The Huge Amount of Fraud In the Binary Options Industry

For the past 2 decades, people seem to have been benefitting from the opportunities made available to them by the internet world in the form of online jobs, online business & the most popular, online trading. Since the world of trading adapted to the internet, it has become accessible even for a common person, which used to be available for people who either were in this business for decades or had them inherited through their ancestors.

Throughout the passage of time, the world of internet trading has added more and more assets to its catalogue such as forex, stocks, indices, commodities & crypto-currencies that were easily accessible by any person who had access to the internet. Taking part in either of these trades allowed people to make fortunes and turned their lives from rags to riches in a split second.

At present, when the entire world has been enveloped by the Pandemic, online trades have provided people who have lost their jobs & businesses a platform where they can make a living for themselves through quick and easy moneymaking tactics.

TYPES OF ONLINE TRADES

In the world of online trades, people who are interested enough to make a living and try their luck, following are the trades they can choose to trade in:

• Forex

Foreign exchange (commonly known as Forex) trading involves the buying & selling of foreign currencies in the form of pairs. In Forex, people choose a pair such as USD/EUR, CAD/GBP etc. and then decide whether they would want to buy or sell. If they choose the pair (USD/EUR) and decide to buy, it would mean that they are buying USD and selling EUR and vice versa. Due to the high volatility and constant rise and fall in the prices of currencies, it is can be a very profitable trade to choose.

• Stocks

Stocks are basically, the assets of a company that it puts out for sale in order to generate funds/capitals that these companies then bring in to use for their research and development projects. So when one buys stocks/shares of a company, it means that the person owns some part of it and they can keep them either for short term or long term until the share prices go high and then sell them to make huge profits.

• Indices

While stocks represent the assets of a particular company, Indices represent the combined stocks value of a number of companies operating in a country or a continent. The main difference between stocks & indices is that when trading in indices, one does not have to buy the assets they can predict on the collective assets value of indices and earn profits based on your call.

• Commodities

In commodities, you choose to decide in natural resources produced on the surface of earth such as (wheat, rice, cotton etc.) & resources extracted from inside earth’s surface such as (Copper, Gold, Crude Oil etc.). In Commodities, investors have the chance of choosing from variety of assets and trade against the rise and fall of their prices to earn profits.

• Crypto-Currencies

In Crypto-Currencies trading, investors have the chance of buy or mining crypto-currencies such as (bitcoin, ethereum, litecoin etc.), and store them in their e-wallets and monitor the price value of the currency they have stored. They can then sell or trade these coins through crypto-currency brokerages.

A UNIQUE FEATURE IN EVERY TRADE

While these trades were already very beneficial for the investors, a unique feature known as “Binary Options” added to all of them that gave users the option to place sort of a bet as whether price of an asset (forex, commodity, stock etc.) would go high or low at a set time. If the user’s bet hits on target or goes higher, they can gain 60%-80% percent commission as the outcome.

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HOW PEOPLE GET SCAMMED THROUGH BINARY OPTIONS

As adults, we all know that bad things always find their way and ruin the day for people if they are not cautious. Same is the case of Binary Options fraud where fraudsters or brokers who have bad intentions, lure people to make investments making many promises and show they dreams of 100% profits if they choose to go with Binary Options in any trade. Trusting the words of these fraudsters, people end up spending their money into placing their calls and these fraudsters in the beginning, do show them that they have earned profit that they are able to see in their accounts.

When people see these figures go up in their account, they start trusting these brokers/scammers and invest even more and before they know it, these scammers put their accounts on hold and run away with their money.

IS IT POSSIBLE TO RETRIEVE MONEY FROM THESE FRAUDSTERS?

When doing online trading, one must be aware of the risk and loss they can suffer but the most important thing that they should remain cautious of is that if they lose their money, there is no chance of getting it back. The very first reason behind this is that the operating addresses these brokers/fraudsters use are on some remote islands where there is no regulation by any government.

Furthermore, these fraudsters/brokers register their companies under Finacom or Cysec. Both are independent companies that are ruled either by any country nor regulated by any government. In addition, Cysec even allows brokers to store money in accounts that could be accessed by the brokers as well, which means that these brokers can always run away with their investors’ money.

WHAT WOULD BE THE RIGHT THING TO DO FOR PEOPLE WHO GET SCAMMED

It has been observed that people mainly choose to go silent when they experience an online fraud to avoid embarrassment in front of their friends or colleagues. However, the right thing to do is to raise your voice against these scammers through online forums and social media so people become aware of their swindles.

Lastly, there is now hope for people who lost their money to such fraudsters that money-back.com is a company, dedicated to help people retrieve their money after assessing all the possibilities and providing their service in the most reasonable prices.