Binary Options Scams, Binary Broker Scam Complaint & Binary Fraud
For about a decade, online binary options scams were rampant in in some corners of the internet they still are.
Don’t Let Them Cheat You – It’s All Just a Game To Them
Highly complex binary options scams are extremely misleading and signing up with a binary options broker can cost you your life savings. Money Back has analyzed hundreds of binary fraud cases and is excellent in assisting binary scam victims through the entire fund recovery procedure.
In the first 20 years of this century the internet has become the main stage for binary options scammers and binary options fraud experts. Maybe what first brought you to the binary platform website was an advertisement on social media or Google. You were curious and got sucked into an attractive get rich quick scheme that promised you:
- A quick way to get rich
- A big deposit bonus just for joining
- An easy-to-use online binary options trading platform or software
You opened an account with the platform and within just a few minutes a representative contacted you. He or She introduced themselves as an expert “broker” with year of experience. When transferred your funds, most likely using a Visa® or Mastercard® you felt that maybe something about this was too good to be true, but they promised that you will soon be rich. After some time, you fare in your account, hours upon hours per day, trading stocks and foreign currencies, indices and commodities. To give you a hand, your “broker” gives you one on one training in the arts of trading and all sorts of “trading signals” promising high returns. (Authentic brokers will never promise you returns on any trade).
While authentic and government-regulated online trading brokerages are easy to find, there is an entire industry made out of thousands upon thousands of unregulated firms and trading platforms – the firms that seem to be offering binary options – whose operation is entirely based on the art of swindling and fleecing new and inexperienced investors over the internet.
It’s No More Than a Game
You were promised again and again that the lucrative binary options trading platform would make you rich and that you can trade and withdraw money from your account whenever you want. The truth is that the whole scheme and “software” is nothing more than a game with all the chances stacked against you, just like in a casino. The binary options trading software or broker platform that they use does not follow any actual markets and the platform makes sure that you will eventually loose all of your deposit. The real truth of the matter is that the trading platform is not even connected to any financial market or bank or exchange. The profits that you think that you are making and the losses that you think are happening are all just running on an imaginary software on the brokers website. It has nothing to do with any kind of financial market. It is actually just an illusion that the broker is showing you to make you think you are actually trading. The “brokers” have gone to many lengths to try and convince you that it is actually real trading. What’s even worse, is that the “deposit bonus” that you were so excited about, that was fake too.
What Is Actually Happening To Your Money?
Scam brokers swear to you that they have deposited your money in a segregated bank account. The truth is that your deposit went straight to an offshore account where the scammers can hide the funds and pass the funds around several shell companies with no real actual shareholders, to make it harder for you to try to get your money back through any lawyers once you realize you have been scammed.
What about withdrawing funds? Of course, the scammers said again and again that you will be able to withdraw funds from your account whenever you want, the truth is that you after a while find out that withdrawing funds from your account is impossible. Some binary options scams will even close your account and block your emails as soon as you request a withdrawal. Other types of scammers will give you the runaround between various “departments” in order to tire you down. They are hoping that you will feel helpless and give up. Some of these scam binary platforms even added catch 22 Terms & Conditions making it realistically impossible for any trader to ever withdraw money once they have received a bonus. Upon reading those terms and conditions you find out the truth, before you even started trading, while you were signing up, you already gave the binary options fraudsters the right to never let you withdraw anything without first reaching an impossible amount of trades, heavier than most professional traders will trade in a year.
Now you finally understand the truth, these binary options firms are pro scammers and you are one of their new victims. The feeling that you have been duped out of your hard earned money is enough to throw most people into a depression. Some file complaints with their local police, hire an investigator to try to find the scammers and some even try to contact Interpol or the FBI. In the end just like any other scam that becomes as big as binary options, many countries decided to ban binary options altogether. In many countries it is illegal to sell or market binary options. But the scammers are even changing their schemes and now they have moved to forex and cryptocurrency type schemes. The same scam game, just with a different name.