I started a account with Option Rally in March of this year I opened it for $200.00 after a few days I received a call from one of their brokers that I needed to deposit more money if I wanted to make money after a discussion with him I wired $4500 for my account. It took over a month for them to deposit it I asked on numerous occasions why it was taking so long and I was concerned about my money they kept reassuring me that it was fine and that the bank was holding all funds at the moment. When I tried to get a hold of the broker I had been dealing with I received no answer back. I then received a call from another broker who said he was my broker and manger I asked what happened to the other guy and was told oh he was put on a special project I find this disconcerting as no mention or communication from my original broker was given.
I asked this new broker about my funds and was told he would check into it right away I received a call back and was told my funds will be in my account today I asked why the long delay and was told that it shouldn’t have happened and that there was no excuse for it. I was not very happy with the lack of communication so far and I am now apprehensive about dealing with this company, I did some lookup regarding complaints about Option rally and found some disconcerting information regarding people making withdrawals. After a bit of trading I decided to remove my money from my account I sent in requests and received phone calls with pressure tactics to leave my money in and continue trading so I did for a bit and made a bit of money.
On June 21 I sent a request that I wished to withdraw my money as I had a urgent need for my funds I had requested the total amount of $7430.70 (this request was sent in on the 21st in the morning) I received no confirmation from their compliance department or the broker that this had even been received instead I had to wait the entire weekend to find out that it had been cancelled with the explanation that I had not met trading volume on the $900 dollar bonus I was never asked if I wanted this bonus nor did I request any bonus from them. I e-mailed back stating that i needed my money as I am moving and I have to have it I then noticed a withdrawal pending in my account for $6530.00 this was the balance after they removed the $900.00 bonus ok that’s fine I understand that is their money (they should not give it to people without either asking them if they want it or not).
Today June 25 I receive a cool call from the broker I had been dealing asking what problem I had with support I told him I did not have a problem with support I simply e-mailed back that I wanted to know what the volume was on the $900 bonus they had put in my account I received no e—mail reply back (lack of communication) he then proceeded to tell me that could not take out the amount that I had request and I could only take out $6300.00 dollars now I told him no that wasn’t right and that the $900.00 bonus had been deducted from my original balance of $7430.70 which left me with the $6530.00 he became argumentive and told no it was $6300 I told him he then said to take it up with compliance I then told him transfer me to compliance he refused to do so and said to go to online chat at this point I was getting upset and he then proceeded to tell that the wire transfer will take several weeks I then told him that was completely wrong and not true it doesn’t take several weeks for a wire transfer between banks as my wife has had money wired to her from Europe, he started to get loud and I told him I want someone to call me from compliance today and that I no longer trust them and I want my money. I fell as though all their promises are nothing more that fraudulent means to gets people to keep their money in and not take it out especially when he states that he does not like people taking money out of his account this is my account not his. There FAQ states that wire transfers are processed within 48 hours then it can take 5 – 10 days for your bank to deposit in my account their FAQ is misleading and if it takes several weeks they are liars and this is borderline fraud. All I want is my money back and that’s all. I no longer trust this company and anyone else dealing with them good luck you will need it.
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