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OptionsXO emptied my account

highlonesomehighlonesome Posts: 6 ✭
in Complaints
I haven't traded in a while but I kept logging into my account to avoid the dormancy fees. Two weeks ago, my account was down $50, contacted them on here via PM and no reply. Log in today and my account is empty. Yup. Integrity. And of course, no replies from even when my account was partially emptied. No trades in my history to account for this.
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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Let us know when they respond what is the reasoning? You can post in Richards Contest Thread if you don't get a timely response...
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  • highlonesomehighlonesome Posts: 6 ✭
    I'll try that, thanks. I noticed he'd posted there this morning but didn't see this and didn't reply to my PM. And for sure I was planning on letting everyone know what/if something happens. The only reasoning I can think of is someone working for them is just a thief or their platform is kinda buggy in one of the worst possible ways. I'm sure no one got into my account cause there's literally no trades in my history since I stopped trading months ago.
    lotzofbotz said:

    Let us know when they respond what is the reasoning? You can post in Richards Contest Thread if you don't get a timely response...

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  • highlonesomehighlonesome Posts: 6 ✭
    Okay, Richard replied but I replied to him and I'm replying here because I said I'd let everyone know how this goes. First, I got my info, which I based this complaint on, from their banking section of the FAQ which says:

    Dormant Accounts
    An account is classified as “inactive,” following a period of 6 months without a registered login by the client. Clients will be notified by email prior to their accounts reaching the six month inactivity period. Once inactive, a handling fee in the amount of 10% of the account balance will be charged. Clients who log in to their accounts will immediately have their accounts reinstated to “active” status. However, inactivity fees that have already been charged will not be returned to the client’s account.

    But in Richard's PM, he pointed me to their Terms & Conditions, which says:

    88. Inactive Accounts - You acknowledge and confirm that any trading account held with the Company in which you have not placed a trade and/or made a deposit for a period greater than one calendar month (30 days), shall be classified by the Company as an Inactive Account and will be subject to a $50 monthly handling fee. The Company shall be entitled at its discretion to irrevocably cancel all active bonuses on accounts which become Inactive. For the reactivation of an Inactive Account you must contact the Company. The Inactive Account will then be reactivated subject to, if required, up-to-date Know Your Customer documentation to be provided to the Company.

    That's really conflicting information.
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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited July 2014
    I read their terms and conditions, there are several instances where these guys are straight up not a reputable BO broker and will ask the site to review their affiliation with this broker. This broker seems to be a D-BAG and really Bin.Net should have no affiliation to a company that wishes to treat customers in such an underhanded way, along with other BS I have read in their T&C which is complete and utter RUBBISH!

    --> USA citizens may not trade on this trading platform currencies and commodities due to U.S. regulatory by the CFTC <-- yet they allow U.S. traders to trade with them?

    I really like this one.

    20.10c. Trading Rescission
    Trading on the Site or on part of it may be rescinded with no advance notice. You will have no claim or right of indemnification for damages allegedly caused by trading rescission, whether for carried out transactions or for transactions allegedly intended to be carried out. <--means they can tell you to F off anytime they like on any trade with no reasoning whatsoever which I have seen done to others too many times...
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  • TripackTripack Posts: 28 ✭
    If you read most of brokers' TC it basically says that they can kick you you for any reason they seems fit. There is always a "lncluding but not limited to" blah & blah.
    About CFTC, they may from the moment currencies and commidities are restricted, stocks and indices do not apply.
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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    I am not liking they way OptionsXO is treating highlonesome here and this needs to be rectified...
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  • highlonesomehighlonesome Posts: 6 ✭
    Thought I should post a quick update to let everyone know there isn't any news yet. Thanks again to lotzofbotz, hopefully I'll have something to report soon!
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  • highlonesomehighlonesome Posts: 6 ✭
    STILL no word. I would actually be less frustrated if they'd at least tell me to fuck off and that they don't care about the very conflicting, very misleading policies they list. And the one account dormancy policy they don't follow is the one that's easiest to find. Which I have a screenshot of.
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  • botsogbotsog Posts: 20 ✭
    @highlonesome: it happened with me last year. lobz also tried to assist me for my issues. optionsxo manipulated everything that i do whether range trading, touch/ no touch, short term anf binary. i don't know why in this site it's rank no. 1 of their best brokers and they also sponsor the contest. you will also find my complaint in the optionsxo review.
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  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    I agree this broker should not be listed here on the site... I will work to have them REMOVED... They are dishonest and have done nothing but treat their customers badly and don't deserve any business..
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  • OptionsXOSupportTeamOptionsXOSupportTeam Posts: 1 ✭
    highlonesome said:

    I haven't traded in a while but I kept logging into my account to avoid the dormancy fees. Two weeks ago, my account was down $50, contacted them on here via PM and no reply. Log in today and my account is empty. Yup. Integrity. And of course, no replies from even when my account was partially emptied. No trades in my history to account for this.

    highloans, thank you for your reply.
    We're sorry to hear that you've had a rough time with us last year.
    Since August 2014 a lot has changed here.
    Please email andrew@optionsxo.com so we can discuss things further.
    We want to know the full story, and to discuss a recompense should we find that you deserve it.

    Thank you
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  • BryanMacBryanMac Posts: 851 ✭✭✭
    So since you have had major changes do you allow the price has moved feature to be removed like 24 options does?

    Last time we checked you denied it was available even though you are a techfin platform.
    Bryan Mcafee
    Hit me up on skype at Brymcafee (McAllen TX)
    www.tradingaxis.com
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