World Binary Exchange

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Unsolicited cold calling. Reminding me of the film "Boiler Room" – This outfit managed to get my details from somewhere (They claim some Angel Investor site, but refuse to delve what site this was) and were cold calling me on my NZ mobile number in 2015 and 2017 1) There were a number of cold calling attempts to sign me on to some 3-day trial. Each time explaining to me that you are purchasing a full-fledged… Read more

business. In my view, 3 days is hardly long enough to properly evaluate a given business system, and this was put to the representative.

2) After the initial call, I send a firmly worded E-mail that I was not in any way interested in their system and to remove my details from their contact database. I then blocked the number. Multiple subsequent attempts at calling me were recorded.

3) During the call, it was clear to me that the representative was using all the sales tactics in the books to build rapport with me. For example, repeating my first name ad nauseum and asking me questions in what I deem as a sly way to get me to say the word “Yes”.

4) 3 days later, the representative called from a different number circumventing the block, saying that he was now ready to sign me on to trial and that I just needed my details. I rose my voice and demanded that under no circumstance that I had agreed to the trial and he was not signing me on to it. The representative went on his sales pitch again.

5) After rebutting the representative, he mentioned that he will pass me on to his senior broker. By mentioning “broker”, they effectively admit to operating in a brokering / Financial services capacity (for binary options). As far as I know, an AFS license by law is required to do this.

6) I remarked that I have had plenty of financial firms like theirs over the years pitching products similar to theirs via cold calling and seen them ALL go under in a matter of years. I asked them what made their product any different. The representative started sighing and started mentioning some experience and history which could not be corroborated or otherwise confirmed. (Effectively “Just trust us”)

7) The alleged senior broker’s voice. I felt, eventually evolved back to the original caller’s voice.

8) I asked for their Australian Financial Services license details. They were unable to furnish this.

9) In the end, I just repeated. “No sorry, I am not convinced” to every statement he mentioned. Knowing certain sales tactics, they want to get people to say the word ‘Yes’ as early on as possible. Eventually the cold caller abruptly ended the call.

10) Another attempt was made to call me in 2017. I advised that I will be charging for my time to listen to him and hung up. I did not hear from them again.

11) I reported this firm to ASIC, but it appears they were not equipped to take in reports from Non-Australian residents (or were just plain unwilling to)

12) The experience reminded me of the less than honest sales tactics as portrayed in movies “Boiler Room” and “The Wolf of Wall Street”

Gone, gone, gone – After a number of months of following up with the tech and customer support for system operational failures, reporting and notification failures, I've found that the website and client portal has now gone and it would seem all my money gone with it.

World Binary Exchange – This is the letter I sent to Consumer Protection WA. Resonate with anyone? Please find the sequence of events that gives rise to my complaint about World Binary Exchange Pty Ltd (WBE), Sydney (http://www.worldbinaryexchange.com/contact‐us).    I sought advice from the CHOICE consumer advocate organisation about this matter, and they recommend… Read more

that given that WBE is not registered with the Financial Ombudsman Service, nor the Credit & Investment Ombudsman, I should submit my complaint to Consumer Protection WA. 16 November 2016:

A representative of WBE cold calls me to my mobile phone number inviting me to participate in a free 3‐day trial of their binary option‐trading platform.  This normally costs USD 990.  I hear the pitch from their sales persons, and I am then transferred over to their compliance department with whom I complete a WBE compliance agreement [enclosed with this submission] over the phone during the call.  I mention to my wife that evening that this happened and this is what would occur for 3 days.

18, 21 & 22 November

The WBE options trader, [name removed] allocated to me for the 3 days contacts me on Day 1 and for the next 3 days we speak intermittently to lodge trades on a dummy version of their trading platform as guided by [name removed]. Throughout these 3 days, the trader espouses the guaranteed money making capability of investing in binary options and the benefits to be enjoyed by my family and I from it.  At the end of Day 3, the trader pressures me into a YES or NO decision about whether I wish to spend $US 12K or up to $US 220K to open a WBE trading account and trade for the next 5 years with them. I say that I had mentioned this activity to my wife and that my decision is NO, and when asked why I say that I thought it was too risky for me.  A further reason for my declining was that the trader suddenly said that the $US 12K accounts were fully subscribed.  And to participate I would have to open a higher priced account, however, to alleviate the initial cost, he would ask his boss if I could pay half now and the remainder after the profits were realised in 6 months’ time.

9 December

I receive an email from the Head of Collections, WBE, [name removed], stating that I had breached the terms of the agreement by considering my wife’s view upon deciding to say NO.  The agreement in which I entered sets out that a partner cannot be involved in the decision making process.  There is an invoice enclosed demanding payment of $US 1,089 in 7 days as this was the usual cost for the 3‐

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day trial [enclosed with this submission].  If the amount remained unpaid after 7 days, they would be referring the matter to Dunn & Bradstreet (D&B) for debt collection.

10, 11, 12 December

I have several phone calls with [name removed] to understand the reason for WBE’s contention that I had breached the agreement, and attempt to get them to stand down from their position.  WBE maintain their position that I had breached the agreement and that their process of pursuing me through D&B to recover the USD 990 plus GST would continue.  I dispute this position and state as such during my conversations.

13 December

I respond to the email of 9 December in writing to [name removed], formally announcing that I dispute WBE’s claim of breach and detailing my reasons for doing so.  [Enclosed with this submission]

31 January 2017

The Head of Litigation, WBE, [name removed] calls me, stating I had not responded to any of D&B’s attempts to contact me, and now the matter had been referred to his department back at WBE for pursuit through legal channels involving the small claims court process.

Points to note

 I have not received correspondence in any form from D&B in relation to this matter, and they do not have a record in my name at either their client services department (Tel: 13 23 33) or public access centre (Tel: 1300 734 806).

 At the time of writing this letter, [name removed] had not formally identified himself to me in writing, nor detailed in writing what would happen from this point despite my request to provide this information.

 In my formal response letter to [name removed] on 13 December, I requested the following information.

To date I have not received a written acknowledgement, nor a response to the information sought.

“Please respond in writing with the following by 12:00 PM, 14 December 2016 (Australian Eastern Daylight Saving Time):

1. The name of the organisation from whom WBE obtained my personal details and used on 16 November 2016 to contact me.

2. Wording to the effect that you acknowledge my right as a consumer to lodge a dispute with the relevant regulatory authority about this matter, and that in lieu of such action, WBE will refrain from referring this matter to Dun & Bradstreet as stated in your email dated 9 December 2016.

And this situation will remain until the matter is decided upon by the regulatory authority.”

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My reasons for disputing this matter:

1. At the outset of the 3‐day trial, the trader, [name removed], sought information about my situation, quickly establishing that I have a wife and schoolchildren.  [name removed] thereafter in the 3‐day trial portrayed the benefits in terms of family lifestyle improvements of the wealth‐making potential of WBE’s binary option‐trading product.  Their basis for pursuing me is that I had declared that I had mentioned the product to my wife and she therefore must have figured in my decision to say NO.  I contend that WBE is confusing my stating that I had ‘mentioned’ it to my wife with her

‘inputting to the decision’ to say NO, which she did not.  In short, WBE cannot have it both ways; lauding how much my family would benefit, but I must keep it from them.

2. During Day 2 of the trial, [name removed] asked me as to which package I would consider a good fit. I indicated that I was uncommitted to the idea of subscribing to a package, but if I were to, it is likely that I would subscribe to the lowest package (USD 12,900).  At that point, [name removed] accepted this response.  At the end of Day 3, when asking me to make a YES/NO decision, [name removed] says that the lowest package is fully subscribed.  However, he could go to his superiors to get an approval for me to pay 50% of the next package up (USD 24,900) and once profits came rolling in during the course of the next few months, I could cover the remaining 50%.  To me this started to sound like a non‐standard arrangement and one that heightened the risk from my perspective.  I also found it difficult to believe that the lowest package became fully subscribed between when he first asked about my package preferences on 21 November and then asking me to say YES or NO on 22 November.  Taking WBE’s contention that my wife figured in the decision‐making process, my wife did not know about this full subscription issue, yet it weighed heavily in my decision to

say NO.

The above chronicles what I describe as unconscionable conduct, and WBE’s allegation of breach is without base and undermines my rights as a consumer in Australia.

World Binary exchange ongoing harrassment – First got cold called by WBE October 2016, agreed to do "free" trial. The next day after researching them, I sent 3 polite emails stating I was not interested in the trial. They didn't respond. They did not call at the time and day they had agreed to, and I thought that was the end off it. They have called numerous times threatening legal… Read more

action, and did attempt to get Dun and Bradstreet to 'collect the alleged debt $990US.

I have contacted Scamwatch, and Fairtrading Victoria.

They are still harassing me weekly.

I don't believe they have a leg to stand on and are using bullying tactics to extort money.

I believe the below would stand up in court, as they are ignoring the cooling-off period for an unsolicited call.

If the sale is an ‘unsolicited consumer agreement’ under the Australian Consumer Law, a 10 business day cooling-off period applies. One example of an unsolicited agreement is when a salesperson approaches you at your home without your express invitation or you receive a telemarketing phone call offering you services that you have not requested.

I am pretty frustrated by their scare tactics, and believe they are bullying people into paying for a service that most people just don't want. If they were going to take me to court, I think the legal wheels would be rolling by now.

My advice steer clear, or if you like me are getting harassed, ignore them. I can't see how these are legitimate business practices.

Terrible – I agreed to the trial when they did not call an time I emailed them that they had defaulted on the agreement , they insist I was called on time and want payment. it wont be happening, if I hear from any debt collectors I will take it to the small claims court, if I hear from them again I will seek harassment charges do not agree or talk to these… Read more

cold calling runners, I don't need any credit ratings but defamation will be followed up. They are not a financial Australian registered group and should not be selling trade signals.

Disgusted – After a hard line sell I cancelled the free trial before it started with an email and an online form. World Binary Exchange then sent me an invoice of $1990 USD for failing to attend and threatening a mark against my credit rating and debt recovery charges if not paid within 7 days... my advice is stay away... If a sales person promises you $5000 to 50,000 a month, then one has to ask "why are they wasting their time cold selling?"

I Feel Confident with my Investments – World Binary Exchange has offered me the opportunity to make sure I have something to retire with. They are already producing terrific results and I felt confident in confiding my superannuation to their investments. The appointed trader has kept me informed about issues and has taken every call of mine. I recommend them to everyone.

Stay away – Received a call about a better way to make money (should have hung up then). He then arranged for a 3 day trial. The catch here is that if you do not complete the trial you have to cough up US$999 (+GST). I did the go ahead with the trial and on the first night the success rate was 40%. At this stage I was told the strategy was to double the… Read more

amounts to place (bet). I tried to get out of the trial at this stage and they threaten to send an invoice for US$999 not completing the trial to a debt collector.

My suggestion is to keep away from this group especially since they are using threats before I have even signed up.