You've heard of Binary Options?

[lrkiosk]

I invested $1000 into a binary options trading firm so I could raise money. With promising words from the marketer working with this trading firm. He encouraged me to invest saying he would put me through and ensure I make profits but till date hasn't kept his words and is asking for more investment for him to reveal to me more winning strategies which in my opinion is fraudulent. I need help in trading, anyone here willing to help me out via advice, materials to study...anything that would be useful.

[Freelancier]

For those who (like me) had no idea: Binary options trading platform - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Binary_options_trading_platform)

I think you're being scammed.

There are no short cuts to raising money. None. Anyone that promises profits from gambling is lying.

[nealrm]

and is asking for more investment for him to reveal to me more winning strategies Sorry, but this is one of the oldest scams in the book. Don't give him another dime. I would also try to get the $1000 back.

Also - Binary options are gambling not investing. They are no different then going to Vegas and playing the slot machine.

[Freelancier]

They are no different then going to Vegas and playing the slot machine.

The difference is that the vegas slot machine is regulated... binary options trading platforms are usually not.

[cobase]

The difference is that the vegas slot machine is regulated... binary options trading platforms are usually not.

Hear, hear; truer words never spoken. "If it sounds too good to be true, it probably is." I know we've all heard that before, but you have to really internalize it, especially when you want something badly (like fundraising).

Try to get your money back -- be aggressive if you need to, as the prospect of you raising a lot of noise is likely to cause this person a lot of problems.

[billbenson]

This shouldn't be confused with investing in exchange options. For those there are strategy's ranging from very low risk to very high risk. You need a high knowledge level for making an intelligent exchange option trade though.

[lrkiosk]

Cobase, I respect your wisdom. For the other responses, I also respect you. I still need a solution to improve my binary options trading.

[Freelancier]

Can we get a facepalm smiley?

[lrkiosk]

Can we get a facepalm smiley? how does that relate to my quest to make me trade better so as to get my money out.

[nealrm]

Cobase, I respect your wisdom. For the other responses, I also respect you. I still need a solution to improve my binary options trading.

Let's see if I can explain this a little more clearly.

DON'T TRADE IN BINARY OPTIONS. THEY ARE NOT A FORM OF INVESTMENT THEY ARE GAMBLING. THERE IS NO STRATEGY THAT WILL BETTER YOUR ODDS.

Sell any of the binary options that you may currently have, and invest the money in something else.

[Harold Mansfield]

Cobase, I respect your wisdom. For the other responses, I also respect you. I still need a solution to improve my binary options trading.
What everyone is trying to tell you...and pretty plainly, is that there are no solutions because it is a scam.
Stop now, lick your wounds and see if you can get your money back. But expect not to. I don't know where you are, but I suspect that you are dealing with an organization in another country that isn't regulated.

If you keep looking for ways to make a scam work, you are only going to lose more money because someone will come along and sell you want you want to hear. Again.

[lrkiosk]

I would withdraw it if I could, but I am trapped. I was given a bonus when I funded my account. The bonus requires I trade 20 times the volume of the bonus which is $1000 multiplied by 20. Yeah..$20,000. The condition can only be cancelled if I lose all my money or reached a trade volume of $20,000

[MyITGuy]

I would withdraw it if I could, but I am trapped. I was given a bonus when I funded my account. The bonus requires I trade 20 times the volume of the bonus which is $1000 multiplied by 20. Yeah..$20,000. The condition can only be cancelled if I lose all my money or reached a trade volume of $20,000

So what are the consequences of you withdrawing your money? You loose this hypothetical bonus that you will most likely never reach?

[nealrm]

I hope this $1000 is not very important to you. It appears it will be tuition for the college of life experience.

You have a couple of options.
1) Ask for your money or part of the money back, tell them you didn't understand the nature of the options. Very unlikely to work.
2) Threaten to file a formal complaint with the authorities, the Securities and Exchange Commission (http://en.wikipedia.org/wiki/Securities_and_Exchange_Commission) and anyone else that will listen. Might work.
3) Tell them that you will be spending the next year telling about how they ripped you off on every blog, every forum, every financial workshop and bar. Might work and may prevent others from making the same mistake.
4) Take them to court. Even if you win the case, it is unlike you will collect.

[Harold Mansfield]

I hope this $1000 is not very important to you. It appears it will be tuition for the college of life experience.

You have a couple of options.
1) Ask for your money or part of the money back, tell them you didn't understand the nature of the options. Very unlikely to work.
2) Threaten to file a formal complaint with the authorities, the Securities and Exchange Commission (http://en.wikipedia.org/wiki/Securities_and_Exchange_Commission) and anyone else that will listen. Might work.
3) Tell them that you will be spending the next year telling about how they ripped you off on every blog, every forum, every financial workshop and bar. Might work and may prevent others from making the same mistake.
4) Take them to court. Even if you win the case, it is unlike you will collect.


I suspect this is an out of country organization. A quick internet search shows that most of these operate in Cyprus which seems to be a hub of financial fraud targeting the U.S. Buy lottery tickets online, online gambling and FOREX type hubs all seem to be operating from Cyprus these days.

In that case, none of his complaints to American agencies mean squat more than making a formal complaint. They have no jurisdiction.
However, if you made your initial deposit with a credit card or Pay Pal, you may have some luck filing a fraud complaint with them.