Report: #1146645

Complaint Review: Cedar Finance - Nicosia Internet

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  • Reported By: Aaron Siegel — Scotts Valley California
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  • Cedar Finance 1 Avlonos Internet Cyprus

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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. When I brought it up to them, they said they didn't know what i was talking about however, I noticed the expiry to drastically reduce from there on out to only 10-20 seconds. Maybe they thought that would make me notice less. It didn't, but i still worked around it.

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: https://www.ripoffreport.com/reports/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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#6 Author of original report

So Cedar Finance Closed My Account ... But Not Before Approving My Account Balance for Wire Transfer

AUTHOR: Aaron Siegel - ()

POSTED: Tuesday, May 20, 2014

Cedar Finance has closed my account, they say because of my aggressive tactics and emails. I don't know what kind of response they were expecting to get after being lied to and be given the run around daily for almost two months over account issues and then being accused of fraud. I really don't know what they would expect. Not that I was that nasty, but I'll tell ya, I'm not kissing a*s over thousands of dollars being taken from me and being called a thief. Not happening.

 Anyhow, Cedar Finance cancelled my current wire transfer request and resubmitted on my behalf essentially to close my account with my whole account balance instead of $2,000.00. I really honestly would have liked things to have been cleared up and to continue to trade on their platform because honestly I liked it a lot when it was fully finctional. It is a shame it took this long to never get anywhere with them and have to close my account, but then my ROI is still not too shabby considering. If they are being honest and the money does wire to my account, I'll have $2,364.00

I of course update on my bank status. Attached are snapshots of the email they sent me and the transfer email approvals.

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#5 Author of original report

Spoke Too Soon. Cedar Finance Only Fixed One Aspect of My Account. Pretty Bummed. Payment Approval 8 Days Late!

AUTHOR: Aaron Siegel - ()

POSTED: Tuesday, May 20, 2014

So when I thought Cedar Finance had indeed finally fixed my account and brought it back to it's normal status, I was mistaken. Wow is all i can say. After all of the headaches and hassles I figured I had gained more victory than not. What they did fix was the minimum on turbo trades (15 sec. - 5 min.) which had been fixed from a simple and account draining $500.00 to it's normal state of $5, $10, $25, $50, $100, $250, and $500 choices.

They still have my limited per asset trades so I only get to bid one time per trade .... period. No additional assets can be traded on while a trade is open regardless of chosen assets. Wondering why they won't fix this issue with me ... oh yeah, because that is how I made money with this account. Well i can't say i made money because Cedar Finance has still been dragging on my payment approval. It's been 8 days past the 7 day waiting period, which everyone already agrees, is waaaaay too long as is, but add on the extra days i have been waiting, and you see the issue.

When Cedar Finance pays my earned $2,000.00 ROI I will be sure to notify you all. As of yet though, Cedar Finance is appearing to still be a rip off company both within their platform and their payments for anything beyong initial deposits.

Time is money and when trading, we all know this is hard earned money. Wish me luck! They still are holding onto a story of unexplained logins which is just stupid. I've looked around at reviews and it seems I'm not the only victim of this login scam of theirs. Only time will tell at this point. So far no denial nor approval, but like I said .... 16 days as of now in waiting time for approval of my $2,000.00 withdrawal!!!!!

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#4 Author of original report

Cedar Finance Finally has Put My Account Platform Back To Normal

AUTHOR: Aaron Siegel - ()

POSTED: Monday, May 19, 2014

Not sure if it was due to my report on Cedar Finance on here or if it just usually takes them months to address customer issues, but my account appears to be set back to it's normal state that allowed me to make my profitable trades. I am not going to put them in the clear just yet however. 

Cedar Finance has still not payed me $2,000.00 of my ROI and i will not forget that i lost over $3,000.00 of my ROI due to the changes that occured over the course of two months to my account. This is a bitter sweet victory for now. I will of course keep you updated, especially once I start trading on the platform again and once I am paid whsat is owed.

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#3 Author of original report

Cedar Finance Now Might Deal With My Trading Account Issues a Month Later

AUTHOR: Aaron Siegel - ()

POSTED: Monday, May 19, 2014

I have attached photos of a chat that was forwarded to accounts for my issue on the 6th of May, today it is the 19th of May that i see my chat has finally made it to the que for my issues. I'm surprised this has even taken place being i was told by every other customer service rep that there was nothing additional that could be done with my Cedar Finance issues without doing it myself. Obviously the other customer service reps lied to me because this customer rep indeed was able to get my issue forwarded from our online chat to the appropriate department although it is weeks late. 

Still no payment from Cedar Finance as far as my $2,000.00 goes. They say they are still dealing with an abnormal login process that took place during all of my trades. I personally think the only adbnormal thing to them was my ability to generate enough winning trades to become a profitable trader on the platform.

They did send me an email which i will attach as well asking me to not threaten them. They have taken enough time for any other person to assume they are being ripped off. I have talked to other binary option brokers and almost all have never heard of  Cedar Finance or are completly shocked at what i have had to go through to withdrawal money and get my account's platform set back straight. 

If you people at Cedar Finance are reading this, no, this is not normal procedure or treatment of binary option clients. Only you so far seem to treat customers with such disregard. Either you turn your business practices around or shut down!

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#2 Author of original report

Still No Payment From Cedar Finance 6 Days Late Past Maximum Waiting Period

AUTHOR: Aaron Siegel - ()

POSTED: Monday, May 19, 2014

On May 6th, 2014 I submitted to Cedar Finance my withdrawal request. As stated on their site the maximum waiting period for approval is 7 days. It has now been 13 days.

Friday they sent me an email still accusing my account of having fake logins when trades were made, whatever that is supposed to even mean. How could I trade on my account if I wasn't logged in? How could they track a trade if I wasn't logged in to make it? They obviously are making up some weird crap.

Cedar Finance is obviously planning to rip me off. I already stated that i would post if they sent me my money, but as of the momement, looks like they plan on keeping my hard earned $2,000.00 that they somehow think is thiers. 

Attached are pictures of the Cedar Finance withdrawal procedure as well as a picture of the email confirming my request for withdrawal with the date attached. Cedar Finance, you will not be getting away with this!!! Disgusting business practices, absolutely horrible!!!


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#1 Author of original report

Cedar Finance Finally Writes Me Back

AUTHOR: Aaron Siegel - ()

POSTED: Thursday, May 15, 2014

Cedar Finance finally wrote me back this morning, but not to resolve my issues, but rather to accuse me of fraud. This comes right after the time I am awaiting my first payment on my investment return. WOW!

They are now trying to say basically that somehow with my awesome technical background (sarcasim) I found a way to make trades while away from my computer. I worked my a*s off to make the money I made through this company. I can only imagine they are planning to rip me off more than they already have. I will report more here if this is not the case, however it looks like this is the route they may be going. 

Cedar Finance Email:

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Cedar Finance Accounts

6:54 AM (8 hours ago)
to me
Dear Sir,
First and foremost - let us apologize for such a delay in verifying your request and addressing your potential limitations issues.
Now, before we proceed to approving your request we would like to clarify some issues, that are the main reason behind this delay.
We have noticed, that some of your trades have no coverage in logins.
This is not our system's fault. 
It has been properly tested, so none of those "irregularities" could indicate our system's malfunction.
Since 04/01 until 04/20 we have observed that ca. 130 trades have been placed when you were inactive (logged out or automatically timed out).
Can you explain this occurrence?
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