- Report: #1146645
Report - Rebuttal - Arbitrate
Complaint Review: Cedar Finance
Cedar Finance1 Avlonos Internet Cyprus
Cedar Finance T.B.S.F Best Strategy Finance Ltd. T.B.S.F. BEST STRATEGY FINANCE LIMITED Cedar Finance Binary Options Brokerage Scam Nicosia Internet
*Author of original report: So Cedar Finance Closed My Account ... But Not Before Approving My Account Balance for Wire Transfer
*Author of original report: Spoke Too Soon. Cedar Finance Only Fixed One Aspect of My Account. Pretty Bummed. Payment Approval 8 Days Late!
*Author of original report: Cedar Finance Finally has Put My Account Platform Back To Normal
*Author of original report: Cedar Finance Now Might Deal With My Trading Account Issues a Month Later
*Author of original report: Still No Payment From Cedar Finance 6 Days Late Past Maximum Waiting Period
*Author of original report: Cedar Finance Finally Writes Me Back
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Okay so I first opened my account with Cedar Finance some time ago with $200.00 which I had easily lost, which was my bad. I was inexperienced in binary options at the time so I take full blame for any loss incured at that particular time. Once I had gained experience however over the course of a almost a year, I had decided to give this binary options brokerage another go with a measly $100.00 and this is where my story begins with this scandilous company. Trust me, this company wants to take your money and keep it. They plan on you losing.
Incident # 1: (Expiry of Assets) Cedar Finance had set up their options to close anywhere from 30 seconds to 45 seconds AFTER the expiry of the chosen asset. I was somewhat upset by that but figured I would work around that and mention it to them via their online customer chat service sometime later. [continued below]....
I noticed they always honored the alternate closing time currency rate based on their seconds off expiry regardless of the posted time. When I lost though, I picked myself back up and kept trading. What infuriated me however was when a winning trade would go into the same seconds off bracket, they would honor the ACTUAL expiry instead.
In short. They extend the expiry for the chance to have you lose one last little inch of a minute and consider it a legitimate closing of an asset when you lose. If you win within those extra seconds though ... you still lose.
Incident # 2: (Sabatoge Succesful Investors) Despite the handicap thrown at me listed above, I successfully had turned my 100.00 investment into a beautiful account within about three days. To the tune of over $6,000.00 which had me excited for sure! For me, this is a good ROI, and I am sure any investor would agree. To my astonished dissapointment however, once I had hit this monumental financial benchmark within the Cedar Finance system, things went horribly wrong with my account. It was and still is an obvious sabatoge to hurt those seeking alternative incomes. What they did is purely disgusting in the binary options and financial world altogether. CROOKS.
- In the Cedar Finance platform they have what you call Digital Options which is a longer term expiry on assets. They have the maximum investment set to $2,000.00 when you first start out. This quickly changed once my portfolio went up high and went all the way down to $200.00 as to limit my daily profits. When I complained to customer service, they lowered it even lower as if to spite me, all the way down to $50.00!
- Cedar Finance also has an option called Turbo Options which allows you to place a call (up) or put (down) on assets for the time frame anywhere from 15 seconds to 5 minutes. This option also allows you to place binary option trades with the minimum being $5.00 and the maximum being $500.00 however, once I was successful in my trading, they altered my account to only place $200.00 to $500.00 trades on this riskier form of investing. When i complained however, once again .... they changed it to only one price ... $500.00!
- In addition to the sudden limitations on variable prices that alter the probability of profitability they also limited my ability to bid on assets. Before i was able to bid unlimited amounts of trades per asset, but suddenly I was able to only trade one asset per time frame along with their NEW presets for failure pricing. trust me, they have ill intentions in the binary options world. I cannot express enough how shady they are.
Incidnet # 3: (Customer Service Nightmare) Their customer service numbers in the US all ring to an out of service message, however, when I challenged the customer service rep online to the validity of these numbers he asked me to call it again and all of a sudden somebody answered. I am not sure how this works, but any other time you try to call ... same message.
One of their customer service reps scoffed at me once (Jenny) when I told her about my problems with Cedar Finance. I had told her I had lost thousands of dollars in one day due to these shady changes made to my account as to where she responded that it wasn't true due to the fact that I had only invested $300.00 in total. In other words saying that any earned investment money is not tangible cash for the customer. That there shows the mindset of the company Cedar Finance.
Most all the reps told me to write their financial department at accounts, which I did, and for over a month still have gotten no reply. One rep finally told me that they had informed her that they had already sent me a reply email, when i asked to speak with them she replied they weren't in. I am curious how she would know this then? All reps claim to be seperate from the other departments yet they seem to know a lot about the inner workings. I know I wasn't contacted for a FACT. They think their customers are stupid obviously.
One rep (Patrick) told me an account manager would call me within 3 hours based on my complaints. Never got a call. When I contacted customer service again to inform them I was never called another rep told me I was not entitled to a call being I never deposited $5,000.00 to $10,000.00 for the priveledge of being consulted over these issues.
I think I could go on and on. All I can say is that I got back my initial deposit via debit/credit card already and now am awaiting for my investment return to be funded via wire transfer. I will be back to write how that goes. Cedar Finance for me so far has been a nightmare. I suggest never using this company if you want to be successful in binary options.
This report was posted on Ripoff Report on 05/14/2014 12:29 PM and is a permanent record located here: http://www.ripoffreport.com/r/Cedar-Finance/internet/Cedar-Finance-TBSF-Best-Strategy-Finance-Ltd-TBSF-BEST-STRATEGY-FINANCE-LIMITED-C-1146645. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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