Is Sycamore Options a Scam?


Sunday, November 24th, 2013 by Michael Freeman

topoption

Let’s briefly cover some of the troubling facts about Sycamore Options. Who are they? Is it a binary options broker? Is it a scam site? or just an innocent Sycamore Tree? Unfortunately in the context of this article, they are a scam. The type of brand you end up, unknowingly, donating your money to and be sure that I can name at least 10 better charity organizations you can donate your money to instead! Am I just picking on Sycamore Options for no reason? Not at all. In fact, at first when I was asked about Sycamore by several traders, my response was unbiased, and all I had to say was “Sycamore Options is a relatively new company based on Alexa and it’s probably too early to give my opinion on them” with that said, I clearly gave them the benefit of doubt.

A few days ago, my curiosity overwhelmed me and I decided it was time to properly research this company as questions continued to flow at me from subscribers. The shocking truth became evident very quickly and it didn’t take Forensic Science or a detective to come up with the evidence I need to add this company on my Blacklist of Scam Sites. In the short time they’ve been around, they managed to create themselves something far worst than just a “bad name”, I think it’s safe to say that the people behind this company are despicable sub-humans who prey on innocent people seeking an opportunity to make some money from home.

Based on the troubling reviews you will find in a simple Google search, it’s evident that Sycamore Options is a fraud. Not only that they refuse withdrawals, in some cases they continue to charge your card without your consent. For them, your credit card information is like a money tree, just pick all the fruits and leave the dry leafs behind. How on earth are they getting away with this? The answer is simple. Changing name and re-incorporating every few months makes it easier to go undetected. By the time you save enough money to hire a lawyer to fight them back, the company will already be gone.

The sad reality is that they are a few steps ahead of whatever you might find to be a proper solution in dealing with them, and this is the nature of con-artists. They are not dumb. The only thing you can do is contact your credit card company ASAP, file a dispute, and cancel your card. After you’re done, I recommend drinking a beer or a nice walk outside, reflecting on this mistake with a decision to learn from it. If you are reading this article after already funding your account with Sycamore Options, it’s too late now. This is a step you should have taken before signing up with this broker. It doesn’t matter what product or service you sign up for, always do your research before instead of impulsively falling to a promising sales pitch or a software that guarantees money back or free advice in exchange for you to register with this broker.

Last but not least, Sycamore Options is the new face of TraderXP, which is a broker I black-listed a year ago. It’s the same company which is why I named the video I made on Sycamore, “TraderXP AKA Sycamore Options”. I called TraderXP and asked for Sycamore Options and then I called Sycamore Options and asked for TraderXP and guess what? They are the same crooks. (Websites are Sycamoreoptions.com and Traderxp.com) If you have any personal experience with these brands or any questions on how to deal with them properly don’t hesitate to comment below. If you are considering to work with a binary options broker and not sure if they are a legitimate broker or a scam site, visit the list of recommended & regulated brokers, and don’t forget to checkout the list of scam brokers! Join the Forum discussion on this post

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11 Responses to “Is Sycamore Options a Scam?”

  1. Niek Kortenoeven Says:

    I am from the Netherlands. Thanks for your warnings. Since 2 or 3 weeks I am involved with both companies. Telling my son, he mailed me the link of the website complaintsboard.com/complaints/traderxp-c302987.html
    At Sycamore options my first deposit was EUR 200, but that was by far not enough according to the “account manager”. He tried to pursuade me to start with EUR 4000, finally I agreed with EUR 1000. The same amount was gifted as a bonus. He promised me “golden mountains” (as we say in Holland):The odds were much higher than 50/50 because he had a lot of inside information about the development of the options. In 1 trade I lost the 1000 euro’s. I refused to deposit a new amount and after a long discussion the bonus of EUR 1000 was staked. Again lost. Of course he tried to persuade me to deposit EUR 4000 with the guarantee that I should win for sure. If not, I should get back that money. Finally I paid EUR 500 added with a bonus of the same amount, with the guarantee of getting back my 500 if “we” lost. Now he traded on 4 different binary options, each of EUR 250. 2 trades were winning, 2 loosing, resulting in a loss of about EUR 150. Next week he calls me again. I am going to think what to do then. My wife is furious with me. What a swindlers!
    P.S. The TraderXP broker is less greedy. My deposit was EUR 200. I (we) played 3 times, each time with EUR 30, and I won each time, totally something more than EUR 60.He too calls me next week. And also with that guy I ame going to think what to do then.

  2. Ross C. Allen Says:

    They are both “recommended” by “millionaireos.com! Obviously, all scams! I will say one thing about millionaireos.com, once i raised enough hell, i got refunds, but then again it was within the windows of refund!
    All recommended by “Jordan Daniels”! If you get an e-mail from him, ignore it, for your own safety!

  3. Wilson Ihonvbere Says:

    Thanks for putting out these warnings…I was just lucky to doing a research on sycarmore Options before signing up and now I know better.

  4. david clifford Says:

    I am in the process of getting a refund of my funds also! These people need to be imprisoned!!!

  5. Jose Says:

    Well let me add to their bull crap, I open an account on Nov. 30th. right away an account manager called me “Larry Walton” welcoming me to Sycamore Options, I told them that I was trying to use a trading program that was going to help me trade, right away the problems began. The following day I request it a refund through emails and customer service contact, did not receive a response for about 3 days. After talking to Larry I changed my mind and decided to stay with them because I was told by Larry that he was going to make sure that I received the software to help me trade. I have not received it or are they responding to my emails. I have sent several emails to Jessica Perry and Larry Walton and neither one of them is responding or are they refunding my money.
    Please stay away from this company they are not a very reputable company or honest still waiting for a respond from some one or my funds and NOTHING!

  6. Michael Freeman Says:

    Thank you for sharing your experience Jose, unfortunately Sycamore Options is one of the biggest scams on the web right now. They are worst then thieves, the are manipulators and true scam artists. I hope that many traders will see this review and the comments from traders such as yourself, before it’s too late!

  7. Craig Says:

    Hi Michael _ Unluckily I signed up with Sycamore options but after reading your bits and pieces about Sycamore options and certain things that someone on the phone said to me I decided to call my bank and can sell my visa card and have it it replaced with another so that they cannot charge you me more in the future.
    What I would like to know is if Sycamore options is a scam then are there some others that you recommend on your website that I missed, please let me know as I am on a disability pension and ways to get off of that and trading legitimatley is one of the ways which it I am going to use to get off of disability to be more independent , but I cannot do it with out help of people like you.

    Happy new year to you and yours.

  8. Salocin.TEN Says:

    Hi Micheal (I gather it is your name). I wish to protect my location for now.

    I am writing live while waiting for a TraderXP “Senior Broker” to Skype call me (name protected for now).

    I have read and watched your accompanying Youtube video after a search and am convinced by your sincerity.
    I shall attempt the best to decline that guy’s offer for a USD 5k “Platinum” account.

    Shall also be attempting to record the Skype call as evidence to present to the issuing bank. Fortunately the card is expiring very soon and it’s on another a/c, so if the dispute cannot be resolved, I’ll change it or dispose a/c. Hopefully this doesn’t happen as I have discovered 3 extra unauthorised charges/transfers.

    Unfortunately, it is a state level public holiday in my country this coming 3rd Feb. I hope the bank’s dispute department is open for calls.

  9. Thomas Says:

    I rushed into an investment with this company not researching them at all. I received a few lessons from a senior account manager as well as a 100% deposit. After playing around with the site for a month and not making a penny, the top boss calls me and asks how my experience was so far and why I I hadn’t made any money? He then offered his services to help train and teach me but my account balance was too low. He said to put more money in and I would get another bonus of 100%. This is when I looked them up and found a scam. I immediately Skype called the account manager and he had a broker call me and yell at me to invest my total account balance. I kept saying no and he yelled more even demanding to talk to my mother because I sound young on telephone. I cussed him out and he said “OK than just the bonus amount.” I did as he said and the option lost.
    After persistently calling and messaging the account manager he finally made sure the withdrawal would go through and sent me the routing number!
    That was a close call. If I had not been in so much communication with them before I asked to withdraw, I don’t think I would have got my money back.
    DON’T USE THESE GUYS! Even though I didn’t get scammed they were sketchy as !@#$ !!

  10. Jonas V Says:

    Hey!
    A few months ago, I deposited €200 on my sycamore options account and started trading. This was the first broker I ever traded with, so I didn’t do any research (BIG mistake). So I started trading and they called me, trying to convince me to deposit more (which I refused). they kept calling like 3-4 times A DAY for about 5 weeks. This is not even the worst part.
    The trading went well. I reached a moment I got €425 on my account. I asked for a withdrawal. But they didn’t comfirm it. I kept staring at “€425″ and thought about trading more. I then reached a saldo of €180, less than I had before, and I didn’t want to trade anymore, so a requested a withdrawall AGAIN, which they did NOT approve AGAIN. I was totally fed up with sycamore options. So I thought I could win those €20 back, so that finished off clean… Of course I didn’t. Now I only had €96 left. I AGAIN requested a refund that they finally aproved. But I NEVER got see that money on my bankaccount.
    The worst part of all. I FOLLOWED THEIR SIGNALS!! So it’s actually their fault. If I wouldn’t have done that, or if I hadn’t deposit in the first place, I wouldn’t have lost my €200 and faith in binary options. Thanks to Michael, I’m finally about to give it another shot, but now with TopOption, wich is a broker that deserves to trade with.

  11. Michael Freeman Says:

    That’s really kind of you and Topoption.com is honestly one of the most legit brokers in this industry, backed by markets.com they are a serious, regulated broker!! I am not even sure if placing Topoption and Sycamore Option is the same category is valid in anyway.. one is a financial institution as far as I see it and the other is a scam operation and they should be thrown in jail… I get a lot of feedback from traders via email and if there’s something that pisses me off is when these young sales reps take advantage of weak peope, convince them to deposit $20,000+ and lose their money within days!! How can they sleep at night knowing that they’re ruining so many lifes? I am so disappointed with many of the scams “brands” that are associated with this industry. I am very happy about the regulatory system which is only improving and slowly the fake brands will vanish and lose any authority they managed to gain while they were at they’re profitable days and hopefully some of the real scammers will get some Federal prison time ..because I know that some are actually violating US Federal law..which means that they can get a minimum sentence of not less than 10 years for online fraud.. food for thought scammers.. change career before it’s too late!!!

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