It is highly doubtful you will ever recover your money from a binary options company. What you think is a binary options company is usually nothing more than a stranger in a foreign country who talked you into giving them your money. Follow me to see the Devil in the details.
The Binary Options Scam.
With one exception, trading binary options is a scam. I’m sorry, but that is the case. The United States Security Exchange Commission reports that most Binary Options brokers are unregistered and suspected of manipulating software and locking people out of their accounts.
Anyone who promises they can get your money back is also trying to scam you. No one can get your money back. I know that may sound brutal and I’m sorry. It’s a hard truth, but it’s still the truth.
Money only flows one way with these scams. Money goes in, but it doesn’t come out.
Anatomy of the binary options scam.
If might be helpful if you understood how binary options scams work.
Usually, there is a promise of fast, easy money, and a lot of it. They offer free software or a free robot trader and promise all you have to do is open a free account.
Early in the process, the so-called binary options broker will ask for your phone number. Then you will be sent to another web page where you can open your account.
Before you can play the binary options game, you must activate your account by depositing money into it, usually about $250.
Remember, money only flows one way with these scams. Money goes in, but it doesn’t come out.
A so-called advisor or coach will call you to encourage you to deposit at least $250 and try to get you to deposit much more. This person is NOT your friend.
If you deposit the $250 and initiate the automatic trading software, it will look like you made a lot of money fast because digits that look like money will appear in your trading account.
It might look like you made money, but you didn’t. The software simply generated some numbers into your account. You cannot take this money out of your account because it’s not real.
The binary options scammer is trying to trick you into believing you made a lot of money, so you will put more of your real money into the account.
Your advisor may try to talk you into depositing $10,000 or more. They will make you feel greedy to earn more money faster. Please do not fall for their story.
If you give them more money, they will keep pretending you are making winning trades by manipulating the software. You are not winning trades. The money in your account is not real.
The money you gave to the binary options broker goes straight into his pocket. He wouldn’t know a binary option if it bit him on the butt.
Once the binary options broker thinks he’s gotten all the money he can from you, he will lock you out of your account. Every penny you put into it is gone forever.
Most Binary Options Brokers are Strangers in a Foreign Country.
99% of the so-called binary options brokers are scams based out of foreign countries. In the US, there is one registered binary options exchange, NADEX. NADEX is the only legitimate and regulated binary options exchange that I know of.
However, I DO NOT recommend trading binary options in any form, not even with NADEX. Trading binary options is gambling. No licensed financial advisor in his right mind would recommend binary options.
The Binary Options Market is NOT for the small trader!
The binary options market was created so huge hedge funds and pension funds could make money when they dump junk stocks. The only way these massive traders can make money when they dump junk stocks if there are millions of small investing putting money into the market. They win, you lose.
NADEX’s job is to bring millions of small investors into the market so the big boys can make money.
Much of the information on the internet about investing or making money is intentionally misleading. If you would like to understand how to invest, I’ve written a short article that explains the difference between investing, gambling and scams. You can read it here.
A Better Option for You…
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If you found this article helpful or have experience with binary options , please leave a comment below. Thank you.