• Report: #909491
Complaint Review:

Vip Binary

  • Submitted: Tue, July 10, 2012
  • Updated: Tue, August 28, 2012

  • Reported By: OldDad76 — Lilburn Georgia United States of America
Vip Binary
Tassou Papadopoulou, 6 2373, Nicosia, Cyprus Internet United States of America

Vip Binary Beware of Secured Trades and getting money back Internet

*Author of original report: Update on VIP Binary Broker Misrepresentation

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On Aug 5, 2012, I opened an account with VIP Binary after it was presented to me in an unsolicited video. The author indicated that he was making over $10,000 a month trading options and showed how easy it was to place trades. I reviewed the site and read that it was highly speculative and not to invest money that you could not afford to lose. I agreed to deposit $500.00 and was called by a broker and said that he would match my deposit if I would increase the amount to $1,000. Each week he would call and try to get me to increase my balance to Gold $5,000 or Platinum $10,000 and I would get more benefits and he could work with me daily and make a lot of money.

The system seemed simple enough you picked a stock, currency pair, commodity or indices and bid that at a certain time it would go up or down. If you put $100.00 trade in you would win 171.00 if you were correct in your choice. If not you lost all but 4% of your investment. You could trade any amount. After depositing $5,000 and getting a match of $5,000 I became a GOLD member with supposedly daily access to the broker. He would call 3 out of 5 days and said he could not reach me on the other days. The broker provided little detail was always in a hurry and did not have time to explain the market.

Later he began to talk about how I could make a lot of money by making a Secured Trade but I had to deposit new money. I deposited another $3,000 two deposits of 1500.00. I only intended to add 1500.00 but I clicked twice on approve and it approved two deposits which overdrew my checking account. Each deposit you make they charge a service fee of about 3% or 30.00 per $1000.00. The broker said he worked out of the New York Office.

It was several days before he called to do a secured trade. It was 7/9/2012 and he said that he had talked to the supervisor and we could do a secured trade. He wanted me to deposit some more money and I advised him that I had deposited the $3,000 that we had never used. He said to put the $3,000 on the US/JPN to go down at 13:00 and it was 12:31 PM. When I clicked on the currencies and placed the 3,000 in the bid section the system changed to NASDAQ and before I saw it the trade went through.

The deal was if I was right I would gain $5,130 and if I was wrong they would restore my $3,000 since the trade was secured.
The broker was on the line and I told him the system was jumping back and forth and I made the wrong trade. He did not offer to cancel the trade. He said call him when it expired. I lost the trade and when I called back to get the money redeposited he said the trade was not secured and that I lost my money. I have written to the back office with no reply at this time.

When I put in a request last week to withdraw $500.00 to pay my credit cards the system said it would take 15 days for approval and than 2-4 days to transfer the funds. There is some fine print that says you have to make 30,000 trades per deposit to get your money back.

So I say beware of this company and never invest money that you can not afford to throw away because before you can get your money out you would have to make 30,000 trades for each deposit as I understand it.

This report was posted on Ripoff Report on 07/10/2012 12:50 PM and is a permanent record located here: http://www.ripoffreport.com/reports/vip-binary/internet/vip-binary-beware-of-secured-trades-and-getting-money-back-internet-909491. 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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Updates & Rebuttals

#1 Author of original report

Update on VIP Binary Broker Misrepresentation

AUTHOR: OldDad76 - (United States of America)

After posting the above article I sent a letter to VIP Binary explaining how their agent had misrepresented how the system worked.

He had told me that my money was safe and that we were trading with the House Bonus Money. He and a supervisor said in a secured trade that I could not lose my money because if I lost they would replace it after the trade and I could withdraw it that afternoon.

Later in the month a new representative called and said that my Broker had been fired but he only worked with GOLD customers and do secured trades and we could help me make my money back. When I explained that I was not going to put in any more money until I got my $3,000 secured trade back.

He finally got $3,000 Bonus money put into my account. The problem with Bobusmoney is that you have to trade it 30 times before you can withdraw any of it out. On $3,000 you would have to make $90,000 in trades which is mathmatically impossible to predict enough wins to have any money left in your account.

They also use your money first and do not risk any bonus money. They call most everyday trying to get me to put more money into my account. They owe me over $1,000 plus the $3,000 they took from my account under false pretense and I can not get them to refund my money.

There has to be a way to stop this company from taking money under false pretenses from American Citizens. I know I can not be the only victim.
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