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Hello, Dimitrios, Yiassou, and Welcome to JustAnswer, My name is XXXXX XXXXX my goal is to provide you with Excellent Service,
1. Just so that I am clear on the facts, please explain what you mean by your "Withdrawal", Do you mean you wanted to transfer your account to another firm ?
2. What is Binary's usual manner of returning control back to their clients
Basically, Binary Options brokers are the same as Forex Brokers, it's just the way that it is traded that is different.
Here is their site: http://www.safe24options.com/home
What I mean by "withdrawal" is withdrawaing my funds from my account.
They have various ways to do this but almost if not all of them have a Wire Transfer method, or charge back to the credit card used to deposit funds.
Let me tell you the whole story from the beginning as short as I can.
Some Brokers have a managed account feature, where your account is controlled bu a trader of the firm. This specific broker has such a feature, and I enrolled with this membership.
This is their partner companies site through which you enroll for the various memberships:
Take note of the Diamond Account at the bottom, that is the account I went for.
After depositing the funds necessary, of which I have email proof since they sent me email verification, my account was taken from my control to be managed by an ATS system that they have. I forfeited all bonuses including the iPad since I did not want to meet any volume requirments before being able to withdraw funds from my account.
At the time there was a requirement of trading with the ATS for 90 business days, as you can see that is not the case anymore. I was told that now the bonus is mandatory.
Read the Terms and Conditions point .12 to understand the bonus procedure.
Every week I was sent a screenshot via email of my account balance, I still have those emails.
After finally reaching the end of my long waited 90 day subscription, I had a Skype meeting with my account manager to finally discuss the withdrawal of my funds.
This was 10th April this year.(I have these conversations saved as well.)
My account manager told me to send her the withdrawal request via email, I did so. She also told me that it would take about 5 days to disconnect my account from the ATS so that I could finally have control of it again.
I have since not received any withdrawal, or access to my account.
Whenever contacting her via email to ask about the withdrawal and my account, she never replied.
And the same when contacting via email the company.
It is only now that I have got a Fraud Examiner to do a check up on them that they all of a sudden pop up form hiding, and sent me an email yesterday saying that they are repulsed by my accusations that they are a scam and that they have no option but to close my account and give me back my initial deposit in monthly installments, deducting from it the iPad
bonus gift and delivery, which I never received and forfeited, I have proof of this as well.
They also accuse me of never sending in a withdrawal request, of which I have proof that I did.
Thank you for all your additional information, Dimitrios. I thought it might be withdrawing funds and closing the account, but I wanted to be sure we were on the same page and also, that if the account was to be closed, it would be done by you, not them.
The botXXXXX XXXXXne here is that they deal in securities, an option being one of them. As such, they must comply with all the rules and regulations of the Securities and Exchange Commission ("SEC"), and are, therefore, under the authority of the SEC. If they violate any rule or regulation of the SEC and, thereafter, do not comply with any SEC Order or Directive, they will lose their license to sell anything to anyone in the United States. The fact that they have an address on Wall Street (whether or not it is a "real" office), makes it easier for the SEC to exercise its massive authority over them, which includes prosecution for, among other things, securities fraud which carries an extremely high monetary penalty and, of course, loss of their license. You can get an SEC Complaint form from one of their Official websites here:
Before sending in your Complaint, I would suggest that you call the SEC, get the name of a specific individual and send the Complaint directly to him or her. This is preferable because you will establish a "contact" at the SEC and although the SEC investigates each Complaint thoroughly, it is very easy to get your Complaint at the top of the list, simply by having this contact with a Securities Special Investigator,
If you want more information on how the SEC goes about handling consumer complaints, you can click on the following link:
I am a firm believer in attacking from all sides whenever possible and I am, therefore, also suggesting that you file a Complaint with the Federal Trade Commission which acts as the Federal consumer "watchdog". It has the power and authority to investigate and prosecute. This is their Official website:
I saw your other question you asked of another expert and wherein you asked about "Safe24Options" and if they had a Wall Street address. Any website I went to had only the following contact information:
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Those are the contact numbers on their website.
Like I said before, they claimed that they had no USA address, which got me worried because they were not in the jurisdiction of any USA authorities.
But since they sent me an email with the USA address, it means, like you say, whether it is real or not, they now hold themselves liable to be under USA jurisdiction of any law enforcement agencies.
Is this correct?
And also, is it mandatory for a broker to be regulated by the SEC and FIRNA before allowing to do business if they have an address in the USA??
Thank you for your follow up questions, Dimitrios, and the opportunity to explain further,
"But since they sent me an email with the USA address, it means, like you say, whether it is real or not, they now hold themselves liable to be under USA jurisdiction of any law enforcement agencies.
Is this correct?"
That is absolutely correct. They would still be under our jurisdiction, even if they did not have a "physical presence" anywhere in the United States. The fact that they do business here with US citizens or US residents would be enough to place them within the jurisdiction of our Courts and under the authority of the SEC;
You also asked,
"And also, is it mandatory for a broker to be regulated by the SEC and FIRNA before allowing to do business if they have an address in the USA?? "
Brokers, brokerage firms, investment firms, and any other organization which sells securities, as defined by the Securities Act of 1933, and the Securities and Exchange Act of 1934, in the United States, or does business in the United States, are subject to the authority and jurisdiction of the Securities and Exchange Commission and the Financial Industry Regulatory Authority ("FINRA"). It is not up to them to agree to be governed and regulated by the SEC and FINRA because they have no choice in the matter. The SEC and FINRA were organized in order to protect the public and the reason these Acts are sometimes called the "Blue Sky Laws" is because prior to enactment of the Securities Act of 1933 and the Securities and Exchange Act of 1934, there was no regulation of dealers in any securities and they could sell you "anything, including the blue sky", with impunity and without any fear of prosecution. Please be kind enough to rate my service to you as "Excellent Service" so that I can receive credit for researching your questions, otherwise I will not receive credit or payment for assisting you. Thank you for understanding,
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