EZ Trader review: Scam 151

Hello,
My name is David Campbell, i'm the head account manager for EZTrader.com and would like to respond to the complaint posted above. Since the trader used a false name (bu correct email address) i was able to pull the details of his transactions. Further, since he chose to use a false name i will protect his identity by not revealing personal information but indeed would dispute his claim.

The trader has made two deposits following a conversation with an account manager named Michael Anderson - I have listened to all the phone conversations (which are recorded) and found absolutely no mention to "you can withdraw after two weeks". There is, however a full mention of the bonus rules - you need to trade twice the value of your deposit + bonus to withdraw your money, OR, you can withdraw your money at anytime before that and the bonus would simply be removed, so you are never in any "money jail" (this is the way it was described on the phone). Further, i'm including a screenshot to our FAQ which covers the bonus in length (And has more restrictive x3 time trading requirement while the trade was offered x2).

It was NEVER been told that he needs to reach a balance of $37, 000 and of course it makes no sense. It was required that he trades a volume (each trade counts towards the volume requirement) of his deposits ($1250+$1250) + bonus of $1250 twice 2, meaning 1250+1250+1250*2=$7500 in trades. The trader has a turnover of $910 at the time requesting a withdrawal and therefor was offered to have the bonus removed which he has eventually accepted. He was paid by PayPal. the process of explaining everything to him and communication took 13 days, which is 10 days too long for which we apologies, but he was never, in any way shape of form "scammed" as he claims.

I can be contacted at anytime at dcampbell@eztrader.com or [protected] x301

Kind regards,

David

David,

Why does it take so much time to withdraw our money? It takes 10 seconds for EZTrader to get the money, but it takes more then 10 days (if I’m lucky) to get it back. I know you are going to tell me about all the verifications that need to be made. But I think that’s bunch of BS. Returning money to the same credit card that was initially used to fund the account should not take more then couple of days. Once the withdrawal request is made it takes 3 to 4 business days to approve it, then another 10 days before the money is returned to the credit card. I think because of this very reason people often consider EZTrader as scam. EZTrader should improve the return policy, especially for the credit card returns.

In all honesty Ez-trader.com is not a scam. I am in no way affiliated with the company. I don't think it's right that they are playing with the emotions of financial market during a recession, but to each is own. Everyone has to realize they promise big payout's and they are a business. People need to sit down and think that everyone is not going to be able to "get rich quick" and the business is still going to be in business. In all honesty, I would not trust them. The uneducated society should realize that the recession we are in is due to the governement and CEO's of financial institutes. So in short the banks lent out a ### load of loans, they in return made more money the more they gave out sub-prime loans (high interest loans which pose a greater risk). They instead of back in day, where loans were paid directly to the lender now investors would buy all these loans, so that banks are no longer directly affected by non-payment. I wouldn't invest with these people, because what happens if this company goes under with your money? What do you have for re-course?

I complied with the rule of trading 3X the deposit and bonus, but they still deleted the bonus from my account. I asked for a refund, but they did not issue for 2 weeks. During that 2 weeks, I made the trades I needed to keep it, and their answer was " you requested a refund before the trades were made, so they don't count." The reason I requested the refund was because they charged my account for additional funds without my consent.

I forgot to mention, I even asked about the bonuses I should have received from my original deposit and was told they couldn't be authorized either.

EZTrader hasa great web site, and they appear to be a very professional outfit at first glance. My problem with EZTrader is this: deposits from your credit card into your EZTrader account are instantaneous and hassle-free, but withdrawals are slow and stressful.

Although they DID eventually refund my original deposit and pay me my profit, I want to let everyone know that this process took almost two full weeks and required 1 to 2 telephone calls every day to make it happen. This was after I filled out the required paperwork according to their specific instructions, which include:

-Photo copy of Driver's License
-Photo copy of front and back of credit card
-Bank account number & routing number

After the initial request, they told me it would be three days before they would process the withdrawal. Three days later they told me they hadn't received the documentation. I ended up emailing the documents 4 times to various email addresses during the first week. When they finally acknowledged receiving my documentation, they kept telling me it would be processed "in a few hours, or tomorrow morning at the latest." This went on for about 5 days. The standard response to my calls was "Your request is with our Withdrawal Department, so there is nothing more we can do." When I asked to be put in contact with someone in the Withdrawal Department, they told me it was offsite and there wasn't a way to contact them other than emailing withdrawal@eztrader.com, which never replied to my emails.

I feel that Carolina Gonzolez (Vice Head account manager, carolinag@eztrader.com) gave me the runaround every time I called them. I believe she lied to me to keep buying more time and delay payment.

No reputable broker should treat their customers this way. Do yourself a favor and stay away from Eztrader.

I deposit $2000 and received bonus $2000. To withdraw money, they require 5X trade amount of the total money($4000). After I made tons of trade, which amount is more than $20, 000. My account has a balance $2004. I want to withdraw my deposit $2000. I filled the form and faxed them the form and credit card information. It's been about 2 months. I have still NOT got my money back to my credit card yet. Every time when I contact them, they said that they have difficulties to refund me the money. I asked them what's the difficulties, they don't answer me. I filed dispute through my credit card company. My credit card company said that they have to give EZtrader 60 days to response according some rules.
I also talked with Carolina Gonzolez and another guy Brian Anderson. I think that they are trying to NOT refund me or buy time to delay the refund. I am a Victim too.

I agree with you, EZtrader is a BIG SCAM. They should got punishment.
My email is jenny14010@gmail.com

Here is the most recent email from EZtrader Withdraw Department (Brian Anderson). I just copy paste it here.
I have called them and email them more than dozens times. Today is March 19, I have NOT got any update yet. If you do business with EZtrader, you will be another victim just like me. So Please STAY AWAY. I don't want to see you Scammed by EZtrader.

from Brian Anderson briana@eztrader.com
to [Offline] "Me, Jenny"
date Tue, Mar 6, 2012 at 4:44 AM
subject Re: Withdrawal Status
Important mainly because of your interaction with messages in the conversation.

hide details Mar 6 (13 days ago)

Hi Jenny,

This Credit of yours is being checked for some time now by our merchant Credit service.
A week ago they said that your card had refund problems and that they will fix it.

As I can see this has not been done.

We have sent them an urgent mail concerning this.

We hope this will be resolved as soon as possible.

I will update you.

Thank you,
- Show quoted text -

PAYPAL. "Can I deposit funds into my EZTrader Account through PayPal?" and if so "Can I also receive and/or withdrawn funds into my PayPal account?"

I opened an account with EZTrader, saw the main page advertised deposit USD$400 gets USD$125 next trading day. Thus, I deposited USD$400 using my credit card. Immediately, I received email from the EZTrader staff trying to persuade me to deposit more to get more bonus. I refused it. After three trading days which I have been actively trading, I still haven't receive my bonus. Email to them never get replied. I call its customer line and the guy answered the phone tried to pursuade me to deposit more money but never answered me when get the bonus. Anyway, phone line quality is bad thus I ended the call. I still haven't tried to withdraw my money thus can not give any comment here. from erekit83@yahoo.com

EZtrade is a biggest scam in the whole world!

EZtrade is the BIGGEST SCAM in the whole world. So far (3 months past), I still have NOT got my money back yet.

Hello !

It's been one month since I've made a withdraw attempt on eztrader.
If my credit deposit was successfully withdrawn after 3 days, my benefits no !
Despite a confirmation mail from Eztrader withdrawal services, I still don't have any penny of my money.

It's just my warning message for anyone who would be tempted by this kind of opportunity..
A lot of potential money to make, for sure,
but in fact, when it's time to pay, there's nobody on the line..!

David

David again,

Just to say that lastly I've been in contact by email with their withdrawal service (eztrader).

They even managed to make me believed I would finally get my wire.
But one week later no news and no fund !

So beware of eztrader !
Stay away from Eztrader would be my wiser advice !

Eztrader and Globaloption are both SCAMS! They are both owned by WGMI, who’s a publicly traded company. WGMI had a net loss of over $900, 000 from Dec 2011 to Mar 2012 according to their form 10Q. Their own outlook is bleak, and based on public investment in shares rather than their own company cash flow. They even state they are likely to go bankrupt. For this reason WGMI will not release any withdrawals of profit, and you’ll have a hell of a time just trying to get back your initial investment. Need Proof? http://www.youtube.com/watch?v=km7Y8ULJrUY

I too have been scammed by eztrader but I am going to fight them for the total amount of 300 dollars that is owed to me.

They scammed me as well

The eztrader is a total scam I have tried to wthdraw my money for last 2 weeks and everytime it have a excuse its ridiculous. Do not do business with this one man opetated scam company.

I have made a deposit of 1650 euro in total. Made a withdrawel of 1000 euros this week, and as to today it is still in status unverfied.
Just wish I'd read this before, since it would surprise me if I ever will see the money back...

I submitted a withdrawal request on 21 March 2013. Till today (14 Aug 2013) the status is still pending. Sent a few e-mails to the withdrawal dept got only one reply on 1 Aug 2013 as follow:

Thank you for contacting us re Ticket ID: LTK121840390008X.
I have asked PAYMENT PROCESSING to accelerate this transaction for you.I apologize for the delay.
You may also reach us via Live Chat, e-mail, or phone at [protected].
Kind Regards,
Withdrawal Department.
withdrawal@eztrader.com
Tel [protected]"

I have deposited $500 onto EZ trader and was given $250 as a sign on "bonus". Apparently, my "adviser" didn't mention is that I have to trade times 10 of the bonus amount before I can make any withdrawals. Additionally, the adviser kept on pushing me to deposit even more cash in and not teaching me jack about trading as he promised to do. So, I had to grit my teeth and hold out for a while trading and winning and losing for a while. Finally, I have finally met the quota with the amount remaining of $710. I have requested a withdrawal of all of the money on August 25th and sent in the required documentation (credit card and photo ID). It is already Sept. 9th and I keep on playing cat-mouse chase game over email, phone, and live chat. Ever single representative keeps telling me contradicting info. I was told that financial department is "double checking the info", later I was told that " you should receive your money within a few days", and recently I was told to "wait 2 more days for verification". Why does it take 3 MINUTES to complete a deposit, but 2 weeks (and counting) to complete a withdrawal? I have a really bad feeling that my $500 that I initially deposited are a lost cause. I am sorry to anyone out there who has lost even more. Along with most of the REAL people with REAL facts on this blog I ADVISE you to stay away from EZ Trader.

EZ Trader is a regulated broker, read this: http://www.binaryex.com/regulated-binary-options/

If you have a problem, contact the CySEC

Hi..
My withdrawal with EZtrader is not yet processed for more than 1 month now (from early August 2013)
email: hadi.suryono@gmail.com
Amount withdrawal : $200
Beware of this company.
If my withdrawal not processed, I will report to My Bank and VISA to block this company.
Thanks.

I am looking to start a class action lawsuit against eztrader.com. Please fell free to contact me at ailsa11@yahoo.com. They can not keep STEALING from people and getting away with it. If we unite they will be forced to return all of our funds.

EZtrader is a scam I have been trying to get my withdrawal processed for 26 days now. Please contact me and maybe we can start a class action lawsuit against this company. If we do nothing but complain then nothing will happen.
email: gilliams2@gmail.com

Hello all,
My name is Rick Patterson and I'm an account manager in EZTrader.com. EZTrader is definitely not a scam, it's one of the most safest and reliable binary options brokers in the market. If anyone had any kind of problem with our platform, please post your details here or send them to my mail: rick@eztrader.com. I will check the issue and resolve it. Thanks.

Good afternoon everyone this is Alan Gilliam, I can tell you emphatically that EZTRADER is absolutely the WORST company ever. In order for you get your withdrawals processed you have to file a complaint with Cysec and call them EVERYDAY, until they release your money. Then after all of that they will NOT send you ALL of your money at one time they will ONLY send partial payments. DO NOT USE THIS COMPANY FOR BINARY OPTION TRADING.

I can tell you through my experience that Rick Patterson is LYING!

Hi Alan
I've seen your complaint in a couple of pages around the web. In every page I ask you to send me your details so I will check your case, but you never do it. Please send them, I will help you. Thanks.

Rick no need for your assistance after 63 days of calling EVERY DAM day, I finally got my money after filing my complaint with Cysec. Your company is a terrible company that is using a ponzi scheme methodology to make withdrawals. everyone STAY AWAY FROM THIS COMPANY. YOU HAVE BEEN WARNED. They lie about training, providing you with a professional trader to trade on your behalf three days a week. They only want your money.

Hi Alan
I'm not familiar with your case, but there must be a special reason why your withdrawal process took 63 days. This is very unusual. Please still send me your details to my mail: rick@eztrader.com so I can dig into it. We are trying to improve our company's services and support all the time and I want to know what went wrong in your case. Thanks.

This is my advise to all new binary trading users..

STAY AWAY FROM THIS ### CALLED "EZTRADER", this is a very big scam website, the deposit is too easy to make but at withdrawal you will receive many apologizes and abstractions and you will not get your funds ever, , STAY AWAAAY FROM THIS ###

My email: sales@hostquad.com

Well Rick there is another ANGRY CUSTOMER, I think you need to check EZTraders so called withdrawal policy. You constantly say that your company is reputable and ALL of the complaints must have some special reason that they occur. I say that you are right it is a special reason, your company is a ponzi scheme running a scam. I will continue to ask people to send me emails at ailsa11@yahoo.com. If we unite we can file a class action lawsuit and shut down these lying, thieving ###.

my name is anthony
i recently opened an account with this ###, i deposit 200$ and then the next day i receive a phone call at 6am in them morning when i was sleeping and then another one at 7am and another at 9am, i call them back at 10 and all they wanted is for me to deposit another 300$ and they will give me 250$ bonus so i accepted and they told me that i would get a free lesson, i never go that, i started doing good went up to around 900$. how is this scam? i will tell you how: for example i was betting all the time with dow jones, one time i placed a call bet of 100$ at 16300 and there was 50 seconds left and it was going up and up, it went to 16, 332 and i was suppose to get 175$ but instead i got 3$ in return and i lost a lot of money like that around 600$, this has happened to me a lot of times so i decided to call them and they told me that if you dont have snap pics of them and proof, we cant do nothing and the proof is already in the trading history, it tells you when i bought it and when it ended and he still said that doesnt mean nothing. And they have a huge delay or they play with the numbers. i will contact the white house and the governor of my state, i will contact the pentagon and the fbi and i already saw a lawyer and he wants to do a class action lawsuit. this company has to be close down. contact me if you want part of this at anthonydourra@gmail.com sorry for all the grammar mistakes

Hi Anthony,
Is anthonydourra@gmail.com the mail you've registered to EZTrader? If not, please post it here or send them to my mail: rick@eztrader.com. Add to that the details about the trade you mentioned like the date and times, I'll try to check it even without the snap
pics. As for the free lesson, you can call our support and ask for it - you'll get it.

I had a problem for 8 months with EZTrader, not paying me a withdrawal. Aug 2013 until March 2013
I found CySEC website, and sent them a complaint.
This was their response.
Dear Sir/Madam,
Thank you for your email. Please note that, on July 24, 2012, the CySEC announced the following:
“The Cyprus Securities and Exchange Commission (“CySEC”) announces that a new electronic system of complaints submission regarding regulated Cyprus Investment Firms (CIFs) and non-regulated Investment Firms (IFs) has been implemented today. The CySEC requests that the investors follow the procedure specified in the Electronic Complaint Forms, which can be found under the ‘Investors’ drop-down menu, in order to file a complaint.” (http://www.cysec.gov.cy/Downloads/English/Announcements/2012/General/Announcement%2007.24.2012%20regarding%20the%20electronic%20submition%20of%20complaints.pdf)
As such, we kindly request that you submit your complaint on line by clicking on one of the links below:
http://www.cysec.gov.cy/complaints_cifs_regulated_en.aspx (for complaints related to licensed CIFs)
2. http://www.cysec.gov.cy/complaints_cifs_non_regulated_en.aspx (for complaints related to non-regulated entities operating through Cyprus)
In the case that any of the above links do not work, please copy and paste the corresponding path directly into your browser.
Regards,
Complaints Desk
Cyprus Securities and Exchange Commission (CySEC)
27 Diagorou, CY-1097 Nicosia / P.O.Box 24996, CY-1306 Nicosia
Tel. 22 506600, Fax. 22 506700
email: complaints@cysec.gov.cy
http//cysec.gov.cy
EZTraders gave me my money in about 36 hours. After I told them that I was in communication with CySEC.
So there you go, you can get something done about their unethical practices.

Sorry above should say March 2014 - sorry about typo

Hi Ecnarra
Withdrawals should never drag more than a few weeks, nobody benefits from it, not even EZTrader - the company gonna pay anyway so it just hurting our brand reputation. Your case sound very odd, 8 months is extremely long time. Can you please send me your details so I will dig into it and check what happened? You can post it here or send it to my mail rick@eztrader.com.

I've just had similar problems in getting my money back from them. I had to register a case with Cysec. I will not go near them again.
Ian