Scams in Binary Options still alive and kicking – Binary Options Hub

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Scamming the Scammed – ‘Recovery Experts’ Target Binary Options Victims

Fraudsters are promising individuals who lost money to binary options scams that they will get their money back

Many of our readers here at Finance Magnates will be familiar with the swathe of scam artists and con-men that made up a large contingent of the binary options industry. From rigging trades, preventing withdrawals and encouraging bad trades, many firms made millions fleecing innocent people of their hard-earned cash.

As a result of this, some regulatory authorities have now banned the sale of binary options to retail clients. Just last week, for instance, the European Securities and Markets Authority announced that it would be extending its binary options ban for another three months.

These bans may prevent investors from being scammed in the future but for those who have lost their money they offer only minor consolation. In fact, getting money back from scammers, who remain almost entirely anonymous, has been a challenge for most of the victims of binary options scams.

The recovery experts

Into this void has stepped a new type of con-artist – the ‘recovery expert’. Playing on the desperation of those who have fallen prey to scam artists, these people appear to be trying to trick the ex-clientele of binary options into parting with more of their money.

Finding these people is not difficult. Peruse the comments section of any news article covering binary options and you are likely to find a post along the following lines: I lost a lot of money trading binary options, thankfully company X helped me get my money back – just email company X here to find out more.

Dunde Wealth Recovery Group which claims to be regulated by the FCA

A visit to one of these websites generally yields similar results. Fake office addresses, fake US phone numbers and no indication as to who actually works for the firm.

Unsurprisingly, it appears that these firms also require up-front payments so that they can start your case. Of course, the likelihood of you ever seeing that money again is minimal.

One of the firms, Binary Options Recovery Specialist, even offers a set of hacking services, including password ‘recovery’ and credit score editing, alongside its binary options recovery resources. Anyone wishing to use their services must also pay in cryptocurrency – making it nearly impossible to determine who you are actually sending money to.

Another company, Dunde Wealth Recovery Group, even claims that it is owned by Merrill Edge – an online brokerage service owned by Bank of America Merrill Lynch. Not only this, but the firm’s site also says it is regulated by the UK’s Financial Conduct Authority, despite the company claiming that its office is in New York.

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US phone number, Ukrainian office

Determining who operates these sites is difficult but, in a couple of cases, we can see that they are not based where they say they are.

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Users of Scam Warners found that investigators247, a site that claims it can recover funds lost to binary options scammers, was registered in Odessa, Ukraine, by Qui Hoang. This is despite the fact that the firm lists American phone numbers on its website.

A similar website, Wealth Recovery Now, lists its address as being in Ohio and provides users with a US contact number. The site, however, was registered in Canada and the person that set it up did not provide any name or contact information.

Preventative measures

There are two main driving factors behind the creation of these scam websites. Most importantly, those that have lost money from binary options are usually desperate. These are not billionaires who can stand to lose a few hundred grand but regular people who may have lost their entire life savings.

Anyone in that position is likely to be desperate for help. This is especially true given how hard it has been for proper authorities, be it regulators or the police, to tackle scammers, most of whom are abroad and operate anonymously.

Binary Options Recovery – the site also offers hacking services

As such, those claiming that they can get people’s money back are catering to people who are likely in a state of despair. They need to get their money back and have a very small number of avenues to pursue in order to make that happen.

Equally important in this instance is, sadly, gullibility. People who have fallen prey to binary options scams are likely to have a limited understanding of trading, technology and financial regulation.

The scammers claiming that they will be able to get their money back are fully aware of this. Indeed, they use this fact to prey on them more and to take even more money from them.

Preventing such people from operating seems like a Sisyphean task. The site operators are difficult to find and, as soon one is shut down, another pops up somewhere else.

Perhaps the best means of stopping them would be to stop the supply of victims. Authorities could ensure there are better means of recourse and, as hard as it may be for them, victims of binary options brokers should not be tempted by any offers of funds recovery that sound too good to be true.

7 Binary Options

Binary options trading software is a great way to boost your trading advantage. However, you need to be aware that not all of the automated signal providers that are advertised on the internet are reliable. Some of them are even downright scams. It is important to make sure that you are investing your money with a legitimate trading system.

Binary Options Pro Signals is one of these automated trading robots that claim it can earn you thousands of dollars in just sixty scones. Can this trading system be trusted or is it in fact just another scam system? Read our Binary Options Pro Signals review to find out the truth.

Basic information:

Cost: Free
Software: 100% Automated
Max Returns: Up to 88%
Minimum Deposit: $250
Countries: All nations

  • Website is easy to navigate
  • Binary Options Pro Signals software is 100% automated
  • $14 charge for 14-day trial
  • $97 monthly service fee
  • Customer service is subpar and unresponsive
  • Customers have complained that they were not given the promised 60-day money back guarantee.

7BO Verdict:

Not Reliable Service

What Is Binary Options Pro Signals?

Binary Options Pro Signals is a fully automated trading system that claims it can accurately predict trading signals and earn users thousands of dollars within just minutes of activating their account. There is a 14-day trial offered for this system, however, you will be charged $14. After this time, should you continue to use the service, you will be charged $97 a month.

Binary Options Pro Signals boasts that it has the largest variety of trading assets available for traders and even offers a 60-day money back guarantee if you are not completely satisfied.

Okay, first of all, we feel that the $14 charge for the “trial” period is a bit much. There are plenty of other signal providers out there that offer free trials, as well as free demo accounts. Secondly, the month charge is also a bit exuberant. And as far as the 60-day money back guarantee, we read far too many complaints from traders that said they put in a request for their money back guaranteed and are still awaiting a response from Binary Options Pro Signals customer support.

How Does It Work?

Once you make your initial standard deposit of $250 and create an account with one of the brokers associated with Binary Options Pro Signals, as well as pay the $14 for your 2-week “trial,” you will be able to gain access to the trading software. As it is fully automated, you can set it up so it will automatically place trades on your behalf. Once you start to see a profit, you may initiate the withdrawal process.

However, we must point out that the majority of traders who have used this service have stated that they do not obtain any winnings with Binary Options Pro Signals. Others complain that they filed for the 60 Day Money Back Guarantee as they were unsatisfied with their service and never received word from customer service regarding their request. We feel that these factors render this service untrustworthy and therefore we cannot stand behind this trading software.

Conclusion: Is Binary Options Pro Signals a Scam?

As of this writing, we have no proof that Binary Options Pro Signals is, in fact, a down and out fraud, but we strongly recommend that you do not sign with this trading system. There are far more reliable trading systems available, both for manual and automated trading. The number of negative reviews and complaints we found regarding Binary Options Pro Signals lack of results and poor customer service leads us to believe that this system cannot be trusted under any circumstances.

Binary Options Scams

For about ten years, online binary options scams were ubiquitous.

Don’t Let Them Mislead You – It’s All Smoke and Mirrors

Challenging binary options scams can be very complex and mistakes can cost you. MyChargeBack analyzes your case and assists you throughout the entire recovery process.

In the first two decades of the 21st century the internet became Ground Zero for binary options scams and binary options fraud.

Perhaps what first drew you to their website was a pop-up ad. Or a social media post. You clicked and found an attractive, professional -looking presentation promising you:

  • A quick, profitable return
  • A huge immediate bonus just for joining
  • An easy-to-manage online binary options platform

You signed up and soon their representatives contacted you. They introduced themselves as your “brokers.” And then you transferred funds, most likely using your Visa® or Mastercard.® Soon, you found yourself trading stocks or foreign currencies, indices and commodities. To help you out, your “broker” courteously provided personal coaching. And timely recommendations. (Real brokers cannot do that because it’s patently illegal).

While legitimate, government-regulated online brokerages do exist, their many more unregulated firms – especially those offering binary options – whose operators based their business models on swindling unsuspecting and inexperienced investors over the internet.

It’s a Video Game

You assumed the unregulated firm’s state-of-the-art internet site would allow you to trade. Actually, however, it’s nothing more than a video game. The binary options platform it features does not follow obligatory trading rules and procedures. In fact, it’s not even plugged into a true market exchange. The gains you supposedly made and the losses you supposedly suffered, are all imaginary. Nothing more than smoke and mirrors intended to convince you it’s for real. Oh, and that bonus you supposedly received? It was just as imaginary as everything else.

What Happens with Your Money?

Unregulated brokers promise you that they deposit your money in a segregated bank account. They like to think that they will prove their integrity and convince you that they guarantee your access to your funds. However, no such personal account exists. That also is a fiction. Your money went straight into their own bank account instead.

Sure, they promised that you could withdraw your money whenever you want. But you will soon find out that’s easier said than done. Some firms will ignore your requests to access your funds outright. Others will bounce you back and forth between different departments in order to exasperate you. To the point when you’ll just give up. And then there are those that will point to the small print on the Terms & Conditions page. Squint your eyes and you will see that you agreed to first reach an unattainable amount of trades. Or repay that huge bonus they gave you before you even apply to withdraw your money. Or both.

A Binary Options Scam by Any Other Name Is Still a Scam

For about ten years, online binary options scams were ubiquitous. The damage they inflicted on consumers was enormous. In response, a growing number of countries banned binary options trading by retail investors. In 2020 the European Union (EU) enacted a temporary ban as well. It renewed that ban on an ongoing basis until July 1, 2020. By then the last online binary options site registered in the EU finally shut itself down. In addition, Google and Facebook ceased accepting ads linked to binary options sites. These actions, as welcome as they were, however, merely encouraged many operators of phony binary options sites to re-brand themselves. They now claim to be online forex brokerages and even private banking firms.

Beware. The terminology changed but the scam remains the same.

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