One of our readers sent us his story with the unregulated binary options broker Option500. We agreed that it is worth sharing. As always it is very difficult to find help when dealing with an unregulated company.
Real user story
Option500 approached me through my handphone on 21st September 2015 from the number +44 2036958189 for opening a trading account of Binary options with them to make income of money. They initially asked me to pay 500USD then forced me to pay another 1500USD.
Then a broker from option500 named Carl Ericssion called me from the same number and promised me that they will not play with my real money and help me to make more money through the investments I made and also he insisted me to invest further for big trading’s. So I paid again USD1200+USD500.
Option500 promised me that even If I lose my money through trading I could able to take out all the money at any time that I have invested. Unfortunately in the subsequent days I lost all the money in trading. On 24th september 2015 again Carl called me and said he will help me to retrieve all the lost money and for that I have to invest further 10000USD and I paid that amount as he said.
Suddenly My account was locked for two days and not knowing what were went on, so I sent an email about that to them on 2nd October to return all of my deposited money of 13,700USD. On 3rd October 2015 Carl again called me and promised to make profit out of my invested money and from that profit I could take out of the invested money. For that he asked me to authorize Option500 to make trading on behalf of me, with his promise, I had gave them the authorization to trade.
When I saw the way of trading done by them, I was not comfortable, so I sent an email to them on 3rd October 2015 to return all of my Deposited money 13,700 USD, there was no response to it. I reminded them again about that request of returning the money on 6th October 2015, but without responding to my email and without informing me they did trading and lost 90% of my money. I did called them on October 7th 2015 to stop further trading and to return my money.
They didn’t listen to me at any time and purposefully vanished my money and replied me that I have lost my principal amount. In addition carl tried to rip off my money from credit card without my knowledge and fortunately at last moment I did stopped his fraudulent act . Firstly they did not even informed me that managed system Robot will play on behalf of me and how much they are going to trade. I made again a big complaint to their customer service team to resolve the issue, but there is no proper response from them and they keep insisted me to invest me further.
They didn’t admit their mistake at any time and provide proper response to my requests/queries/complaints. I lodged a complaint to Action fraud Police Uk & CYSEC, Subsequently Carl Ericcson Option 500 Scam Broker called me on 23rd Novemeber and asked my details of credit card to return the deposited money, I gave the card number only and got alerted that he was trying to rip off money when he asked for the expiry date and CVV number of credit card.
So I did not gave those details. However he managed to deduct USD 5000, with out my consent. At the same time Alan Jones of Option500 compliance manager made a forgery document showing that I had agreed to deduct USD 5000 dollar from my credit card and Acknowledging the same with my signature.
I again made complaint to Credit card fraud handling department , Action fraud UK and CYSEC. Credit card is working on my latest complaint. So far I lost huge amount and did not get any positive result to my complaints made.
When I search Google I found your blog where helping victims like me to retrieve the money from scammers: I have the following complaints on them: 1. Option500 broker obviously made an illegal trading on my account without my knowledge, 2. Option500 refused to return my money when I requested 3. Option 500 ripped off money from my credit card with out my consent 4. Option 500 given empty promises to rip off more and more money 5.
The online software is designed and manipulated such way that the traders will only lose the money all-time. The value shown on the system is not matching at any period with real time market value. Please help me to investigate it and get back the money that I lost to them.