and share how you did it as a comment below. We’d love to hear and learn from your success stories.

As a postscript to this article on binary options and Forex chargebacks, we’d like to remind you that prevention is better than cure! Don’t get involved with non-regulated companies. Binary options and Forex trading can be highly rewarding when done with legitimate brokers and signal services. Always consult with our new Forex brokers and signals sectionlist of regulated binary options brokers and binary options signal services page before sending your hard earned cash to anyone.

Success Stories from our Subscribers

I want to thank you for the advice to do a charge back I did a fraud dispute and I got my money back. I fallowed your advise and did not send them any more money what got me was the account manger called me every five minutes and was vary demanding he would call me day and night that got me pissed the numbers they used was New York then Washington they wanted 15.000 US then 10.000 then at least five they will make me tons of money in a very short time this went for a while one thing I did not make any trades the funny thing is Before I sent them any money they deposited 50.00 in to my acc and they made three trades for me to show me how they would make me money 2 wins one loss well any way all this going on I wrote you you responded the next day saying they are not regulated I would not send them any more money than I tried to withdraw the acc manger was vary angry he tried to get more money I told him OK prove it to me first that you can refund me he said OK then calls me tells me they cant because of Pr Trumps policy all the transactions are are blocked from other countries I tell him if they are blocked than how will you send me money  oh he had many  wayes through Canada different credit cards and so on this went on for awhile I even opened another acc with Chase Bank that did not work for them any way they  agreed to refund me the money they told me me I would get it in 3 to 7 days they pulled the money from the acc and i did not get it two weeks went by then three then I wrote you email below you responded try charge back so I went to your web site read it called my bank told them  the story told them I was a victim of fraud told them I have all the emails to back this up also told them I have an e mail from a reliable source suggesting a charge back which is you the bank said they would investigate and will let me know with in ten days I waited than checked  the balance the money was their so A BIGGG THank You. (June 2017)

79 comments on “Binary Options Chargebacks and Refunds
  1. Juan says:

    As i live in Ireland the service thru my bank is free to use charge back regardless of the
    amount being retrieved I have used it twice but I don’t remember the amounts of money

  2. Dale Erickson says:

    First of all, thank you for providing this valuable information. I have had to take these steps so I’m familiar with the process. I have not been 100% successful in getting my funds returned, but the process does work. However, here is something that your readers might find useful. The last Broker who was the most scandalous I’ve ever been unfortunate to work with, All Go Trade, asked for deposits and treated them as a cash withdrawal on my credit card. Never let a broker do that. When I tried to have these funds returned, I could not because it was a foreign transaction for cash. I did not authorize this but I should’ve paid more attention and negated the transaction immediately. So that’s the lesson. Also, of all the brokers I’ve been with, and that’s over a dozen, none except one has been truly honest and reliable.

  3. Mohd Najib Mohd Amin says:

    thanks for this valuable information..I hope it could really really help trader out there by read this important guidelines…great job once again watchdog!!

  4. Thomas Porcasi says:

    Beware of companies that offer bonus when you deposit money in an account. Never take the bonus never. Companies will not tell you that you have to turn those bonus dollar over 30 times to be eligible for a withdrawal. For example if you receive a bonus of $500 you have to turn those dollars over 30 times for an equivalent to $15,000 in trades. That is very difficult to accomplish with $500. Good luck I would suggest you ask lots of questions before you invest.

    I would rather play fantasy baseball with the money, at least when you will you win you get your money back the next day.

  5. Sam M says:

    Fantastic info!!! Do you know of any law firms based in Cyprus who have experience with binary options? The website you mention above is great for at least getting your deposit back, but would be good to know of lawyers who can help in getting profits from brokers if they refuse to pay out.

    • Jack Mokoena says:

      Good information indeed, I leave in South Africa and would like to know if the following companies are genuine:
      1. B4Markets
      2. CapitAlpha

      Thank you

      • WatchDog says:

        B4Markets doesn’t seem to be regulated so I’d avoid them.
        CapitAlpha seems good, especially if you’re into MT4. (Although keep in mind they don’t seem to be FSB-regulated).

        If you’re not into MT4, then I would go with WebTrade instead.

      • Janie says:

        Hi Jack, i also stay in South Africa and i am busy with a chargeback through my bank against who scammed me out of some money.

  6. Robert says:

    Hi Watchdog,

    How would I be able to private message you, as have information that I would not want to disclose on this forum. It involves the SRBGroup and chargebacks. Thanks

  7. Pali Z Seturumane says:

    Capital Markets Banc is refusing to release my withdrawal. I did not take their bonus so all the money in their account is 100% mine.

    I sent the first withdrawal form on 28th February 2017 and up till now they haven’t released the funds. I am full compliant with them. My account with them is 6104464.

    I have also sent several requests to them to release my money because I no longer want to trade with them.

    Can you intervene please?


    • Liesel says:

      Hi, I’ve got the same problem with, iv’e made 250 pounds deposit, writing them a letter that i don’t want to trade with them and the points in their terms and condition do not suite me and i cancel my account, know they refuse that i withdraw my money. I have not trade.

  8. Alastair Macdonald says:

    Try selachii
    I am going to try these men. No obligation, free consultation with good advice.

    I am trying with Boccadutri lawyers, but they do not seem to pack the punch that these London Lawyers do.

    Calling everyone who has been stolen from by Rabia Issa and Peter Grant of Trade with robbie dot com. The most cruel and vicious criminals since Ghengis Khan. Utterly ruthless iars and cheats , murderers, of the highest degree. If you have then I can get what is known as “multi party action” lawsuit against them. This means you will pay a lot less for law fees. Usually 10% of funds recovered plus a retainer. Please write in to watchdog and say if Issa and Grant; both of whom are ex 24 Option account diddlers, stole your money and you are left in the lurch and they have cut you off.

    You stand a high chance of getting most of it back it you write into this website and tell the leaders.

  9. Lois Aring says:

    We sent cfdstocks 5016 EU. Our contact there was someone named Rachel Kremer. We have gone to our bank to try and get it back,our bank said that cfdstocks transferred it to a bank in Germany. The bank in Germany says that it will not release our funds! Rachel kept insisting that we needed to deposit 5016 EU by wire in order for her to make us any real money. We didn’t even trade !!

  10. Abs says:

    Dear Watchdog,
    I invested with Olimp Finance 6 months ago up to £22,250. I started with an initial of £250 which was soon increased to £600 within a week, Then go pressured to invest more. My balance grew up to £52k within 3 months. My nightmares began when I placed withdrawals of £30k. My broker suddenly went AWOL, delays in responding to mails, refusing to engage in phone calls conversation, etc…After various mails and phone calls, they made some payments but have denied to release the profits and even worst , they decided to close my account. what do I do? I did not take any bonus nor risk free trades?

  11. Therese kefford says:

    Hello watch dog .I have lost $3500 US dollars then a further $1000 us to PWR trade and $250us to titan trade .I have now been contacted by America Claim solution to recover my lost funds.Trouble is I dont know if they too are scammers .They want all my emails / paperwork to assist with going to court .Should I trust them They have not asked for money ..Im sick of losing money when all im trying to do is create wealth for my retirement .Im failing badly.cheers Therese

    • WatchDog says:

      I never heard of them. Please try to follow the above steps to see if you are able to charge back your deposits without paying anyone to help you with that. Feel free to email me for more advice.

      • Carlos says:

        Hello. I have been also contacted by these people (America Claim Solution) and after several conversations and incomplete written information asked to them via email, they gave me a bank account number (belonging a physical person, supposed to be a “escrow agent”) to pay 1500 $ before receiving my 10000 $ back. It smells to scam, but I’m still in doubt as they provide me a license number of an insurance agent (but not directly related with, the website of “America Claim Solution”).
        Are there any US financial institution to check if (as they are saying, because there is a US court resolution) those 10k$ are in any account waiting for me?

  12. Dave says:

    Barclaycard allowed an excessive fraudulent withdrawal from my credit card, they did not notify me it was going through or I could have stopped it. Barclaycard now expect me to pay the account so beware Barclaycard will not consider their customer they will simply screw you for the account to be paid regardless.
    2 Simple solutions: 1- Don’t trade in Binary and 2- Don’t use Barclaycard as they can’t be trusted either.

  13. Jacques Breed says:

    Tradervc, im having problems, is it a scam?
    Im going with 72option and stockpair, they are licenced, or not?

  14. Mike Lacey says:

    Hello Watchdog,
    I recently was taken advantage of from a broker called! The platform worked fine for at first several weeks with the exception of placing late trades by a few pips when you clicked the PUT or CALL button, other than that it seemed fine. A little over a week ago they made some changes to the platform to include adding a new Currency pair and adding several more expiry times to their Turbo trades. After these changes I started to get logged out of the site on a regular basis! I would be trading and many times as soon as I clicked to make a trade it would log me out of the platform! I complained to support and they always had the same answer, Use google Chrome, which I was, and clear your cookies and browsing history which I had done several times with no changed results! One day last week I was placing a single $30 trade on a pair and again, just as I placed the trade it logged me out but this time when I logged back in there was only $20 left in my account which before I tried to place this trade had $320 in it! When I logged back in and saw the $20 I looked and they platform had placed a total of TEN TRADES at $30 each on this pair which ended up being a losing trade! All of the trades had placed within seconds of each other with the same expiry time! I was FURIOUS to say the least but figured CS would take care of this! After 4 days I got an email saying that They didn’t see a problem with their system and it appeared that all of these trades had been placed manually from my account or I was using a robot! I explained to them this wasn’t the case and what had happened and even sent them a screenshot of all of the expired trades showing how quickly they were all placed and told them to look through my trading history and they would see that I NEVER or very rarely place multiple trades on the same pair at the same time out of over 1700 trades I had made on their platform! A handful of times I placed two trades when the pair was in a drastic move but never more than that and certainly not TEN at once! They still refused to put my money back less the one trade I had placed and because I placed the initial deposit so long ago and made a few more since then I’m not sure that a chargeback is even an option! Any advice you can give would be greatly appreciated!! And please, let all of your followers know to stay away from!!

  15. PvW says:

    Watchdog is a scam. I had a balance of +-$7800 in my account and wanted to withdraw it. They just ignored all correspondence and over the weekend cancelled the withdrawal and place trades for all my funds without my permission.

  16. Mr Sing Chan says:

    Has anyone has positive results from mychargeback?

  17. jeevan says:

    hello i am looking for any good auto trading or even manual for binary option but i have see these robo demo all looks same what is actual difference can any one tell thank you 1) 2) 3) 4)

    • WatchDog says:

      As far as I understand, different websites use the same software. I believe it’s all the same. Avoid it all is my advice.

  18. AC says:

    Anyone heard of Jeff Griese? he claim he can help recover your funds, had a few e-mails from him, not sure if genuine.

  19. AC says:

    Hello Guys
    Nov 2016, I have signed a bonus agreement of £1500 (£500 bonus, 50%of deposit), my legal obligations is to turn over 25x worth of trading volume.=£37500. which I have fulfilled, up-to date my trading volume is £80000+.
    I have also invested a further £23000 after the signed bonus agreement, they now told me the £23000 will also are part of the bonus agreement, meaning if I wish to make a withdrew, I need to turn over £24500 x 25=£612500!!!!
    I have argued that the bonus agreement that I have signed have no mentioned of any additional funds will subject to the same turn over volumes.
    Then they try to offer me to sign an agreement for a reduction bonus amount from £612500 to £125000 trading volumes. which I refused!!!
    I have consider using legal action, found one in London and one in USA claims to be specialists in Binary Option trading, and also bank charge back services, but all wanted up-front payment. don’t want to waste bad money to worse.
    any advice?

  20. maggie taylor says:

    I live in South Africa, I’ve been inundated with emails & ph calls from various Binary Option companies & did as much research as I could.

    An accounts manager named Sebastian Krause from Binary Tilt, based in London, contacted me on 18 May ’17 & managed to persuade me to invest $250 (R3,400), he sounded well spoken & answered all my questions, I trusted him, He assured me that there is no fee & that the $250 was an investment, & as it was my birthday that he would match it and contribute another $250, making my investment $500. He also assured that it was auto trading, that I wouldn’t have to do anything, but sit back & wait for the profits to roll in. He said the profits from that amount of investment would generate profits between $3,000 – $5,000 in the first month. I submitted all the compliance documents, followed by an email advising me that my account had been verified. On logging in to “my account” there is a balance reflected of $500.

    Since paying the money I have not had any contact from Sebastian Krause or his broker, I have sent numerous emails to him at, to and to Various ladies at Tilt responded to my emails assuring me that Sebastian has the message & will phone me – which has not happened.

    Sebastian & his broker were both aware t that I had used birthday money from my son to invest the money.

    I have all relevant correspondence verifying the above.

    Please advise ! I really needed this opportunity & if I cannot afford to lose over 3 thousand rand on an alleged scam.

    Is Binary Tilt a reputable trading options company? Maggie Taylor

    • WatchDog says:

      BinaryTilt is a scam!

    • AF says:

      Hi Maggie,

      Have u managed to get ur refund back? i just recently sign up for Binarty Tilt and paid USD4000 to them. After I made the payment i realize it was a scam based on the comments in the internet.

      • Maggie says:

        Thanks for your response. I will reply in detail later. Regards, Maggie 🙂

        • AF says:

          hi watchdog,

          any particular reason for you ask to do this:

          Make sure your account is fully verified by sending the required documents to the broker. Required documents may include a copy of your credit card, a bank statement, a government issued ID and proof of address, such as a recent bill.

          Without the documents, the broker could not claim from the credit card company right and the victim have a chance to claim back the money

          • WatchDog says:

            Every broker requires verification of identity, payment method and address before withdrawal to avoid theft of funds.

  21. maggie taylor says:

    Is there a way to have my money returned?

  22. godwin william says:

    are charge back available for bank wire transfers?

    any time limit to recourse to a charge back?

  23. AC says:

    Hi watch Dog
    Following Jeff Griese’s further contact, he send the following, please advice!!
    Dear Applicant,
    We assume you already know that an upgrade from a regular trading account to an admin trading account will make your account have the following new features below:

    – Insured under MiFID (Markets in Financial Instruments Directive).
    – Insured under the Regulatory Agency which your broker is registered to in case of any unfair loss.
    – All trades (long and short term) will be cancelled.
    – 30 trading signals that goes with your strategy will be sent to you
    through your email address daily.
    – The Daily signals from professional traders are 90% accurate.

    Since you already know the above features, you are to give us these
    details for the upgrade process:
    – The name of the broker(s).
    – The email address used to open the trading account.
    – Name used to open the trading account.
    – Trading account ID.
    – The current account type you are operating.
    – Available balance in the trading account(s).

    Note: The admin upgrade is also necessary when Traders want to close their respective accounts, thereby ending all long term trades and capital returned back to default.

    Operation Manager
    Bernard Wilson

    • WatchDog says:

      Please email us for assistance.

    • GJ says:

      Hi AC
      I also have had an account with IvoryOption for over a year now. There is over £400k in the account but I would just like to get back my original deposit of £100k as I am so worried that all will be lost, although I have no reason to believe this but have read so many horror stories that I wish I had never invested in the first place. I watch your progress with much interest, I have contacted Salacchi and Birman law, but like you wonder whether this is more good money after bad as IvoryOption is not regulated, they say they have an office in London but I have my doubts…
      Have you found out who Jeff Griese is?

      • Matt says:

        Unfortunately, if you’ve had the account for over a year you can no longer receive any of your funds back. The time limit for chargebacks for most cards is around 6 months. After this point, the bank won’t be able to help you and neither will any chargeback company most likely. It’s such a shitty situation, but your 100k is gone.

  24. AC says:

    Hi GJ
    Jeff Griese claim to be a pro trader, not sure if his involved with this up-grade system.
    Have you try to make a withdrew with Ivory Option? I think the best way to get to these people, is for us to form a group action against them, if there are enough people, we can afford a bigger firm to take them to court and get our money back.
    What do think Watch Dog??

    • GJ says:

      Hi AC,
      Is Jeff Griese asking for any money up front? I have been speaking to a solicitor, Ivory Option are based in Israel. If you want your money back you have to use a law firm in the designated country otherwise a London firm have to engage a solicitor in that durisdiction. I have researched 3 law firms who specialise in this work, all want an upfront payment which worries me, if the case fails and I have lost that money too.
      This is all so wrong… I have had 4 withdrawals so far with no problem, but the account manager has to authorise these. I just want my original deposit back and I have a feeling they are going to make trades very soon to loose everything.
      I don’t know what we can do collectively….


      • AC says:

        Hi GJ
        Jeff Griese only recommend this company,,
        It cost one Bitcoin (£1850 ish), please look at the above posting.
        Watch Dog think is a scam!! they recommend Charge Back Services, $700 upfront, then 25% charge. very costly!!
        If anyone is reading this, and you have been a victim of Ivory Option, We can join together and hire a lawyer to fight them, should costs a lot less.

        • GJ says:

          Hi AC, I have tried chargeback with my bank, because we voluntarily made the transactions we have no come back, we have effectively gambled away our money, albeit to financial fraud. The only recourse is a lawyer, Birman global are based in Israel but want 10% upfront then 20% of any money claimed. I’m really struggling, and don’t trust anyone, how do we know they aren’t part of the scam? 😞

  25. AC says:

    Has anyone any experience with Selachii LLP in UK and Birman Law in Israel?
    If Binary company in Israel if scamming you, dose it make sense to appoint an Israel law firm? the UK law firm probably have to subcontract someone in Israel to act?
    Any advice please Watch Dog

    • WatchDog says:

      Birman Law is legit. It makes a lot more sense to go with a company that is in the same country as the scammers.

      • GJ says:

        Hi AC, I am going to try my chargeback first, they will present the case to the bank to pursue a chargeback even if you bank has initially refused. Nathan who I spoke to said that the banks don’t fully understand an authorised transaction. They also have a money back guarantee, so it’s a better first option than Birman who want 10% up front.

    • maggie taylor says:

      Hi AC

      Any advice on how I can have my money refunded by Tilt??


  26. Huber Paul says:

    Pleas, hou are your traductions? Danke

  27. Nick. R says:

    It all started with a £250 deposit in December of last year. Within the next few days I parted with £14,250.00 paid by Mastercard and credit card under undue pressure from a certain Jason Adams who claimed to be a senior associate with Markets-Trading Limited, 71-75 Shelton Street, Covent Garden, London WC2H 9JQ Tel.+44 203 5140 533; support@markets-trading .com; He lured me with £7,000.00 of bonuses which I blindly and foolishly signed for. When I asked him if his company was regulated, he assured me that is was. As he was so convincing I did not bother to check and I ignorantly trusted him. Each time he phoned me he tried to get me to invest more money and would not take no for an answer. I soon realised that I have been scammed. When I contacted Jason Adams to inform him that I did not wish to trade anymore and I wanted my money back (£14,500.00). He got quite irritated and said that I must have been approached by another company. I sent him several emails and at one point he flippantly asked me to go and read the terms and conditions of the bonus he gave me. I felt cornered and trapped. He refused to pay back. I contacted Mastercard and explained my problem hoping that they would help to recoup my money. After few weeks Mastercard email me to say they could not help and referred to Trading Standard and to Citizens Advice Bureau. I got so disappointed that I have not persued any of these organisations. I have just checked my account with Markets-Trading this evening which have made some profits and stands at £21,265.31. Can you please advice and help? Many thanks. Nick.R

    • Olivia says:

      Am really sorry for the lost of your hard earned money, I am a full time binaryoption trader and it pains me to see stories of fellow traders who are being scammed or had being scammed. I had my fair share of lost money and experience with scammers. my current broker is nothing but an angel sent from above, who thought me the do’s and don’t of binaryoption trading. For advice in trade signals, gaining back fund and general input you can contact me for his email. Hope am of any assistance.

  28. lavitas says:

    Hi Watchdog, just curious what do you know about Glenridge Capital, I had to use them for my Dow… also, what do you know about this? NASA Trader Project?

  29. Rajkumar Singaraju says:

    Dear Watchdog,

    Looks like you have been doing a great job guiding all the binary traders out there. Before I get into full details of what has happened, I would like to make my general question simple and short for your advise first:

    Is is a scam binary broker?

    If I have deposited into a binary broker, then open up trades myself and lost my deposit, can I still pursue with a chargeback with my bank to recover my deposit?

    Further to the second question, if I was actually instructed by the account manager to follow 100% his instructions on trades but open the trades myself and eventually losing all the deposits, which I find it more of a scam, can I file for the chargeback with my bank?

    Now the below is what has happened in detail. It’s quite long though.

    I was referred to Prestige Option broker by a binary signals provider called After checking on the broker, they seem to have a license from Cysec and regulated. They were based in Cyprus. Their calls all comes from Cyprus country code as well. I then made my initial deposit of Euro 250. Then as usual, the account manager contacted me with their usual risk management tactics and got me deposit another Euro 4750. My account balance was well at Euro 5000. The manager thought me some financial market reviews and how to trade and all and told me that since they are regulated, only I’m allowed to open trades in my account, which is quite promising. They also told me since they are Cysec regulated, they are not allowed to give any bonus and tie the trader to the system. Instead they had a better plan called pending bonus. Once assigned, the bonus is only released once I have traded enough volume within the given time frame. If I failed or withdraw any portion of my deposit before the expiry, the pending bonus will simply get cancelled. Again, sounded very promising. The situation continued and as like all other brokers, the manager will always persuade me with special events and additional deposits but I have been always declining. There was no real guide from the broker in making money or promising such which made me to believe they are quite legitimate. So I started trading myself and almost lost my 5k deposit but with luck, I just managed to end my account at Euro 5421. Then I received and email from Lead Trade Ltd which is the owner of Prestige Option saying that they are ceasing their operation effective May 1st 2017 and all deposit will be returned 10 days after the closure. As honest as they could be, the Euro 5k deposit was indeed returned to my credit card. I just didn’t bother much about the profit balance of Euro 421. I moved away from this episode with no loss at all except for my time. Still a good news though.

    After sometime, I read that Prestige Option has now renamed itself as Prestige Financial Markets or simply PrestigeFM. The new platform looked exactly the same as Prestige Option and everything seem to be 100% same. Even the mobile apps are the same. The difference is that now PrestigeFM is no longer regulated by Cysec but they mention they have a VFSC license from Vanuatu which was issued to Robertson Securities Ltd. The company is owned by Media Options Ltd and located in Bulgaria. The registered phone number is based in Switzerland.

    So the new episode begins here where I started to receive calls from the broker and this time the account manager is Ryan Hawkins who claimed to be from big time financial markets in the US and now working for PrestigeFM. He did sound like an American though. The calls came from Switzerland and Ryan added me on Skype and his location also showed as Zurich, Switzerland. So to test the legitimacy again, I asked about my balance of Euro 421 and requested if that can be transferred to the new account. I had to register again on the new platform and Ryan told me that is not possible. The only way is to wire back the profit money, he did and even I received the money on my bank account which gains my 100% trust with the company. So Ryan said, let’s start a new journey and briefed me few business plans which ranges from Euro 10k all the way to Euro 20k. The plan also assures me with monthly withdrawal of Euro 4K if I go with the 10k plan. So I decided to go with Euro 10k deposit. The other rule from Ryan is that I’m strictly not allowed to trade on my own as it will risk the deposit and all I have to do is to place trades on my own but 100% based on his instructions of which options to put or call, selecting expiry time and investment amount. Following his instructions, the balance grew from 10k to almost 17k. Then Ryan offered a plan where if I deposit another 20k, the company will give a pending bonus of 20k and he said he will assist me all the way to trade and complete the volume and grow the account to almost 50k. He said then I can make a withdrawal of 20k to settle the deposit and leaving 30k in the account to continue trading. Sounds really exciting but due to my financial standing, I told Ryan it’s not possible and let’s stick to our business plan 1 which is monthly withdrawal of 4k. He then passed me to his platinum team manager, Steve Cooper who again persuaded me with the plan of depositing further which I said I wish but I can’t afford it. So Ryan agreed and we came back to the original plan and started giving me instructions on trade to open with 60sec expiry. He said those are 100% winning trades which came from the platinum group and giving it to me since he enjoys working with me. Due to the rush and pressure, instead of selecting 60sec, I mistakenly opened up the trades with 2mins expiry. All the trades were opened with the entire balance and to my shock, all my money was lost leaving a balance of just Euro 37. I was totally devastated and was guilty that the lost was due to my mistake. So I told myself to accept it and not to blame anyone. I left the system for a week and dropped Ryan a Skype note that I have learned and expensive lesson and most probably will be spending several years paying back my credit card debt for the Euro 10k deposit.

    After couple of days, Ryan Skyped me and said it’s not the end. If only I would listen to him, we can recover the lost quickly. He said there will be NFP events with risk free trades. He said with just another Euro 10k deposit, we can trade using risk free and recover to the 20k balance. He said the ultimate goal is to recover and my back is securely covered by him. I was convinced and thought that is the only way to recover. I paid 50% of the credit card balance and requested a temporary credit from my back which was granted for 1 month. I then made another Euro 10k deposit making the new balance as 10,037 with only objective of recovering the balance to 20k so that I can withdraw and settle the credit card balance. Ryan gave me a risk free trade for Euro 5k which was won, so no change in balance. Then sessions continued as previously. Ryan gave me a pending bonus of 10k and said he will assist me in opening trades to reach enough volume so that the bonus can be released and the account recovered. Along the way, Ryan offered a new event which is a paid event for Euro 5k, which he claimed to be a major event and if I invest and participate, we should be reaching almost 80% of the pending bonus. I explained to Ryan that he should know my situation with my credit card being maxed out and I’ve actually deposited with a temporary credit from the bank. So I declined the investment and told him to stick to the plan of recovery. He reluctantly agreed though asking me to see if I can use other credit cards which I said no. We then continued our plan in completing the pending bonus with me opening hundreds of trades based on Ryan’s instructions which mostly came through phone calls. He did send some of the instructions via Skpe which I followed exactly. The balance swings from high to low and the trades are again opened with all the available balance. The pending bonus volume did grow drastically. I confronted Ryan of the risk by using the full balance, and he just said don’t worry about the balance going up and down but what matters is the end results and the pending bonus percentage. He also said the trades are calls and puts with factored amounts, so the chances are low that all will be low. Finally, he asked me to open some big trades with all the available balance and said those are conform to be winning trades. To my shock, the last big trades were all lost pushing my final balance to Euro 29.85. I just could not believe what just happened.

    Ryan dropped me a Skype note saying, looks like the market went against us. He then persuaded me that nothing to worry, and not to give up. He asked me to consider again the paid event for Euro 5k and said it’s a major event and guaranteed trades will be there to fully recover the money. That’s the only choice. He even offered that he will give 10k to the account with just a condition that 5k comes from me. This is the point I felt that I was really scammed and said good bye to Ryan.

    After couple of days, a person by the name Dave Goldman called me saying he is fully aware of what has happened and looks like Ryan did a bad job. He claimed to be the Vice President and head of PrestigeFM. He said his recovery plan is definitely to work and to recover everything like within 2 weeks, all I would need is to place a deposit of Euro 15k and he will even put me on platinum account with higher payouts. He said the only way I can trust him is by giving him the chance.

    I completely stopped here and this is exactly what has happened and as much as I could recall. I do have the deposit declaration forms which I signed, the last few Skype messages from Ryan with his instructions to me to open trades and the final email from Dave Goldman. I do not have any recordings of the phone conversation unfortunately.

    Based on the details above, do you think I will be successful with chargebacks through my credit card bank?

    I was also referred to a law firm called Giambrone in UK by winchargeback and Birman Law in Israel by Wealthrecovery. Both firms of course requires upfront payments and portion from the recovery fund. They both sounded confident in winning my case.

    I would need to know if chargeback will work for me first, if yes then I will proceed with that. If it is not, then do you think engaging with the law firms is the best option I have as I feel my case is complicated.

    Please advise and appreciate your time looking into my case.

    Thanks Watchdog.


  30. DerekCampbell01 says:

    Porter Finance – Out of Business; I just noticed this happened this week…June 19, 2017! Comments are welcome

  31. DerekCampbell01 says:

    Appears Porter Finance is the latest binary options broker to go out of business…your thoughts and comments are welcome. Any insight into what happened and the likelihood of getting my money back would be appreciated. I am following the BinaryOptionsWatchdog method and have submitted my withdrawal request with a formal email initially. Thank you.

  32. sophie says:

    HI watchdog,

    just want to know if the binary company’s staff assured the client that they are very confident of the trades,and will execute a low risk trades etc to recover the money lost and midway thro trading asked client to deposit money, as a show to the ceo that he is doing a good job and that the client loved him, will this strengthen the case for a chargeback?

    This company used high pressure techniques like all binary option companies, kept making me deposit more money in order to take big contracts that he is sure will make money and then lost the trades. Next will come the recovery mission and again more deposits in order to take the contracts.

    They did it 3 times and lost all my money. Now trying to say I took the trades with them.

    I had signed the deposit forms everytime i funded my acct so my acct is verified. They are careful abt this as well.

    But I had been misled and victimised and took the trades upon the broker’s instructions and under duress. Do I have a case for chargeback?

    • WatchDog says:

      You probably do…

      • Antonio says:

        Hello WatchDog ,

        I funded an account on Stern Options.
        Provided the following information:
        Bank statement, ID and debit card copy.
        I believe this documentation is enough for them to refund me but they are asking me to sign a Declaration of Deposit.
        I feel I shouldn’t sign that document or they’ll be legally able to keep my Money

        What do you reckon?

        I already threatened them that I’ll go to bank and ask for a charge back.

        Best regards.

        • WatchDog says:

          I suggest to consult with the professional charge back service, or with your bank/credit card company.

          • Antonio says:

            I’ll do that in the morning.

            I really suspect of that document, because I’m registered on other online brokers and none of them asked for such document.

            Hope you have a nice Sunday.

  33. dave says:

    hi all has anyone had any dealings with the following: James Freudman(optionssignals)
    John Ryan and Jeff Calvo (Axetrades).

  34. Kenny says:

    Hi WD,
    Please, is BDSwiss regulated and can i deposit funds with them? Im planning to trade with them using optionrobot. I’m from Nigeria and thats the broker optionrobot recommended. I’ve lost so much money in the past, i just want to research well before commiting any of my hard-earned funds. Thanks

    • WatchDog says:

      BDSwiss is regulated. Here’s our BDSwiss review.

    • Matt says:

      BDSwiss are ok, they’ll let you withdraw what’s left of your money after playing.
      OptionRobot, like every other ‘autotrader’ sales funnel, is a scam. If you don’t want to lose any more money, I’d suggest not depositing more money into a site that will trade (lose) for you.

  35. K says:

    Hi all,
    Just wanted to share my experience with

    I have deposited $7K and lost it all using the trading technique taught by the account manager, he have taught me to trade CALL using the sequence of X, 2X, 5X, 12X, 27X for EUR/USD 1 minute Turbo, and guaranteed that I will win within 5 trades. However, it failed, and he said that it is due to my internet speed being slow.

    He managed to convince me to deposit additional $5K, and promised that he will gain back the loss within 1.5 weeks. At the end of 1.5 weeks, he made about $3K. He requested for more fund so he can trade more efficiently, however i was unwilling as the returns was not as promised. I told him that i will consider topping up if he achieved at least half of what he has promised, but it is not the case so i will withdraw all the fund and not waste all our time doing this trade. After i complained about the low profit, he went ahead to make 3 trades of $6666, without informing me that it is a risky trade and end up lost all the fund. He even blame me, and say that i pushed him to make these risky trades.

    After all these unpleasant experience, i do more research about I found out that their server speed is rather slow for a live trading site. I have also noticed in, there are multiple parent companies sited:
    1) G.S.L Global Limited (stated in terms and condition)
    2) Novox Capital Ltd. (stated in privacy policy)
    3) T.S.I.E LP (stated in account termination form)

    This created more and more doubt and i am now withdrawing all my balance in the account.

    Hope I can withdraw them successfully.

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