PowerOption is SCAMMING ME! What can I do?

jcszzupisejcszzupise Posts: 7
edited July 2014 in Complaints
Can anyone advise how I should approach this probable fraud by Poweroption. I had made a trade half hour before the market closed Iast Fri. I found that my trade was expired out of the money from the expiry time indicated by Poweroption. However I had coupled my observation with charting from ‘freestockcharts.com’ & I realised for the same asset & time setting; the same expiration time was very different & my trade would had been in the money instead.
Can one dispute the vase differences. For the same expiration time, Poweroption indicated a reading of 173.376 & that from Freestockcharts.com was 173.520. How impossible! For that I suspected unfair manipulation by the broker. Anyone has other similar experiences from Poweroption? Any advise or input will be much appreciated.
Thks.

Comments

  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited July 2014
    Did you speak to them and provide screen shots of the trade? The next step would be to complain on different forums like forexpeacearmy.com are they regulated if so you can also file a complaint with the regulation body like Cyprus... Honestly first thing I think looking at their site is SCAM broker, whe the F would you trade with a douchbag firm like this in the first place? First thing you notice which they highlight in their risk disclosure is this Prices (Opening Rates), Are Set By Power Option And May Be Different From Prices Reported Elsewhere. That is a BIG RED FLAG. You should have done your home work first and never choose this SCAM broker to begin with.
  • jcszzupisejcszzupise Posts: 7
    Hi lotzofbotz, thk u for your advise & comments. I had a screen shot of my trade's info as well as the data from Freestockcharts.com. I chose Poweroption as it allowed demo account & it was recommended by some binaryoption websites as well as binaryoptionschannel.com by Michael Freeman. Besides, I had not came across negative searches done on it so I had took the chance to sign up.
    I shall take your advise & get in touch with them to challenge them with this & see what it will lead to. I am not too sure but if they insisted to play dirty then I shall complain to the regulator since it’s believed to be regulated besides exposing them on all forums.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited July 2014
    Problem is they are seychelles which is like no regulation at all. But yes do that as well talk to Michael Freeman and complain that he recommended them and this is what they have done. I want to see his response. I get the feeling this guy is a douchebag just out for affiliate money not interested in helping traders. File a complaint on his site...

    Do yourself a favor go direct to forexpeacearmy.com and post a complaint... Often these binary kunt brokers hate being seen on there costs them business... I am sure they would resolve your issue quickly but then again some are such bad scams they will be like FU! I could also do a SCAM video on them that might help change their minds...
  • jcszzupisejcszzupise Posts: 7
    Hi Lotzofbotz, I also get the same feeling like u on this Michael Freeman guy. He moderates whose comments to display because I once requested his advise on Binary Option but my comments nor his replies were not published. I wonder if some of the comments on his forum were made up for his own ends? Yes I have again asked him on his forum for comments on this but I am not too optimistic on a response, let alone expecting help. I just wanted to test my gut feeling. Anyway, U have been much help at least for the time being. I will update all how things develop from here.
  • holyfire_germanyholyfire_germany Posts: 29 ✭✭
    I found PO one of the best plattforms I ever used.......until my ration was too good. They increased the minimum trade amount from $10 to $100...lol.
    But it seems others could still trade with $10 so, they kicked me out in that sense. And honestly my ratio was good but I use proper MM so my amounts were like 10-20 for a trade.

    The are regulated and belong to Avatrade, which should give us guys some security but they all play hteir games it seems.

    Adam: Hi Sir
    Adam: The minimum position has been increased to 100 euros
    Tobias: Wow this is the highest in the BO market
    Tobias: How came this from 10 to 100 is a pretty high increase
    Adam: periodically the setting on the platform may change
    Tobias: So 10 Euro will be availabel during other market conditions an this is part of your risk management
    Adam: it will remain 100
    Tobias: Ok, then I will have to withdrawal my money and go to another broker. That does not fit with my moneymanagement.
    Adam: I understand
    Tobias: Thanks
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Holy up it to $100 you are a solid trader you should be beyond that amount per trade?
  • JonHaltoJonHalto Posts: 27
    edited July 2014
    ""

    Problem is they are seychelles which is like no regulation at all. But yes do that as well talk to Michael Freeman and complain that he recommended them and this is what they have done. I want to see his response. I get the feeling this guy is a douchebag just out for affiliate money not interested in helping traders. File a complaint on his site... ""

    I dont think Michael Freeman will publish any negative comments at all. But i did write to him once because one of his recommended brokers, InteractiveOption did not respond to me at all. Day after that they called me so i guess he may have contacted them. Anyways - i only got into interactive option because mike recommended ifollowSignals and they have them as one of their required brokers.
    But ifollowsignals turned out to be a complete scam and mike even took his video review down from youtube. But he still recommends them on their website.
    If i really was to help traders, and especially those newbies, i would not recommend such services on my channel...
    So i am not looking at him as a legit source of help anymore...

  • jcszzupisejcszzupise Posts: 7
    Hi, I wish to update all on my incident with Poweroption. After 2 days of chasing& pushing them to rectify the discrepancy of its feeds which resulted in the loss of my trade, they finally returned my investment amount for that transaction pending further investigation from their trade dept. That was only after giving all sorts of excuses different price feeds between companies. I had non of these nonsense & insisted they rectify the error & correct my trade. So I am still waiting to see if they are serious to solve this. Will continue to keep all posted. Thks to all whom have advised or contributed their experiences too.
  • jcszzupisejcszzupise Posts: 7
    Hi all. Conclusion on Poweroption; this is a scam broker like many others, so please beware. I was lucky I managed to get out with lossing some money & not more. To recap; one of my trade was ITM but Poweroption manipulated the expiration by so many pips(144) causing my trade to be OTM & when I raised this this discrepancy, they refused to acknowledge it & honor my winning trade. And I have screen shots to prove it. They had bent & returned only my investment amount for that particular trade after I kept pushing them & threaten to expose their scams. Then Poweroption tried to play dirty again by paying my withdrawal in another currency which they hoped I would not realize. Because they tried to pay me in USD instead of Euro which is the currency in my account. Of course I had to raise 'HELL' with them again till they rectify this payment. How outrageous! So it doesn't mean regulated broker will be less likely to cheat & scam us traders. To those whom have encountered or fallen victims to Poweroption's tricks & unethical practises; please raise the alarm in here & all other Forex & Binary options websites & forums as these bad hats must be single out, exposed & eventually put out of business as they have no rights to scam away our hard earned money.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited July 2014
    LoL, imo waste of time don't you think? If you put the effort in researching the brokers ahead of time you would not likely have ever deposited with them. Next time ask for advice and browse the web up and down on brokers you are interested in to get feed back. Keys are this if you see bad reviews/complaints on ForexPeaceArmy here or other sites well don't risk it. Other things you can do is look at their Terms and Conditions as well as where they are located and what regulation if any they have? In the end you "DID NOT DO YOUR HOMEWORK" and you had the results you deserved. Which is ok, you learn by the BURN...
  • BryanMacBryanMac Posts: 851 ✭✭✭


    Bryan Mcafee
    Hit me up on skype at Brymcafee (McAllen TX)
    www.tradingaxis.com
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