I traded with Magnum Options for over 6 months. Every account manager I worked with (4 different account mangers) recommend trades that lost. Between the 4 different account managers I lost around $40,000.00. I actually made more money trade binary option on my own then with the help from an account manager. I soon discovered that I needed to protect my money because I do not know whether or not these account managers are good at their job.
I only deposited money after signing either a “Guaranteed Profit Contract or Risk-free Contract.” Whenever the trades lost, the company would add the lost funds to my account as a bonus with a huge turnover rate (x30). For example, after Magnum Options deposited 5k into my account to cover a lost trade, I was not allowed to make any withdrawal until I traded 5,000 x 30 ($150,000 in volume) even though the contracts I had signed had a turnover of x0. However, I would have to call them at 1-800-986-6891 to complain that the contract I signed didn’t have any turnover rates. After a few days of calling and complaining, they would allow me to make a withdrawal.
I have now concluded that Magnum Options only honored my previous contract because they anticipated me making a large deposit. To sum everything up, I made a $35,000.00 deposit around 8/20/15 and as of today 10/05/2015 Magnum Options has refused to refund me my money. They also refused to honor the Guaranteed Profit Contract I signed before making the $35k deposit. The Head of the Corporate Accounts, Dennis Collins, was my account manager. He issued me the contract with “x0” turnover rate. But after I made the deposit he refused to provide me with the trade signals. He said he was not going to honor the contract unless I agreed to a turnover rate of $450,000 even though the contract I signed with him did NOT have any turnover rate on it. To make matters worse, I discovered that Dennis Collins had 1 of my trades deleted from my history. By doing this he has stolen $5000 (amount of the trade) and $3750 (trade profits) for a total of $8750.00.
Due to the fact that Magnum Options would not approve my withdrawal request, I opened 3 trades at $5k each that expired on 9/30/15. To my surprise, Magnum Options claimed they canceled the trades and closed my account a few hours before the winning trades expired. The truth is they have stolen my money while claiming to have canceled and closed my account before the expiration of the trades.
Now, everyone I speak to at Magnum Options has an attitude and seems to quote the following:
Terms & Conditions
10B. Trading Cancellation
MO reserves the right in its sole discretion to refuse, cancel the Services, and/or refuse to distribute profits to anyone for any legitimate reason.
The lesson here is to not do business with Magnum Options because they are not regulated. If and when they decide to take your money they can do so without any consequences. Please do not be fool by the lack of web complains about Magnum Options. It is my understanding that they pay to have them removed. I hope this help someone makes the wise choice to NOT do business with Magnum Options.
If you would like more details about my encounter with Magnum Options please feel free to email at the [email protected] or call at 1-785-580-8461 (USA). My name is Zack.
You should really look at the best brokers page where the best licensed brokers are listed.
See here: http://scamoption.com/best-brokers/
There are more than 300 binary options brokers and only a few of them are worthwhile.
Hi Zack thank you for your post, I was actually concerned about investing with them because they are not regulated. This answered my questions.
Hi zack my name is Charles I had especially the same thing happen for me in dealing with this brokeage firm,they got me for $29,200.00 for which I had a present balance of $18,240.00 when the sight went down in September 2016.. I also dealt with Dennis Collins,Josh Benjamin, Susan Evans.