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Alex J.
Alex J., Solicitor
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I am having problems with certain binary brokers. 1. In

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I am having problems with certain binary brokers.
1. In one account, the deposit was made with credit card. All required compliance documents were received and acknowledged by the broker. Several months pasted and I requested a withdrawal (through the site withdrawal request section). Nothing! After several times requesting the withdrawal without success I called the support / compliance department and asked what was the problem. They gave me a song and dance about needing to talk to their accounting department but nothing happended. I wrote one last time and demanded the money and even after threatened to take legal action, if refund was not credited to my credit card. No refund.
2. The other broker, after serveral months of inactiveity, I attempted to login but the system no longer recognises my details. Even though I did not forget my password, tried to request their system to send me the password ***** email as indicated in the error message. Function does not work. Tried contacting the customer support but no success.
What can I do to withdraw / collect my funds from the brokers?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi Thank you for your question and welcome. My name is ***** ***** I will assist you - are your deposits less than £35K? Is you credit card from a UK bank? Kind regards AJ
Customer: replied 1 year ago.
The amounts are less than GBP35K. The amount with the first broker is just under 400€ and with the second one, a little over 3.000,00€. The credit card is issued by a Spanish bank (where I live).
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. Are the brokers based in the UK? Do you have a an address or company name for them?
Customer: replied 1 year ago.
The first broker is NRGbinary. I opened the account with them on 03.10.2014 with 522,28€ charged to my credit card. The amount of withdrawal requested was 385€. The second broker is Inside Option. I opened the account with them on 16.03.2015 with 250,00€ then, 3.000,00€ on the same day, both charged to my credit card. The last time I was able to access the account the balance was around 3.160,00€. Their website shows an address in the UK: 1A Arcade House Temple Fortune, London NW 11 7 TL.
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
If they do not respond to you and refuse to return the deposit you have the following options:
(i) Sue them in the small claims court - to do this you need to send them a 7 day warning saying that if they do not return the money immediately, you will seek to recover it in the county court and seek to recover the cost of doing so and interest from them. https://www.gov.uk/make-court-claim-for-money/overview
(ii) The other alternative if they are regulated by the Financial Conduct Authority, you can make a complaint to the FCA.
Is the broker a limited company?
Kind regards
AJ
Customer: replied 1 year ago.
Since I live in Spain, not sure that I can use the UK courts.Concerning if a limited company, could not specifically establish that but did find the below data:I was just reading the Inside Option Terms And Conditions at: www.insideoption.com/terms-of-use
Under point 4. Funds, below the last paragraph, it states:
"Please Note: The payments on your credit card statement listed as “InsideOption.com 442036951604” are processed through:
In Com International
Suite 501, St. James Court, St. Denis Street
Port Louis, Mauritius"The following statement is made in the end of the T&C's:
"This Agreement is executed by and between BLACK RIVER GROUP LTD (the “Company”), address: premier building Victoria, Seychelles, Clearing and billing services are done by Master Marketing A. ,address:,83 Ducie Street Manchester M1 2JQ UK"On the bottom of the web page in very small print in colour blue (making it difficult to read) there is a statement titled "Risk disclosure", which reads:
"Risk disclosure:
Binary options trading involves significant risk. We strongly advise that you read our Terms & Conditions. Although the risk when trading binary options is fixed for each individual trade, the trades are live and it is possible to lose an initial investment, particularly if a trader chooses to place his entire investment to a single live trade. It is highly recommended that traders choose a proper money management strategy which limits the total consecutive trades or total outstanding investment. www.insideoption.com is owned by: the masters association ltd a 01 Rogers Office Building, Edwin Wallace Rey Drive, ***** *****, Anguilla Billing and clearing services are provided by master marketing a ltd; 1A Arcade House, Temple Fortune, London. Address:,*****Manchester M1 2JQ UK"Kind regards,AV
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. Can you confirm was the money transferred to Black River Group Ltd s bank account?
Customer: replied 1 year ago.
I never heard of the firm Black River Group Ltd. until today when I noticed the fine print. So, have no Idea into whose account the money was transferred to.
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. I will review the terms and conditions and revert to you as soon as possible. Kind regards AJ
Customer: replied 1 year ago.
Okay, thank you.Kind regards,AV
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
The terms say they should repay the money to your account within 5-7 business days.
If they are refusing to do this, you need to check your credit card statement and find out who the money was paid to. If they are refusing to pay the money on notice you will have to sue them. Would you be prepared to sue the company in the UK?
Kind regards
AJ
Customer: replied 1 year ago.
Since I am since awaiting a response from Inside Option customer support so I can get access to my account, cannot say they are refusing to pay me.With reference to suing in the UK, I had previously commented if I have the right to sue in the UK eventhough I do not live their. Having said that, can I sue in the UK?Kind regards,
AV
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
You can commence court proceedings in the UK, your residential status is not relevant. If the company you paid the money to is here, then you should sue them here.
I would make a written demand for them to pay the money in accordance with their terms and conditions, if they still do not pay you should commence proceedings against them - https://www.gov.uk/make-court-claim-for-money/going-to-court
You may need a solicitor based in the UK, but if that is the case the Law Society can refer one to you www.lawsociety.org.uk
You wont necessarily need to come to the UK either as this is a straightforward money claim.
Kind regards
AJ
Customer: replied 1 year ago.
Hello,Thank you for the explanation. Will try to contact them one more time and if that does not work, will folow up on your recommendationsKind regards,AV
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
If I can assist any further please do not hesitate to contact me.
I would me most grateful if you would rate my answer in the mean time.
Kind regards
AJ
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