What can you tell me about World Binary Exchange?
They are ASIC regulated which is rare, and I am trying to find an Australian Broker.
A second question is why so many of the big option houses have suddenly stopped trading in Australia?
World Binary Exchange is NOT regulated by ASIC in Australia. They may be an Australian business, but they are not a licensed and regulated broker.
You want to look for an “Australian Financial Services Licence”.
All the big option brokers like 24option, left Australia because ASIC started threatening them with massive fines and lawsuits for operation in Australia without an AFS license.
And since you asked about World Binary Exchange, you should really read the article able Managed Accounts; http://scamoption.com/managed-accounts-for-binary-options/
These guys are shonky. They invoice you for services never asked for or delivered and then pass your details to Dunn and Bradstreet for debt collection. The amount is small enough that you might pay it just to get them off your back and preserve your credit rating. I have logged them with Fairtrading Qld.
David how did you go with your matter? i have recently been hit with a money request from Dun & Bradstreet over a 3 day trial that i didnt follow through with. i have made a complaint with department of fair trading NSW and it has come to a dead end.
I too would be interested to know how these shonks can get around Australian Consumer Law by charging for not taking up the 3 day “free” trial and not providing any cooling off period. According to ACCC website:
If you sign a sales agreement and then change your mind:
- you have 10 business days to cool-off or cancel the agreement, starting the first business day after you receive the agreement document
- you can terminate the agreement verbally or in writing any time during the cooling-off period. Written termination can be delivered personally, sent via post, emailed or sent via fax. The agreement will be cancelled from the day you give notice
- the trader must promptly return or refund any money paid under the agreement or a related contract
- for goods bought on credit or finance, the trader must contact the credit provider and arrange for cancellation
- even if you have partially or completely used the goods supplied by the salesperson under the agreement you still have cooling-off rights during the specified period
- the salesperson must not try to convince you to waive your rights to cool off.
Why then are Fair Trading not pursuing these guys?
Dear David Beahan, Robert Colin Munns and Rob Smith,
I too am affected by this scam. In my case half way through the Audio Agreement, I did not like the sound of what I was hearing about the terms of the trial. So I told the person, more than once, in the middle of the recorded verbal Agreement that I do not wish to go ahead with the trial. The person then told me that he will send all this in writing by email “within the hour” and that I had a chance to review the agreement. Meanwhile, having read online about WBE tactics and after reading the emailed agreement, I emailed WBE that I do not wish to go ahead with the trial. I still got an email invoice, a couple of days later, for US999 from WBE’s “Head of Collections” with a warning that they will collect the debt through Dunn and Bradstreet and that it will affect my credit rating if I do not pay up within 7 days. I rang and spoke to this Head of Collections and told him I had not even started the trial and no service had been rendered etc. I asked him to listen to my audio agreement for confirmation and to send a copy of audio file to me by email. I followed this up with an email to him seeking a copy of the audio agreement and the name of the Ombudsman to escalate this matter to. In spite of three follow ups over the last 5 weeks, I had no reply. Finally I got a call from him (WBE’s Head of Collections) today seeking full payment. I asked him again for a copy of the audio file and the details of Ombudsman / Dispute Resolution Body. He said he did not know who the Ombudsman was for his firm in Australia or details of the Independent Dispute Resolution Authority. He then emailed me an audio file attachment repeating that I had to pay up A$1487.78 or the account will be sent to litigation. The audio attachment turned out to be another person’s verbal agreement. I have emailed him again today seeking a copy of the right audio file and again sought details of the Independent person I can escalate this matter to.
Given that we all are affected by this scam, I thought I will share my experience so that we can all learn from each other. Please respond to this forum and if necessary we can exchange contact details so that we can take joint action – in case individual efforts fall on deaf ears.
Cheers Ram Shankar
I am also a victim of World Binary in early Dec I was litrally forced by sales team to listen and do verbal agreement and later next day I told that I am not interested even sent an e-mail but they slapped me USD $1900.00 invoice, I have complained in Fair Trading but Fair Trading today informed as under:
commenced but did not complete the free trial. Mr Mullen stated this is a breach of the terms and conditions of the free trial. Mr Mullen advised the invoice will not be cancelled and you will be pursued for the payment of monies owed.
If you wish to pursue the matter further, you have the option of lodging a claim with the NSW Civil and Administrative Tribunal. Information, including an application form and fee schedule, can be obtained from the tribunal website at http://www.ncat.nsw.gov.au/Pages/cc/Divisions/consumer_claims.aspx.
Applications can be lodged at any tribunal registry office, Service NSW Centre or online at http://www.ncat.nsw.gov.au/Pages/apply_to_ncat/apply_online.aspx
I am single earner and can’t afford to pay and looking for other options, if anyone can suggest
It looks organised crime against which we should raise a concern jointly, please contact me at [email protected] if we can do something togather.
My debt was written off by World Binary Exchange after they had a call from Qld Office of Fair Trading. I would suggest that you deny any purchase and simply refuse to pay. The onus is on them to prove they provided anything. In my case I agreed to their consultant calling me at a fixed time and date and they failed to call me. My verbal agreement with them was if I failed to be available to take their call I would be liable for the fee. They failed to make the call. Unless they can evidence your agreement either in writing or via a recording I suspect they have no claim.
I think it would be worth you calling Fair Trading again in your state. I don’t see that you can make a claim in the Civil and Administrative Tribunal as you are not claiming anything.
Also might be worth a call to ASIC who I think would be the regulator for this stuff.
I have told these people to take me to court but they still keep making about 4 harassing calls a week ( is this World Binary Exchange just a scam?) ( are they honest and deal with integrity?) ( or do they try to use threats and lies when you refuse to pay them and they are at fault?) I like all of you have my answers to these questions and would be interested in any joint actions to stop these British (is that Pohmy Bastards?) from attempting to put other people in this position, apart from lynching and deporting does anyone have class action or be willing to collaborate in such a venture.
My husband too is affected by this mob who have been asking for money since June, 2016. My husband too changed his mind after speaking to me as part of the conditions were that the spouse had to agree which my husband could not do on my behalf without first speaking to me. We have been slammed with a barrage of phone calls and debt collector attempts ever since. Mr. Mullen was also the person who followed us up for money for services not rendered, from reading the answers here it seems that this is actually his full time job and how this mob make their money. My husband was not given a cooling off period nor had any idea a “verbal” agreement was going to be an emailed to us. Just today their litigation person (Ms. Law – yes that’s her name seriously!) has called to warn my husband that legal proceedings will be initiated yet they have not given us any evidence of the audio agreement. The cancellation when we made it was accepted and we were told that the message would be passed on, yet we still got a phone call to which the advisor said he knew nothing of the cancellation. We did follow this up with NSW Fair Trading regarding this call as unsolicited but it came to a dead end.
As Ramanathan Shankar says WBE don’t even know who the Ombudsman of their industry is, yet they have proven to expert bullies who have every intention from their first call to manipulate the consumer law to somehow suit their own interests.
Hopefully more people post here and continue to complain with Fair Trading so that they are then listed on their Complaints Register, or perhaps the media e.g. A Current Affair would be interested in interviewing these unlicensed types.
At best, keep a log of every bit of correspondence they make, this is how we have armed ourselves and follow any legal advice you get (we have done this and it’s worth it – try Marsdens Law Group if your looking).
B & G
Also check out the complaints and replies from WBE here:
B & G
World Binary Exchange is, in fact, has a registration with ASIC and as ScamOption stated, they are not regulated and most probably not authorized to conduct trading. I too received calls from these guys and I checked their registration. Satisfied that they are registered, I went through and agreed to have the trial. During the trial, though, I already told them that I have no access to $10,000.00 for now and if in any case, I might like the service along the way, I cannot raise the amount and won’t be qualified to get a loan or something for that purpose. Anyway, I still go with the trial and on the second day, I felt that binary options is not really for me. I outrightly told the agent that it seems binary options will not work for me. But, I assured him that I will still proceed with the final day. To my surprise, I did not receive any call on the third day last Feb 3. To be sure that they really have not called me, I called their number morning of Feb 6 and told them I haven’t received any call for the last day of the trial. Two days later, I started receiving calls from a certain Zack and telling me that I have an outstanding debt that needs to be settled. I told him that the trial wasn’t completed because on the 3rd day nobody called me and that I called to verify that the final day of the trial didn’t went through because of their fault. He kept insisting that I breached the contract but I ask him to furnish me all the copies of the recording and the email correspondents. I also ask him to send me the transcript of the trial calls done from the 1st day to 3rd day. He said he will check the records. I don’t know what happened but he hasn’t called me after that to insist on the collection. The reason I asked for the records is that I will be raising the issue to ASIC or Fair Trading for arbitration, I am also confident that if they sue for claims, I will have a good case to present. I think, I have the upper hand in this case and might even get money from them.
I suggest, if you have been contacted by them and you agreed to the trial, just proceed with the trial and complete it. Otherwise, let this be a warning that if you cannot commit, do not ever commit and agree. During the trial or any period before that, never give any financial information like credit cards etc. I see nothing wrong with completing the trial even though I have read a lot of negative comments. Also, there is nothing wrong with just hanging the phone up if you do not want to talk to them. If you have completed the trial and still being called up for collection, I suggest you do what I did, asked them to furnish you transcripts and other records. Then, show them you have completed the trial and that you did not breach any contract verbal or written. In case you have faulted, for whatever reason, let them know about the cause why you haven’t attended the trial. If you can’t pay the outstanding amount, let them know about it. Call up Fair Trading office and request arbitration.
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