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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5357
Experience:  Dip Law LPAB - Sydney based lawyer
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Morning. I wish to make a complaint against "Titan Trade"

Customer Question

Morning.
I wish to make a complaint against "Titan Trade" and to an affiliate Algo Capitals.
I voluntarily deposited funds into accounts with them to trade "binary options" with Titan Trade and "shares" with Algo. I made three or four trades with 'binary options" and lost a small amount. I investigated this opportunity to see if you could make any money trading.
I asked questions regarding my Tax obligations in the UK, as an Australian citizen doing the trading on their platform in the UK.
To say the least, the response sounded pretty dodgy and after thinking about it decided to close my accounts and repatriate the funds on deposit.
I e-mailed them to say I wanted to close my accounts and repatriate my funds and they told me I had to log into my account on the trading platform and do this.
The issue is I can not login using my e-mail address and password. A window pops up saying invalid e-mail, yet my address is already there.
I have spoken to them by mail and they keep saying that there is no problem their end. Despite what I have tried I cannot Log in.
I have kept the majority of their mail and mine and can supply these as evidence of my claim.
I do not want to start any serious proceedings against them at this stage, all I want to do is close my accounts and repatriate my funds.
The people I am dealing with at present are the complaints department for Titan Trade but it just seems to go around the Mulberry bush if you know what I mean.
The sums involved are about US 1200.00 at present.
Can you help?
Regards
David Warnock
Submitted: 1 year ago.
Category: Australia Law
Expert:  Patrick H. replied 1 year ago.

Unfortunately, a quick google search reveals a number of websites describing Titan Trade as a scam, and I suspect you have been scammed, and will now face the very real problems of trying to recover money from persons in a foreign jurisdiction.

If the company really is based in the UK, then you should report them to the UK authorities and the place to start may be here:

http://www.actionfraud.police.uk/

The UK is at least a common law country with considerable resources directed at catching stoping scam operators, but if it turns out that Titan Trade is not based in the UK then your prospects of recovering your money may be very slight.

I would also recommend you contact Scamwatch, an Australian Government website records and tracks online scam operators:

https://www.scamwatch.gov.au/

I appreciate this is not the answer you may have been hoping for, but it does reflect the reality of your situation.

Good luck and please rate my answer.

Patrick