How You Can Avoid Binary Options Scams

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Binary options scams

Find out how binary options work, how to avoid scams and what to do if you are scammed.

Update: The sale of all binary options to retail consumers is now banned. If you are offered binary options, it is probably a scam.

Binary options are a form of fixed-odds betting. Typically, a trade involves whether an event will happen or not (for example, will the price of a particular share or asset go up) and the outcome is either yes or no.

If the investor is correct, they ‘win’ and should see a return on their investment; if they’re wrong, they lose their full investment.

From 2 April 2020, we permanently banned firms from selling binary options in the UK.

This follows the European Securities and Markets Authority’s (ESMA) temporary ban on the sale of binary options to retail consumers across the EU, including the UK, since 2 July 2020. Our ban includes certain binary options that were excluded from ESMA’s temporary ban.

How binary options scams work

Binary options fraudsters often advertise on social media – the ads link to websites that are well-designed and professional looking.

The firms operating the scams tend to be based outside the UK but often claim to have a UK presence, often a prestigious City of London address.

Scam firms may manipulate software to distort prices and payouts – they then suddenly close consumers’ trading accounts, refusing to pay back their money.

We are aware that scammers are targeting consumers searching for investments online, in particular through search engines like Google and Bing. Those offering or promoting products or investment opportunities found through search engines are not necessarily authorised or regulated by the FCA. You can check the FCA Warning List for firms to avoid.

How to protect yourself

Be wary of adverts online and on social media promising high returns from binary options trading.

You should only deal with financial services firms that are authorised by us. As the sale of binary options to retail consumers is now banned any firm offering binary options services is probably unauthorised or a scam.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

If you have any doubts, check the Register to ensure a firm is authorised. You can also check our Warning List of firms to avoid.

You should check the firm isn’t a clone firm by asking for their firm reference number (FRN) and contact details and then calling them back on the switchboard number on our Register – never use a link in an email or website from the firm offering you an investment.

Always be wary if you’re contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true.

If you have been scammed

You can report the firm or scam to us by contacting our Consumer Helpline on 0800 111 6768 or using our reporting form.

If you have already invested in a scam, fraudsters are likely to target you again or sell your details to other criminals.

The follow-up scam may be completely separate or related to the previous fraud, such as an offer to get your money back or to buy back the investment after you pay a fee.

If you have any concerns at all about a potential scam, contact us immediately.

How to Avoid a Binary Option Scam in 2020

I work with affiliate partners and may be compensated from the links below. I work very hard to vet and test out every program before I make a recommendation. Details here.

After today, we will no longer be publishing reviews on Binary Option Scam programs.

We have extensively covered HUNDREDS of these programs over the last 14 months. We’ve said just about everything we possibly could have on these scams.

We also seemed to have made quite a few “review” sites angry by not actively promoting ANY binary option programs.

It’s hard to promote something you willingly know will be robbing people of their hard earned money. The people affected by these programs are the ones who usually have it all on the line and stand to lose the most. I could never comfortably live with myself knowing I was making money in that way.

These fake review sites like to point fingers and claim we’re lying to deceive folks. They essentially accuse us of the exact tactics they are using. It’s definition insanity.

Why I Don’t Deposit Money into Binary Option Brokers

A new binary option program pops up daily, sometimes 2 or 3 open shop, each and every single day.

These programs are designed for one purpose: to get you to deposit money into a foreign brokerage account that is not regulated by any U.S. law.

Meaning, you have little to no recourse at ever getting any of your money back, filing a complaint, or sometimes even withdrawing the money on the off-chance you win one of your bets.

These programs typically have a $500 minimum deposit.

With two popping up per day, I would have to spend $1,000 of my own hard earned money, every single day just to test their claims.

Listen, I don’t need to punch myself in the face to know it’s going to hurt.

And I also don’t need to send $1,000 per day overseas to know I’m not going to become a millionaire just by pushing a button or by following some secret algorithm.

Here’s the Million Dollar Reveal…

There’s a program being touted as a guaranteed winner right now.

Numerous fake review sites are popping up promoting it. It’s called Fast Cash Biz and they 100% guarantee you’ll earn $10,000 per day on average JUST BY PUSHING A BUTTON.

I am not personally exaggerating this. These are the exact claims made by Fast Cash Biz, taken DIRECTLY from their website.

Here is a screenshot directly from their page…

Let’s think about this rationally for just a second.

If it were that simple to make $3,650,000 per year, why on Earth would I ever advise against joining?

We could all be millionaires overnight!

There is literally no reason for me to ever say a bad word about this program.

Unfortunately, reality falls far from their claims.

Here’s the Binary Options Fraud:

Did you know that Fast Cash Biz pays out $250 in affiliate commissions?

That means, any of those fake review sites are paid $250 every time a new user follows one of their recommendations.

Last time I checked, my Fast Cash Biz review was averaging over 100 views per day.

If I were to review it positively and recommend that people join it, I suspect I could convert on average 10 people per day.

This means, I would make $2,500 per day in affiliate commissions from Fast Cash Biz ALONE. This is close to A MILLION DOLLARS PER YEAR just for one article.

Hey… are you starting to see why so many of these fake review sites are popping up?

And this is just ONE PROGRAM.

We have HUNDREDS of these reviews in our database. I am comfortably sitting on millions of dollars worth of commissions if I were to give these scams a positive recommendation.

Why on Earth would I ever advise against joining a Binary Option program?

You already know the answer to that…

Because what they claim isn’t possible.

The only people making money here are the scammers suggesting you deposit money into these shady brokers.

That’s all there is to it.

How to Avoid Getting Scammed by Binary Options

1. Ask yourself “is this too good to be true?”

And really, this list needs to just be one item long.

Most of the time, these scams are advertising guaranteed wins on binary option betting.

If you’re unfamiliar with binary options to begin with, you’re betting on whether or not a stock will go up or down within an incredibly short time span.

You are basically betting on a coin flip.

Would you trust me if I told you I could predict heads or tails with 99.9% accuracy?

Dear lord I hope not.

Now what if I told you that I could turn you into a millionaire overnight just by guessing heads or tails.

You’d think I went crazy and you’d immediately stop talking to me.

Apply that level of sense to your online interactions.

2. Check to see if the Exchange is registered with the SEC

If the advertised exchange isn’t on there. Don’t do any business with them.

And really, this is all there is to it.

Use common sense, and research where you are sending thousands of your own dollars.

The Good News

I suspect we’ll start seeing some of these fake review sites shut down in the coming months. Expect to see headlines where they issue millions of dollars in fines and possibly even jail time.

It’s happened before with scams we’ve covered previously. It’s only a matter of time at this point.

The claims being made by these programs are also getting increasingly outlandish.

Their marketing methods are becoming ineffective and these are last ditch efforts to attract new victims. This is a cycle we’ve seen time and time again. And I will continue to work behind the scenes to make sure these scams are properly persecuted.

On our side, I’ve Tried That has been around since 2007 and has become one of the most trusted voices on the web.

We’ve celebrated our 12th anniversary this year and we are happy to continue to work tirelessly for all of you for years to come.

What’s Next?

We’re going to be bringing the site’s focus back around to the reason we started this site in the first place. We’re going to keep providing you with high-quality internet marketing information, legitimate work from home jobs, and in-depth looks and the testing of claims made by credible products.

At this point, I’ve said all I can about Binary Options scams.

Starting tomorrow, we’ll no longer be covering them.

Stick around. I think you’ll quite like the direction we’re heading.

Binary Options Scam | Types of scams and how to avoid them

Binary Options Scam is a significant concern of general option traders. A binary options scam is something anyone can avoid with the right information. Due to the amount of binary options brokers out there, it is very important that you know exactly who to trust and what to expect. So, how can you prevent a scam from happening to you?

With all the possibilities of making a lot of money for a short period, it is easy for you to look at it from a perspective that most scams are taking advantage of new traders. It makes sense when you say somehow we are naturally wired to need more. If a person promises you more money, and you get confused with their sweet talks and facts here and there you will not escape because you will fall into their trap. Despite that facts that every lie has a faint tell- tale signals that shows evil act, in most cases we forget to interpreter this signals or even we do ignore them hoping to capitalize on them but, at last, we find ourselves trapped. This is the facts where the scammers thrive on.

Most of these scammers are professionals, so they know if they play a little bit with your emotions and make you feel good, you will fall for them by purchasing their software or fake programs. As a matter of facts what most scammers do is to invest in a website that looks more professional and on top of that they will do everything they can to make the site look more legit. Then from there am sure to escape from their tape it is very hard and if you’re a newbie, you won’t survive.

Binary Options Scam Works Like This:

  1. A fraudulent company opens a website to look like a legitimate binary options broker.
  2. They create a trading signals software that promises 100% accuracy, and some are bold enough to write 100% guarantee.
  3. They advertise their trading system under multiple names, with fake testimonials.
  4. When you join the scam, you quickly lose your initial deposit of $250.
  5. The trader receives a phone call from a “senior broker” who tells them to invest $5000 and their money will be managed.

It is very hard to know that you will be scammed because everything looks legit. But the moment you deposit your money with them is the time you will realize that you’re scammed. This is the time you will understand that money has exchanged hands once you have scammed. It is impossible to withdrawal your money once deposited with them, and this is one sign that you have departed ways with your hard earned cash.

So to help you identify these traps and save time and your money, in this article we will outline all the information that you need to know about this horror world of scam through the industry of riches binary options trading. For you to be able to avoid this business is sometimes very simple but one big problem is to let go of your emotions for you to escape. The reason behind this is that many scammers use your feelings, fear and greed tactics to scam you. But once you have mastered this you’re in a better position of saving your money and time wasted reading this and following these unscrupulous dolts. Most of the scammers are comical in how stupid they are while at the same others are professional cons that will lure you in what seemingly to be genuine with their fake reviews that are positive but you will be surprised when you will know that things aren’t they way you thought were. So in this article, I will outline methods that you can use to avoid them and their traps.

The following is a list of products that is associated with this horror of binary scam:

  • Secret Algo-Bot,
  • Overnight Profit APP
  • Binary Reserve System
  • The Pearson Method
  • Protected Profits
  • QUICK CASH SYSTEM
  • Occupy Wall ST
  • MockingBird Method
  • Spectre System Scam
  • Channel Ranger Is Scam
  • Bayesian Binary Is Scam
  • Ultimate4trading scam review
  • Platinum Profits is Scam
  • Triple Threat Trade is Scam

What kind of Binary Options Scam you may suffer?

Downplaying all the risks

The most popular and easy way a binary options broker can get you into a trap is by downplaying risks to trade. This is one of the frauds styles they and this one highly depends on customers who are not informed who are mostly newbies.

This act of fraud occurs even a customer deposits its money. However it is normal that you hidden cons and display pros in business but it is good sometimes not to hide cons when it comes to money investing business. The worst things these binary options brokers do is to make a wrong assurance that you will make a lot of profits. Sometimes they even go ahead and give a false testimony that 3 out of 5 traders won big cash. I cannot deny the fact that it is very easy to trade binary option regarding operationally but then there some skills you need to master before you enjoy the fruits of trading binary options. Most of the adverts that I see only are adverts that promote this binary scam. For example, an advert that you can $18,000 per week from trading binary options is a scam advert. Yes, you will get a lot of profits but this amount is a lot for a week. It is the high time for binary options brokers to give clear and collect information to their traders.

Today in the world of binary option scams bonuses are the most frequent and leading scams. All binary options companies offer rewards, and that is helpful to some point.

The most important thing here is whether the customer understands terms and conditions associated with this bonuses. Here is where the broker is required to intervene to ensure a trader understands all the terms of the gifts before they accept it.

According to many recommendations written to this binary options firms, a form should be provided so as the customer can accept this offers in the shape of a written acceptance. Also, I think that bonus money should be dealt as a bonus, not from the customer deposit. Today I want to warn all traders that if you accept this bonus, all trade money are counted as bonuses profits at the same time all trades lost are deducted from your deposit. This is the rule at all binary options traders should beware of.

Hidden terms and conditions

This is a wider area, but I will try to make it short. All you can find more information on the same on different articles that talk about binary options trading scam under terms and bonuses. Recently I received an email from one client claiming that he wasn’t able to withdrawal his money. So I decided to call the broker, and amazingly the broker quoted part of their terms and conditions which is not mentioned under withdrawal. According to this rule, a broker has the right to stop a withdrawal if the customer invests more than 5% of the total capital they have a right to end the transaction because they suspect that sometimes is not good. This is among their hidden terms or uncertain terms.

The threat of Cold calling

Sometimes when you are at home relaxed you receive a call from a business owner informing you about their investment opportunity. In most cases they tell you that you invest a small amount, but you will earn big. Most of these calls are associated with binary options scams. So be warned of this people. These scammer brokers are slowly killing the binary options trading industry.

Manage account Frauds

Almost all binary option trading firms provide one-on-one trading sessions, personal account manager to ensure traders feel good by giving the personalized care, but I don’t think it is necessary for brokers to provide this service. However, you will agree with me that binary options business works according to the direction of the broker. The direction they want the business to go that is the direction used. So this makes the point of providing the customer with a personal account manager useless since the account manager and the broker work for the same goal. So people should stop playing with the money of a client. For that reason, I total discourage all customers not to cede the management of their accounts to the so-called managers. Their primary motive is to try and bring more traders on board for this stupid and wrong reason. Mostly the trader scores part of winning trades before something changes to the opposite direction.

Withdrawal Refusals

Now it is the worst binary options scam of all time; it’s the last step before regulatory bodies come in. There most cases that I have seen traders are required to verify the identification before the receive their cash or before the transaction is confirmed. If they had practiced this, the problems that we have about binary trading bonuses and offers could not exist anymore. So the brokers should ensure they conduct a fair trading with the investors.

When you experience this problem, and you try to call them they don’t answer calls or reply to emails that this the biggest mistakes ever occurred in the world. Take a situation where you are not receiving your hard earned money and the person you think can help is nowhere to be seen. In most cases they try to cover this mess by claiming that the customer has not reached bonuses turnover when in the actual sense the client has reached that mark. Sometimes they try to make it hard so that the client can give up. But the right thing regulatory bodies are now aware of this cases so if you experience this problem, and you are sure of what you are doing and saying just contact AMF, you will be sorted out.

How to avoid binary options scam?

As I have mentioned above, there are always some tale-tell signs to spot, and your senses will warn you not to do business with this people or brokers, but we always ignore these warnings and signs because we are fooled and blinded by the promise of making thousands of dollars a day. So here I have outlined some of the things you need to check before starting partnering or trading with this person.

Do not work with sites without SSL Https certification

The primary motive of this people or the world of binary scams is to make more profit while at the same time minimize costs for doing so. SSL certification is a very expensive invest, if you find this broker has not invested in it, then he is not a reliable agent as he claims to be.

SSL certification usual they are located in the address bar, where you find the site name comes first instead of Http. Additional the green bar appears on your left-hand side of the address bar. This shows that the site is secured, and all user experience is taken into consideration very seriously.

Do not trade with non- regualated brokers

Some special bodies regulate all the activities of agents. The broker should have at least registered with one body because if they have chosen to do this business, there is no reason they will fell to register. If you find a binary options trading site without any of these regulatory bodies, then run away because they are scammers.

Do not become attracted to fake reviews/testimonials

With the world of technology that we are living in, it is very simple to identify fake video testimonials by using computer software. If you have a good software is just a case of dragging and dropping video. The software will tell you if the video is genuine or is the one meant to play with your emotions. Sometimes it requires you to pay close attention to whether the content of the video is making sense or not.

Do not get over exited with Bonus and promotions

The truth is that brokers are doing business to make money not to help your money. You will agree with me that genuine brokers are likely to do fair business with you. However, agents in the world of binary options do dirty illegal and dirty business with you. If you find that they will give you $500 as a bonus for just signing with them, beware! No one is too generous when it comes to the world of business. This whooping cash you are attracted with is meant to cost you a lot of money.

I also encourage you to be aware of binary options software that give a promise of giving you 90% or more win rate. Whether you agree with or not no software is ever accurate. But to mention the least good software can give you up to 80% accuracy. So if you find things and promises that sound unrealistic probably you should stay way because that is a scam.

Know the Details of the domain name

Today many scammers are registering a website for one year or less so that they can conduct the crime and bring it down for a short period or when they feel that their mission has been discovered. This is the trend in the world of domain registration you should be aware.

If you can research well and you can across a binary options website that is registered for one year or less then be sure that is meant for scamming purpose avoid it. Also, you need to check at their domain age and Alexa ranking but it is advisable not to use this as a solely determinant because some scammers can do right things here because they know they will make more than what they will spend here.

Ensure the customer service of these sites is of top notch. If you find their customer support is not they are trying to save on cost, that is not a good characteristic of an honest broker.

One thing to remember some of the binary options scammers are good actual professional scams so they can do everything in a proper manner that a genuine broker can do to attract you to their trap. So you job here is to find out something that you think can expose them out of their curtains. By so doing you have helped a lot of people escape their traps that are so many. Also, when it comes to matters like this you need to trust you instincts and move on. Don’t strain with thoughts that you will make millions within no time while losing your hard earned dollars.

Finally, you should pay attention to sites that warn you when you try to hover a mouse or leave the page. In most instances they will play with your phycology by saying don’t want to win, or you don’t want $300000 pure profit a day! This warns will keep coming after few minutes so try to avoid them because if you follow them, you will be scammed. My question is why does somebody beg you to enter into a business that pays well? That is a big question, for now, and you need to find a solution to it.

The Bottom line

It is true that binary options trading are the kind of a business where you can make a lot of cash within the short period. But these being the case many scammers are using this as their weapon to con poor traders their hard earned money. Before you enter into any contract with this binary option. Ensure you ready their rules well. Incase you’re interested in their bonuses to ensure you understand terms and conditions associated with them by doing this you will be in a position of defending yourself in case your experience fraudulent acts. Don’t be caught aware because many scammers rely on traders who are not informed to con them. As I have said if you do it right, you will make a lot of money here but if you’re lead by greed, you will lose a lot of money.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

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