Binary Options Trading Litigation - Online Scams and Fraud

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Scams are unfortunately all too common in the field of binary options. Dishonest brokers and reviews, or rigged robots and other auto trading services — the scams can come in many forms. When any new financial instrument or form of trading first emerges, a whole range of businesses tend to get involved. This is certainly true of binary options. It is, after all, an accessible and popular method for individuals to trade the markets. But as with any international online marketplace, there are still some shady outfits who will leave you with less than you bargained for.

So what are red flags to look out for? Here are the points to consider as you go about choosing your binary broker. They liaise with bank or credit card firms in order to get charge backs made to reclaim deposits. They will tell you if you have a valid claim via a free consultation. Ideally, focus on review sites that allow and encourage real-life users to get in contact and report and problems with particular brokers, so you can be sure that what you are reading is up to date.

Below is an always up-to-date list of our top 3 trusted brokers. You can find a list of all the brokers we recommend here. They have already created a list of unauthorised firms.

While they are not calling them scams, they are making it clear that these firms are breaking the law by trading with UK visitors — so they are best avoided. The full list can be found here: By contrast, the USA along with most other EU countries do regard binary options as financial products.

Depending on where they are based, many platforms will, therefore, be subject to oversight from a regulatory body. It shows that the broker has to binary options strategy scams and frauds by certain minimum standards when it comes to service and transparency. Taken in isolation, the act of placing a trade should be a straightforward one; and indeed, the usability of a platform tends to be a big selling point for brokers. Realising a profit through regular trading requires knowledge of how markets behave, the ability binary options strategy scams and frauds read market conditions and an understanding of strategy.

Read the smallprint, and be especially wary of needlessly convoluted procedures for withdrawal of funds. Terms regarding your initial deposit can be another source of contention; for instance, if you are denied access to the deposit until a certain number of trades are made — so your money is tied to the platform from the moment it is handed over.

These tend to fall into two categories. The first is where you are called out of the blue and invited to sign up to a particular platform. Reputable brokers do not need to make cold calls. You should always be clear about who you are dealing with. A good broker will be upfront about its identity from the outset. On occasion large accounts will be wiped out in hours. Always take responsibility for your own trades.

Never allow a broker to make trading decisions for you. There has to be a fair and transparent benchmark against which the broker sets its prices. If the broker reserves the right to set its own prices, you can assume that those figures will be skewed against you; in other words, a loaded deck. The brokers listed below have generated a lot of complaints both directly and on the forum.

The disputes vary from upselling and encouraging traders to over trade, to non-payment of withdrawals and price manipulation. If in doubt, trade elsewhere. There are plenty of honest brokers out there. These signal providers, or robot services, are either scams or binary options strategy scams and frauds recommended for other important reasons. If that happens, binary options strategy scams and frauds do you do? Do you sit back and take it? Do you give up on trading?

No, you need to stand tall and look out for yourself. They help claimants to explain the incident to the bank or credit card company, so that they fully understand what has happened. Some banks are unaware of binary trading and are unwilling to listen to claims. MyChargeBack help in this situation. They have a solid record of recovery from genuine claims. The internet is binary options strategy scams and frauds with ads, articles, companies and individuals trying to provide you with the next big trading strategy that will make you rich overnight.

Take pause my friend, here are tips to binary options strategy scams and frauds you spot the scam. What you binary options strategy scams and frauds need is an entire system. When you make a trading plan it needs to cover how you will enter markets, exit markets and how you will manage your money.

It also needs to tell you under what market conditions you do all these things. That is a system, it tells you everything you need to know about how you will trade. A strategy on the other hand only tells you when to enter and exit, and may not tell you under what conditions it works best or poorly. In other words, a strategy may have missing pieces of information you need to be successful. Here are several things to watch for which could tip you off the product is probably a waste of money:.

For example, the product may just be a series of indicators or a service that tells you when to trade, but not why. If a product or signal service stops operating you are left with nothing. Stats are easily manipulated to tell partial truths or binary options strategy scams and frauds lies. Read between binary options strategy scams and frauds lines.

To understand performance you need several bits of information: You can usually get a sense of what vulnerabilities and tendencies a system has by looking at the above stats. One of the main things is that the strategy should be tested over a long period of time, and in all market conditions—up trends, down trends, ranges, volatile and sedate conditions. Often marketers will only publish results for a period where strategy did very well.

Markets rise and fall, you want to participate in both trends. Usually a quick trading forum search on Google will reveal what others have shares about a product or service.

No trial, no deal. It should show you behind the scenes so that eventually you can trade on your own. There is no reason to make every customer totally dependent. Be wary of stats that are thrown out.

Of course remember though, past performance is not indicative of futures results. Once you understand this you can quickly and simply save your time and money with these unscrupulous dolts.

So just refuse to deposit and they go away. In this image above you can see many of the scam systems are connected to each other on the same servers most often.

These JV marketers have tons of these turnkey scams as they are very low maintenance. The one thing they are all after is your money, binary options strategy scams and frauds be on the look out for them asking for deposits or sign-ups telling you about amazing profits and opportunities, which will have you end up with empty pockets.

We named it Binary Options Horror Story because that is exactly what it is in all its gory details. If you are new to binary options read, and absorb the above warning signs fully to see how they scammed people out of their money so it does not happen to you. Notice also how the worked with the brokers directly, which implies that they can be directly involved as well. Are Binary Options A Scam? Trusted Brokers in Germany Below is an always up-to-date list of our top 3 trusted brokers.

Terms and conditions Transparency is essential. Cold calling These tend to fall into two categories. Channel sales You should always be clear about who you are dealing with. Price Manipulation There has to be a fair and transparent benchmark binary options strategy scams and frauds which the broker sets its prices.

Cheating The Odds 4. Will They Never Learn? Banc de Binary Beeoptions Binaryinternational. If you are not yet looking for third party help, here are some steps you can take yourself: The very first thing to do is to make records of everything you can.

No matter what you binary options strategy scams and frauds next, this information will be required in order to get satisfaction. What you do next will depend on the type of scam you have fallen prey to. The next most pressing reason why withdrawals are binary options strategy scams and frauds allowed is due to bonus terms and turnover requirements.

A good broker will try to solve your issues, a shady one will give you the run-around. Make your voice heard. Broker keeps giving me the run-around. Binary options strategy scams and frauds all, it is the squeaky wheel that gets the grease. You can do this by posting complaints, with details, in forums like the one here at Binaryoptions. When you do this be sure to let the broker know and send them a link. They may not care, a sign of a shady broker, but when it comes to reliable brokers they will want to address your problems to avoid poor publicity.

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Now we are giving an update on the fraud and what law enforcement is doing about it. To trade, all you need to do is bet on whether the price of something will rise or fall below a certain amount - if it is correct, you win and get paid. If not, you lose all of the money you originally invested.

Action Fraud has received multiple reports whereby Binary Options companies have refused to credit customer accounts despite the customer believing they had made a profit.

The brokers were simply trying to get the victims to invest further money. Advertisements for Binary Options traders appear online with many companies aggressively targeting social media platforms with flashy commercials promising impressive returns. Binary Options websites are often well-designed and professional looking — no expense is spared in trying to look legitimate. Brokers and traders, often working from scripts, will sound friendly, professional and knowledgeable.

Whilst many Binary Options companies claim to be located in the UK, research has revealed that the vast majority are based abroad and have no physical presence here. Shell companies are registered in various financial jurisdictions and money is routed through multiple accounts, obscuring the perpetrators and hampering law enforcement efforts.

Despite the fact that the majority of Binary Options companies operate from outside of the UK, Action Fraud working alongside the National Fraud Intelligence Bureau NFIB continues to work with international law enforcement partners and the banking industry to tackle the issue by implementing changes, either by introducing an outright ban or through rigorous regulations to control this activity.

In addition the United States Federal Bureau of Investigation FBI are currently developing a global picture of this type of fraud and welcome reports from the victims of Binary Options made via their website www.

You are here Home. What is Binary Options Fraud and what are the law enforcement doing about it? What are Binary Options? The current situation Advertisements for Binary Options traders appear online with many companies aggressively targeting social media platforms with flashy commercials promising impressive returns. How to protect yourself Be suspicious of any approach via social media as many fraudsters tend to operate via social media due to the anonymity it allows.

Do not give out personal or financial details and never agree to anything or send money upfront, without making your own enquires into the company or individual first. If you have been contacted by a suspicious firm or have been affected by this, or any other fraud, report it to Action Fraud by calling , or by reporting online. Please also consider reporting any suspect companies to the FBI via their website www. Sign up for free to Action Fraud Alert to receive direct, verified, accurate information about scams and fraud in your area by email, recorded voice and text message.