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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
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Experience:  Active member of the NYS bar since 1989
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How can I get my £250 activation? deposit back from

Customer Question

how can I get my £250 activation? deposit back from titantrade
Submitted: 1 year ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 1 year ago.
Hello,

My name is ***** ***** I will be assisting you with your question.

Binary option trading is very much like gambling, more so than other types of investments. Your country does not yet regulate binary and forex traders. Some reputable brokerages have been proactive and have registered with your FCA. Others are regulated by a European regulatory authority such as CySec. TitanTrade, however, is not regulated at all. It's also not a UK company. It is running from the Seychelles, which means that is ouside of the reach of the law. The brokerage can make its own rules and literally anything goes.

We hear horror stories all the time about binary brokers: unauthorized tradings, wildly expensive fees to withdraw earnings that only lead to more fees, and credit card fraud. Then, when you go to look for them to exercise legal remedies, you frequently find that you don't even know where they are or that they don't respond any more to your emails and aren't anywhere at all.

TitanTrade's Seychelles address is one that Google Maps does not recognize. The contact information is insufficient. The site's WHOIS indicates that their website will expire in 2 weeks if not renewed. The IP address traces to the US, where it would not be lawful, and the company is using a private US proxy service to hide their actual location and the site owner. So where is it really? Your guess is as good as mine.

At the bottom of its site you can see its terms and conditions, and if you scroll down, they claim you can get your money back if you cancel within 10 days. If you have adhered to their policy, then they should refund your activation fee, but if they don't, your own law and your Financial Conduct Authority are not going to be of any use to you. You'd have to hire a lawyer in the Seychelles to sue them, which would cost you well in excess of your £250 activation fee.

You can, however, report this company to the UK's Financial Conduct Authority,
http://fca.org.uk/, to Actionfraud.police.uk and to Trading Standards
http://www.tradingstandards.uk/advice/Specificproblemadvice.cfm

They may be able to give you some direction and they can at least warn others.

Sorry to be the bearer of bad news, but this is why one must deal with regulated brokers.


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