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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 8445
Experience:  I have been practising for 30 years.
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How to get money back from binary option broker/

Resolved Question:

how to get money back from binary option broker/
Submitted: 3 months ago.
Category: Law
Expert:  F E Smith replied 3 months ago.

This is the third question on this subject in the last few days.

Are they now asking for more money from you to release the money which you have allegedly earned?

Or is that you want your original investment back?

Can we have the background detail please?

Customer: replied 3 months ago.
hi,this is my original investment,what i want back,i not use them,i try to contact them,but now nobody answer,before when i speak with them,they said,i can take my money out any time and they ask me more investments for the future.the site is
Expert:  F E Smith replied 3 months ago.

I’m afraid that this question is extremely common and I have not actually heard of any investor ever getting any money out of one of these licensed brokers.

How much money is involved here? Has there actually been any trading or not? Did you just give them the money, nothing happened, and now you want it returned?

Unfortunately, the company appears to be incorporated in St Vincent and the Grenadines which is not particularly practical from a litigation point of view. Although, there appears to be a company in Leeds which handles the money. It has only been trading since late 2015 which is a concern in itself.

It seems that lots of other people have the same problem as you will read here with the write-ups at the bottom.

if you paid your deposit by credit card, you can file a section 75 claim under the Consumer Credit Act which puts liability onto the credit card company, along with the merchant. The Credit Card company will then refund you and are the money back from the merchant account.

If you pay by debit card, you can ask the bank that issued the card to charge back the transaction on the basis that you’ve received no service, but banks are more reluctant to charge back that credit cards are to refund under section 75.

You can of course if you court proceedings against them but it’s not going to be practical for an offshore company which is based halfway around the world.

You could issue court proceedings against the Leeds company but they will come up with the defence that all they do is process the money on behalf of the broker and that they have no liability.

Can I clarify anything for you?

Please do not forget to rate the service positive. It’s an important part of the process by which experts get paid.

Best wishes.


Customer: replied 3 months ago.
thank you for your time,you realy help me,i will try to do next steps
Expert:  F E Smith replied 3 months ago.

I am glad to have helped you. When you have a moment, please don’t forget to use the rating service so that I get paid. Best wishes.

F E Smith, Advocate
Category: Law
Satisfied Customers: 8445
Experience: I have been practising for 30 years.
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