A binary option is an agreement/contract purchased by a trader/broker, which pays pre-determined or fixed money if your prediction is correct. It is called binary as it has only two results, either you lose or win. If your assumption is correct, you get the agreed/fixed payout. If not, you lose your primary stake, and nothing more.
It was a popular method of investing a few years ago. In this, the victim use to lose billions of dollars invested to brokers who use such trading options.
To be frank it is impossible to win always. The majority of brokers use to manipulate prices so that the investor loses money and they ask for new deposits.
Many scammers saw an opportunity to scam investors in binary options trading. They make-believe that they are reliable binary options brokers. Till you are making new deposits no problem. The problem arises when you win and want to withdraw money. They will vanish in thin air. That’s why you should prefer an authorized and regulated broker and not a scammer.
Can you earn dough with Binary Options trading?
If you have a positive experience, confidance, and knowledge, in securities trading, you can take a chance in binary options trading. Like any other gambling, there is a risk involved with binary options trading too.
There there are successful investors who have money in binary options trading. The more the people hear stories of these hand full of successful traders more people jump into the fray. Trouble begins when a lot of people who do not have experience, expertise, and knowledge jump into the fray only to lose money. What they do not realize is that binary options are more like gambling than trading in forex or stocks.
Why do investors/traders become victims of Binary options brokers?
People due to lack of knowledge and experience run after the advertisements appearing on social media which offer great returns and fall for them.
Many people tried binary options once and got lucky just like in any gambling game. They try their hands again and again with more and more funds and ultimately lose everything in a long playoff.
How to avoid binary options scams?
Trade only on an authorized and regulated trading platform. Invest only that amount, that if you lose, will not cause any dents in your financial standing. Do not let a broker trade on your behalf. These so-called brokers or “agents” will just empty your balance.
Research the company you are investing in. Investigate who all are behind the company. Check out their profiles. Make doubly sure that the broking firm is authorized and legit. The deeper is your research, the fewer is the likelihood that you will be scammed.
In the event, you have been tricked by a binary options broker.
In case you have been already scammed by a binary options broker you can get assistance from us. There is a possibility that you can recover your funds partially or fully. Take immediate action. The longer you wait, the less are your chances of recovery. With the advanced technology, we have today it is possible to trace your money path. All Scam Reports have a team of experienced people who deal with these types of scams. We know how they operate.
What is the recovery process?
The recovery process is a chargeback. It is a reversal of transactions you made by your debit/credit card or wire transfer. Remember do not pay funds through non-banking channels. Scammers will persuade you to pay through non-banking channels like iTunes vouchers or Paypal or Google Pay.
Binary Options scams are a reality and you should be aware of them. There are scams still going on in this field. Though many provincial governments have tried to stop it but are still unsuccessful. They have passed legislation and made laws to prevent investors from being scammed.
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