YTF Trade Limited (i.e., Obama Binary Options) runs several fraudulent binary option scam websites. Yesterday we discussed, GlobalTrader365.
Another example is: OptionsArea.com
OptionsArea has been operational since at least March 2014. At some point in March 2014 their ‘brokers’ (i.e., anyone in the boiler room who can speak English) stopped contacting new customers from the United States.
GlobalTrader365 also stopped contacting new customers from the United States at some point in March 2014.
Here is how it works:
Customers sign up on their own after stumbling upon one of scam websites operated by YTF Trade Limited, e.g., OptionsArea and GlobalTrader365. There is no ‘cold calling’ in YTF’s boiler room.
Soon after a new customer signs up for an account (free) with one of the scam websites the customer’s information, including telephone number and name, appears on one or more of the computer monitors in the YTF boiler room.
Employees (who earn approximately $2.50 US Dollars hr, plus commissions. View the manual here) in the boiler room call the new customers and try to convince the customers into depositing money into their trading account (or more money if they’ve already made a CC deposit on their own).
Employees also call existing customers and press them for more trading and more deposits.
Employees are not brokers and have absolutely and categorically no experience as traders.
However, on the phone the employees indicate that they are brokers and professional traders and that they are located in New York on Wall Street. An example of a typically recommended trade is the Dollar vs Euro with an expiration time of just a few minutes. Typical bet: $2000 to $5000 US Dollars.
Employees are ill-mannered, loud, vehement, demanding, arrogant and have the gift of gab. Without planning or rehearsal they will create fictional-facts, statistics and anecdotes. Really and truly employees will say whatever it will take to convince a customer to make a deposit (or additional deposits).
Once a deposit is made, by credit card (CC) or bank wire, it is exceedingly difficult and often impossible for the customer to withdraw funds from their trading account (even if their trades are successful). Withdraws will be canceled by YTF or will appear, on their websites, to be complete even though no money was transferred to the customer’s account.
OptionsArea has customers from around the globe. Many of the said customers are from Europe and Africa. Regardless of the customer’s physical location they tend to speak English. If not, there are few french and Italian speaking employees at the Obama Binary Options (YTF Trade Limited) boiler room in the Dominican Republic.. The first language of most of the boiler room employees is Spanish and their second language is usually English. I’m not sure if they are allowed to speak Spanish on the phone. In any event, calls to customers who don’t speak any of the languages listed above are ended after it is ascertained that they speak some other language (although they will probably be called back several more times to confirm).
If the customer didn’t speak or read English, they wouldn’t have been able to signup at a YTF operated binary option websites because the language is always in English.
It is important to keep in mind that OptionsArea and GlobalTrader365 exist only electronically as websites. They are not real companies. These websites were created by programmers in a YTF boiler room in the Dominican Republic.
The only company which exists is YTF Trade Limited which is hidden behind Obama Binary Options which itself is hidden behind Revolution Media or Media Revolution.
The owners of YTF Trade Limited are from Israel. YTF Trade Limited is licensed in Cyprus. YTF operates in the Dominican Republic.
Licensing a binary options brokerage or firm is Cyprus is, in a way, the US-equivalent of having a Delaware business address.
Please stay tuned for several additional reports regarding Obama Binary Options and YTF Trade Limited.
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