Binary Investment Scams
If it were a perfect world, the people we would do business with would have the same mutual interests and intentions that we do i.e. do good, and honest work that would result in a profit for everyone. Unfortunately, that is not the kind of world we live in and there are some individuals or companies that are making a living by fooling innocent people, taking advantage of their naiveté and making empty promises. They take their money based on these claims and then walk away, leaving a long line of victims behind them. With the advent of the internet, it has become easier than ever for these scammers to do their work and they have managed to victimize thousands of unsuspecting clients and investors.
Due to the anonymous and mostly unregulated nature of the internet and the ease with which it is possible to make fake websites for attracting people, along with the ability of communicating via email has made the online world a fertile ground for scammers. Lots of people have been fooled out of their money in different ways and binary investment scams are one of them. Binary options trading has also provided these scammers the opportunity to make a living by convincing people to part with their cash. How can this happen?
First and foremost, binary options trading is a fully legitimate form of trading. But, the online nature of the trading itself as well as the service providers, combined with the fact that it is relatively new, has made it a stomping ground for scammers. As compared to traditional stocks and commodities trading that requires established and large brokers, binary options trading only requires a convincing website that can lure uninformed individuals to a service where they are scammed. Since you cannot see or hear people you are communicating with, it is easier than ever for scammers to get away with it.
Most binary investment scams involve scammers presenting a binary options trading opportunity to people, asking them to invest their money. Upon receiving their investment, they first claim to make profits and show the numbers to convince people to invest more and more. At the end of the day, they claim that there was a loss and all subsequent trades will also result in a loss. Thus, the investor will be left empty-handed because the trades didn’t work in their favor. There are also cases where the scammer may not just be content with the money they get from people.
Some of the binary investment scams out there also involve ‘identity theft’, which means the scammer steals sensitive information like passwords, bank account numbers, credit card numbers and even social security numbers. They can use this information for nefarious purposes and it can lead to disastrous consequences for the investor. With the constant onslaught of such binary options trading system that are designed to deceive people and scam them, a lot of people become discouraged. These scams are ruining the image and credibility of the binary options industry, even though it is a legitimate way of earning.
If you don’t want to miss out on the opportunity to supplement your income, but don’t want to be a victim of one of the numerous binary options scams out there, here are some tips that you can use:
First and foremost, in order to check the authenticity of a binary options trading system, service or software, you should see what kind of claims they are making. If you come across any unrealistic guarantees, it should be a red flag. More often than not, the binary options trading software, system and brokers will offer quite unrealistic goals, which are complete scams and are designed to deceive newbie investors. If the returns are realistic, you can consider it as an option.
There is another way to check if a service, broker or system is another one of the binary investment scams and this is by taking a look at their domain creation date. You should check the date to see if it accurately reflects into the marketing practices of the system and no false claims are being made. For instance, if you come across a trading system that has a domain registered on 5th, March 2020, but it claims to be providing a 90% cumulative success rate in the last two years, then there is definitely something fishy. Those that are making such fake advertisements should never be trusted.
Another way to spot binary options scam is to determine what brokers a trading system or auto trader is working with. If they are only compatible with binary options brokers that have a notorious reputation, then it is safe to say that the system and the broker is not a good choice for you. An important thing to bear in mind is that your binary options trading software is only as good as the binary options broker you work with.
You can also check the authenticity of a binary options trading system, broker or service is to see if they make use of any ridiculous marketing widgets into the framework of their respective websites. There are some common widgets that scam marketers use and they are easy to spot, once you do some research. If you find any of them, it is best to avoid using that website altogether and find a better opportunity.
With these tips, you can avoid most of the binary investment scams out there, but it is also a fact that these scammers have gotten quite sophisticated with time. Sometimes, people end up falling for them despite their instincts and they have to deal with a loss of their hard-earned money. If you find yourself in such a spot, there are recovery services that can be used for getting your money back, such as Money-back. They can help you in taking the right steps after evaluating your case and you will not be left empty-handed at the end of the day.