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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I paid £212.44 to binary option for the brit method

Customer Question

I paid £212.44 to binary option for the brit method investment plan. I got cold feet when they asked for multiple pieces of identity - passport, driving licence and utility bill. I didn't feel comfortable giving such information to an online company. I asked for a refund and they refused saying I needed to provide these identity document or they couldn't refund my money. I paid on a credit card . I contacted my credit card company and the payment has gone through. The card is now blocked to guard against any further problems. What is my position?
Regards Yolande
Submitted: 5 months ago.
Category: Law
Expert:  Ash replied 5 months ago.

Hello my name is ***** ***** I will help you.

Have you charged back on your credit card at all?

Customer: replied 5 months ago.
I cancelled the visacard and they told me there was nothing they could do since I authorised it. I have had a further communication from binary options about my failure to comply with sending documents. They say they have sent my application to their risk assessment team and that the 250 euros are on my credit card. I'm hoping g this means they have sent the money back. I'm about to contact visa. I'll get back to you when I have done so. Regards Yolande
Expert:  Ash replied 5 months ago.

What country is the company binary trade terms and conditions governed by please?

Customer: replied 5 months ago.
Hi Alex
Sorry I am tardy getting back to you.
The company is binaryonline.com I have read the terms and conditions and they list their address as The Marshall Islands. I had a communication from them yesterday about my non compliance in sending identity proof. They have cancelled my account and said the money I paid is being held on my credit card. It read rather ambiguously and wasn't clear if they have refunded it or are holding it still. I will know in a couple of days when it should show up at visa.
Regards Yolande
Expert:  Ash replied 5 months ago.

Thanks. However in that case you probably need to sue in that jurisdiction. You can't issue proceedings in your home country as it needs to be where they are based outside the EU

If it was inside the EU you would have been fine but sadly you need to sue there.

I can't advise on that as its outside my jurisdiction.

I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.

Can I clarify anything for you about this today please?

Alex

Customer: replied 5 months ago.
That's everything thank you. I won't be suing. I had already decided to absorb the loss and chalk it up to experience. I am very annoyed with myself for being so foolish and ignoring my inner disquiet. I am still hoping that they have refunded it but if not I am looking at it from the perspective of better a small loss up front than a bigger one down the line or identity theft. Thank you for your counsel.
Regards Yolande
Expert:  Ash replied 5 months ago.

Sorry it wasnt better news Yolande.

If this answers your question could I invite you to rate my answer before you go today, otherwise the site doesn’t pay me for the time spent with you. Thanks in advance! Alex

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
Ash and 2 other Law Specialists are ready to help you
Customer: replied 5 months ago.
Hi Alex
Have rated your help and even though it wasn't the outcome I wanted you did your best.
Regards Yolande
Expert:  Ash replied 5 months ago.

Thanks! Alex

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