What is the scam in binary options
Money Back has analyzed hundreds of binary fraud cases and is what is the scam in binary options in assisting binary scam victims through the entire fund recovery procedure.
In the first 20 years of this century the internet has become the main stage for binary options scammers and binary options fraud experts. Maybe what first brought you to the binary platform website was an advertisement on social media or Google. You were curious and got sucked into an attractive get rich quick scheme that promised you: A quick way to get rich A big deposit bonus just for joining An easy-to-use online binary options trading platform or software You opened an account with the platform and within just a few minutes a representative contacted you.
Binary options involve predicting the movements of commodity, asset or index prices over a short time.
After some time, you fare in your account, hours upon hours per day, trading stocks and foreign currencies, indices and commodities. Authentic brokers will never promise you returns on any trade.
While authentic and government-regulated online trading brokerages are easy to find, there is an entire industry made out of thousands upon thousands of unregulated firms and trading platforms — the firms that seem to be offering binary options — whose operation is entirely based on the art of swindling and fleecing new and inexperienced investors over the internet.
The binary options trading software or broker platform that they use does not follow any actual markets and the platform makes sure that you will eventually loose all of your deposit.
So, is it a scam?
The real truth of the matter is that the trading platform is not even connected to any financial market or bank or exchange. The profits that you think that you are making and the losses that you think are happening are all just running on an imaginary software on the brokers website.
Binary options trading is legitimate, but incredibly risky. In reality, nothing can be farther from the truth. How does Binary Options Trading work?
It has nothing to do with any kind of financial market. It is actually just an illusion that the broker is showing you to make you think you are actually trading. Scam brokers swear to you that they have deposited your money in a segregated bank account.
The truth is that your deposit went straight to an offshore account where the scammers can hide the funds and pass the funds around several shell companies with no real actual shareholders, to make it harder for you to try to get your money back through any lawyers once you realize you have been scammed. What about withdrawing funds?
- Regulation and fraud[ edit ] Further information: Securities fraud Many binary option "brokers" have been exposed as fraudulent operations.
- Again, binaries are not a get rich quick scheme.
- Make money during the day
Of course, the scammers said again and again that you will be able to withdraw funds from your account whenever you want, the truth is that you after a while find out that withdrawing funds from your account is impossible. Some binary options scams will even close your account and block your emails as soon as you request a withdrawal.
They are hoping that you will feel helpless and give up. Upon reading those terms and conditions you find out the truth, before you even started trading, while you were signing up, you already gave the binary options fraudsters the right to never let you withdraw anything without first reaching an impossible amount of trades, heavier than most professional traders will trade in a year. Now you finally understand the truth, these binary options firms are pro scammers and you are one of their new victims.
Binary Options Scam exposed
The feeling that you have been duped out of your hard earned money is enough to throw most people into a depression. Some file complaints with their local what is the scam in binary options, hire an investigator to try to find the scammers and some even try to contact Interpol or the FBI.
In the end just like any other scam that becomes as big as binary options, many countries decided to ban binary options altogether.
In many countries it is illegal to sell or market binary options. But the scammers are even changing their schemes and now they have moved to forex and cryptocurrency type schemes. The same scam game, just with a different name.