I would like to bring to attention dishonest and unfair trading practices used by Up & Down Marketing (OneTwoTrade) hidden behind a legally licensed facade (MGA/CL2/744/2011) trading as brokers specializing in binary options trading. In fact they are a gambling operation as is confirmed by their license number.
Behind this front they attract victims with get rich quick results once they become members after making a deposit of USD250 . At this point an account is opened for each new member and an account manager is assigned to assist the new member to trade on the binary options market until the member is apt to do his own trading.
in fact the acc. manager first of all persuades the member to forward proof of identity in the way of scanned coloured documents : credit card, passport, drivers license, utility bill, once that is done the new member can retrieve his USD250 deposit. Now the acc. manager explains that so as to win large profits they need that the member invest large amounts of money and in my case it was between USD20000 or USD30000 would be better. When I told him I did not have anywhere that amount available he lowered the sum to USD10000. Finally I agreed on $7400 and the money was transferred by wire from my bank in Australia.
Then the acc. manager tells the member that he needs to install an application called Team Viewer so that the manager and member can work together, in fact this allows the manager to access the member's screen so that the manager can guide the member to place trades (bets).
Now that I had funds in my OneTwoTrade account a trader was allocated to me and under his guidance a profit of almost $2000 was made in 15 mn. Of course I was impressed but not enough to transfer more funds to my personal account with OneTwoTrade, the acc. manager trying to get me to deposit $20000 or $10000 at least so as to make bigger profits.
I must point out that these acc. managers are very charming and persuasive individuals (as are all con men) and insist constantly that they need you to make more money available to them for your own benefit. In my case once they had made contact with me they would telephone me every evening for over a week from London UK (?) and costly overseas call charges did not deter them. I still do not know how they got my phone number and up until then had never heard of binary options.
Of course I tried to get information on the web and the sites I came across were rather encouraging concerning OneTwoTrade as binary options traders. Unfortunately it was not until after they had "relieved" me of my money that I discovered a web site with over a hundred complaints from people having been robbed in similar ways to me.
Getting back to how I was robbed. After the first trading session earning a $2000 profit I told my acc. manager I was thinking of withdrawing money from my personal account. This of course did not on the contrary go along with my depositing money to my account.
He decided we should have another trading session before taking any money out. This was organized on the spot with him guiding me in placing the trades (all I did was click when he said click, as in the previous session I mentioned above) and within 10 mn and 17 trades later there only remained 26 dollars of the just on $10000 I started with.
It did not take me long to realise that my "helper" had purposely emptied my "account". Concerning these personnel accounts, I believe they are fictitious and that my money is held in the Up & Down Marketing Ltd account with the Bank of Valetta in Malta.
I realise I'll never get my money back but I hope the time I have taken to write this will at least bring someone's attention this dishonest bunch of ruthless thieves operating under the cover of a license they have obtained from the MGA (Maltese gaming authority).
PS : Open the site below and scroll down to bottom to find over 100 complaints against OneTwoTrade.
http://www.binaryoptionsthatsuck.com/review/onetwotrade-suck/