Hi, I am relatively new to BO, not a regular trader, just love the idea of it and started learning couple months ago. This is one of my favorite forum. Unfortunately, my first post is a warning. I also posted in the binary option watchdog. Maybe it's a common sense among most people since BO has been around for a while. Here is my encounter and hope can provide an old fashioned warning to all other new comers. The warning is not about BO itself or specifically a company, it's rather a 'legal' way to steal your money by taking advantage our weakness.
In short, I was talked into deposit (relatively small amount) by Mr. Ari Price (probably not real name) from everyoption in late Aug. In his words, my account was too small for frequent management. So i watched the account grow slowly with small weekly profit as Mr. Ari Price declared from winning trades (never seen one transaction in account because it's suppose to be on his side). I guess that's what phishing is (figure1). I at least kept whatever little sense and pride I have left, didn't deposit anything more despite Mr. Ari Price trying efforts. I only traded $5 just to test strategy few times a week. So today, I woke up, login in, BANG, reality hits! A total of 16 trades were made postdated to today and blew up my account to 2 dollar (figure 2). And obviously, I probably won't be hearing from Mr. Ari Price and everyoption anytime soon.
So after some thorough search and thinking, obviously it's nothing new in BO world. I wish I had searched more before making that decision. The reason I invested in BO was because I believed it's a skilled gamble (like counting cards in blackjack). I am learning it and doing ok in demo. It's the quality of company that run them make differences. So I wouldn't call the BO industry a fraud unless they don't pay or cheat. We just have to be smart with our own money, not to trust those so called money manager and all those promises. Win or lose on your own term is the best way. But do it after you know the fundamental trading skill because noone will do that for you.
Something to take away from this for someone like me,
1. Never let others to manage you money in BO regardless of their reputation! Because all BO companies and money manger work together to get your money slowly. As soon as they detect your hesitation, they can "legally' lose your money to company without a blink just because they can do it without any consequence. Other investment (stock..etc) manager probably only makes money from value gains, so more incentive to be legit. As for BO, their target is your deposit, so by assigning a money manager, effectively secure your deposit for them. As soon as no more hope for more gain (deposit), it's time to send the hitman to selectively slaughter the pigs, pull the plug whatever you call it. So, NEVER, NEVER get assigned to a money manager (you still have that BO manager that recruited you who is probably regulated). I think in this case, my 'less-deposit' approach backfired and become their cleanup target and expect me to take the loss quietly.
2. Always start with and withdraw small amount. BO companies work with external money managing company to get large account holders but sacrificing smaller 'unattractive' ones like the one I have. I believe every lost trade they made were credited a win to their 'value' accounts so they can give other people more reasons to deposit more until other 'value' accounts appear. It's a cruel cycle. And the only way to break it is to stop signing with them (obviously I didn't listen to myself).
I'd be happy if this post can get few of you guys looking for easy money from BO managing give a second thought. Now let me attach the trade screen for proof. I assume most people got cheated are too embarrassed and dont' want to be laughed at, but I am already passed that stage and only wish to get even by expose this devilish scheme to as many people as possible. So I am sorry, if you guys see similar post I make at other places. I blocked some sensitive information in figure. Probably wont be too hard to figure out how much I lost by looking at the bets (about a little less than half of that was technically the 'profit' and loss from my own trade). So yeah, sucks but not end of world. Sorry about the rambling and expressing repetitively. You can make fun of me if you want. But be aware what you are getting into.
Good luck to all