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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4525
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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My partner has been conducting binary options trading and

Resolved Question:

Hi, My partner has been conducting binary options trading and yesterday he put in a request to withdraw his funds with total over £13,400. However the broker 'EveryOption' (who we just found out on the website is a blacklisted broker by the FBO) is delaying and talking about re-investing. All deposits were made by debit card - the withdrawal request was submitted yesterday. Firstly, how do we stand in withdrawing our funds and secondly as deposits were made by debit card if we have issues can we use the debit chargeback option?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

I am sorry to find you in this situation. First, let me address the first issue as to how you can possibly safe guard your money.

At this juncture, I need to point out that hat UK's regulator, the Financial Conduct Authority (FCA) does not, in fact, participate in solving conflicts between brokers and customer. Rather than that, the regulator focuses on preventing of scams and unfair practices from happening, for example by mandating financial services providers to establish complain submission procedures.

In case of a dispute, such as yours, usually 3 steps are advised and taken.

1. Try to solve the issue by contacting the broker

Get in touch with the broker and complain straight to it – often conflicts are caused due to misunderstandings, and an amicable solution is easy to achieve through communication. What's more, as we mentioned, as per FCA's rules all authorized companies must have an established procedure for handling complaints, so in theory the process is streamlined and resolving common conflicts should be done quite quickly.

NOTE: It is best to handle the communication with the broker in writing – this way both parties can keep track of the issue and can monitor what has and has not been done.

2: Approach the Financial Ombudsman Service.

If the broker has not addressed your claim within reasonable time (minimum 8 weeks), or if you unhappy with the final answer received, you can go ahead and contact the Financial Ombudsman Service (FSO). The FSO is a free service with one main function: settling disputes between the customers of financial services companies and said companies. The scope of the FSO is quite large, and forex trading is covered.

After that, the FSO will mediate between you and the broker to find and close the case as “win-win”.

3: Hire an attorney and take the issue to court

If the FSO's decision is not what you believe is the right decision, you can take the case to court. Obviously, that should be your last resort as it would require you to invest quite a lot of time and money – as you may know, the legal system is often slow, and lawyers charge crazy fees.

If you are residing in England, Wales or Northern Ireland, take the claim to the country court of High Court. Scotsmen should probably approach the Sheriff Courts first.

Also make sure to ask and verify from your attorney, if you are protected by the Financial Services Compensation Scheme (FSCS). The maximum amount of money that you can claim is £50,000.

Now coming to second part of your question.

So far as using charge back options are concerned, I am doubtful if you will be able to recover it successfully. I have reasons for that. First, though the rule varies between different card issuers, there is a typical time limit of 120-days to claim a chargeback. Further, you will have to the apply and claim to your bank and the bank in turn will claim it from the Merchant's (broker) bank and the Broker might not agree and dispute your claim.

But, there are no guarantees your bank will be able to recover the money through chargeback, or that the broker will accept that you were justified in taking the money back.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question,

Warm Regards,


Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4525
Experience: Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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