ED Magedson – Founder
vault options Binary options Scammers Internet
January 7th 2014, I received an invitation to watch a video on binary options by one of those so called gurus on the internet. After watching the video, I was instructed to open an account with Vault Options brokerage firm. I immediately opened an account with the company and as a newbie to binary option trading or any trading, one of their representatives called me right away and told me her name was Michelle and was my senior account executive and would be helping me trade and promised heaven and earth regarding my account and how much money I was gonna make with her. I will confess here that I did not read the Terms of Agreement which was my fault and relied 100% on what she told me. She was so convincing however because as soon as I funded my account, she started trading with me and turned my $250.00 deposit to $1500.00 just after 3 trades the same day. As soon as we reached that milestone however, she started pressuring me for additional deposit into my account in order for her to continue trading with me. She wanted me to deposit $1750.00 to bring my account to $2000.00. I wandered why additional deposit was necessary when we were doing just fine with the balance in my account. I told her as soon as I receive the funds in my account, I would turn around and redeposit the profits in order to bring my account up to the $2000.00 she requested. At this point she had already advised me to take a 100% sign up bonus. I later found out after going back and reading the Terms of Agreement that by taking the bonus, I could not withdraw any funds from my account until I have traded 30 times my initial deposit plus bonus. It meant I could not even withdraw my own money from my accont until I have traded $15000.00. Michelle came back the next day and advised me that her supervisor said she could not help me any longer unless I made additional deposit to bring my account to $2000.00. At this point I have already read and understood every single letter in the Terms of Agreement and realized the company was out to con me out of my $250.00 hard earned dollars. Knowing I did not do my due deligence before signing up with them, I decided to learn how to trade and in a few days, was trading by myself. I made a decision right then to live by every letter of the agreement that I signed. Furhermore, I gathered from the Terms of Agreement I could not withdraw any funds from my acoount for 30 days from my last deposit.
To cut a long story short, I went to work, traded on my own and brought my account to a whopping $6000.00 in less than 30 days. During which time I traded more than $17,000,00 far more than the 30 times called for in the agreement. Convinced I have fulfilled my obligations under the Agreement, I requested a $4000.00 withdrawal from my account. At first the request was cancelled and when I asked the reason why, I was told that I could only request $250.00 on my mastercard because that was how my deposit was made and to request the rest by wire tranfer. At this point I have already provided them all the identification verification documents as required in the Agreement. This went on for about 2 weeks back and forth. Finally after two weeks of pressure from me, my initial $250.00 deposit was returned to my account. This happened in mid February and since then I have not been able to withdraw a single penny from my account. Each withdrawal request was cancelled for one reason or the other.
The last communication I had wias with one of their reps who said she was a supervisor in the accounting deparment. At this point, she told me I could not withdraw any of the funds in my account until I have again traded 4 times my profit. It meant she wanted me to trade $16,000.00 before I could withdraw any of the funds in my account at this point my balance had dropped to $4000.00. Please note nothing in the Agreement states that you have to trade 4 times your profits. When I threatened to go to the authorities, she hung up the phone.
Vault Options is nothing but a scam and I wander why they are allowed to defraud Americans.
This report was posted on Ripoff Report on 04/08/2014 12:42 PM and is a permanent record located here: http://www.ripoffreport.com/reports/vault-options/internet/vault-options-binary-options-scammers-internet-1137268. 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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