I'd been studying basic accounting and economics from free online courses in my spare time and while I've learnt some basic knowledge which is cool. I've also been introduced into FX trading, I watched videos on youtube and became hooked.
I set up a demo account on a binary trading site called IQ options.
With a very basic knowledge of trading i out of luck managed to triple the amount of money in my demo account..
Thought to myself
"fuck this is easy! I'm using real money."
Deposited £100 into my account and traded for about 20 minutes. I made £280 back from a couple trades. Then lost the entire amount on the next few trades. Thinking how easy i doubled my money but forgetting how easy i lost it,
I decided to deposit £250 which gave me a bonus £100 to play with..
Ended up losing all that money and then deposited another £200 to try and get back my winnings.
After 2 losses in trades I started to realise "holy fuck, I'm spending money i cannot afford to lose and I'm losing all of this. "
I tried to withdraw the £240 in the account i had left back to my bank. Then I get, "Sorry you cannot withdraw your current funds"
So i then start to panic realizing I've just lost over £500 in a couple of hours. I contact the company via their live chat and tell them my situation. They then tell me that because a bonus was activated when I deposited my £250; a new rule comes into play that you have to earn 35x that deposit on trades until you can withdraw your cash. WTF!!!
I called my bank. They couldn't help..
I called the IQ options number. The phone doesn't get answered and they don't respond to emails either..
I spoke again to their live web chat team (just some random bloke from pakistan i reckon) and they tell me there's nothing I can do because it says in the T&C about the 35x multiplier to withdraw rule.. Obviously I didn't read all the small print of the T&C's when i signed up.
Fuck, you'd think they'd make something as ridiculous as that available for people to see before they deposit money into an account which they realistically are never going to get back.
After hating myself for the stupidity to fall for a scam like this and losing money that I couldn't afford to lose, I've now just had to accept this is a life lesson and I've payed a price big time for it..
All the things I could of done with that £500 but nope, its in the trash, gone in the wind. It hurts it does..
Is there actually anything I can do to get that £200 that's sitting in that account on their website back into my hands..?
I set up a demo account on a binary trading site called IQ options.
With a very basic knowledge of trading i out of luck managed to triple the amount of money in my demo account..
Thought to myself
"fuck this is easy! I'm using real money."
Deposited £100 into my account and traded for about 20 minutes. I made £280 back from a couple trades. Then lost the entire amount on the next few trades. Thinking how easy i doubled my money but forgetting how easy i lost it,
I decided to deposit £250 which gave me a bonus £100 to play with..
Ended up losing all that money and then deposited another £200 to try and get back my winnings.
After 2 losses in trades I started to realise "holy fuck, I'm spending money i cannot afford to lose and I'm losing all of this. "
I tried to withdraw the £240 in the account i had left back to my bank. Then I get, "Sorry you cannot withdraw your current funds"
So i then start to panic realizing I've just lost over £500 in a couple of hours. I contact the company via their live chat and tell them my situation. They then tell me that because a bonus was activated when I deposited my £250; a new rule comes into play that you have to earn 35x that deposit on trades until you can withdraw your cash. WTF!!!
I called my bank. They couldn't help..
I called the IQ options number. The phone doesn't get answered and they don't respond to emails either..
I spoke again to their live web chat team (just some random bloke from pakistan i reckon) and they tell me there's nothing I can do because it says in the T&C about the 35x multiplier to withdraw rule.. Obviously I didn't read all the small print of the T&C's when i signed up.
Fuck, you'd think they'd make something as ridiculous as that available for people to see before they deposit money into an account which they realistically are never going to get back.
After hating myself for the stupidity to fall for a scam like this and losing money that I couldn't afford to lose, I've now just had to accept this is a life lesson and I've payed a price big time for it..
All the things I could of done with that £500 but nope, its in the trash, gone in the wind. It hurts it does..
Is there actually anything I can do to get that £200 that's sitting in that account on their website back into my hands..?