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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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I have opened an account with titantrade dealing in binary

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I have opened an account with titantrade dealing in binary options. I placed 5001pounds in the account then decided to withdraw my money because I didnt want to pursue it. This was over 2 months ago after taking about a month to verify my account they are not consenting to my request to have my money returned to my creditcard account. They keep saying I have to do it through a broker who is not obliging at all. Now I cant withdraw my own money from my account. Can something be done?
Submitted: 11 months ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 11 months ago.
Hello, Unfortunately, you have chosen to deal with an unregulated biinary broker which is located ouside of the reach of your own law and which is not subject to oversight by any country's financial regulatory authority. That means that there is nothing at all stopping TitanTrade from making up its own rules and, as with all unregulated binary brokers, virtually anything goes. Financial regulatory authorities don't regulate these brokerages the way they do other types of investment, because binary trading is closer to gambling than to actual investing. The legitimate binary brokers register with regulatory authorities anyway, which gives investors an agency to turn to if the broker breaches its contract or does anything unscrupulous. Submitting themselves to regulation is a sign of likely legitimacy. We hear horror stories just like yours every day from investors who are attracted by the policies of unregulated binary option brokers and who invest heavily without realizing that the overwhelming majority of unregulated binary brokers are scams. Then they complain that the binary broker made unauthorized trades, for example, and wiped out their entire account, or that they don't allow for them to collect their winnings. Titantrade is unregulated and there is no financial regulatory authority you can turn to to assist you in getting your funds out. If you can find out where they really are and they have breached their contract with you by refusing to let you access your funds after you have followed the policies in your agreement with them, you would have to sue them to get your money back. Their website says they are in London, but they do not give an address that allows you to really find them. Their site's IP address, however, traces to the US, and the company is using a private proxy service from the Seychelles to hide people lookiing up the site's WHOIS from finding the name and actual location of the registrant. There's a good bet that this company, which is acting unlawfully, is operating from offshore. And any company that goes to such lengths to confuse people about their actual identity and location is, in my experience, always up to no good. Back when I last fielded a complaint about TitanTrade, the address they gave was in the Seychelles. Now they are saying that they are located in London. You can report them to the UK's Financial Conduct Authority, to Actionfraud.police.uk and to ASIC and Scamwatch.gov.au. But if they really exist anywhere at all, you would have to hire a solicitor in the UK and bring suit for the breach of your contract and to get your investment back.
Customer: replied 11 months ago.
So I might be out of 5000 pounds?
To get legal help with this would it cost just as much ?
Expert:  Zoey, JD replied 11 months ago.
Yes, and yes, unfortunately. And, of course, sleazy brokerages know that your hands are pretty much tied and laugh all the way to the bank. All these guys have to do is disappear into cyberspace by refusing to take your phone calls or email, and all you can do beyond suit is to report them and hope they can be found and charged criminally and brought to justice. If you charged your investment to your credit card, you may be able to contact your card carrier and see if you could get a chargeback. It may not work, as you authorized the charge, but if you tell them you were defrauded, there might be something they can do for you.
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 24017
Experience: Active member of the NYS bar since 1989
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