Beware of binary options recovery rooms!

If you lost money with binary options, you could get scammed a second time by a recovery room.

Lost money

A lot of people make their first contact with binary options through a scam. Our entire website is dedicated to scam reviews and we have already reviewed about 500 of them. And there are more.

The binary options industry is abused probably like no other. There are networks of fake review websites that support and endorse these scams, so for a person with no experience in trading it is very difficult to find the right path.

The result is that a lot of people are getting scammed and they are losing money. Scam artists promise them an income, but in reality they take their money and lose it.

Unfortunately, the story doesn’t end here, because scammers are targeting their victims repetitively via so called recovery rooms.

Recovery rooms dangers

First let us explain what a recovery room is. We’ll quote the Belgian regulator FSMA for that:

“As regards recovery rooms, the FSMA reminds readers that this practice consists of contacting victims of an earlier fraud, unsolicited and often by telephone, to offer assistance in recovering the losses incurred or to buy up shares they had previously acquired from companies operating unlawfully. These offers are, however, always subject to paying fees up front, and despite the promises of those making these offers, the fees charged never result in victims being able to recover the sums lost. The fees paid for this purpose are thus lost as well.”

So you see, scammers contact people who lost money with binary options and they promise them that they will recover their funds. But in reality they will take an upfront fee and do nothing, which means a second loss for the victim.

This article is inspired by one of our readers who said that she was contacted this way by Tmoption. Tmoption is an unregulated and anonymous broker, meanwhile the domain name Tmoptiom.com is registered in Nigeria.

And this is just one example. We get a lot of spam comments from people who promise that they will help you recover money that you lost with binary options. Most of the time these comments come from scammers that run recovery rooms. So beware!

How to protect yourself

There is a basic rule valid for binary options in general: If somebody promises you money, but asks for your deposit/payment first, you can be pretty sure that it is a scam. It is valid not only for trading systems, but also for recovery rooms.

Be very careful, because recovery rooms use a lot of dirty tricks. For example they will say that they already recovered your money, they will even let you log into a private area, where you will see your balance, but it will be fake! No real money. Then they will ask you to pay a fee or make a deposit in order to be able to withdraw your balance, but if you do it, you will of course get nothing back.

The vast majority of offers in this field is a scam. There are a few law firms that do work with victims of binary options scams, but they are registered companies with a certain reputation that you can verify with related authorities. And unfortunately these law firms are not cheap.

They often set up a fee schedule that can mean that you will pay more than you lost. And they can’t guarantee the result. So even these legal firms have to be considered very carefully, so that you don’t lose even more money.

The right path

If you got scammed, the right thing to do is to contact authorities in your country to see if they can help you. The national financial regulator and the police will tell you what you can do. If you deposited money through a credit card, see also with your bank if they can make a chargeback.

You can also ask authorities for advice about any recovery service or offer that you run into, they can help you evaluate if it is a legit opportunity to get your money back or not.

And finally don’t search for any automated programs or signal services that will make you money with binary options for free or for a few bucks per month. Use common sense, would a truly profitable service that can make you thousands of dollars or more per month be free or would it cost tens or a few hundreds dollars? Of course not!

Truly profitable trading robots are not available in the public domain. Funds and banks invest huge sums of money to create profitable algorithms and they don’t want to lose their competitive advantage by revealing how they work.

So let us repeat, if somebody promises you money with binary options, but asks for your deposit first, run away!

You can make money in trading binary options or any other investment tool, but the path to profits is relatively long and hard. You have to test and learn until you build a profitable strategy. You can try and do that on a demo account.

Don’t quit the demo until you can trade with consistent profits. If you can’t be profitable on the demo, you won’t be profitable on a real account either. This is how trading really works. Profits are not free, there is some work required, like in any other field of human activity.

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40 thoughts on “Beware of binary options recovery rooms!

  1. I was scammed by a BA broker, and got a call from a recovery group called Cypress Securities and Exchange. They said they had confiscated the brokers assets, and could recover my money. They sent me an email, which other “recovery groups” who contacted me would never do, and there was an address and website, which both looked legit. They said they needed an 8% legal fee first. I had to deposit cash into an account they gave me. I even got an email from HCSB bank in London, who would deposit the amount into my Credit Union. everything looked good , but then my CSEC rep.
    said that after a meeting, they discovered I had much more in my account from profits and I would have to send them more money. they said they couldn’t just said me the original deposit. Yuk, I think I just lost more money.

  2. i was created account on Feb17 from fintech.com and it direct me to PlusOption.com. Initially I was deposited USD250,after that one of the broker ALEXFORD ask me put another USD750 in order to get extra bonus of USD1000.she said I can withdraw my initial USD1000 after I get my bonuses.So, I follow what she said since I can withdraw anytime right. Until the next day, she pass me to another broker name BEN, he keep asking me to deposit another USD1000 to get extra bonus of USD1000 too. I immediately reject and said NO and also ask for withdraw since they can’t help with this small amount. Then he say will call me again by the next day. Until the next day, he pass me to another broker name LENA again, she also keep pursuade me to top up and top up and promised my account will increase only. Since she talk like this, so I just follow her and put my deposit in total of USD4000. I told her that is all my saving and I can’t afford to lost it. She said don’t worry, your account would be increase only.after I put USD4000 and get bonus of USD3000, started to follow her signal and majority is a lost trade until my account balance became USD784.40. Since then, I email them but no respond from them. After few days, another broker call BARRY claims that he is from recovery department, also, asking do I have others money to TOP up..Gosh… I said no, I don’t have anymore money. Then he said will figure out how to help and will call me by next day. And yes, he did call me but only say still figuring out how to help me and ask me to wait until the next day again. Until the next day, I missed his call and felt that if I answer his call, he will only ask me to Top up again the capital. Hence, I choose not to answer his call anymore but I have email them about no one willing to help me instead of ask to pay more money, So I’ve decided to file a chargeback from my bank. Unfortunately, it was unsuccessful. What can I do to get back my initial capital or atleast get back my balance of USD784.40?! I realised my account became ZERO after I file a charge back! Pls help… :'(

    1. Hi, why was the chargeback unsuccessful? What reason did your bank give to you? Plusoption is unfortunately not regulated, so I think you can only complain to authorities (police, national financial regulator) in your country and to the national regulator of Romania (https://asfromania.ro/en/), where Plusoption is allegedly based.

  3. Hi, bank said I have duly authorised the transactions to plusoption. therefore my dispute was unsuccessful. I have email plusoption for several times before I did a chargeback but did not get their respond. Do you think I can get back my initial deposit or at least my balance? Thank you for your advised.

    1. I’m sorry but I think it will be very difficult to get your money back. Unregulated brokers can do what they want. Maybe you can try to contact your bank again and say that you did authorise the transactions, but under a promise from the broker that turned out to be false. And you can add that the broker has hidden the fact that it is not regulated and that it has no authorisation to provide investment services. It is basically an illegal service. I assume that you paid with your credit card, so you can also try to contact the issuer of your card directly (Visa/Mastercard) with the same explanation. Visa and Mastercard have been fighting scam brokers recently.

      1. Really appreciated for your kind advised. Hopefully the sentence will be good enough for me to do a dispute again with my bank. Meantime, I have file in the case to the website that you provided. Hopefully they will do something for me too…
        Do you mind share with me which website that you found that plusoption is non-regulated brokers?
        Thank you.

        1. Regulated brokers must show their license number on their websites. That number you can then verify with the regulator. Plusoption doesn’t provide any information about regulation, therefore it is not regualted. https://www.plusoption.com/contact-us/ – they probably even provide a fake address, because if you look at Stejarisului 13 at Google Maps: https://www.google.com/maps/place/Strada+Stejărişului+13,+București,+Romania/@44.3957851,26.1018225,3a,75y,38.78h,88.84t/data=!3m7!1e1!3m5!1sOJpoePvIE_1PK8-IXFH7cg!2e0!6s//geo2.ggpht.com/cbk?panoid=OJpoePvIE_1PK8-IXFH7cg&output=thumbnail&cb_client=search.TACTILE.gps&thumb=2&w=86&h=86&yaw=44.061447&pitch=0&thumbfov=100!7i13312!8i6656!4m5!3m4!1s0x40b1fe4c1093a98b:0x84f22d7cf92fba5a!8m2!3d44.3958284!4d26.1018929 – there obviously is no broker there.

  4. Hi. Interesting reading as I have been contacted by several “recovery companies”. One even told me that their lawyers/auterneys could recover some of the losses, which made me feel really doubtful.
    I have lost money in two different ways. First, the broker at Stoxmarket was nagging about more invetments as usual and he made an example of how much money I should earn if the gold went down. To the story is that he had told me that we don’t work with stop loss…. I didn’t want to put more money into the account so it could have stopped there, but I made a sell position, but it went up and I placed another sell (as he had said) and then another one and suddenly the account was more or less empty. Now I put in more to save the account, but it went even further up and I took the loss of 5000€. I have later heard that it is more or less impossible to withdraw any money from Stoxmarket so they might have been lost anyhow.
    When I took the 5K loss I had already started the cooperation with a binary broker, who promissed an average of 29% profit per month and he showed me really good results on the initial trades and I tested also to withdraw which worked. All trades has been made by me, but he has told me exactly what to do, which instrument and sum to invest.
    I put in more money and the profit was great 30K investment plus 18K bonus increased to 68K in a month. Then a black wednesday he told me to do several investments in a short term and all went wrong and the balance was down on 36K (incl. bonus). To keep me on a premium level he pursuade me to put in 6K more and I got another 7K in bonus. Everything went well for a month and the balance went up to 73K (now I was considering to pull out as I now had covered the earlier losses at Stox, but everything went so well, maybe some greed was entering the mind). Then another catastrophy day and the balance went to 37K. He told me to place a number of big positions whch all went wrong (his explanation is that he wanted to get me to VIP level quick = 100K, but he didn’t look at the ongoing positions…). Then two days ago it was time again, time to recover the losses, but again pursuade to place too big positions compared what was in the account, even if I questioned the sum and also the development of the posiotions and now I stand here like fool with 20K in balance. As I still is in a discussion with the broker I chose to not write the name of the company, but if this ends like this I see it as I have payed two years of taxed salory to spread as much negativness as possible about them.

    1. Hi, sorry to hear what happened to you. Unfortunately these dirty tricks are used by dirty brokers. They let you win some smaller trades to make you deposit more and then they do everything to make you lose. Some even manipulate price feeds. I am pretty sure that if somebody knows how to trade profitably, they don’t sit in a broker’s office to teach clients for free…

  5. HI,
    I was scammed by VXmarkets. Do you know where they are based? On website it says Germany but i doubt. Also brokers who called are always using a UK no and I thought they were in UK.
    Anyone with more info on this company will be much appreciated as I plan to file report against them

  6. I have just paid a professional to recover my funds from GToptions, I have my fingers crossed. I would definitely advise with an update, everyone deserves to get their funds back too if I’m able to.

      1. I think I’m being scammed by a scam recovery room. Have you heard of Secure Options Market? How did you go about getting your money back?…John Wilkins

  7. Binary options are group of rippers, getting ripped of by them was an awful experience. I was saved by a professional and I didn’t regret paying 10%. They shouldn’t get away with our lifetime savings.

    1. Hello Edward,

      Would you be able to share the name of a professional who saved you and I am assuming helped to recover your money.
      I have read many statements, however none of them really confirmed any successful recovery.
      Thank you in advance,
      Sylvia

      1. Please be aware that we register a lot of scammers’ attempts to send people to these scam recovery rooms even in this discussion. They will often provide just an e-mail address.

      2. Hello Sylvia! that I can’t do publicly, I’m sorry. You can drop your email if you don’t mind, would contact you and give you details on how I went about it.

          1. I completely agree with you John, as I have been a victim of one of these recovery rooms, in the image of Birman Law. They claim to be lawyers and promise a legit way to recover funds But it was all a lie but get you to put in more money. I’d so seek unorthodox means to get my money back.

    2. Edward – Who was the pro who helped you? I think I’m getting scammed by a scam recovery room (Secure Options Market). Please help…..John Wilkins

  8. After 2 successful trades, I got scammed £50,000 cumulatively. I will advise you all not to invest your hard earned money on binary options. It’s all facade as they lure you into investing a lot of money and then steal it at once. I got help to fight back hard till I recovered my money after months of agony and depression. I am willing to share my experience with other victims who might need help.

        1. John, I’m sorry but this discussion has been the target of recovery scammers, so I think people here won’t be able to really help you.

    1. Hayden – How did you get your money back? I think I’m being scammed by a scam recovery room (Secure Optionjs Market). Please help…..John Wilkins

  9. To: John Novak –

    can you advise How and Where we can find some professional but affordable help to recover our losses?
    I lost nearly all my savings with 4 different BOT scammers, with the latest one from the recent close down of Tradorax, where that firm alone I had over 250K which disappeared literally overnight from their no prior warning shut down!!

    I now have too little left to afford the expensive case-winning lawyers. kindly advise. Thanks.

    1. Hi, I am sorry but I don’t know. This field is pretty dangerous, there is a lot of fake companies that will just take fees and never recover anything. Then I see companies that are able to help you with chargebacks on your credit card, but I think they cannot do really more than you can by contacting your bank or your credit card company. So far we have no real positive feedback about any of those companies.

  10. Hi,
    I just received a call from an accounting rep for GToptions. I invested $250 US for the deposit to open the account. I tried a few transactions but it didn’t make sense. I still had the $250 sitting there after 2 years. I tried to withdraw the money but could never get any response with compliance. So this guy calls me and says that GToptions is gone bust but that they made a deal and are giving people their money back. He said they put my $250 in a long trade over the last few years and that I have $9600.00 waiting for me. He said he would email me some info. So today I received this Letter of Guarantee with 3 stamps and some signatures with letterhead logo from Cyprus Securities & Exchange.
    I called Cyprus –waiting on a call back… Anyway he said they will western union the money to me but I have to pay 5% to them first…which is around $492.50. I’m like why would I have to pay to get this money if this indeed is my money now? HSBc has it and they will take a commission. So I said why doesn’t HSBC just deduct the commission and send me the cheque/bank draft for the remainder? There was silence on the other end….I think this is definitely a new scam. I do still have the $250 US in that gtoptions account ..I considered it gone, since they would not let me withdraw it. I think I will consider myself lucky that I only lost the $250. If I get any response from Cyprus –that this may indeed be a new recovery scam I will update everyone. NOTE: I used to work in a bank, they never ask for fees upfront before they give you, your money. Also they don’t usually use western union either. Banks need a paper trail…good luck everyone!

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