The ugly side of the binary options

Posted by on Sep 16, 2016 in Binary Options, Ugly Side | Comments Off on The ugly side of the binary options

The ugly side of the binary options

Binary options are the trading tool that gives people the option to trade from home. Many scammers use these options as a tool for their trade. The main reason behind this is the low level of regulations in this type of trading. Another important reason is the virtual nature of the business. Everything is done over the internet which gives a lot of room for scammers to abuse loopholes and low security.

The most common scams happen via phone

Different types of scams plague the world of binary options. From brokers that fix trades to brokers, that prevent people from withdrawing their hard-earned cash. But the majority of the scams are connected to phone calls. Yes, the phone is still a major tool in the world of frauds. No matter what kind of video you look or what kind of text you read, nothing can compare with a soothing voice. binary-options-00039The best scammers are people that can convince you to give them your money with a call or two. They know how to sweet-talk you into anything. These people existed before the introduction of binary options and their existence continues. They will exist as long as there are people naïve enough to get scammed, and those people will always exist.

Breaking down the binary options scams

Getting a call from a “regulator” who informs you about the fine for the illegal trading might happen to anyone that trades binary options. The caller might have a lot of info on you and they also might sound as someone serious, but don’t buy their story. They will demand the payment of the fine, but they will also give you a way out. If you decide to pay at that right moment, then the fine will be smaller. Don’t even think about paying anything. This is a scam, and the caller got your personal data from a broker that sold it.

Yes, many shady brokers will sell your data to other scammers. They might seem friendly and all of that, but once they ask for extensive data you should become suspicious. They might not abuse the data, but they will sell it to someone who will. Some other deals have people that perform the call part. They call you and try to get more money out of your pockets. To avoid this kind of scam stick with respectable companies like 24Option.

indexDealing with platforms that stay as neutral observers rather than hungry sharks is the only way to avoid frauds. Those companies won’t try to scam you, or send other people to do that. Those people are account managers. Many shady dealers will appoint account managers to their traders. Those people will try to milk you out of your money. They will do everything possible to get you to deposit more money into the account. Some will even trade instead of you, investing your money in losing trades.

Binary options should give a player a chance to make a profit and have fun, and these people are trying to abuse that. Avoid shady brokers to neutralize a chance of being scammed.

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