NRGbinary / account manipulation
It appears that my trading experience with NRGbinary has been the same as many other investors.
The abbreviated version is that after trading with them for a couple of months, they asked that I invest more money and when I asked to withdraw the funds from my account, they virtually emptied my account by placing 3 huge losing trades against my written instructions not to trade. I’m not even convinced they actually placed the trades, however the money disappeared from my account.
Here is a more detailed account of my trading experience with NRG.
I joined up with NRG and was assigned an account manager. He gave me trading signals which at first were very successful. After a month the results became very poor, losing all the profits previously achieved. I was then offered a trial as a VIP account to make a profit. It was successful for about 3 weeks after which I was asked to increase my account to euro 53, 000 by investing a further euro 34, 000. I asked to withdraw all funds in my account to verify that the funds were mine to withdraw as I had been assured they were.
I was told it was not a problem to request the withdrawal however, I would not be able to trade on the NFP in a weeks time. I sent a skype message to my account manager and his supervisor advising them that I did not want to trade on the NFP and that I had put in the withdrawal request.
The withdrawal didn’t happen, it remained pending. I tried to contact any manager with NRG however for a week no one would talk to me. Finally 10 days after the NFP trade I was suddenly able to contact both my account manager and his supervisor. At the same time I received an email from NRG advising me that 3 large losing trades on the NFP had virtually wiped out my account.
This was not a complete surprise as when I couldn’t contact NRG regarding the status of my withdrawal, I did some research that I should have done before getting involved with the company. I found a number of complaints which described other investors having exactly the same experience with NRG. I couldn’t believe that what happened to me was chapter and verse of other investor’s experiences.
I had been advised that I would not be able to trade the NFP if I requested the withdrawal. I put in writing that I did not want to trade the NFP, that I had requested the withdrawal. Yet my funds were lost.,
Whether they really placed the trades I have no way of knowing, however, always, in my experience, and from the NRG promotion of the big NFP trade, the NFP trade is short term (usually less than an hour) and expires on the day of the NFP announcement. On this occasion the trade supposedly expired 10 days after the announcement. Coincidently on the same day I was able to contact the NRG management for the first time in 10 days.
Now just a note on NRG marketing. When I was approached I was advised that NRG had applied to register with the regulator, Cysec and registration was imminent. They have not applied to Cysec, in fact Cysec have a warning out about trading with NRG.
When I couldn’t contact anyone at NRG I decided to open up another account (unfunded) which resulted in a marketing manager from NRG contacting me. I asked who regulated NRG, who NRG was answerable to for their business practices. I was told NRG is registered with the Financial Conduct Authority (FCA). I contacted them and they confirmed that NRG is NOT registered with them. I also contacted the Gambling Commission UK, on the suggestion of the FCA, but NRG is not registered with them either. So NRG is unregulated and a law unto themselves. If someone were to get ripped off they would be on their own. There is no one to arbitrate no one to keep NRG honest.
The marketing manager also told me that my funds would be safe in my NRG account and that withdrawals are automatic. All I needed to do is request the withdrawal and it would happen. Wrong! Each withdrawal has to be approved by an account manager. If they don’t want you to withdraw you won’t.
Make up your own mind!