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Zoey, JD
Zoey, JD, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 27770
Experience:  18+ years of NYS litigation experience.
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I opened a binary option trading account with

Customer Question

I opened a binary option trading account with UK base). I find out this company is a scam, I want to get money back, but credit card company not very helpful to "charge back"? what can i do?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Zoey, JD replied 1 year ago.


Citrade is an unregulated binary option broker. We have had other complaints about them similar to yours. Unfortunately, they are operating unlawfully and as you have already realized, you are the victim of a scam.

Binary option trading is very much like gambling, which is why most country's financial regulatory agencies do not regulate these brokers the way they do other kinds of investment firms. Your country's FCA doesn't regulate binary brokers either. That means that brokers like Citrade can make their own rules as they go along. They are operating outside of the law and don't have to keep their promises or honor their agreements.

Binary trading at best is very volatile and you can lose a lot of money, even when you deal with the handful of brokerages that are government regulated. But when you deal with unregulated brokers, you will have no recourse under UK consumer regulatory authorities or, if they are not based in the UK, under UK law either. We hear stories daily from people who have invested through unregulated binary options brokers and who lost all of their money to unauthorized trades or who were not able to withdraw their so-called winnings. It is a huge problem because these people hide where they actually are in order to avoid detection.

If you can find them, you can pursue them for either criminal or civil fraud, but finding them is a very big if. Their website has no contact information, and they are using a proxy privacy service to hide the name of the website's owner and their actual location. They could be anywhere in the world or nowhere at all. So this unfortunately is is a matter for the police. You need to report the fraud to Action Fraud at and to your Financial Conduct Authority at

I am sorry to be the bearer of bad news but your only hope will be if law enforcement can find out who and where these folks are and bring them to justice so that you can pursue legal remedies.

Customer: replied 1 year ago.
The money I paid was through credit card with 3 cards,I have disputed the service and try to get money back, only 1 card get all money back,another two cards after cidrade response to dispute , the credit card close the dispute, I try to redispute, what suggestions you have?
Expert:  Zoey, JD replied 1 year ago.
I have already told you what your remedies are. You did not deal with a regulated UK company, so there's very little you can do against a foreign unregulated company that you will be unable to find. This is a matter for Law enforcement.
Customer: replied 1 year ago.
comsurmer protection 75 act said I can dispute unsatisfied service and get money back, why I don't have any chance ? The law remedies will took forever to get results
Expert:  Zoey, JD replied 1 year ago.
You need to post a separate question to our UK solicitors who can tell you if you have any legal rights against your car carriers. This question was just about confirming that the binary broken you were dealing with is fraudulent. I am not a UK solicitor or barrister.