You’ll find here some deceitful systems in the industry, how to report the criminals, and how does the scam work. Read the article carefully before investing in Binary Options, who knows what kind of propaganda you might discover out there.
By enabling investors to trade with restricted assets, and providing a simple & honest way to make money; the binary trading options have gained rapid fame amongst various traders. However, like any other trading method, there are chances that investors can get caught up in binary options scam systems. It is crucial to make sure that the binary trade broker that you are trusting with your hard money is reliable. Beginner investors are the most natural victims of the binary scam, as they are made fool by the fraud binary options scam artists. Make sure that your investment broker is certified and has a good track record as well. In addition to this, you also must know all the necessary information about how to spot a scam artist before starting working with them.
How does Binary Options Trading Scam work?
The flashy catchy marketing contents are what get many investors hooked. The promotional content broadcasted by the scam artist is about the simplicity of the process and how investors can earn more and more within days, even within hours!
Here is how the scam runs in a nutshell:
• A group of scammers design and develop a website that looks like a legitimate website build for a reputable binary options trading broker.
• To catch your attention, they use various marketing methods or they can cold call you out of the blue to offer a deal you can’t refuse!
• They know you will ask for the evidence that the offer is valid. So, they will use a fake makeshift trading signal software and slap a 100% trading accuracy claim on to it.
• If you trust the data (many does) offered by the scammers and join the scam, you will lose the entire initial investment. This works on various levels. Sometimes the scammer will manipulate the trading data and show you that your bidding was successful and you won. Though they didn’t use your money to bid at all! However, when you would want to credit the amount in your bank account, you will find it is quite impossible to do so. To get the amount you have to pay some charges to the broker and this is where you lose even more.
• Many times, the scammer will ask their targeted customer for all kinds of information to transfer the fund. It is nothing than another part of the scam. If you provide them the details they need, they will sell your data to the highest bidder, which can be used to steal your identity.
How to Prevent Becoming a Scam Victim
There are a couple of basic areas that investors can consider when evaluating a broker to make sure they stay away from Binary Options Trading Scams. Here are the details that can save you from scammers:
• Research, research & research. Find out everything about your selected broker. This is your greatest weapon against binary options trading scams.
• Check for if the broker has a valid license granted by the government regulator such as CFTC, FCA, FSB or ASIC.
• How desperate your broker is? The broker is frequently contacting you for money? Well, stay away from those calls and brokers.
• If the broker has a license, does it protect investors/ traders from your nation?
• How is the record of the broker? Search for everything and if you find they have used some unethical practices before, then stay away.
• The broker is asking for money in exchange for trading signals software or trading robot before providing a demo? Do not trust them.
• If your country has a binary options forum make sure you join it, discuss your selected broker and their software before starting investment.
• The broker’s record is great and after seeing that you are convinced that they will take care of your money? Think again! Research about past and present thoroughly. Because a broker’s past performance doesn’t guarantee the same future results.
If you follow the steps outlined in the article, you will be safe and able to avoid all scam operations in binary options. In the end, we would say that successful binary options trading is only possible if you do your research. Take your time, don’t rush. Sure, money doesn’t grow on trees, but it does with time!
If you have been scammed
You can report the dishonest organization or scam to us by contacting our helplines or using our reporting form. If you have already invested in a scam, scammers are likely to target you again or sell your details to other shady people. The follow-up scam can be entirely different or linked to the previous fraud, as an offer to get your invested cash back or to buy back the investment after you pay some negligible fee! If you have any concerns regarding a possible scam, contact us immediately.