The Ivory Option was an apparent substantial binary options scam. Ivory option scam successfully tricked thousands of people; it took away their hard-earned funds. Read on to know more about the fraud. If you are among the ones scammed; here’s everything you need to get started with money recovery.
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What is Ivory Option?
Ivory Options was owned and administered by Arya Group Ltd., Bulgaria. The representatives claimed repetitively that the funds of traders were safe and managed through dedicated accounts. But brokers usually make claims that they cannot fulfill, and Ivory Option’s promises were not assuring enough.
The traders were offered a 91% return. Our experts and investigators say that Ivory Option pulled a nice trick and appeared to be genuine. But, eventually, it showed its true colors; it was a grand scam. Not only were the returns lucrative, but the traders faced nothing other than losses.
The website is not currently accessible, and not much information is available about the company’s support, helpline, and address. However, the clients revealed that the broker created new accounts for every trader and assigned the reps based on the language and region of the client.
With time things started falling off track, and every promise made was shattered. Moreover, the support team of Ivory Option did not guide the traders. The support team started getting irritated when asked about the regulations. The phone numbers provided were inaccessible.
Not one client could withdraw their funds; they lost all their money that was allegedly secure in separate accounts. Read further to know ivory option scam or not.
Is Ivory Option Legit or a Scam?
Yes, Ivory Option is a scam.
Financial Fund Recovery detected ivory Option working under questionable and unethical methods due to their regulatory status and suspicious terms. The scam is a leading example of fraud.
The scam targets trading beginners and ensure unreal profits for ages. The services offered were exuberant throughout the first phase until it wasn’t. It then transformed into a scamming byproduct.
The reliability then went downhill. The support team turned cold, and then it was a haywire situation. Victims were left clueless and did not know where to go. The withdrawals turned problematic, and everyone was in utter denial until the firm finally left the scene.
Financial Fund Recovery recorded a surge in complaints and cases concerning the Ivory option scam. We were delighted to help the traders get their money back. We recommend that users avoid trading with them and if you are already knee-deep, contact them right away to cash out your funds.
Ivory Option did not offer an app, a Demo account, and no terms and policies. Instead, they get fake reviewers to write for their platform, resulting in a boost without evidence. Paid content as such manages to trap innocent traders and beginners.
How Online Trading Scams Work?
Investment scams that use online trading platforms often promote themselves online via social media channels. They promise high returns, use fake celebrity endorsements, and enticing images of luxury items to get them to invest in their scams. Their ads lead to websites that appear legit and professional, where visitors are further persuaded to invest. They do it either through a managed account where the firm trades on their behalf or by trading on its platform.
Consumers often report receiving some returns from the firm; this gives the impression that the trading has been a success. This encourages them to invest further or introduce a friend or family member to invest. Moving ahead, the returns stop, the account gets suspended, and there is no way you can now contact the firm.
Most scam firms claim to be based in the UK and also claim to be FCA authorized.
How do You Spot a Scam?
It is a scam if the broker froze your account or blocked it. If the website is not accessible and you cannot contact the broker, the broker likely vanished with your funds.
If money has been taken out from your account without your permission, it is likely a scam.
In the case of Ivory Option, withdrawal does not work, which is the main reason that alerts you of a scam. You can very well make a deposit, and the platform seems pretty decent, but as soon as it comes to money withdrawal, it will stand you up. They ask you for a certain period depending on the mode. But even after the given time, several weeks go by, and your money is nowhere to be seen.
The Regulations on Ivory Options
Ivory Option is not a regulated broker. The website lacks the details of the legal status. FCA declared the firm as unauthorized after coming to know of its doings.
FMA, a governing agency in New Zealand, warned investors about the potential scam. They took this action following the storming reviews and warnings that other big firms and authorities flagged.
What to do if You Have Lost Money to Ivory Option Scam?
Ivory Option has been a nightmare for many investors; the broker attracted clients worldwide. It worked flawlessly for the first couple of months and then turned into a ruthless broker that irritated its clients, held their money, changed addresses, used tactics, and closed the investor’s account to avoid complications. Unfortunately, they did not forego minor traders either.
If you have lost your money to Ivory Options, there still stands a chance to do something about it. Unfortunately, regretting the investment won’t make a difference now since the Ivory Option scam was too good to catch your eye. What you can do, however, is, reach out to us.
We are here to help you fight the scammer and get all your hard-earned money back.
Unregulated brokers, more often than not, will scam traders. At Financial Fund Recovery, we believe it is our duty to ensure you can fight back and recover your money. Therefore, we strongly recommend you select a regulated broker. And if you have somehow ended up trusting them, don’t fret. We are here to recover your money.
Fill the form, take the first step to recover your money.