New Scam Warning: ZoomTrader


One of the dangers of binary trading for newbies is the lure of scams that promise riches but don’t deliver. You’re going to run into them everywhere, unfortunately. Binary options is a swiftly growing industry with very little regulation, and that is an environment which is ripe for crime. When I first started putting together this site, I found a lot of those scams. Now and again new ones continue to crop up. You will run into glowing reviews for binary options scam sites, but if you dig a little deeper, you will find the dirt.

The latest scam I have discovered is actually a binary options broker, not another signal service or trading system for sale. The broker is called ZoomTrader, and appears to have gotten its start in 2012. The offices are based in British Anguilla, and they may be the most dubious broker I have encountered since Cedar Finance—and that is saying something.

When you first visit ZoomTrader’s website, you will probably notice that a lot of their features are very appealing. For one thing, they accept traders from the USA. For another, there are high bonuses. You can also trade in up to six currencies, and there are more payment methods available on this site than any other broker I can think of. They have gone out of their way to make their site accessible. Then again, why wouldn’t you want to scam as many people in as many countries as possible?

I will be honest. I have not traded with this broker, and I cannot say for absolute certain that the terrible reviews I have found online were not posted by their competitors. They are so consistent, thorough, and distinctive, though, that I have a difficult time imagining that they were made up.

ZoomTrader Features

ZoomTrader offers five tiers of accounts, the lowest being the Mini Account for $200-$499. The largest account is the Platinum account, which is for traders with deposits of $5,000 and higher. That account qualifies for a 100% bonus on up to $5,000. Along the attractive bonus, there are other features which could easily cause a prospective customer to want to sign up. There are many different types of trades available, including High/Low, One Touch, No Touch, Touch Up/Down, Range, and 5 Minute Trades. Daily market updates, an up-to-date trading blog functioning as an economic calendar, a free eBook, and a full set of video tutorials covering a number of different trading topics are available to all traders. Customers who have larger accounts may also qualify for a dedicated account manager, faster withdrawals, charts, signals, and trading strategies.

Some features that are important are plainly missing. There is no demo account—a common fault among binary options brokers, but an irritation nonetheless. Learn why a demo account is a powerful tool.  There also appear to be no tools for controlling trades, and that is a red flag. I could find no references on the site to rolling over, doubling up, or closing out of a trade early to take profit or cut losses. Without these tools for control, you are far less likely to become a profitable trader.

Yet another red flag was my attempt to contact customer service on live chat. Even though I tried on a weekday during standard market hours, I was unable to reach anybody. Once again, this is a common fault, but it is never one that sets my mind at ease. Hard-to-reach customer service means hard-to-solve account problems if something goes wrong.

Best Customer Service of 2017 for Binary Brokers

Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  85% $50 $1
 
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  90% $10 $1
 
  200% $50 $10
 
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
200% $50 $10
 
95% $250 $1
 
Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  200% $50 $10
 
  85% $250 $10
 
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  85% $10 $1
 
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
  85% $50 $1
 
  200% $50 $10
 
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  95% $250 $1
 
  85% $100 $5
 
  85% $10 $1
 
  80% - 90% $250 $5
 
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Broker reviews Blacklist rating Trade now Early expiry Avg returns Min deposits Min trade Ratings Trade now
95% $250 $1
 
85% $10 $1
 
80% - 90% $250 $5
 
85% $50 $1
 

 

Major Red Flag: Awful Customer Reviews

Try typing “ZoomTrader” into Google and nothing else, and checking out the results on the front page. You will find several positive review pages which are clearly whitewashed by the company or its affiliates. You will also find links to RipoffReport and ComplaintsList. On those sites, you will find dozens of horror stories of lost money and terrible customer service by customers. These stories seemed to have several key patterns that kept repeating in one form or another:

  • All interactions with the company seem to be with a person named Jack Moore. It seems odd that a binary options broker would only have a single staff member. It is not impossible, but unlikely. A scam on the other hand could very easily be operated by a solitary individual.
  • Trades expire later than they should. Several customers posted that they were in trades which should have closed in the money, but did not, because the clock continued to run for 30 to 60 seconds after the trade should have ended. When the trade expired, it expired out of the money.
  • Multiple customers complained that they were forcibly issued a bonus even though they did not want one. After opening their accounts and depositing their funds, they discovered they had been given a bonus even though they specified that they would not accept the leverage on their accounts.
  • Other customers stated they were unable to withdraw their winnings promptly or at all.
  • Customers also say that “Jack” refused to speak to them via live chat or email where a log could be recorded, and instead demanded to talk to them on the phone, where recording a conversation would have posed more difficulty.

Most customers who lost money unfairly say that when they would contact customer service to complain, they would be answered by “Jack,” who would write back responding that ZoomTrader was experiencing “issues,” and that those issues would be “fixed soon.” When the customers would write back again demanding their money be returned since clearly the “issues” had caused the loss, Jack would point toward the Terms and Conditions, explaining that ZoomTrader is not responsible for any losses incurred.

Conclusion: Stay Away from ZoomTrader

Reading these stories of customer woes, all I can conclude is that ZoomTrader is not just a bad broker—it is really just a scam and not even a real binary options broker at all. Bad service and missing trading tools are just the start of it, and all those educational materials, a sign of good faith in most cases, here mean nothing. ZoomTrader seems reliable in only one regard, and that is in their ability to piss off customers and drain their bankrolls. I welcome the “broker” to respond to these reports—and if anybody reading this page has a ZoomTrader horror story of their own to tell, please get in touch with us, and I will update this post accordingly.

You can even send me a youtube.com vid like this one:

*Video has been removed

Meanwhile, head over to our list of recommended brokers to learn about some reputable companies where you can legitimately trade binary options.


17 Comments » for Scam Warning Zoomtrader
  1. Ahmed says:

    One thing I assure you about ZoomTrader, they are 100% scams , I deposited 200$ and than made profit of 100$ suddenly, their analyses call me said hey man you go for this and this trades they in profit and I did that, but than lost back 99$ I saw something went wrong and request withdrawals of 200$ after 21 days some on told me you are not getting this money back I advise you , I will recall and trade we trade , than I said yes it is your money which you scammed from me so recall and we will trade it . They are really scams .

  2. JOHN says:

    ZOOM TRADER IS A SCAM BY A CON-ARTIST. MAKE THEM GO BROKE OR IN PRISON. THEY WON’T GIVE BACK YOUR MONEY AND THE PROFIT THAT YOU MADE. ONCE YOU CHIP IN, YOUR MONEY IS LEGALLY THEIRS. THE BEST WAY IS TO FILE A LAWSUIT

  3. Harry says:

    Look at ZoomTrader’s Address:
    159 Kenmore Ave Harrow HA3 8BP

    Street View on google maps:
    2 storey residential buildings throughout the avenue
    semi-detached townhouses, looks 50 yrs old
    As far as I know, binary trading websites are not home-run.

  4. trader says:

    May be someone who have problem with zommtrader could sent me or publishe anywhere a screen shot as a proof.

  5. trader says:

    Could anyone post a screen shot of his/her account history where everyone can see that this broker didn’t pay? I read many bad posts about many brokers Titantrade, NRG, Interactive, OneTwoTrade and others that these brokers are scam but i have received my funds from all of them. Some of them credited bonus in my accout without my accept but after many e-mails, live chat conversations finally they paid out my account balance.

  6. Martin says:

    I recommend you this platform,www.optionsvip.com I have tried their withdrawals it took only 3 days to appear in my bank account, they have very interesting option called LADDER, you just need to ask for account manager names David, he is very stright and professional. I live in Austria.

  7. Gariff says:

    Hello,

    I was working in Zoomtrader for two months and it was horrible. They lied to clients all the time and also they force us to say that we were in London instead of Praga. They just want your money and they do not care about you. Be careful!

  8. Dave Rukkila says:

    Two weeks ago one of Zoomtrader’s brokers, Sami Halperin, recommended trades to me that he said would be “highly profitable”. Over the course of 2 days, I lost over 60% of my account balance. Subsequently, I tried reaching him and he did not return my emails or skpe requests until about a week later. I told him I wanted to close the account and have the balance credited back to my credit card. He said he would put me in contact with a manager by the name of Daniel Goldman. I contacted Mr. Goldman via skpe and made the same request, to close my account and credit the funds back to me. I have made 3 requests and have not heard from him. I certainly would not recommend Zoomtrader to anyone. I have a close friend who also trades binaries and he was going to go with them, but after this terrible customer service experience, I told him to stay away.

    • Minh Nguyen says:

      Could you please provide me more information about that guy – Sami Halperin, and zoomtrader he often skype with me and took me a lot of money, now I tried to ask my bank of America to dispute my case, and my bank need proof from all people who were cheated from Zoomtrader

    • sree says:

      I too lost US$10000 because of Sami Halperin.

    • sree says:

      I have invested loan amount with Zoomtrade and I have lost everything. The account manager Sami Halerin spoken with me on phone about the Bonus is for increasing the chances of profit generation only before the investment. And yes, he also informed me that the bonus amount can claim after reaching the target volume. As I was thrilled to make the money I was following his expertise signals(!!!) and my account (Invested amount) reached to half soon later. By that time I have decided not to lose my invested balance money and I requested for a partial withdrawal. He was ignoring me and didn’t answered for many days, and finally he come with an answer that I will not able to withdraw my invest amount because of the terms and conditions of the bonus! At that point only he clarified the fact that the bonus conditions are applicable to the full balance! From that day I have stopped to receiving their false trading signals/advise (even after I have tried few times in a month breaks as per the manager request which was again a failed trading experience!) and started to trade with my own strategy and thus I have slowly started to recover the lost balance. I have recovered almost 55% of the lost money on account with my own trading strategy. By noticing my account growth, they have started to change their trading platform setup accordingly. They started to play with 2 different policies on single trade. For example, on touch or no touch options, they started to give 2 different targets, they have reduced the target point up to 30-40 percentages for NO TOUCH option and in the meantime TOUCH option set above 70-80 percentage! I have asked why they have changed the previous target levels and at least why not offering the same target rate (one target for both options) to choose touch or no touch? There was no reply to my query in the beginning, later their answer was it is ‘due to market conditions’ it is changed! And they never explained me what is that ‘market condition’ to my repeated query!!! Beware; it’s not easy to make money from such platforms as well as from such brokers.

  9. Istvan says:

    Zoomtrader is a scam. Pls be aware!!

  10. Dixie Pierre says:

    It is always easy to double your funds through Zoomtrader platform. It is easy to use and navigate so you don’t have to worry if you are just a beginner with binary options trading. I have tried a dozen of times withdrawing from my funds and never have any issues on any delay whatsoever. I think if you have problems with them, you can email or call their support for further assistance.

  11. Mary says:

    This program promised a minimum of $667 the first day and it is a scam, once they get your money your done. And it does not pay off, it is a scam designed to take your money, after the fact you get to read the rules. I am very disappointed that they are such great scammers, they promise great rewards and steal your money. This program is a waste do not fall into their scam!

  12. Traderthatgotscammed says:

    Zoomtrader is a scam DONOT deposit any money even without a bonus!!! I deposit $400, in Aug. 2014, & I didn’t accept any bonus on my account & no bonus was added, i made $3000 in 2 weeks for a total balance of $3400 in my account. My representative Mick West told me that withdrawals cannot be made for 15 business days after deposit & when also when the documents have been processed. I held off 3 weeks until the end of the month in Sept.1st 2014, I made a withdrawal bank wire request of my entire balance of $3400, & my withdrawal request was accepted & approved on Sept.3rd, 2014 due to submitting my documents 2 weeks prior. The money was debited from my account on Sept.3rd, 2014 & the website indicated the bank wire would take 10-12 business days, I am now up to 20 business days later on Oct.1st, 2014 & not $1 has been returned & my account reflects a $0 balance. Losses to date, $400 initial deposit, & over $3000 in earnings..MY RECOMMENDATION DONOT..I REPEAT DONOT DEPOSIT $1 WITH THEM, THIS COMPANY IS A SCAM, SCAM SCAM..By the way noone answers their phone & support ends the chat when they see my account email..SCAMMERS They’re phoneline does work in any country, & the online support ends the chat soon as they see my email. Huge scam!!!

    • Jonsen says:

      Hi, with wich broker are you trading now? I live in Holland, wich broker is best to use?

    • Martin says:

      I recommend you this platform,www.optionsvip.com I have tried their withdrawals it took only 3 days to appear in my bank account, they have very interesting option called LADDER, you just need to ask for account manager names David, he is very stright and professional. I live in Austria.

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