DATE: November 2nd, 2014
BY: Rob Spendlove
BROKER: OptionRally
TOPIC: Withdrawal complaint
I had a big dispute with OptionRally back in July, because I foolishly authorised them to trade my account on my behalf. My account went from close to $40000 to $2500 in less than a week through reckless trading by some cowboy in a dealing room. Needless to say I kicked up a stink, and managed to deal with a VP called Isaac, who in the end did a deal with me, and refunded half my account. We agreed that they would take their losses, and I would take mine. I also said that I was never closed to trading with them in the future.
When Alibaba launched recently, my a/c manager, Ron Kremer got in touch about wonderful opportunities. I re-invested £3500.00, assuming that we had gone back to ground zero. My account had gone to zero, obviously. He then matched this with a £3000 bonus, so that we could place trades on his recommendations both on the GBP/USD and daily calls on Alibaba after it had launched. All of these trades turned out to be turkeys, and I lost most of my deposit.
Rather than give in, I took some trades of my own, and recovered the account to a total of approx £6700.00. I then requested to withdraw my original £3500 deposit, which is over and above the £3000 bonus. This had been declined, and despite several emails to every department, plus Ron Kremer, and “Isaac” the VP, nobody is replying or explaining why my withdrawal is blocked.
I spoke to an assistant on “Live Chat” who said there was a large outstanding deficit still on my account in the ledger. This leads me to believe that now they have got me back in the fold, they are simply trying to recoup all of THEIR previous losses.
This is of course completely unacceptable, as well as unethical, because we had previously wiped the slate clean. I would like them to re-imburse my £3500.00 deposit so that I can have no further dealings with this company. My account manager is still trying to get me to risk more of my money, without even acknowledging any of my emails about this withdrawal issue.
Please advise.
{Editor’s note – a previous complaint was reported on LeapRate against OptionRally in May 2014, see https://www.leaprate.com/complaints/optionrally/]
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