Hi.
New user, long time lurker here. I don't normally comment on bitcointalk but I felt compelled to warn people. I opened an account with
www.Bitplutos.com. I did some basic research and didn't find much about the company (a couple of scam complaints but they were lacking in details). Basically they are a binary options dealer that allows users to deposit, trade and withdraw* bitcoins. The problem is, they are a scam.
Long story short, their bonus terms are very clear. If you make a BTC deposit, you can get a bonus that has a rollover requirement (30x the bonus amount). However, if you want to withdraw before you complete the bonus, you can have your bonus + any profits removed and withdraw your original deposit (less any losses if you have any). The terms can be found here:
https://www.bitplutos.com/bonus-terms/Anyways, I made a deposit of 0.3125 and 0.50. In total, I got 0.55 in BTC (50% on my 0.50 deposit and 0.30 as a first risk-free trade).
With regard to trading, their platform is actually pretty good. The executions are fast and accurate and their expirations prices are good (to be fair, I never had a close expiration). Their rates are below average unless you deposit a certain amount and then their raise your return %. And their buyback rate is shit, but it is like that for most binary options broker. They have a large number of assets and can trade a lot of assets.
After a couple of days of trading, I reached a balance of 1.5033 BTC, and completed a third of my rollover. This meant I had my original deposit, plus the bonus, plus ~0.165 BTC in profits. I decided that I want to withdraw my original deposit. This meant that I would need to give up my profit, which I was fine with.
I submitted a withdrawal and the next morning, i got an e-mail saying my withdrawal request was canceled and I need to complete the rollover. I responded to the e-mail that I want to surrender the bonuses and profits and bonus and just withdraw the original deposits of 0.8125 as per the bonus terms and conditions. I didn't get a response at all. I contacted live chat and they flat out lied about the terms and conditions, even after I linked and cited their own terms on their website. They eventually told me to send another message to a different e-mail address. I did. They made more excused not to pay me out and told me flat-out to keep on trading or lose everything.
I decided I had no option but to try to clear the rollover. Given my balance, I needed 4 straight wins and I would have traded enough to withdraw. I bought a EURAUD call, and it won. I then had 2.7059 BTC in my account and still needed to trade ~10.5 to withdraw. I bought a USDCHF put and it also won. Now I had 5.0059 BTC in my account and needed to trade ~7.8 more. This was on Friday.
I logged on this morning and notice that the payout rates for trades were halved. Instead of paying out 70-85%, they are payout ing 35-40%. This is crazy for binary options trading. I contact live chat and they basically told me to piss off.
About 2 hours later, I tried to log in and it said my account was suspended. I contacted live chat and they said they closed my account and my balance was forfeit. They didn't even give me a reason. After half an hour of arguing, they claimed I lost my balance on trades this morning which was bullshit because I didn't do anything today. They said that my account was closed forever and they would not be returning anything to me.
I am lucky enough that 0.8125 isn't a big deal (I made twice that amount today spread betting any another company), but I want to warn people not to use this company. They are a complete scam. They will not pay you out and if you get anywhere close to being able to withdraw...they will outright close your account and steal your BTC.
The thing is, I was planning on making several larger deposits in the coming weeks (around 5 BTC in total). So I guess in a way I am fortunate that I only lost 0.8125 BTC. Still sucks, but it could be worse.
