Now that CySEC revoked EZTrader authorization the warning Fair Binary Options turned out to be true. In August 2013 our site removed EZTrader from the broker list since we couldn’t support this broker anymore. The malpractice got way to unusual to consider it a mistake as we hoped in the beginning. While we managed to regain some of the funds in the name of our customers as our readers can see in the article we linked to, the subsequent events confirmed our suspicion that EZTrader is not a fair binary options broker.
Binary options trading industry sprang from an amazing innovation that enabled millions to trade from home buy simply going to a website. While the simplicity and user friendliness of the binary options trading interface were a major advantage, the fact that traders couldn’t always be sure where are they depositing their funds was one of the reasons Fair Binary Options was founded.
From the time we started, we partnered with many valued binary options brokers, most of them we are still our partners. We also had a few bad experiences as we show in text on our broker list page. There our readers can see we removed some brokers, among them EZTrader, from the list.
EZTrader refused to pay out two of our customers in summer of 2013 some smaller sums of money, so we, as did our customers, assumed it was just an organizational error. As the EZTrader stuff continued not to answer e-mails, customers came to us and we managed to resolve this. Customers got their funds back – non payment was resolved.
We removed EZ trader on the first signs of misconduct, and it turned out it was a good decision. As already noted in the beginning the major confirmation came few days back with the CySEC announcement. But before that, we learned of another customer that was scammed by EZTrader and lost huge amounts of money with this broker. This person lost $30,000 because EZTrader scam.
Even worse, according to evidence we obtained, EZTrader went against the CySEC rules and made $1000 trades in name of the customer (shown on the screenshot) and lost the money. Trader was very frustrated and EZTrader personnel was making all sorts of excuses why they cant communicate (broken phone line, illness, being between flights…). After they contacted they even tried to switch the “expert” advisor and scam the customer into depositing even more.
Unfortunately this didn’t end well for the customer who lost ten thousands of USD with EZTrader. In order to make sure that this never happens we strongly encourage all customers to watch out for scams, stay away from this broker and trade only with trusted brokers such as BossCapital, RedWood, BancDeBinary and other Top Brokers on FBO List