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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23980
Experience:  Active member of the NYS bar since 1989
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I have been misled by a online trading company called

Resolved Question:

Hi,
I have been misled by a online trading company called optionrally.eu to deposit £2000 with them on trading. The account manager told me that the money is insured and will be returned even if i loose the trade. However later on I realized that they only give it as non cash bonus which I need to play 50 times the money to get back my money.
Have raised a omplaint with them and also have audio and email proof confirming that they were going to reimburse the money.
However now they are not accepting their mistake and not prepared to reimburse the money.
Please help
Anthuvan from Glasgow ***********
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.

Optionrally.eu is a binary options trading company. Your country doesn't regulate binary option trading the way they do other forms of trading. Frankly, most countries don't, because binary option trading is seen to be more akin to gambling than other forms of trading.

Since regulation is not necessary, most binary brokers are unregulated. As such, they make their own rules and literally anything goes. Many of these brokerages are outright scams. We hear horror stories on a daily basis from traders like you whose money was withdrawn and lost wthout their authority, who cannot get their earnings out or who aren't reimbursed for a mistake on the part of the brokerage. This company is not registered with any financial regulatory authority.

If you feel that Optionrally is not honoring the guarantee and is cheating you, you have legal recourse against them, but your own government's law and consumer protection authorities are not going to be useful. Binary option brokers are careful to operate from somewhere offshore where they are out of the reach of your law and where their own laws are loose enough to make your chances less than favorable, if you can actually find them to sue them, that is.

Optionrally claims to be based in Singapore, and for best results you would need to sue them there. However, the Singapore government fails to have any company on their government business register that is named Optionrally, Option Rally, or LFG Investments, the name of the domain owner of the website.
Customer: replied 1 year ago.

Hi Zoey,

Guess you are wrong, OptionRally is registered in Cyprus (Office 201 "ZAVOS KRIEL COURT", 1 Griva Digeni Street, 3035, Limassol, Cyprus) and they are regulated by CYSEC (financial governing body in Cyprus).

I threatened them that I will submit a complaint at CYSEC, hence optionrally came back stating that they will give a full refund of the money.

This is resolved with option rally.

Thanks Though

Expert:  Zoey, JD replied 1 year ago.
Hi, I got their address information from their own website, which said Singapore. I did see elsewhere an online review that they were located in Cyprus, but the reviews specifically said they were not regulated by CySec and the website does not claim that they are regulated there either. I've had binary customers tell me that CySec has not been helpful to them. If you actually got your money back from Option Rally, however, and not just the promise of a refund, that's great. I'm glad it worked out for you but still find it rather dodgy that their company information is so inconsistent. What happened with you will remain in our archives so that if we have similar complaints about Optionrally, we can inform customers accordingly.
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23980
Experience: Active member of the NYS bar since 1989
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