CySEC Fines Binary Options Broker Opteck €50,000

Following an investigation, the CySEC is imposing a €50,000 fine on the binary options brokerage for non-compliance with the regulatory framework. The company violated the terms of outsourcing its services to third parties and at times was misrepresenting the qualifications of its personnel to clients and prospective clients.

4 thoughts on “CySEC Fines Binary Options Broker Opteck €50,000

  1. Anthony

    I need to know if you can help me . I was sucked into Opteck promising big returns incurring a loss of 19,000 USD. I have never traded in my life, was guided by one of their managers. Their trend is to fleeced you of your funds by encouraging you invest more on falling stocks. Being fearful of losing what I had in vested, I obliged and continued pumping more. not realizing that is part of the scam. I am the firm belief that their trading platform is rigged, because I tried closing trade when I saw the losing trend, but the platform will not respond. This happened two Fridays ago, when they encouraged me to invest 1000 shares in Gold knowing fully well that gold was losing value. That same day, they asked for a further 5k to maintain my margin. They claim that trade closes off daily, but lo and behold the following Monday, I realized that trade continued over the weekend without my being able to monitor it. Now I am heavily in debt to my bank, for credit card transfer. After the trade was closed because I couldn’t maintain my margin, and being unable to close the trade , a small amount was in my account. A new manger contacted me,yet they still wanted me to pumped more money in, I refused because my bank did not authorize any more transfer. Upon his advice he said id I am not trading again, he suggested i closed my account. I did, and requested the remainder to be remitted. They have since refuse to acknowledge my request and have removed from the system. Please is there any international body that can assist me and stop these people from scamming others.

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  2. katumbi ramazani

    Hi, I have very small experience in online trading. After i opened an account with a small deposit, i tried to trades on my own and eventually lost the $100. Then i got contacted by the company’s account manager who told me to organize a more bigger amounts, that he would help me during my trading for much more profit. I eventually told him that i don’t have much experience. He told me that with his help i will not loose, that he was there for me to make it. Then I ended up borrowing cash that i deposited in account. the following day i traded on my own again, using small lots of 0.01…Then came the second day, in the morning i received a call from him inducing me to open many trades the same time, telling me even the lots sizes. Big lot sizes he suggested, Then left the call. To my big surprise almost all of the trades he asked me to open went into loss and in very fast. He then contacted me later and i told him that i could not understand how all the trades were loosing trades. I then expressed him my disappointment told him that he was responsible for all the loses… I agreed with me and even promised me to recover the loss using the bonus that he promised to request for me to his boss. Then i introduced a formal Dispute, they asked me to send the losing trades numbers for investigation. No investigation outcome up to now as i am writing to you. The trades i was induced to open were just for me to loose so that they could make money.

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