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Are Binary Options a Scam?
Sometimes referred to as binary trading or binary options trading these products are 100% of the time a scam.
Binary options are financial products that bet on the outcome of an event. For example you bet $50 and win $100 if the price of a product increases by xx% or to xx$ etc.
Where Did Binary Options Trading Originate?
They originated in Kyiv, Ukraine Tel Aviv and Israel. They are banned in many parts of the world including recently on May 3 2021 in Australia. This doesn’t stop people falling prey to them though. They are advertised many places like on social media like Facebook and Instagram. That’s right places like Facebook and Instagram will advertise scams to you. The amount of money that people get paid to advertise scams means that many people are willing to do it and the penalties just aren’t in place so it’s a crazy world out there sadly. No matter how much we are offered to promote binary options we would never put our readers into this scam of an industry unlike many of the top investment/financial websites and platforms.
How Do Binary Options Scams Work?
They often get you to start your “investment” with them by asking for a small amount $100 to $500. They say this will be loaded into your trading account which you can trade with. Or some providers will “trade for you”.
This amount often quickly increases (often in their fake platform) and shows you have made a lot of money easily. They then contact you to “invest” more money with them. This is where they will sometimes ask for amounts $10,000 and more. They will then show great results again, often in their fake platforms. It’s only when it comes time for you to withdraw the money out that they make up excuses as to why you can’t withdraw or say you have suffered bad returns and all your gains are now gone. Some will just fully close up your access to their “platform” and appear to disappear online.
If you have ended up getting sucked into one of their scam sales funnels the information at the bottom of the below article will help you with ways to get your money back.
Can You Make Money With Binary Options Trading?
The short answer is NO and the long answer is also No. Anyone who tells you otherwise is trying to get you into their sales funnel to sign you up to “trade binary options” to effectively have you scammed by the provider
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