Binary trading witholding my deposit/not responding - **WON £1K ALL BACK**

[Supacool]

Hi Guys,

 

I have been trading forex market for year now but have had big losses. Then During april i started getting call from a rep from Onetwotrade.com and he said how they can get back my losses with Binary Options trading. Initially i hesitated bu kept getting from call from Onetwotrade rep. Rep suggested putting £2000 deposit to start doing this effectively.

 

I put in £1000 in May. Rep wanted me came put £1000 more, i didnt. Because I became suspicious when i came across their terms of serice. After reading their terms of service for withdrawls made me really worry. They never mentioned any of that when i put in my money,

 

In fact i was told by sales guy that you put £2000 and we gve you insurance if you loose that much in 1st month they will credit that money back. but that credit has its own issues for ex you can't just withdrawl that credit.

 

Below is transcript of their terms of service withdrawl without bonus.

 

"Withdrawal Conditions and Fees - Accounts with no Bonus

 

In order to qualify for a withdrawal with an account at OneTwoTrade that has not been awarded any bonus, the funds deposited must be turned over once. By way of example, if Client deposits £1000, client must achieve a turnover of £1000.00 or more in order to be eligible to withdraw any funds. Turnover is defined as the sum of the value of all bets made excluding the value of any bets that have been cancelled either by the Client or by OneTwoTrade.

 

Furthermore, subsequent deposits must be turned-over before any funds from the account can be released, regardless of previously achieved turnover. By way of example, if a Client initially deposited £1000 and achieved a turnover of £10,000, and then deposited a further £1000, Client must achieve a total turnover of at least £11,000 before any funds can be withdrawn.

 

If turnover requirements are met, client may withdraw funds from the OneTwoTrade platform.

 

The Client will be charged a 1% processing fee of the withdrawal amount, or £/€/$50, whichever is bigger.

 

Furthermore, any withdrawal that must be completed by international wire transfer will be charged a £22 transfer fee. OneTwoTrade’s withdrawals are processed in the United Kingdom and Malta.

 

If the client wishes to withdraw funds from the account where the turnover requirement has not been met, for either initial or subsequent deposits, client may do so, however they will be charged a 20% Anti-Money Laundering fee of the withdrawal amount, in addition to any transfer fees.

 

If, at any point, client elects to take a bonus on a deposit, the withdrawals terms and conditions in section 14 will apply. "

 

So what i have to pay them £50 plus 20% for withdrawing my money, that is criminal. none of this was mentioned by sales gut when he started calling me to deposit money. Their bonus scheme is even more dubious bcz i think if u agree to their agreement you become trapped.

 

I hope to recieve reply and how i should now approach Onetwotrade to withdrawl all my £1000. Any suggestion appreciated

 

So upon my request for withdrawal they have emailed me back the only way they can process my withddrawal is if i put the money i deposit to work by waging it for full amount or 20% will be taken off my money.

 

This is unbeliveble and cannot be legal. Any suggestion what should i do now. If i wage that £1000 i risk loosing it, i dont want to do that anyway bcz i lost trust on them.

 

Also rep was calling me regulalrly and now whenever i call his mobile number there is no reply. And i have tried Onetwotrade office number many times almost daily and there's no reply. I did visit their office based in aldgate, london afer depositing £1000 and spoke to my rep. He kept insisting me to deposit another £1000 and how he will look after me.

[honeybee13]

Hello there.

 

Does this company have a regulator like the FCA for instance? It might be worth ringing them to see if they can advise you.

 

My best, HB

[Supacool]

Thanks for the reply.

 

Yes i researched this but found that it is NOT FSA regulated but LGA which stands for lottery and Gaming Authority which is based in Malta. In fact company address is also in Malta.

After emailing them twice I got the following reply;

 

Dear NAME

 

We received the withdrawal request you made on 4/6/2013 for £1000 Unfortunately, we are not able to process this request.

 

Why we couldn't process your withdrawal

Clients cannot withdraw funds unless the deposited funds have been wagered at least once.

 

If you require to withdraw funds where the above requirements have not been met we can waive these requirements by adding a 20% fee for anti money laundering purposes.

 

I hope that this email has been useful. I apologise for the inconvenience caused by being unable to process the withdrawal.

Kind regards,

 

 

 

Kerry Holmes

Office Manager

[Supacool]

I want to know How to get my money and if hey are being difficult like they clearly are what to do about, I have already contact Action Fraud police dept and register my point of view.

[honeybee13]

Thanks for the reply.

 

Yes i researched this but found that it is NOT FSA regulated but LGA which stands for lottery and Gaming Authority which is based in Malta. In fact company address is also in Malta.

After emailing them twice I got the following reply;

 

Dear NAME

 

We received the withdrawal request you made on 4/6/2013 for £1000 Unfortunately, we are not able to process this request.

 

Why we couldn't process your withdrawal

Clients cannot withdraw funds unless the deposited funds have been wagered at least once.

 

If you require to withdraw funds where the above requirements have not been met we can waive these requirements by adding a 20% fee for anti money laundering purposes.

 

I hope that this email has been useful. I apologise for the inconvenience caused by being unable to process the withdrawal.

Kind regards,

 

 

 

Kerry Holmes

Office Manager

 

Thank you for this. I've flagged your thread for site team attention in case anyone can help.

 

HB

[Conniff]

[video=youtube;ggKR8Ul-0Mo]

[Conniff]

There are a lot of complaints of all of these Gibraltar and Maltese cons, type it into the search at the top and also into Google.

 

Malta is a member of the EU, so you can use EU rules and regulations to take them to court should that need arise.

[renegadeimp]

If you require to withdraw funds where the above requirements have not been met we can waive these requirements by adding a 20% fee for anti money laundering purposes.

 

 

Right. So their answer to money laundering is to take a cut of that money, thereby profiting off it and committing a criminal offence.

[dx100uk]

how did you pay them?

 

dx

[Supacool]

I paid them via wire transfer amount of £1000.

 

I will be visiting their office at Aldgate, london this afternoon. How should i approach this, what to expect, should i be threatening, demanding, etc.

 

Look forward to how i should do this.

I wanna tell them i no longer have faith and trust with onetwotrade and have my money back pls the full amount. I have also seen if you dont trade at least once a month they may charge you something like £5. How ridiculous.

[Conniff]

You should have your mobile in your shirt pocket recording all that is said. You do not have to inform them you are recording.

[slick132]

Any update after the trip to the Aldgate office.

 

This looks highly suspicious to my sceptical mind.

 

[Supacool]

Actually i didn't go, hope to attend tomorrow. still no email or phone replies from them. there is no way they can lawfully withold my money.

 

i may have to take some sort of legal action but dont how to go about doing it. never had to do it before, never had this situation. Assistance in this process much appreciated.

[slick132]

there is no way they can lawfully withold my money.

 

No, but they may just withhold it unlawfully !

 

I hope I'm wrong but legal action sounds like good money thrown after bad. The folk behind such schemes will have moved on before you can catch up with them, trading (that's far too kind a word for their ways) under a new guise.

 

See what tomorrow brings but I'll be surprised if you find anyone in Aldgate to talk to.

[Supacool]

Yes attended their office today.

 

Met with another agent. they are making out now that the original rep looking after me/dealing with me does not work here now. The rep and i sat in room. This rep went out the room to what he say call the main boss and came back to tell me they can't give me money back unless i wage that money fully. That was his decision and i was expecting him to say right we will give your money but dropped this bombshell.. i Contested that and demanded my money withdrawal. but he said they will get fined and giving me BS about Lottery gaming authority and money laundering. How their term of service stipulates once you put money you need to wage it at least once. Plus how they can't withdrawal my money until i do this otherwise they face fine or charges.

 

I tell him in his face that you are bad company and will be exposed for doing this with your client. I say i put my withdrawal request after few days i deposited my money and i explain him my reason that i could not continue. He said send him email off that, i will do this. He tried to encourage me to wage the deposit on trades and how he will assist me but i said i am not interested and only in my full money.

 

I told him i do not have any faith or trust in onetwotrade and cannot wage my money risking the lot.

[slick132]

Hi Supacool,

 

Well, I'm amazed anyone was actually there but it sounds like you failed to get the result you wanted.

 

Did you record the conversation as suggested.

 

Have you had any response after your complaint to Action Fraud.

 

I would make a formal complaint to Trading Standards.

 

When you send them the email you agreed to re-send, I would add that you require your money to be returned in full as per your request of xxdate within 7 days, failing which you'll make a full complaint to the police without further warning.

[Supacool]

Yes i did not get any hints for money withrawal. As adviced phone was recording.

 

i have had no response from action fraud except email of confirmation and link to update new info

 

I attended CAB they gave me list of names lke trading standard, will make contact next week.

 

I have send the rep email of my withdrawal request as he desired. I will send them anther email as you suggested this week, A warning email but before I want to approach trading std and speak to a legal rep. Legally they cannot withold my deposit and cannot force me to wage that deposit risk loosing it all.

 

They are totally out of order, i even made threats to their reputation when i met the rep and warned him off reporting them but the rep still argued they cannot give my money as stipulated y their terms of service.

 

I even argued i only made deposit withdrawal request few days after depositing money and reasons bcz i could no longer risk my money and that i needed to withdrawal bcz my kitchen appliances were out of order and needed change (in fact i bought two new kitchen appliances) b

[Conniff]

Have moved your thread to the Bank and Finance Subforums:- General section.

[Supacool]

Hi Supacool,

 

Well, I'm amazed anyone was actually there but it sounds like you failed to get the result you wanted.

 

Did you record the conversation as suggested.

 

Have you had any response after your complaint to Action Fraud.

 

I would make a formal complaint to Trading Standards.

 

When you send them the email you agreed to re-send, I would add that you require your money to be returned in full as per your request of xxdate within 7 days, failing which you'll make a full complaint to the police without further warning.

 

I have only got I acknowledgement of my complain from Action Fraud where i can add more details. I contacted Trading Sandards, not much advice there and not much they can do about it, just had a lengthy conversation with a caller without any outcome. They did recommended getting in touch with LGA or Maltese auhority.

 

I will send them email next week with warning as you stated, I would really appreciate if there is a template you know of i can use.

 

I will be making contact with LGA in malta as well and may even call Maltese authority. And I have made appointment with solicitor next week for 30 mins free advice.

 

I am also looking at Small claims county court.

Edited June 21, 2013 by Supacool

[slick132]

Hi SC,

 

No such template letter exists, to my knowledge.

 

Draft one yourself and post it here for comments. Keep it short and simple and don't try using "legalese" or complicated language.

 

[Supacool]

Hello,

 

I am writing to you in regards to the £1000.00 pounds that I have in my account in your trading platform that I have asked for back. Having requested you for my balance on my account to be paid back to my bank account, I was left disappointed by your actions. I am therefore giving you seven days 19 July 2013 to have your organisation take the corrective step of granting my money. I hope you can act on this promptly.

 

I look forward o you reply.

 

 

How about this, I am hoping to email them something on monday to get the ball rolling and at same time researching small claims court.

[slick132]

Dear sir or madam,

 

I write regarding the £1,000.00 that I have in my account with your trading platform.

 

I now require this amount to be repaid to me in full immediately.

 

I have made earlier requests about this but you have still failed to return my money, giving me a range of reasons/excuses. Even when I called at your offices, my request was turned down.

 

You have 7 days from receiving this letter to return my money, failing which I will involve the police, Trading Standards and the court system without further warning.

 

Yours faithfully,

 

Supacool

 

Use Royal Mail Signed For delivery so you'll know when the letter was received.

 

Have you spoke to Trading Standards local to the offices you visited.

 

[Supacool]

I forgot to add warning of court action if they fail to reply with the time specified.

 

Should i allow 14 days instead, what do you think of this and letter generally. I intend to send letter on monday.

[Supacool]

Yes I spoke with tradind standards, only given some advice. I have registered with Action fraud Police. I will email the letter off in weekend. I am looking into Financial ombudsmen route and small claims court route now.

[slick132]

My suggested letter gives them 7 days before you take further action.

 

If you DO intend to take court action, keep it in the letter. If you DON'T think you'll do it, don't threaten to.

 

Make a formal written complaint to the Trading Standards office where their offices are based.

 

Chase up the case with Fraud Action and ask what is being done to help you.

 

Forget using the FOS. If this company works the way it does, it'll pay no attention to the FOS.