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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23946
Experience:  Active member of the NYS bar since 1989
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I recently had dispute with a online binary trading company:

Resolved Question:

I recently had dispute with a online binary trading company: OptionXO.
Less than a month ago I watched a video that jumped out from my mobile while I read something else. The video showed how a trading program can make you more than £2000 in less than 5mins without you to do anything. I was surprised by that. Then my mobile rang and I was asked if I am interested in this trading. At the time I was very attempted by the video. I agreed her to open an account with £180. Then I was called the other day to trade online by an analyser of OptionXO. I was asked to deposit at least £5000 and told if I can deposit more I can have bonus and I can have 50% profit in a month time. At the time I deposited £10000 and thought that I can have £5000 profit by end of the month. OptionXo also gave me £3000 bonus for a month trial period. I was promised I can have my all deposit £10000 back by end of the trial period.
During the first a few days I did win small amount of money. At one point I accidentally won £2000. Then the analyser instructed me to created 4 trades at £1500 for each, total £6000. At the end of the trade all £6000 were lost.
After this I realised that I must stop this other wise I will loss all the deposit. Then I asked OpionXO for closing the account. At this time I have about £9000 in my account and I want them all are returned to me.
However OptionXO gives me two options 1. Only can have £6000 back, they will take £3000 away for the bonus given me. 2. Continue to trade until I profit to £13000 then I can have £10000 full deposit back. I decided not to trade anymore because I know that I am going to loss more. So I don't agree with that I can only £6000. I think that OptionXo is scam and I am a victim. I think that they should have informed me at beginning when they gave me £3000 bonus that at what situation they will reclaim it back so I can decide if I want it. Also the loss was done under the OptionXO's instruction . I should not responsible for the loss. I insist that I have the right to claim all £9000 back. I believe that I am a victim of a online trading scam company.
I want to understand legally if I can claim it all back or not. Or where I can go to for solving this dispute?
Many thanks,
Jane Jiang
Submitted: 8 months ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 8 months ago.
Hello, Do you have a website and a snail mail location for this Binary broker?
Customer: replied 8 months ago.
Yes, the website is https://trade.optionsxo.comLooking forward to your reply,
Thanks,
Jane
Customer: replied 8 months ago.
Hi Zoey, I also read the terms and conditions of the trading company in regarding to close an account for trading I didn't find any information that requires the bonus to be returned.Thanks,
Jane
Expert:  Zoey, JD replied 8 months ago.
Thanks Jane. Sorry for the delay. We're in a different time zone, and I left the computer to run some morning errands. I'll be working on an answer as soon as I look up some information about the company.
Expert:  Zoey, JD replied 8 months ago.
Thanks for your patience. The WHOIS information for this website tells me that this site was launched when its domain name was registered in 2012. The IP address traces to the US, where most binary trading is unlawful. The site owner is names LEIKOUSKAIA VOLHA and is located in the Marshal Island. So this broker is operating offshore and is therefore outside the reach of your laws and mine. These are bad signs with binary brokers. You can see the information I gave you by going to www.domaintools.com and looking up the WHOIS. Your country does not regulate binary trading the way they do other investments. For that matter, most countries don't, because binary trading is closer to gambling than to other types of investing. Some binary brokers choose to regulate with a country's financial regulatory authority anyway. When they do that, you've got some protection from the sort of thing that happened to you. When they don't, you frequently have no viable recourse at all. This brokerage would have let me open up an account with them from here in New York. That tells me two things: the first is that they are an unregulated binary broker, because it is unlawful for an American to invest in this company, unless the brokerage has subjected itself to oversite by the Commodity Futures Trading Commission, which this one is not. Which means the second thing is that this company doesn't care at all about complying with the law. And that's the problem with unregulated binary brokers, most of which are scams. They can make their own rules. Choose to honor them or not, make their profits, and at the same time wipe out your investment. Then, when you go looking to take action against them, where are they really? The site doesn't have contact information, and they may or may not really be in the Marshal Islands, which is where you'd have to try to go after them. So you fell for a pop-up ad and promises of a big payoff and ended up signing on with an unregulated binary broker. Which means, anything goes. Of course you're right. They are responsible for your loss and they should let you get your money back. But the odds are very high that they won't. We hear horror stories every day about unregulated binary option brokers, of unauthorized tradings, wildly expensive fees to withdraw earnings that only lead to more fees, and credit card fraud. Then, when the victims go to look for the brokerage to exercise legal remedies, they frequently can't even find them or the broker stops answering emails and basically vanishes into cyberspace with your investment. So, do you have a legal claim? Yes you do, since they have not honored their own contract. And if they are really in the Marshal Islands, you can sue them. It would likely be best if you sued them there rather than in the UK, because even if you won a judgment in the UK, you'd still probably have to go to court in the Marshal Islands in order to get the judgment enforced. Furthermore, enforcement would not be a sure thing. However, finding them to sue them may turn out to be a job for law enforcement. So, see if your Financial Conduct Authority can give you some assistance or recommendations . They may have fielded other complaints and may have knowledge about them that I do not. Report it as a scam to ActionFraud.police.uk. Talk to a local solicitor about a suit or contact the British High Commission in Suva, which covers the Marshall Islands. They should have a list of reputable lawyers to which they refer your countrymen who find themselves in legal difficulty when abroad. I am sorry not to have better news for you.
Expert:  Zoey, JD replied 8 months ago.
Just checking in to see if you need more help or any clarification of my answer. If so, please reply here on this question thread.
Customer: replied 8 months ago.
Hi Zeoy,
Thanks for your advice.
I am wondering if there is any helpful means that I can use to assist my situation? Or I have no option but to agree with Optionxo?
Best regards,
Jane
Expert:  Zoey, JD replied 8 months ago.
If you cannot negotiate a return of your money with the company but you invested via a credit card, call your card carrier and see if they will initiate a chargeback because you believe you've been defrauded. It hasn't been that long, and your card carrier may oblige you. If you get no satisfaction there, you will have to sue OptionXO. I would certainly not invest any more money with them, as you will likely lose that too and end up with only more money that you won't get back.
Expert:  Zoey, JD replied 8 months ago.
Just checking in to see if you need more help or any clarification of my answer. If so, please reply here on this question thread.
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23946
Experience: Active member of the NYS bar since 1989
Zoey, JD and other Fraud Examiner Specialists are ready to help you
Customer: replied 8 months ago.
Hi Zoey,
Many thanks for your reply.
When I transferred the funds to OptionXO my bank indeed stopped the payment to verify if this was frauded payment. However I had clarifed with my bank to allow the funds to be paid. So I think that my bank is clear on this transition.
As you have indicated in your first email that there can be little success to sue them.
I think that there seems no other way that I can have my all money back? I am still negotiating with Optionxo having the worst situation in my mind.
If you have any last resort please let me know. I thank you for your thorough professional replys with detailed knowledge in the fraud criminal area.Kind regards,
Jane

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