Binary Options Scam
A 50/50 odds convinces many people that binary options are an easy and secure way to make money. Customers don’t do their research and end up the victim of binary options fraud.
The Disease Deterioration
Investors make trades on odds that seem safe, without knowing these are rigged to make the customer lose their investment.
How Do You Feel
Falling victim to a binary options scam can leave you penniless and feeling angered, cheated, betrayed, frustrated, and terrified.
How Do I Know if I Have Been Infected?
Victims infected by a binary options scam may notice repeat losses in their wagers, with none of them falling in favor of you. Times may get extended, calls and emailed ignored, withdrawals or corrections ignored.
How to Avoid
To avoid becoming a victim of binary options fraud, do your homework to verify the company you plan to use is legitimate, secure, and authorized.
The Solution to Cure Infection
If you’ve confirmed that you’ve fallen victim to a binary options fraud, contact a funds recovery company, such as the Scam Doctor.
What are Binary Options Scams?
Many investors put faith in binary options trading since it’s a 50/50 split of how the investment plays out. Either you walk away with a fixed amount, or you walk away with nothing.
The ease of use with binary options is a decisive weighing factor that convinces many people to invest. And why not? The only thing that stands between you and a large payout of money is a simple yes or no question.
Will X-stock (the asset you’re putting your money on) rise above Y(a specific price set) within Z amount of time? Investors decide whether the answer is yes or no and then put up their collateral and wait.
Despite the growing popularity of binary options investing, many people face investing in fraudulent platforms that scam investors out of their money.
The SEC breaks down the vast number of fraud complaints they’ve received about binary options into these three categories:
- Failure to reimburse funds or credit accounts. Many customers report that their withdrawal requests, credited account requests, emails, and phone calls are cancelled or ignored by binary brokers.
- Identity theft. Many customers reported binary options trading platforms that use personal information collected about them to steal their identities. Stolen materials included driver’s licenses, credit cards, and passports. For safety, never provide personal data.
- Manipulation of the odds to guarantee a loss. Despite the 50/50 chances of winning or losing, many customers reported that the binary options trading platforms they used were manipulating the software so that the customer fails their investment. This fault usually occurred by extending the countdown of a winning trade to close out until the customer is losing.
How to Prevent Binary Options Scams
One of the easiest ways to prevent being scammed while using binary options is to do a thorough check of the firm’s background before investing any money.
Verify their license status or registration by visiting the SEC’s IAPD (Investment Adviser Public Disclosure) database. You can access this site by visiting Investor.gov or BASIC search through the National Futures Association Background Affiliation Status Information Center.
If the company does not show up as registered in any of these databases, it would be best to avoid doing business with them. Do not give them your private info, money, or attempt trades. Chances are, it’s a scam site, and you’ll lose all your money.