On 17/10/2016 I reactivated my account with BDB (bancdebinary) with an hope of doing a protected investment of 4000 Euros. Initially I had opened the account via "optionsrobot.com", the automated trading frontend, but had decided not to use it since I was not confident of making profits and (most importantly) it was not risk free.
So I asked Alla (from customer support via 'Live chat') to setup a meeting with a broker who can offer me a risk free trade, meaning an investment protected trade.
After this Mr. Martin Grey (Martin) from BDB calls me (at around 11:30 London time) and we talked for a while and I clearly explained what I am willing to invest 4000 euros if only if he (as a representative of BDB) can offer a risk free (i.e. investment protected) trading opportunity. He said yes thats not a problem and he took me through the deposit and account verification process. Oh, yes before that he also mentioned how they would first assist me and train me with using the platform and trading and we wont trade more than 5% minimum risk is their primary goal and so on.
So far, all good he was very friendly and very helpful with the deposit all the verification processes, especially with the deposit procedure.
After a while he called me and transferred me to Mr. Alexssander Bjorn (Alex), we talked some formal (getting to know each other) stuff, he then told me about how safety is the first priority and he always wants his clients to withdraw their investment as quickly as possible and to work only with the profits, so clearly I was impressed since he seemed to care about client's (my) investment. After that he showed me this BDB VIP website and told me that since I have shown so much commitment he would get me access to the VIP website so that I could take part in some event the very next day. I was a little happy that he is willing to do so much for his new client, but little did i know that it was all a lie. But anyways after this, I told him specifically that I am looking for a risk free trade offer and if things go bad I want a full reimbursement of my Capital Investment (CI). Additionally, I mentioned specifically to him that I would not accept bonus as a reimbursement since it comes with additional conditions and I did not want to get tied by these conditions. He (Alex) then says- oh don't worry bonus means the following.. and he went on to explain the bonus terms and conditions. At this point it I was a bit confused and I repeated to him that worst case I want my Capital Investment (CI) back and then he confirmed to me not worry about my CI (i.e. Capital Investment) and its in safe hands. At this point I was confident and was totally willing to cooperate as I felt I was in safe hands, but little did I know that he was misleading me and just trying to trick me. I also mentioned to him that I cannot invest anymore money other than what I had already invested (i.e. 4000 euros) since I had already reached my credit limit (i think this was after he mentioned to me about 2k for some event participation and vip access, but I don't remember which was first). He then asked me about my bank details (bank name, bank balance and i gave him the bank name- XYZ and my balance is just above Nk euros, but I have my credit bill due so its already maxed out) and told me that the BDB account is just like the my bank account, and I can withdraw and deposit anytime I want, I have full access and control. Well this was outright lie, clearly, though I can deposit whenever I wanted, I cannot withdraw whenever I wanted, i am just allowed to place orders for withdrawal (which then subject to other conditions especially bonus and stuff would take its own sweet time till it comes to my bank account). This was again, a typical example of lying and misleading just to gain clients trust.
Now the real drama starts. After all this chit chat and formalities (singing of DOD, trading_central agreement etc..) my account verification was done and I was free to trade. Within minutes Mr. Martin Grey calls me starts to give me trading commands, i.e. for e.g. today we are trading for currencies for no more than 10%, EUR/USD from trading central its a put for next expiry, (this is just an example, i don't remember the exact wording).
The point is there was not training no practice I had to decipher his commands out of thin air and just blindly start trading for real, so here again Mr. Grey did not adhere to the things he said initially, just a few hours ago). So anyways this went of for hours uptill 18:00 or 19:00 London time. By the end of the session my balance was around 7144 euros and I was happy. Then Martin calls me and congratulates me and tells me about next day's event and some participation fee of 2k euros and access to VIP account and stuff. I politely said, I cannot invest anymore, I have already reached my limit. I asked if he could do something from their side and he said no. After this Alex calls me and brags about himself about making me the profit and once again asks me for 2k euros for VIP access and event participation and I again told him that I have already maxed out my credit limit. He then says not to worry and that he will get me VIP access and we shall do great in the event tomorrow, little did I realise he was just trying to get my expectations up and trying to trick me and try to stop me from withdrawing. So I asked him explicitly if I could withdraw my CI (capital investment) and he said oh yes go ahead withdraw 500 euros, but he said I want you trust me and give me one more day's time and we will get to 10k as we are expecting another 3.5k profit and you can withdraw your initial CI of 4k plus a profit of 1k (but now I know even if I had withdrawn i.e. placed a withdrawal request he or whoever responsible for it would have not processed it untill end of next day and by then I would have lost all my money and even more). So by now my account was upgraded to gold account and I was eligible for its benefits such as -
1. Bonus protected trades from account manager. (which no one explained as to what it was and I could not find any documentation for it as well)
2. Introductory private session with an analyst. (no session till now)
3. Smart money management plan. (horrible money management plan, worst in the world. I even speculate that, Alex was only planning on maximising his commissions and BDB profits, he did not care an ounce about my CI.)
Next day (18/10/16) Alex calls me around 8:40 London time (though he said he would call me at 8:20) and tells me that today is great day, since US elections is around the corner and stuff and trying to boost my moral and get me pumped. Just after that he starts to give me the trading commands, now comes the carelessness and bad money management, initially he had said not to trade more than 5% of investments, but now commands me to open a position for 800 euros, and when I asked him its more that 10%, he tells me that its all calculated so don't worry. He also told me first few trades will be anchor trades just to test the market, but when I asked shouldn't we invest less on these anchoring trades since we are just aiming to test the market, he quickly says no no we are aiming to get profits as well. From then on I just blindly started to trust him and followed his commands. I had two sessions with him and then Martin took over. From here on, it was a just thought less trading, he kept on sending me trading commands and I blindly followed him, never was I given a chance to walkout or to withdraw it was just pure bullying. This again shows the lack of concern and total disregard for client's money. In all the session, none of them (both Alex and Martin who assured so much about clients investment security) even had the common sense to just maintain a lower limit balance of 4k euros (which was my initial CI). No they gave me trading commands up till my entire balance was exhausted. With this strategy its clear, sooner or later my luck would run out and I would hit rock bottom and I did. Also, on average, I mostly invested more than 10% of my balance, since they calculated this amount based on my initial balance i.e. the balance before the first trade of the day began, instead of keeping at least adjusting it to the current balance before every 10/15 mins session. This is again disregard and carelessness towards clients money.
What is surprising was that, even when I was loosing most my positions, Martin showed no emotions or concern and was always asking me to open positions for 500/700 euros. My last two loosing trades were for 700 euros on gold and silver, which got me to a balance of 96 euros. It was around 15:30 to 16:00 (London time) by then. I was a bit nervous but still calm and confident since I was under the impression that Alex and Martin would honour their promise of reimbursing the my CI.
Now the brutal deceit and cheating starts, (till now it was just lying and misleading politely). So I ask Martin what to do now? and he says Alex will assist me with everything, and he said that he would call me after 30mins sharp. So exactly after 30mins Alex calls and very casually, tells oh no what happened? I left you with Martin and you are back to nothing. So I asked him directly, if my money would be reimbursed? he said oh wait let me check with Martin what he had promised you and then come back to you in 5/10 mins. I was still calm and hoping that he would act professionally and honour his promise. But he calls me after 5/10 mins and says he just spoke to his floor manager and he has gotten permission to do the following:
1. from now on I will get direct access to him, not Martin or anyone else.
2. I would get access to VIP account and thus have higher payout percentage.
3. I would get priority VIP trading signals which can give me higher win over loss ratio. ( and by the way in the beginning i.e. during the first talk on 17/10/16 he told me how they would always maintain 3 : 1 win ration i.e. 3 out of 4 win ratio and that is the secret of BDB). But after 1.5 days of trading I realise that was a total lie, and now when he mentioned about priority trading signals, i realised may be its (the 3 to 1 win-loss ration) just for VIP accounts and I was still hoping of a recovery.
Now comes Mr. Alex's real intention, he says he I have to invest 2k more so that he can give me 6k bonus and so on. So basically, from now he trying to coerce me to invest more money with no guarantee of reimbursement, but a false hope that we would reach 12k and I can withdraw my 6k anytime. He was just taking advantage of my situation by lying and providing false hope just to get more money from me (even after I told him that I had maxed out on my credit limit and my bill were still due)
Even then he asked me to trust him and not to worry and asked to make a giropay wire transfer. With a very bad feeling I agreed to him and thats it I was conned a second time. After the transfer he cleverly sent the bonus agreement contract (before giving any bonus) and after I signed the agreement he added first 1k, then 3k and finally 2k exactly in the same sequence as I had made my deposits, so that the bonus and my deposits are in 1 to 1 ratio. So that the max 50:50 contribution is maintained. So very convenient, to uphold the company laws and its profits at the cost of clients money through deceit, misguidance and mistrust.
After this we were set for trading, now with a balance of around 8k euros. So at this time I quickly checked my access for vip account and its still says denied. So I got to know he was purely lying and claims 2. and 3. above was just nonsense.
So once again, he began to give me trading commands with an opening position of 800 euros for every single trade from then on. I think we had 3 or 4 sessions and i think after 2nd or 1st session itself we made back to 8k euros after an initial loss. Now when I asked if I can withdraw 4k, he says no no, lets do one more and we will be back to 12k soon. So now he starts to bury me with his trading commands. We did two sessions, first session got me a down to 5k and after that Alex never called me, he kept me waiting and when I texted to Martin (via account manager chat box) Alex was at the other end and he said he is on a call and if its okay to send me the next commands via the chat client. I said yes, and this was the last session where I hit rock bottom again i.e around 300 euros (out of which i was legally entitled only 150 euros). So thats it Alex says some pity words on chat and promises to fight for me and call me next day at 9:30 London time and I never got the call. No email nothing, I had to keep texting Martin to force some response. Then at 17:30 London time I get a call from my new Account manager Mrs. Michelle Stokes. She tells me the new procedure to recover the account, which is again the same deposit 2k and they would this add 4k bonus and trade only on the 4k. She was clear on her offer and she adhered to it and I have no complaints against here.
So as of this morning even Mrs. Michelle Stokes. failed to recover the account and she kept on bullying me to trade even when I asked her to stop and wait and just keep high win ratio, but no she kept on bullying me to trade threatened that she would take me out of her portfolio. And as I had already predicted we quickly exhausted our 4k, and am out of the game.
So basically the account manager of BDB are a bunch of lying, cheating, scheming bullies. Its time to put a choke-leash on these thugs. I have lodged an official complaint with the DBD complaints dept already, but am sure DBD will throw it in garbage. Next step is to go to CYSEC. The main point is we need to register more and more complaints with CYSEC inorder to make it a mass action law suite. So my only request to all the (future and past) innocent victims is the following:
and follow the procedure. I think you will need to have an active account with DBD inorder to be able to successfully go through the steps of launching a complaint with CYSEC.
Also if any one has any other ideas or alternate (legal) solution for how to get the money back and to discipline those thugs, it would be very helpful.
Thanks in advance.