Is Sycamore Options a Scam?
Sunday, November 24th, 2013 by Michael Freeman
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!