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 Binary Options Scam

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BOfraud
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Joined: 11 Sep 2016
Posts: 2


PostPosted: Sun Sep 11, 2016 1:48 pm Reply with quoteBack to top

Hi there, anybody familiar with Binary Option Scams? If you are please do take the poll. Whether regulated or unregulated, it seems to be a common theme, that the Binary Options Industry is a scam. Multi Million Scam this is.

A key scam is that the account managers sell you the idea with a high return on investment and then burn all your money on wrong trades and ideas. Harass you/entice you to invest more to recover and yet burn all the deposit.

If you trade by yourself then they will never release your money. Either way you are stuck.
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Mortal
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PostPosted: Sun Sep 11, 2016 7:41 pm Reply with quoteBack to top

Hello BOfraud,

Thank you for your thoughts on this. However, binary options scams is not the kind of thing we deal with this here, stock exchange scams, binary options scams and the like.

In general, there can be fraudelent websites, but there are certainly legitimate binary options brokers. I definitely wouldn't say the industry as a whole is a scam, though.

Wikipedia seems to have a good write-up on the topic, that roughly covers what should people be aware of when dealing in binary options, so I will post it here who is interested (since I have no first-hand experience myself, only having researched it briefly in the past)

https://en.wikipedia.org/wiki/Binary_option

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BOfraud
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Joined: 11 Sep 2016
Posts: 2


PostPosted: Mon Sep 12, 2016 8:41 am Reply with quoteBack to top

Thanks for your response Mortal.


I have been swimming in this Binary Options industry and I have tried between 10-20 of these sites. Did not get any withdrawals out!

Even regulated Binary Options Sites. So whats your experience and what are the legit ones can you let me know please?

Sorry I understand, it's not the forum. I will not post any further questions.

Thank you.
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firehouse5
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Joined: 09 Mar 2004
Posts: 4931
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PostPosted: Mon Sep 12, 2016 12:15 pm Reply with quoteBack to top

As Mortal already mentioned, this is very different to the sorts of scams we cover here. But there are some very detailed warnings about scam potential in this area, and precautions that individuals might take if considering this kind of trading. Here's some info from government bodies:

US CFTC (Commodity Futures Trading Commission):
Binary Options fraud awareness

UK Gambling Commission
Summary, regulation and risk

Australian Competition & Consumer Commission: Scamwatch
"Don't be lured into binary options scams" (published last week).

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