If you’re thinking about trading binary options, it’s important that you be aware of the many scams out there. These scams can come in many forms, binary options brokers or forex brokers but they all have one thing in common: they’re designed to take your money without providing anything of value in return.
Moreover, they are often offshore regulated, or simply unregulated companies that are NOT authorised to offer any financial service.
So, are all binary options brokers fraudulent? We already answered this question on this article, but here are a few things to look out for if you think you might be dealing with a binary options scam:
Promises of high returns
No investment is risk-free, and binary options are no exception. If someone guarantees that you’ll make a lot of money quickly and easily, they’re almost certainly trying to scam you.
Be wary of any binary options broker that claims to have 100% success rates. No investment is ever guaranteed, so anyone who says otherwise is not being truthful.
Unwanted calls and emails
Secondly, beware of anyone who cold calls you out of the blue and tries to pressure you into investing in binary options. Reputable brokers will never do this; they will only try to sell you their services if you’ve expressed an interest in binary options trading first.
If someone is trying to get you to invest in binary options without having done any research themselves, or without knowing anything about your financial situation, they are probably a scammer.
Pressure to deposit more
Another red flag is binary options brokers who try to get you to deposit more money than you’re comfortable with. They may say that you need to deposit $500 to get started, but then pressure you to invest more once you’ve made your first deposit.
Scammers will often try to get you to invest more money than you’re comfortable with. They may do this by offering bonuses for larger deposits, or by threatening to close your account if you don’t make a deposit immediately.
If you’re having difficulty withdrawing your money from a binary options broker, that’s a red flag. It’s possible that the broker is simply incompetent, but it’s also possible that they’re deliberately withholding your money in order to scam you. Especially if they are not regulated by any relevant regulator authority.
If you suspect that you’re being scammed, your best course of action is to withdraw all of your money immediately and find a different broker. Don’t let yourself be taken advantage of by binary options scams.
Scammed by a Binary Options Scam?
The good news is that assistance is available. MyChargeBack, a specialised organisation committed to assisting consumers in recovering monies lost online, is available 24/7 and has assisted people all over the world in recovering millions of dollars.
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