Is Max Options a scam = Hell Yes!
I went down this to investigate the legitimacy of Max Options and provide feedback if there is really an opportunity to make money with binary options.
The truth is yes you can make allot of money with binary options, but you will never see the money. When I watch the movie “The Wolf of Wall street” I think of Max Options or any other binary options company. Watch it if you have not seen it.
My personal experience with Max Options…
It all starts with an introduction video that explains how you can make money through trading. Now trading is a legitimate business, but binary options works on a complete different method. You trade on real assets (commodities or currencies), but you don’t physically buy these assets, in reality you place a bet on a asset to predict if the asset will go up or down in a specific time period, which means it is pure gambling, but Max Options don’t explain this to you. They call it trading and a “Call” means it will go up and a “Put” means it will go down, but essentially you are betting and gambling.
How the scam works…
Max Options is a company listed in Switzerland with a very nice website, which seems above board with a trading platform and education center with abundant training materials. Once you sign up with a starter account of $250 a broker gives you a call within days to get more money out of you. First they try to gain your trust by asking you about work, your life and your family and kids. I do not know how these people sleep at night. The guy that phoned me was Simon Hammond from the UK. Anyway if you agree and deposit more money they promise you a dedicated broker that can eventually do all the trading on your behalf, but your account need to be $10,000 strong and if you want to opt out in 4 weeks you can. For a start you need to get your account to $2,500 and then they will add $2500 of their own money/investment, which is a load of bull and in reality, is just bonus money. This brings your account to $5000 and now you are ready to make real money and Max Options are ready to leach. The broker sends his details through email including contact numbers and Skype details.
As a beginner your broker tells you what trades (bets) to place over the phone and he can see on your account if you have done it correctly. Because you have no experience you trust him and he congratulates you on your first trades (which expires within 1 day to 2 months) and gets you all exited on making good money in future. After this Max Options, through Michael Keisser, provide you decent “special” training around trading methods and tools you can use to implement educated trades yourself. The trades your broker told you to place then starts expiring as scheduled and in my case all five trades lost, which was a total of around $2,400… basically all MY money. To my mind I lost the “bonus” money and decided to act on the promise that was made in the beginning “If you don’t think it is for you, you’re able to withdraw your money and walk away”… I laugh at this now. When I requested a withdrawal I was told that I can only withdraw $100 because the rest is bonus money, I need to get my account to $5,000 again to make the withdrawal.
I think this is the main method Max Options’s uses to make money. They let people deposit dollars and then help them lose all of it and there is nothing the client can do. I’m not too clear on the legal side of things, but to my mind at this stage there is nothing you can do, the trades were made by the client (with broker on the phone) and the client lost their own money. Please let me know if I’m wrong in the comments below.
But there is more…
I did not leave it there, and I decided to try and grow this account to see what would happen. I continued doing my own trades (bets) based on the training and I started to grow the balance. When I got to $3,000 a new broker Gabriel King phoned me and told me Simon was fired because of complaints including mine, and he will help me make money from now on. So I told him no thanks I’m doing ok on my own making about $60 per day. When I got to $4,000 someone else phoned me to offer a promotion… Deposit $1,000 and get $1,000 bonus… to which I said no thanks, which took allot of convincing. I kept working on my balance and quite quickly got to $5,127.26. At this point I though, withdraw the $2500 and walk away. This is where I got stuck and all communications have been lost. I have made 3 pages worth of withdrawal request that just gets cancelled with no reason. I tried contacting Max Options numerous times through Skype, support on their site or even Facebook trying to get a response on why Max Options are not processing the withdrawal requests and I have heard nothing from them to this day…
Verdict – MaxOtions is a Pure Scam and Fraudulent!!!
What gets me is with initial conversations the employees of Max Options get to know your family and even make you believe they are very religious. In the one conversation with Gabriel King I told him I can’t deposit anymore because my credit card is almost maxed out. He then asked how much is still available before it is maxed?!! They are leaching people dry and I’m not sure how many people they have bankrupted. Worst of all Max Options is still in operation today, scamming more people and I have no idea how to stop this company. Today I still have access to my account but can’t get my money out. Please let me know in the comments below if you know what can be done in order to save hundreds of people thousands of dollars by avoiding Max Options. I’ll follow this up as well.
My 2 Cents…
Max Options is the worst of all scams preying on financially desperate people. Max Options not only steal their clients hard earned dollars, but also keeps them engaged for months, basically steals their time. I have told the following to Gabriel as well on our last phone conversation to which he replied “I won’t be doing all this effort to help you if this was a scam”
I told him – We only have one life and time is precious. Money you can loose and make a plan to survive, but months of time you waisted on watching trades instead of spending with your wife and kids, you can never get back!
Please leave a comment below and stay away from binary option