Unfortunately, scams are all too common in the field of binary options. Scams can come in many forms – dishonest brokers and reviewers, or manipulated robots and other car trading services. So I think you should blacklist this and list all known scams and dishonest techniques in one place. In addition, potential fraud to identify you after the steps you can take is already a victim if you give guidance on how to handle the case. If you know what a scam is and are in doubt, let us know if there is something missing in the blocklist and we will investigate.
Why are stories about scams so common?
When new financial instruments or forms of trade appear for the first time, a whole range of businesses tend to be involved. It is true that some of these product providers are more reliable than others. The same goes for binary options. After all, it is an accessible and popular way for individuals to trade the market. Moreover, it was not surprising that unscrupulous operators would find an advantage in the early days, as binary options trading platforms tended to operate under the radars of regulators and in every country on the Internet. Thanks to better regulation, a strong community of online traders and honest reviews, it is now much easier to spot scams from legitimate brokers. But as with the international online market, there are still shady outfits that will let you down at a lower price. So what is the red flag? Consider the following when choosing a binary broker:
Are binary options a scam?
The term “fraud” encompasses a wide variety of actions, from providing false information to lure users, to clearing account balances and even giving dishonest trading advice. Likewise, certain brokers may not technically be fraudulent. Services available on the platform (such as highly reliable uptime or failure to refund money on time) mean that this is a broker to avoid.
In all these cases, the problem is with the concept, not with the binary option, but with the broker.
Therefore, you should do your homework before using a particular platform. User reviews can be useful (if true), but you should always treat such meetings with skepticism and not make decisions based on the testimonies posted on the broker’s website. Even a dealer forum can be a problem. If you look closely, the forum is often a derivative of a specific broker website. Independent and thorough comparison is the safest way to ‘cheat’ a broker. Ideally, you should focus on review sites that allow real users to contact specific brokers, report and resolve issues. So you can check if what you are reading is up to date.
Trusted brokers in Africa
Below is a list of the top 3 brokers you always trust. You can find a list of all recommended brokers here.
regulation
The UK’s Financial Conduct Authority (FCA) now regulates binary options. They have already compiled a list of companies that have not been approved. This is not called fraud but it is best to avoid it as it is clear that these companies are breaking the law by doing business with UK companies. The full list is here: FCA Unauthorized List
In contrast, the United States, along with most other EU countries, consider binary options to be financial instruments. Depending on the location of the foundation, many platforms are therefore overseen by the regulatory body. For example, CFTC in the US and CySec in Cyprus. The regulatory status of the platform is a very important indicator of trust for traders who want to avoid fraud. This shows that brokers must meet certain minimum standards regarding service and transparency.
Marketing “Too real”
Transactions separately should be easy. The utility of the platform is actually a big selling point for brokers. This aspect of binary options is “easy”, but very different from the claim that benefits are guaranteed. Realizing profits through regular trading requires an understanding of how markets behave, their ability to read market conditions, and strategies. If the risk is ignored – or if a clearly false claim is made that “95% of the transaction was successful” – this is a false guarantee. This is a sign that brokers in other important areas are less than scrupulous and need to be broad on the platform.
Terms of Use
Transparency is essential. Read the postmark and pay particular attention to the unnecessarily complicated procedures for withdrawing money. The terms of the first deposit can be another source of contention. For example, if access to the deposit is denied until a certain number of transactions are made – your money is tied up from the moment it is handed over. This deposit investment is often part of the broader term associated with ‘bonus’. CySec tried to ban this kind of term by eliminating the ‘match deposit’ bonus. Brands other than CyCec are still free to use, so T & C always look.
Cold Calling
These tend to fall into two categories. The first is where you go blue and are invited to join a specific platform. The second happens if you are already connected to the platform and receive a phone call (or email) from an “advanced broker” pointing in the direction of a specific transaction. Trusted brokers don’t need to make a phone call. ‘Calls’ can also include emails. All forms of unwanted approaches should be considered ‘cold’ contacts and viewed with extreme suspicion.
Channel Sales
You must always be clear with whom you are dealing. In some cases, visit a website that looks like a real broker’s website and sign up to be redirected to another broker by clicking on the link. Alternatively, you can instruct them to use only recommended brokers according to the transaction “service”. This “funnel” site is sometimes used in the foreground by undisputed brokers or to conspire to deceive visitors (using the deceptive marketing mentioned above). A good broker is reserved about his identity from scratch.
Managed account
It is one thing that brokers have access to their data and analytical tools to formulate their own strategies (in fact, this is one of the signs of a great platform). It is another thing for the broker to give trading advice. After all, you can bet at home with the Binary Options broker ‘over the counter’. If the ‘house’ makes a trading decision for you, the decision is unlikely to be in your best interest. This kind of “selling” is often the best for the broker and is usually where the trader loses the most. Traders encouraged by “account managers” are encouraged to trade beyond their own means. Sometimes large accounts can be cleared in hours. “Advice” is opposed to sound money management and greatly increases the risk. Responsible for your own transaction.
Price manipulation
The broker must have a fair and transparent benchmark for pricing. This benchmark should be what happens in the real world. That is, real time price. If the broker has the right to set his own price, you can accept that the figures are being distorted about you. In other words, it’s a loaded deck.
Scam brokers and not recommended operators
The brokers listed below have generated many complaints directly as well as in forums. Conflicts range from selling and encouraging traders to over-trading, withdrawal payments and price manipulation. It is generally a good idea to find a reliable binary options broker , because the trader is less willing to opening a dispute with an unregulated broker . ‘Fraud’ is widely used as a term to refer to all forms of poor service, but there should be noted that many of these brokers have not done anything wrong or illegal, but that >they attracted a higher level than the normal complaint. When in doubt, trade elsewhere. There are many honest brokers.
Instagram and Facebook
Beware of scams that work on social media. Again, binaries are not a get rich quick scheme. There are numerous accounts that trade on your behalf and promise to turn $2k to $8k per week. If these claims are true, the people behind them don’t need to show ads or sign people up. They will simply trade themselves
It is very easy to get a screenshot of successful transactions. But these operators will not bother to trade. Once you send the money, it will disappear and never be heard from again. Always choose your own broker and always be responsible for your own transactions. Make sure no one else trades on your behalf. If you don’t understand binary options or don’t have time to trade, don’t trade at all. Such scams often feed on inexperienced people.
What to do if you are scammed
Think you’re in a binary options scam? Read on to find out what you can do if you’re scammed. There are many ways to avoid falling for the scam, but if you follow all these tips, you will probably still get scammed. What should I do if this happens? Do you sit and have it? Do you give up on the deal? No, you have to stand tall and be careful. The deal can be good, rewarding and lead to a life without having to work or get on the clock. The actions of a broker, signal service, robot or expert cannot persuade you. This article looks at what you can do if you think you’ve been cheated on. Once you have a problem, you can’t earn and can reverse the initial deposit, but it may take some work.
MyChargeBack.com is a company that helps victims of binary options fraud. They fully understand what happened by helping the claimant explain the matter to the bank or credit card company. Some banks do not know binary transactions and do not want to claim. MyChargeBack helps in this situation. They have a definite record of recovering genuine claims.
If you haven’t yet sought third-party help, follow these steps:
- Record everything. The first thing to do is record everything you can do. This includes brokers or SSPs, terms and conditions, email / skype / live chat copies, deposit confirmations, turnover requirements for bonuses and transaction history. Whatever you do next, you need this information to be satisfied. What you do next depends on the type of scam you ran.
- For the withdrawal. The broker cannot withdraw. Contact your broker to find out why you can’t leave. The most common reason is that you did not send the correct ID document required by international law, and this is an easy problem to solve. The next most pressing reason why withdrawals are not allowed is due to bonus conditions and turnover requirements. If you don’t meet the conditions, you won’t be able to withdraw any kind of money, so you need to keep track of all your trading volume and sales. If you didn’t accept the bonus from the start, the document will help you prove it. A good broker will try to solve the problem.
- Listen to your voice. The broker is constantly walking around on me. If the broker can’t solve the problem and can’t solve the problem, the next satisfaction is to tell the community what’s going on. Gaining fat is a tiny wheel. You can do this by posting a complaint with details on a forum like Binaryoptions.net. Notify the broker and send a link. They might not care about showing shady brokers, but when it comes to reputable brokers, they will want to fix the problem to avoid bad publicity. By filing a complaint, you can get as much detail as possible by simply saying that the broker was defrauded, and that proof of fraud has consequences.
- Contact your payment provider. The broker does not help. It is very likely that at this point you have not only been scammed, but also suffered from miscommunication. If you do not satisfy the broker, you must take more drastic measures. Depositing with a credit card may mean calling the card company and asking for a refund. Let us know that the initial cost is false and that the company will not return your contact request for best results. The Times Of Israel reports that fraud victims can receive a full refund of their deposit after contacting the financial institution that handled the brokerage payment. The payment is withheld until the broker meets the demand.
- Contact the regulator, it’s time to call in a big gun. The biggest benefit in expanding the regulation of binary options is that there are alternatives for many traders who think they have been scammed. This can be a challenge in some cases because it is hidden because many brokers are located abroad and have companies and virtual offices. If the broker is regulated, contact the agency that oversees the agency. If you are not regulated, contact the agency that oversees your financial regulations. If the broker is regulated, the problem must be resolved to the satisfaction of all parties to comply. If they are not regulated, they will spend more time buying at least people in your country.
- Behave patiently. Shadow brokers want to hire people who are good at prejudging questions and complaints, but don’t accept what they say. It may take time, but in the end you will talk to the right person or people and your matter will be resolved. Your contact request, forum forum and a combination of fees with regulators will probably add one thing, and the broker will return your money to avoid even more trouble.
How to Spot a Scam for Business Strategies
On the internet, ads, articles, companies and individuals try to make you rich overnight and then offer a great trading strategy. Wait my friend There are tips to spot scams.
Is it a system or a strategy?
Best of all: trading strategy does not help you be a good trader. What you really need is the whole system. When planning a deal, you need to deal with market entry, market exit and money management methods. It is also necessary to inform about the market situation in which all these things are done. It’s a system that tells you everything you need to know about how to trade. On the other hand, a strategy only tells you when to enter and exit, and you may not tell which situation works best or worst. It may also not give guidelines on the size of the position or whether multiple assets can be traded simultaneously. In other words, the information needed to succeed in the strategy may be missing. We need a complete trading system… But marketers are smart, so calling a product a ‘system’ might sound perfect. But is it? Here are a few things to note:
Boxed system
The boxing system is an opaque ‘black box’ with an unknown system about how the strategy works. For example, a product may be a set of indicators or services that tell you when to trade, but that is not the reason. It won’t make you a better trader because you don’t know what’s going on behind the scenes. If the product or signal service stops working, there is nothing left. Even if you have made money with your product / service, you have to start from scratch. When you buy a product, it explains how it works so you don’t have to rely on a product / service.
Very high chance
Can you have a 90% win rate? Of course, you can also lose money with a 90% win rate. Statistics are easily manipulated to tell partial truths or manipulate lies. Another popular tactic is saying something like “I made $500 a day!” Don’t really say anything. If it was on a $1,000,000 account, $500 is not good. And if they lost $3000 the day before, it’s horrible to earn $500 today and brag about it. Read between the lines What didn’t you say? To understand the performance, there is some information, such as account size (capital), return, amount at risk for each transaction, profit per transaction, win / loss ratio, biggest winner, biggest loser, average winner, average loser , number, etc. Need. Strategies and tests / income possible trades and periods.
There are other measures that can be helpful, but if you can’t provide the information or can be provided by the company asking for such information, you should be suspicious of it. In general, the above statistics can help you identify vulnerabilities and trends in your system. One of the most important things is that the strategy should be tested for long periods and under all market conditions – uptrends, downtrends, ranges, fluctuations and combat conditions. It is not necessary to remain profitable in each of these environments, but it must be traded in at least all environments so that the system knows the overall profitability. Often marketers publish results only during periods of good strategy. However, it does not give a true idea of how the strategy or system works in the long run.
- There are other things to consider when it comes to statistics. If the system is profitable, the result is based on all transactions. Will you trade all of them if you buy a product or service? The problem many traders face when signing up to a signal service is that they don’t trade every signal. If you do not exchange all signals, your personal results may differ significantly from the general results of your service.
Only one direction
Avoid systems that only trade in one direction. For example, you only buy assets, but not short sales. If the market goes up and down, I want to participate in both trends.
No trial period
If the service is not suitable, you should be able to test the product and cancel without fuss. In general, a quick forum search on Google can tell you what other people have shared about your product or service. No trial, no deal. Don’t trust anyone, try it yourself. Be careful if they don’t let you.
Final word on identifying scams
You should not rely on a product for a product or service. It should show you behind the scenes so you can finally trade on your own. Good products always have customers because there are people who don’t want to work and there are always new traders. There is no reason to be completely dependent on each client. Note the given statistics. Ask yourself what the statistics don’t say. If the statistics they provide are also legitimate, you should exchange all the signals to get typical results from the service. Of course, remember that past achievements do not represent a gift outcome. This is a way to do homework, strategy / systems / services / products are based on a long history and are profitable in all types of market situations. Test before you buy a product / system / service. If they don’t try you, you should doubt it.
Case Study – JV Affiliate Marketer
In this section we will look at how industry marketers of binary options JV avoid fraud. It’s not that hard because many cheats make money using emotional greed / scare tactics, but you have to let go of your feelings and look at things logically. Once you understand this, you can quickly and easily save time and money with these unscrupulous donuts. While some scams are simply comical about the silliness, others can perform very well on a scam that lures you in through a real person / system / oversight. Where did the money go!? ”
As you can see from many scam videos, ‘simple’ will not work ‘deposit’. The next time you watch a similar video, you know that it supports fraud schemes / marketers. Whether a deposit is required or not, fly by night, and even if not, it supports the cheats with the feature to deposit as a new broker. So if you refuse the deposit, it will disappear. Not the same story nor the stories and promises to join a “free” system / bot … They don’t require you to deposit and pay for the deposit … Limited time / fast money / can so don’t lose! / Don’t just = fund your account!
From the above image, you can see that many fraud systems are mostly connected together on the same server. This JV marketer has many turnkey scams due to the very low maintenance. The reason you see so many is because new storyline stuff disappears for a few weeks and gets boring, you can start production on something else and keep everything fresh and new, so you can avoid complaints about old scams. Complaints shared with others. If they like something new, you can avoid it with the fact that most beginners go from one scam to another, hoping that one of them will work. Do not work and deposit.
Case Study Scams on Social Media
Social media is a ‘perfect’ platform for scammers, more cunning and more persuasive, and unlike JV marketers, these people can talk directly to you. If they think that they can’t get more from you, or that you are no longer worth them, they will not be in a heartbeat with you. Since this is one thing for your money, beware of those who require deposits or sign-ups that tell you about the wonderful benefits and opportunities that empty pockets experience. The videos used with “The Green Room” and “FB Wealth Group” can pretend to be traders / friends, but you can also try to earn money or sign up directly.
If you mention anything related to Multi Level Marketing (MLM), it is trained to attract customers, so manage it in a different way. These people will tell you everything you need to join and invest without playing. There is a 45-minute long interview with people who scam ‘The Green Room’ and ‘FB Wealth Group’. Called Binary Options Horror Story. If you are new to the binary option, completely absorb the above warning sign to see what happens because people buy people money. Also note how you worked directly with the broker. This means that the broker can also participate directly.