We must first know what a binary option is to learn the answer.
Binary Options Trading
Binary Options Trading is a website where, instead of buying and selling stocks, you bet on a market’s rise and fall at the end of a specific period instead of buying and selling stocks. It’s mostly a yes/no question, where if you believe the market price will rise by the given time, you choose yes, and if you don’t, you choose no. And if you win at the end of the time limit, you will receive profits; if you lose, you will receive nothing.
So, is Binary Options a Scam?
No, Binary Options Trading is not a scam. However, many websites on the internet will tell you otherwise. Unfortunately, many websites pretend to be the legitimate ones only to fool you in the end and run away with your money. Unfortunately, many innocent people have fallen victim to such Binary Options Scams.
How Do Fraudulent Scammers Trap You?
You’ve probably seen advertisements on social media and the internet while searching for something, depicting a bar graph with primarily green and red lines representing the rise and fall of market rates, respectively. You may have also seen YouTube ads for some fictitious binary options trading, in which a person selects either yes or no and wins accordingly. Scammers use such ad tactics to entice you to trade.
The fraudsters will call or email you, promising a safe investment with quick and high returns. They will also send you a link to a binary options website that appears professional and legitimate. You invest money by predicting whether the market will rise or fall. You win if you guess correctly. Scammers make sure that you receive initial payouts to begin to believe in them. Then, one by one, they start to ask for your personal information to obtain as much information about you as possible, such as your bank account number, passport number, and so on, to transfer money to your account. And if you try to withdraw cash, you won’t be able to because the specified amount isn’t in your account. When you go to call the traders, they start ghosting you. Your calls and messages will get ignored. That’s when you realize you’ve been duped. That is how you become a victim of such scams.
But, you need not worry now as many fund recovery firms have been established. These firms recover your money from binary options scams. Depending on the information you provide to these firms, they strategize possible ways to catch the scammer and recover your money from them.
One such firm that provides fund recovery services is the Financial Fund Recovery firm. This firm has elite personnel consisting of lawyers, financial experts, and fund recovery agents who come together and devise a plan to catch the scammer. They also guarantee fund recovery in just 120 days.
Avoid Fraudulent Brokers Who…
- Vigorously market their services and insist on a down payment to trading while promising high and risk-free profits.
- Provide win-win investment strategies and signals primarily aimed at draining the deposit. Simultaneously, the broker does not offer a trial period for testing these messages and techniques.
- Do not follow any well-known financial regulators, who have licenses from organizations with a questionable reputation, and are registered in an offshore zone.
- Do not publicly release articles about their legal person, such as the official company in question, legal address, information on its jurisdiction, or official contact details, on their website.
- There are numerous negative reviews on the World Wide Web where traders describe their experience working with a fraudulent dealer and discuss the misleading schemes used by these scammers.
Ways To Protect Yourself From Binary Options Scams
Binary options scams have gained a name in the list of cons. Many people have lost the money they saved to binary options scams.
- Any approach for investment offers should be treated with caution, especially if it is over the phone or the internet. In addition, be wary of investment options that guarantee a high rate of return with little to no risk.
- Do not allow anyone to put you under financial or investment pressure; instead, seek independent financial and legal advice.
- Always confirm that the broker is CFTC-registered and double-check their profile on the CFTC website. While registration does not guarantee that the entity has passed background checks and complies with trading regulations, it does insinuate that it has.
- Look at the CFTC’s RED List, which includes the names of unregistered foreign businesses that the CFTC believes are recruiting and accepting retail payments from US residents for binary options, among other things.
- Careful to consider who you give your private information to, such as details from your passport or banking information, as this could be used for identity theft later.
- If you want to invest, your safest choice is to simply say no and take a gander for a less risky investment.
- And always remember that binary options trading is riskier and more unreliable than any otherkind of trading.
Also Read: Brief History of Blockchain and NFT Games
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