tradesolid.com
Complaint 344809 Details

Firstly I am a real trader at TradeSolid. My broker is Michael Cooper and the introducing sales agent when I opened my account was Adam Parker.

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On exactly 4th November 2015 at 14:42 p.m. EST I placed a "contract" trade with TradeSolid on Disney stock with amount $4000. The terms for the trade were that the return on the binary option would be 75% with only a 25% amount that can be lost (i.e. I can LOSE $1000 or MAKE $3000). Apparently the trade would be sent to the backoffice and the trade would be with some major Bank guaranteeing the 75% amount.

Well here is the funny bit, at that time when I placed the trade the strike rate given by the server was $117.97 while the HIGHEST the stock moved was $116.83 during the day. And I know for a fact there is no bid/offer spread on any of the trades.

Now this was OK to me since the server adjusted the stock price shown by a corresponding amount, i.e. the current market rate was also adjusted upwards.

This adjustment of prices was explained as a normal process by my broker that can happen.

Now the complaint I have is that at exactly 17:10 EST on Friday 13th Nov when the trade were to expire the price quoted by the server was exactly $118.63. So the trade should have been a success. BUT, the server returned the price of $115.59 (which is the correct price without adjustments) and hence I lost the trade.

The $3000 that should be reimbursed will only be given at the end of the month my broker explained...sigh.

In spite of sending screenshots and actual proof about the above (I even emailed the support team in London which is not associated with the Swiss branch of TradeSolid), and complaining before the trade even expired about adjusted prices, nothing has been done to resolve the above conflict.

Additionally, the amount has to date not been reimbursed even though the "latest" would have been by end of November.

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Next subject is withdrawals. On 10th November 2015 I placed a withdrawal order of $300 (bearing in mind that I have already given this brokerage +$7000 in investments) because I ran into liquidity problems with my day to day cashflows (my usual salary payments had been and is still delayed for other reasons beyond the scope of this review).

The withdrawal was placed with the broker and approved and the amount removed from the account.

Now again after exactly 22 days (17 Full business days) I still haven't received anything. This was a withdrawal by credit card. This time frame is outside the 48 hours promised by my broker and outside the time frame given in the Terms and Conditions of the website.

What made even more furious was that on 17th Nov my broker said it was bad luck to lose the trade but I must now immediately deposit another $1900 so that we can open a contract trade on Friday on Gold......and here I am struggling with cashflow problems, how the **** must I get another $1900?! Even after explaining this he (Michael) proceeded to charge my credit card and the surprise to him was: Insufficient Funds!

Not to mention the credit card company calling me....well that is another story in itself.

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The last thing I would complain about is a supposed E-bot account where for a mere (not if your a student!) $5000 deposit the computer would trade on your behalf and generate astounding profits.

Well I made a deposit onto the ebot account and well I have no way of checking that account of the balance. In other words I can assume that in the absence of checking the account a full $5000 has been stolen from me (it would be naive to assume otherwise).

This complaining might seem exaggerated but I have constantly tried to ask for a report or some statement showing the trades made and most the time I got a single answer (via email): Balance is $8000 or whatever.

I AM STILL WAITING FOR A FULL STATEMENT which was PROMISED to be delivered by the END OF EACH MONTH. I have proof of these claims that the broker made since I record every email or piece sent and received meticulously.

On 29th of November the broker contacted me saying that my request for the ebot account to be transferred is on its way and it should be in by Friday. The balance promised was $9488.

More than week later...and nothing has happened.

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Lastly, I contacted the support team anonymously and was given a frank answer to a relatively simple question, "No sir, TradeSolid is not a regulated binary options broker."

...so what am I to do?