Even though FBO blacklisted TitanTrade broker due to unethical practices a long time ago, they still operate in the binary industry. Unfortunately, this also means that traders still get attracted by their great promises and are still losing money. Australia is now going a step further and finally decided to prosecute this broker due to unauthorized bonuses, unlicensed financial advice, withholding money, cold calling, and mismanaging accounts.
Australia vs. TitanTrade Binary Options Scam
At the moment, ASIC managed to freeze accounts by three people who might be involved in TitanTrade binary options scam: Anthony “Tony” Senese, his wife Sandra and son Cameron, who are all allegedly involved. ASIC claims that the family transferred $4 million to their private accounts, including some funds belonging to Australian citizens.
Who really stands behind TitanTrade binary broker remains a mystery to ASIC as well. However, their investigation team managed to find out there is a whole network of people and companies that are mismanaging traders’ money and are using pressure tactics in order to convince traders to always invest more:
- One Tech Media (Seychelles)
- Ultra Solutions MG (United Kingdom)
- Allianz Metro
All these companies are in one way or another connected to Senese family.
TitanTrade Binary Options Scam Dangerous for Traders
TitanTrade binary broker has been around for a while, along with all the scam practices they prefer. Australian regulatory body ASIC acted upon frequent reports by Australian citizens who were losing their money and being scammed in different ways.
Scam actions that TitanTrade executed in Australia, are no different than scam behavior they were practicing all over the world. Unfortunately, many traders fell for this binary trading scam.
Here are some of the most common scam tactics by TitanTrade.
TitanTrade Manipulating Terms and Conditions
One of the most common practices among scam brokers is to deny and withhold withdrawals for as long as possible. TitanTrade is, unfortunately, no different. One day, a trader reached for our customer support. He deposited $19,000 with TitanTrade and got a bonus. After his account reached a significant amount of $53,000 he wanted to ask for an irregular withdrawal that is possible according to bonus terms and conditions, but an additional fee is charged.
However, TitanTrade scam broker didn’t allow a withdrawal until he deposits additional $3,000. The trader found it suspicious, as he previously managed to withdraw $1,770 without any difficulties.
Trader noticed that even then, he was called cheap by the broker on the other side of the line, as he didn’t want to deposit additional funds, and only wanted to withdraw.
TitanTrade and Unauthorized Bonuses
Our reader contacted us with his story that involves unauthorized bonuses, business malpractice and misuse of trust.
The reader first made a deposit in a significant amount, and soon afterward an unauthorized bonus of £1,500 was added to his account. After the transaction was made, on his account was around £7,000. After noticing an unauthorized bonus, the trader wanted to close the account but was warned that such thing is impossible, as the bonus is already added. He was offered the possibility to deposit more funds in order to make more money, with guaranteed 30% profits per month. The trader took a loan and deposited additional £11,000.
After the deposit was made, he was advised by his account manager to invest all his money in one trade, which he lost. The trader expressed his disappointment but was immediately awarded another bonus. He was later advised to invest his entire balance of £19,000 into 5 10-minute trades, and all of them were lost.
Our reader explains that every time he wanted to do something, he was awarded another bonus with another promise of high profits. This case is still in progress.
TitanTrade Withholds the Money
Another reader asked for our help in the moment when he was unable to get his money, after requesting a withdrawal by TitanTrade.
First, the trader made two deposits with this broker in the total amount of €2,250. He executed several trades and managed to accumulate over €4,300 on his trading account. In the beginning of the month of April, the trader wanted to withdraw €2,000 but received no info from the broker. The request was never processed.
Scared for his funds, the trader tried to withdraw the rest of the money (€2,300) as well, two weeks later. However, the TitanTrade remained silent.
TitanTrade and Mismanaging Traders’ Money
One trader put her trust into TitanTrade and ended up without the possibility to gain back her money without additional help.
She first made a deposit and accepted a bonus, convinced that it is the great opportunity she was waiting for, without being aware of bonus terms. The trader was never informed that she can trade without signals provided by TitanTrade but thought that is the only possible way to trade.
Only after she lost all her money on trades made by using signals, did she realize that it is all a scam, as there was not a single profitable trade made. The trader was left without any funds on the account. Now, she is trying to get her money back as the money was mismanaged, and she wasn’t introduced to all the possibilities in front of her.
Cold Calling as Unethical TitanTrade Binary Practice
One trader reached to FBO team, because, as he explained, he never had any encounters with TitanTrade. The trader never made a deposit them and wasn’t even registered.
His platform of choice had nothing to do with TitanTrade, and yet he received regular phone calls by TitanTrade officials who were trying to convince him to trade with this broker. According to his words, the brokers who called him were pushy and rude and tried to convince him multiple times, even though he explicitly stated not to be interested.
These stories are another prove that TitanTrade is a scam broker. Unfortunately, despite the fact that it has been blacklisted for some time now, there are still traders who decide to make the deposit, as they promise much, but deliver little.
TitanTrade is an unregulated broker which makes things even more complicated as regulatory bodies, such as CySEC can advise against them, but aren’t able to fine them or prosecute them. However, it seems that ASIC decided to put an end to it and to resolve the great mystery of who is behind this elaborate scam.
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