I have lost approximately 8000 (!!!!) to cedar finance during december 2012.
Their website promises the following:
Cedar Finance offers background information about the markets, a guided-tour, seminars, one-on-one training, live chat, telephone and technical support. Whatever help you need to trade, you'll find it here. Your Personal Account Manager will guide you live, in your first trading steps, to help you get acquainted with the Cedar Finance % system, as well as answer all your technical questions.
However, NONE of this has happened. All that has happened is that their representatives have called me each time I have made losses and persuaded me to pump more money into the system.
Now, they are offering me 2000 of refunds, which is totally unacceptable, considering that I have invested all that money and ALL OF MY TIME in december. Also, they told me to make a withdrawal request on their website for those 2000, but there is no balance. Outrageous.
*UPDATE* January 25, 2013
Last night an employee of CF notified me by mail that a refund of the amount of 2000 had been transferred to my card. However, I am not satisfied with the quantity of the refund.
Following is an excerpt of the email that was sent to me by the head of the Cedar Finance support team when I first made a complaint to them on January 11:
I have received an information from my employees that you have a complaint concerning your trades and the information you were given from our support team. I understand that you had difficulties with implementing the trading strategy and therefore you have lost some amount.
Due to that I would like to offer you a sollution, which would be topping up your account with a bonus of the amount of you deposit and before you start trading we will contact you with our best account manager, to show you step by step how to make trades. He will write emails, as I was informed, you prefer that way of communicating.
And here is another excerpt from a mail I received from their "best account manager", which turned out to be one of his last (he tried to call me yes, but at very inconvenient times late in the evening, which I had told him in several mails I never got an answer to):
As we discussed during our phone call, I am going to build a custom trading plan for you, I also want you to be advised of the following steps that we are going to be taking in order to get you on the right track to trade successfully.
Stage 1: Getting Familiar with the trading platform.
Stage 2: Getting Familiar with the financial markets.
Stage 3: Implementing trading strategies.
Stage 4: Overall account review.
We will work together to get you fully trained and educated and understanding the binary option market and trading with Cedar Finance.
In other words, I was proposed a redund topping my investment, and an account manager that would communicate with me via email and who would guide and train me. INSTEAD, I get a refund that equals to a QUARTER of my investment.
Now, since I have received 2000 I am willing to settle for the training that was promised to me and a 3000 balance on my CF account I can work with.
Please, be advised that one of the things CF used to convince me to deposit more money onto their site was a promise of an ACCOUNT MANAGER. However I never got contacted by such person BEFORE my complaint.
*UPDATE* january 28, 2013
I have contacted cedar finances management and have notified them about my complaint here on scam book. Haven't received ANY kind of response. Instead, they seem to have closed my account, which is outrageous since I have still one open trade that is due to the end of the month.
*UPDATE* April 18, 2013
A representative of Cedar Finance called me today asking me for a new investment. I am still waiting for my refund.