Binary Options trading seem to be very lucrative these days, and that’s the reason scams find a nice breeding ground because they make good profits out of the pockets of ignorant traders across the world. It is very expensive to find yourself on the receiving end, especially when you end up losing a huge amount of money. This is because scammers are merciless people who only want to pounce on your investment the moment you put them in an online trading account.
It is also for the same reason that the Binary Options industry has gained some negative publicity lately. It takes a careful eye to spot these scams a mile away. It takes thorough research to weed out scams and only work with platforms that offer real trading opportunities.
Understanding Binary Options Scam
By no means should you make a blanket judgment on Binary Options just because you or a friend made a terrible mistake only to lose everything. As a matter of fact, there is lots of money to be made when trading Binary Options. But of course this only happens when you team up with the right broker or signal service.
You must therefore approach this business with caution at all times. Both brokers and signal service providers can pose as genuine when they are not. They promise huge bonuses while also teaming up with signal service providers who equally rob their users of money.
Therefore, if you still feel that Binary Options is a investment venture worth pursuing, this article will help you get started the right way.
Why there is so much Scam in the Binary Options Industry?!
Unlike Forex, Binary Options are a relatively new class of products in the financial/asset market. As with anything new, scammers are always on the lookout for profitable opportunities.
They know that promising lots of money to help fund your extravagant lifestyle is all you want to hear. People are wired to think irrationally when it comes to the thought of building wealth in a fortnight. They imagine turning from a nothing to a something the next morning they wake up, thanks to a well executed marketing plan that these scammers have.
Again, scams are fueled by the fact that people want shortcuts in life. Most people know that there’s good money to be made in online trading. But they tend to believe that Forex is difficult, and that Binary Options is just another form of Forex trading that gives them the same thing without having to subject themselves to complicated trading setups that Forex traders have to endure.
This is obviously a lie and a misconception. If you were to trade Binary Options without robots, you would see that it takes the same knowledge that Forex traders have to remain successful in the business, at least in a long term period.
But you see, Binary Options promise more money in a relatively short period of time (which is true by the way). With an option to Call/up and Put/down, anyone can get started even if they were to do so through guesswork.
Bottom line is this; Binary Options scams thrive where there is the promise of making lots of money easily and within a short time.
Due to the simplistic nature of Binary Options, many people are willing to join, hence many people end up being scammed. So if you don’t want to be among them (those who lose money on a daily basis due to Binary Options scam products), we suggest that you read the followings section on how to avoid Binary Options scams online.
How to Identify and Avoid Binary Options Scams
The Power of Reviews
User testimonials and reviews should tell you what a broker or signal service provider is up to. Scrutinizing a broker or trading robot are two different ball games altogether.
If you’re interested in researching the legitimacy of a broker, you’d be interested in their background, way of doing business, registration details, and physical address. Then you’d also want to read their terms of service or policy on trading using bonuses. You should not assume that anything is clear when you haven’t understood anything.
If they claim to be registered, conduct a small Google search to find out if they are indeed registered with the said governing body. See what people are publishing online about them. Ultimately, know whether or not accepting their bonus will lock your money in their account.
Talking about reviews, you have us!! 10BinaryReviews.com will expose all filthy signals and brokers with valid proofs and save you before you fall into any kind of scams. We are not afraid of anybody and these fraudsters can’t touch us once we have traders support, which means every single one of you!
This is very common with signal service providers who purport to offer powerful trading robots. They usually put up promotional videos on their sites to convince people to use their software. So while watching these videos, just remember not to trust too-good-to-be-true success stories or software products.
A typical Binary Options scam will have a few characters proclaiming how they roll in endless amounts of dollars. But they will never have a simple SSL certificate to protect their website and user information therein.
If they can’t invest in an SSL certificate for their money-generating business, then it only means that they are not serious about what they are offering. No one can play around with a goldmine, and more so when it comes to hosting it in a vulnerable environment like the internet.
Lack of Professionalism and Support
This is in addition to the point we mentioned above concerning suspicious video testimonials. If you come across some random website with poor quality design, do not think that you will benefit from what they are offering. If indeed the owner was a filthy rich Wall Street trader, he would invest in his business, and that effort would clearly manifest in the way his or her website is designed.
In terms of support, you must look for a broker or signal provider who is always ready to answer your questions. Some of them are enthusiastic enough to including a chatting feature on their sites. This means you can ask questions or seek clarity at any time and you’ll always be assured of a quick response.
On the other hand, if you feel that the broker or signal provider is hesitant to facilitate communications between them and their clients, then it means something terrible is bound to happen when you proceed.
Here’s a list of scam brokers/products to watch out for
1 The Fisher method
2 Aussie Method
3 Hercules Profit pro
4 Society of Millionaires
5 Cash Code
6 Oz Robot
7 Binary Chaos
8 My online business
9 The Apple stock robot
10 Legal Insider Bot
11 ..and all other Binary Options scam software whose names end with the word ‘’Method’’.
You will realize that the above products have something in common. They all promise riches in one night. They all flaunt expensive cars and apartment to convince new traders to sign up. Keep off completely. They are what we call Binary Options scams.
We at 10BinaryReviews.com hunt down all scams and recommend only the genuine, working and profit giving Binary Options Signals and Brokers. You should check our unbiased reviews right before going with a random software or broker you stumbled up on. To your success!!