Date:Sat Nov 23 2024Tokyo:19:05Sydney:21:05New York:5:05London:10:05CET:11:05
BinaryOptions.net Forums› Brokers
Regarding BeeOptions vs Spencer (Resolved)
lotzofbotz
Posts: 1,552 ✭✭✭✭
Posts: 1,552 ✭✭✭✭
I have recently been asked by Spencer to advise him on his situation with BeeOptions. Many of you have emailed and PMed me as to what is happening with this case. Here is what I know and what I think both parties need to do to mediate this unfortunate situation. I have not rallied in Spencer's favor in this because I think he is at fault as much as Bee is, sad to say. I can't hold Bee as a wrong doer in this case. Their handling on the other had is unprofessional at this point and should be remedied as quickly as possible and I hope they wish to do so as this is a reflection on them that can tarnish their so far fairly good reputation in the industry.
Facts as they have been presented to me -
1) Spencer broke the Early Cancelation Clause in BeeOptions Terms and Conditions which everybody should read before opening an account with any broker by the way! Its RETARDED not to do this before hand. *Smacks self in head...
2) He was aided by his BeeOptions account manager in this breaking of their terms and conditions, which makes this a convoluted mess. I would like to know how is BeeOptions handling this individual with his actions that have hurt both Bee and Spencer, this should be known by the whole community and serve as a *WARNING* to those who might wish to violate inside or out a brokers terms and conditions...
3) Spencer has now been stuck in their 90 day investigation window to which Bee has said they will return $1k a week of his deposited funds until the investigation has been concluded.
Ok so taking in all the emails/conversations and looking at this backwards and forwards. Its an easy read for me as to what is most fair for both parties.
Lotz Final Solution - *Return his deposited funds in full in under 30 days. It does not take you 3 months to figure this out, you are making an example of him and if you wish to do so then you should also make an example of your employee who helped perpetrated this situation. If you do not wish to do that, fine then return his funds in full of the $54k in one lump sum not $1k a week BS that would take over a year. That is simply not acceptable, though you would make a great banker!
The other solution I see is for Spencer to take the 90 day window gamble and see if they allow you to keep any of the profits, which I would hold as highly unlikely... If I was a broker and you burned me that fast using the 3 sec window trying to catch turns on 30 sec options like you did. I would forfeit all of your profits and be right in doing so as they grew exponentially your balance in total as time went on.
All that being said I am told from more then a few that the owner of BeeOptions is a nice guy. I want to believe that and will take it as face value that he is indeed. So if you could please quickly and professionally rectify the situation by giving it more attention in under 30 days that would be greatly appreciated and would serve to hold Bee in a more customer friendly light. I think Spencer is a dolt not a fraudster in all of this. Hopefully some good lessons will be learned by others!
Facts as they have been presented to me -
1) Spencer broke the Early Cancelation Clause in BeeOptions Terms and Conditions which everybody should read before opening an account with any broker by the way! Its RETARDED not to do this before hand. *Smacks self in head...
2) He was aided by his BeeOptions account manager in this breaking of their terms and conditions, which makes this a convoluted mess. I would like to know how is BeeOptions handling this individual with his actions that have hurt both Bee and Spencer, this should be known by the whole community and serve as a *WARNING* to those who might wish to violate inside or out a brokers terms and conditions...
3) Spencer has now been stuck in their 90 day investigation window to which Bee has said they will return $1k a week of his deposited funds until the investigation has been concluded.
Ok so taking in all the emails/conversations and looking at this backwards and forwards. Its an easy read for me as to what is most fair for both parties.
Lotz Final Solution - *Return his deposited funds in full in under 30 days. It does not take you 3 months to figure this out, you are making an example of him and if you wish to do so then you should also make an example of your employee who helped perpetrated this situation. If you do not wish to do that, fine then return his funds in full of the $54k in one lump sum not $1k a week BS that would take over a year. That is simply not acceptable, though you would make a great banker!
The other solution I see is for Spencer to take the 90 day window gamble and see if they allow you to keep any of the profits, which I would hold as highly unlikely... If I was a broker and you burned me that fast using the 3 sec window trying to catch turns on 30 sec options like you did. I would forfeit all of your profits and be right in doing so as they grew exponentially your balance in total as time went on.
All that being said I am told from more then a few that the owner of BeeOptions is a nice guy. I want to believe that and will take it as face value that he is indeed. So if you could please quickly and professionally rectify the situation by giving it more attention in under 30 days that would be greatly appreciated and would serve to hold Bee in a more customer friendly light. I think Spencer is a dolt not a fraudster in all of this. Hopefully some good lessons will be learned by others!
Comments
I happen to work full time within a Uk Publication and have an account with this gang BO!
I have a ninety day locked account - Reason for this - Cancellation facility abuse!
Should be ready to serve by the end of the week.
Then I can reveal
AllthebestMetroMan
First of all, I regret to see that this issue has become such a prominent one in the Binary Options community. The fact of the matter is simple. There are terms and conditions governing the use of our site. We are not a licensed Binary Options company but are very interested in pursuing regulation when it is made available. We don't believe that CYSEC fully covers the use of Binary Options, which is why we've avoided it up until now. We treat our customers fairly and operate within every legal parameter to ensure that our business is a clean one. We don't want our company regulated by a body that changes its policies regularly, and also is an arm of a banking industry that was just bankrupted by its own government. We believe it's irrelevant to pursue any other regulation other than that in Belize, which would regulate the company in accordance with a mandate to provide "financial advice", but would do nothing to regulate the trading mechanisms on the site. We are therefore not in any hurry to become licensed until clear regulations are issued in a country with a respectable banking system.
Until the point where we are fully regulated and licensed we can only rely on a fair set of terms and conditions based on consultation with our provider SpotOption, and that follow best practices established throughout the industry. Yes there are bad Binary Option companies out there, but we are not one of them. When traders abuse our terms and conditions then we will act in our company's best interest to resolve the issue. If there is a clear violation of our terms then there will be a clear response. Both traders who have been suspended as a result of Cancellation Abuse, including where one trader is being investigated for using an unauthorized autotrading mechanism, and the other for potential fraud after repeated suspicious logins throughout the world with multiple IPs. The one trader had received $19,000.00 in withdrawals, with the largest single withdrawal being $8,000.00. The other trader already received his deposit back, on top of 1,000.00 Pounds in profit before our company was able to uncover what he was doing. I expect that the individual is the same who is currently undertaking a legal challenge against our firm, even though he admits to Cancellation Abuse and having had other individuals trading on his account.
Regarding banking issues, our company faces particular requirements with processors and banks in order to clear out withdrawals to our traders. From time to time, we are only able to release a certain amount of funds, but that is far in the minority and there are plenty of traders who can attest to that, including the two who are complaining so vociferously against us now. We operate in a difficult environment where we must protect ourselves against malicious attempts to manipulate our site for profit. As I've mentioned above, I'll be the first to admit that there are bad companies out there, but the fact remains that there are also traders who operate without scruples as well. Our terms and conditions are clear. We will continue to provide a fair and profitable platform for our traders. Many apologies for the late response.
Sincerely,
Jonathan
MD beeoptions
"As far as CYSEC goes who cares, the brokers will not want to be under their regulation any more simply because they are now banning the BONUS structures that all of you have in place, and honestly all these little countries most of which are island nations regulatory authorities are a complete joke. You only have your reputation to work with and that is why brokers defend them so, which is fair enough imo. "
Yeah maybe i was at some fault but i cannot stress enough how 2 senior acc execs were behind me 100 % , and that they assured me that BEE was the best firm in the business for customer treatment . If they had told me that i was doing wrong i would have stopped using the cancel feature in such a way . If they had asked me to read the terms and conds , it would have been obvious to me .Being an executive account member i should have had dialogue with these guys so they are at fault for negligence is my point here . But seeing as BEE has wiped me from veiwing my account how can i check anything . Sorry for going over old ground but its so frustrating and annoying !
And i did not use an automated system after SP.
The current status of this case is that i have supposedly been refunded 2k last week to a cc , which will not show for another couple of days , and then 1k a week till the 90 day "investigation " has been completed . Then i will be refunded for the balance whatever they deem that to be !!
"You can not control what idiots do, but you don't have to be one either!"
"If beeoptions may be harmed by any fiscal or pecuniary damage due to anyone’s activities;"
Which in short means if you cost them too much money lol. 90% or greater of traders lose, when you start going after the profitable traders well you don't deserve to have any business at all. Its absolute PURE GREED and hurts the whole legitimacy of the binary options trading business for EVERYBODY! That unfortunately is what they don't get because they are too busy playing with their calculators.
1) The Cyprus tourism board is using as a promotional video...
2) The wives who have been cheated on with farm animals by their husbands in these small island nations are using it as evidence in court... Either way, wooo hooo!