One of our readers sent us the following text about his experience with the binary options broker Finpari. We find it useful to share with others, because it clearly shows why you should stay away from unregulated brokers, they can do this kind of things…
Real user story
I signed up with Finpari 10 days ago…what a nightmare and I thought you’d like to know why.
First…my trade summaries did not appear at the bottom of the trade platform…nothing was there. When I asked they said someone else had reported this but that I should go to the TOP of the page and open my “statement”. I made about 18 trades today….half of them did not appear even in statement….and my account balance after a 80% win rate was way off…they are “looking at it”.
But wait there’s more. I decided that did not have it together and I asked for a withdrawal…..they said I could not because I had not reached my “volume: requirement (I did not use any bonus money).
They directed me to the withdrawal section in their agreement….it follows. Warn your members!!! In order to qualify for a withdrawal with an account at Finpari 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 or more in order to be eligible to withdraw any funds. Turnover is defined as the sum of the value of all trading orders made excluding the value of any trading orders that have been cancelled either by the client or by Finpari.
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and then deposited a further $1000, client must achieve a total turnover of at least $11,000 before any funds can be withdrawn.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 Finpari platform. The client will be charged a 1% processing fee of the withdrawal amount, or €/$20, whichever is bigger.
Furthermore, any withdrawal that must be completed by international wire transfer will be charged a $50 transfer fee. 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 further 20% processing fee of the withdrawal amount, in addition to any transfer fees.