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I wish to make a complaint against Binary Tilt options who

Customer Question
trade out of New Zealand...
I wish to make a complaint against Binary Tilt options who trade out of New Zealand and the way my account has been basically traded from USD$38000 to just $131 in the past three weeks following a request from me to have the account closed. They ignored my request/instruction and appear to have deliberately run the account down so they do not have to pay me out. Are you able to be of any assistance with a case like this.
JA: No. I'm the Lawyer's Assistant.
Customer: Thank You. Grahame Turner ***@******.***
JA: What state are you in? It matters because laws vary by location.
Customer: I live In Sydney NSW.
JA: Has anything been filed or reported?
Customer: No, this is the first action I have done.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Not really as that is a basis of me situation but I can back it all up with paperwork.
Submitted: 1 year ago.Category: New Zealand Law
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Answered in 1 hour by:
11/24/2016
Solicitor: Chris The Lawyer, Lawyer replied 1 year ago
Chris The Lawyer
Category: New Zealand Law
Satisfied Customers: 23,326
Experience: 38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
Verified

Hi I am reading now

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Solicitor: Chris The Lawyer, Lawyer replied 1 year ago

There are some adverse comments online about this company which say

BinaryTilt Review

Last Updated 2016-06-06

by Martin Kay

Editor’s Note – Why Does BinaryTilt Suck in 50 Words

Well, the website took ages to load and it isn’t quite as flashy as some other top brokers. Maybe it’s just an overload, but Ive tried a couple of times and the speed was bad. Also, they aren’t yet regulated although they have been working hard on this issue for some time.

Why Doesn’t BinaryTilt Suck in 50 Words

BinaryTilt.com is not a new broker that has been on our radar since 2014. The company was started in 2013 as a New Zealand based binary options broker but has since moved in order to comply with EU regulations. . They are operated from a holding company in London and operated under the guidelines of CySEC even without official sanction. This means that not only is your money safe, the business is transparent and subject to oversight. There is also an official channel for making and resolving complaints. Another important reason, they are built on SpotOption and offer all the trading styles and tools we’ve come to know and love.

BinaryTilt Review – Tilting The Competition

BinaryTilt is the best new broker I have seen in quite some time. It is owned and operated by Chemmi Holdings Limited located in suite 50, 2 Old Brompton Road , London, UK. Chemmi Holdings is a wholly owned subsidiary of Depix Holdings which is located in Suite 305, Griffith Support Center, BeachFront, Kingston, St. Vincent & The Grenadines. Chemmi Holdings UK registration number is(###) ###-#### Depix Holdings LTDs registration number is ***** 1BC 2015.

The level of protection and safety you get with this broker may make them the number one choice, but of course we also have to factor in the platform. Regulation is great but regulation doesn’t make a broker great, just look to the host of sucky CySEC brokers we have to deal with. Good thing for BinaryTilt.com they lean toward the light, and away from the shadows.

Moving on to the platform I found it to be quite good. They have all the standard trading styles including high/low, range, one touch and On Demand. They also have the newer Ladder Options, CFD/Forex trading a new feature that allows for binary limit orders. The high/low, range and one touch all come with intraday and end of day expirations while the On Demand options are where you will find the short term 60 second, 5 minute, 10 minute and 30 minute options. The long term options have end of day, end of week, end of month and on out for several months, great for long term and swing traders.

These can all be traded with a fairly decent asset list. They have 19 forex pairs, covering all the major crosses. There are 19 stocks as well, mostly US and EU based companies. They also have 3 commodities and 11 indices. Commodities included gold, silver and oil while indices are primarily US and EU with a few Middle Eastern and Asian as well. Range and one touch options are a little different from other brokers. Each is available to trade when markets are open and are based on a range. If you are trading one touch, a range will be projected on either side of asset price so you can buy in at any time prior to the options expiry all that is required is for the asset price to touch the range once before expiry.

Banking with this broker is also above average, maybe even cutting edge. They accept the usual credit cards and wire transfers but also include eWallets such as Skrill and PayPal, not to mention ChinaUnionPay for those traders based in China. Withdrawals can be made to all the same, the only limitations are that you use the same account to deposit and withdraw funds. Minimum deposit is $250, minimum withdrawal $50. There is a three day processing period for withdrawals but also included are enhanced payout and quicker withdrawals if you use an eWallet. PayPal and Skrill are the fastest methods, receiving funds within minutes of release, while credit cards and wire transfers may come with other time restrictions that are out of the control of BinaryTilt.

Is BinaryTilt a Scam?

BinaryTilt does not appear to be a scam. They have been around for many years, operating in a trustworthy manner, and have sought out regulation the whole time. They were originally registered with the New Zealand FSP but once it became clear that New Zealand was not providing substantial binary options regulation and oversight they moved to London and are seeking CySEC and FCA approval.

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Solicitor: Chris The Lawyer, Lawyer replied 1 year ago

I am however not sure they trade in New Zealand except through a website. Their main page says

United Kingdom - London: +44(###) ###-####553

United Kingdom - Manchester: +44(###) ###-####459

Support:

*****@******.***

Documentation:

*****@******.***

Affiliates:

*****@******.***

BinaryTilt is owned and operated by Chemmi Holdings Limited (company number:(###) ###-#### located at: London, Broadgate Circle, 2nd Floor, 1-2
Broadgate, EC2M 2QS, United Kingdom.

Chemmi Holdings Limited is a subsidiary of Depix Holdings Limited (company number: 22972 IBC 2015) located at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.

***@******.***
Ask Your Own New Zealand Law Question
Solicitor: Chris The Lawyer, Lawyer replied 1 year ago

There is no company registered here with that name nor as Chemmi Holdings

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Solicitor: Chris The Lawyer, Lawyer replied 1 year ago

They are not registered with the Financial Markets Authority in New Zealand and I think they may just have a website here but nothing else. Have you tried the UK contact details?

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Customer reply replied 1 year ago
Chris,
I suppose I would say you didn't tell me anything I didn't already know.
I was hoping that there was more substance about them in NZ, which obviously there isn't, as it would have made it easier than going through their London office.
I'll have to go that route now.
No offence but spending $80 to your organisation didn't get me anything.
Regards, Grahame
Solicitor: Chris The Lawyer, Lawyer replied 1 year ago

I could say that if they were a bona fide New Zealand company properly registered with the FMA then you would have remedies. Its the risk of trading with companies which have fluid domiciles. Personally i would not deal with a company in this area unless they were actually registered here with the appropriate authorities. But I expect you made some choices with risks.

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Chris The Lawyer
Chris The Lawyer, Lawyer
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