Today I had a really difficult discussion with one of the Binary Today readers and it raised the question “can you trust binary options account managers?“
There is no 100% yes or no, but I know I wouldn’t.
I have heard too many horror stories, and this email conversation I had today with one of my readers who will remain unnamed had a very difficult and potentially criminal mishap.
Binary Options Account Management Risk
Reader: Compliments on refreshing insight into BO. I’m a hobby BO trader from Australia and in the last week a UK BO broker, which my trading account is with, convinced me to accelerate my trades by him taking over the account. Having had a working relationship with this broker over the past 3 months and having successfully traded a volume of US$600K from my initial investment of US$40K, I allowed him to jump into my account. In one session he traded my entire account! What remains from my $40K investment is $29.10.
I have had sleepless nights and only blaming myself but still know that there are half-decent, selfless people left in the world. Hopefully through research I have stumbled across a genuine, informative site, binarytoday, that I can pick up the pieces and start to trade again.
I will be saving my pennies and investing in your recommended software and go back to what I did best, which was small but rewarding, and not jump into the shark tank thinking I’m invincible, or the broker for that matter.
As much as I would like to completely rubbish this Broker I really only have myself to blame, sort of! I’m still in partial negotiation with them and hopefully they can deposit a bonus back into my account seeing that they had such a huge trading volume. Surely there’s a kickback for them with this trading volume.
My theory is, that if they traded the direct opposite with another account, they would have doubled their trades. So another account is in the plus and mine’s in the minus. Do this with 200,000 plus accounts(which they claim) and you can see how the funds roll in. This madness would certainly work in their favour. I just don’t understand enough on how these brokers work. They’re certainly in business to make money, not give it away! It’s as if they are the Casino and the house always wins a certain percentage.
That’s why I’m leaning toward your methodology and making informed trades via signalling software and research. This is how I started with my broker until the broker said he can trade more efficiently by taking over the account, rather than advising me of upcoming trades.
My Thoughts on Account Managers
I don’t have any experience with account management in binary options myself, I prefer doing things on my own. I just don’t trust people when it comes to money and I do everything I can to avoid binary options scams.
I’m sure there are some great account managers out there but if you are ever getting an offer like this you should think twice and do your research. Maybe set guidelines on how much this manager can risk in your account and interview the manager to make them prove to you they have what it takes.
This story isn’t the be all end all when it comes to binary options account management but it should ask as a stark warning of the risks associated when you trust your account with strangers. Don’t take risks, play it smart and believe in yourself.
Hey kane, do you have any reliable or able to be trusted broker?
i tried playing myself but i lost more then 1k USD.
Please advise! Thanks
I recommend the brokers here https://binarytoday.com/best-binary-options-brokers/
Hi, You say “broker” but do u mean “account manager”? As its an account manager that “plays” for you.
Hi
I would like to make some profit on a binairy option site, there is also the option to co operate with an manager. i have had 1 call with him until now and he did sent me a nice overview about different market signals.
i can call him back when i have more time and more insight in the theory.
is it wise to cooperate with such a manager, i hope he learns me how to become a good trader. do you have advice how to become a good trader?
and how does such a manager earn money, every thing seems free until now?
As you can see by reading my review, I do not recommend binary options account managers.
Hi, Either the account manager would have a deductible margin programmed into an API token compatible with the delegated broker or you would agree to send them their margin every so often for them to continue.
Unless they work for a broker which going with would simply be COUNTER INTUITIVE
Hope this helps
i was having an account manager his name is steven andrew cohen he use to trade on my behalf now when i requested withdrawal he say i must pay tax ..i payed tax because the money on my account was worth it..one week later he blocked me but my account is stil having money what must i do to withdraw that money because they say it must be the same as deposit methods and he is the one who deposited the money..i ws using EXOPTIONS.org
Pollen did u get assitance?
Does anyone know about Zedoption? I found a account manager and he is telling m he will run my account and i will have full access to it.he keeps 20% of the profit and i get 80% should i consider this a scam.he said I can start by as little as $500? Please help me
Hi Maria, never heard of Zedoption, nor do I trust any account manager. What proof has he shown you that he’s an expert trader?
Can anyone help with information on Binaryoptionflow, can they be trusted for withdraws, thx
Hi Tomas, never heard of them. I’ll look into it for you.
Hi John, did you find anything about Binaryoptionflow yet?
I recommend checking the review Eric.
Do you really love from binarys? Can you teach or tell us where you learned from?
Hi Oliver, from trading personally, it’s the best way. See here: https://binarytoday.com/binary-options-101/
Hello all.
I was scammed by 24 option. I want to say to all STAY AWAY FROM BINARY.
I told them that im not a rich man and i don’t have money. they promised me a lot of money and say that all is safe and going to be good.
They sometime show me profit but as i understood it was all games to take more money from me. in the end they told more they it was only bad luck and if i want to i can deposit 5,000 more and we can make the money go back!lie! the broker name was Brian White – STAY AWAY FROM THIS BROKER!!!!
in the end despite it started to search on line to see where they are ( they told me from UK but i understand from internet that this is not true! ) i found a company named money back lawer and started to work with MR Anderson. i pried to Jesus that he will help me. my life was over!! he helped me to get the funds back in two months time! i will NEVER will do binary again. and you need to be SAFE to!
Thanks for letting us know Dave.
A little tale that I am going to mention to you, my ‘account manager’ rang me, he said that he was not happy with my account because my losing trades were making him look bad…………….. then he got uppity with me and stated that he has the power to close my account down for ”whichever reason”, this is the account manager for a major binary options company, and they were trying to strong arm me, claiming that I need to learn how to trade, more like try and sell me some dodgy shit
Currently I am monitoring my account to see if any funny stuff occurs, how bizarre, suffice it to say I will be notifying everyone of the name and individual in the near future
Thanks for sharing your story Harry.
how can you make sure that when you open an account with a trading company that the account manager who is automatically assigned to you can not access my account himself and trade on my behalf, so i alone have access to the monies in the account
Tell them you don’t want an account manager, and that you will not accept having someone trade on your behalf at any point in time.
please is there no fund manager still out there who are to be trusted?
Hi Gold, no, there is no fund manager in binary options that I trust at this point in time.
Yes there are a few.
Can you name them?
Thank you for the comments above. I was persuaded to deposit £2500 with BinaryBook. We made a total of £120 on Brexit day! So on the strength of that I was asked to increase my account to 3000 then after much discussion to £3500 so that the account manager could do ‘one more contract’. We seemed to have lots of good friendly discussion over many days and he gave me trades totalling £2500 for one or two month maturity dates (about 8 trades). He got the direction wrong on every single one so I now have £1212 in my account from £3500. What a disaster, though not nearly as bad as some of the nightmare stories I have read! I am trying to get it back but of course the new account manager (my 4th in 3 months) is trying to get me to put more in not close my account. Of course. So that they can take even more of my money. Binary options is too easy to get wrong with no stop loss and you can lose everything. Everywhere you look people seem to be saying do not trust account managers. They win either way, why should they care if we lose? Anyway I am having much more success with normal Forex trading and stop losses can be set very tightly so at least you can trade without losing the whole deposit.
Sorry to hear about this Steven, I hope that you can get those funds back. The best way is to trade for yourself, who knows who these people are.
I have managed account with Swissfxtrading UK based. I was new to this trading buisness and was unaware that this account has 180 days fixed term until I did put a withdrawal request. My account manager was encouraging me to deposit more time to time and assured me that I can withdraw in 2 weeks. Now I am struggling with the company to release me at least 20k. Could someone suggest me how to get my investment back. I did invest $28 K USD and my balance is over $60 k now which has $22 k of bonus. Still I got around 2 months to reach 180 days period .
I am based in Australia.
Many Thanks
Hi Sukhjinder, I wish you a lot of luck with your account manager. I’ve heard many stories like these and they generally don’t turn out very well unless you start to threaten them.
Hello John, I recently invested over $10,000 with Magnum options.eu . They won 1out of 7 trades costing me about $5,000. At that point I stopped trading, and requested a withdrawal.(i am willing to cut my losses and move on). Now they have informed me that I have a bonus with unfulfilled obligations, and that I need to continue trading until I have fulfilled those requirements. I saw that you recommended threatening as a way of recovering funds. My question to you is how do I go about threatening them. thanks in advance.
Hi Jim, I always say to avoid bonuses for this reason. I’m really sorry that you got locked in with them. They are generally a good brokerage but I don’t think any good brokerage has an account manager worth trusting.
Hello Singh Saini,
I read your comment. July is quite recently. Did I read right, you got a bonus of 22k? Quite a lot! You will get all the money as soon as you have made a turnover of 22 x 30 = 660 k ! I was conviced too to invest and to get a bonus. I will never reach my turnover.How are you going on?
I let Banc de Binary account managers trade my account, they lost 17 out of 20 trades in a total of 3 sessions, decimating my account. Their accounts recovery department convinced me to stick with them, then went against their stated conservative trading strategy and lost almost the rest in 10 straight losses. Its obvious when you’ve been scammed, unfortunately not until afterwards.
Sorry to hear this story Jason. Just another reason for traders to stay away from account managers and managed accounts. We can only trust ourselves in this market.
Hello John Kane,
I read your comments. They are good to read for the concerned person. About account managers I am making at first very good experience! Mine traded for 6 weeks and made 100% plus. I saw these trades on ub4trade. He wants to increase up to 150%. Secondly my experience is very bad because of the very bad customer support (very rare answers to my emails, customer support is no more possible). Third, he, the VIP account manager made some very big binary option trades lasting 3 months. I will now propably get back 60% (trades in the money). So far I have read that ub4trade doesn’t (or can’t) pay back any money ?! (so far my withdrawal was 3 times 1% of my balance – not much. Can you give me informations about ub4trade? Does it exist or is it insovent?
I’m unsure Wolfgang, I recommend the comments section of the UB4Trade Review.
Do you have any experience with trade copying systems?
Thanks for share John ! YOU are always the best !