Binary option scam exposed

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partytoe

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put in 500 bucks into 24options once, lost it all and vowed never to touch binary options again
 
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alexchia01

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1. Binary Option is a gambling tool, not a trading tool.

2. Many scammers use Binary Option because it's easy to hook victims and it's not regulated in many countries.

3. Binary Option Scams works by encouraging you to put money into your account and then prevent you from taking out your money.

4. It's better to go casino than use Binary Option because in Casino, you win money you know you can take it out, but in Binary Option, you win money you may not even get it out.

5. If you want to trade, trade with a legitimate broker. If you want to gamble, play in casino. Why choose something neither here nor there and a high chance it's a scam.
 
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SBC

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All money-making oppirtunities are not a scam till proven.
 
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FP_IFA

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alexchia01 said:
1. Binary Option is a gambling tool, not a trading tool.

2. Many scammers use Binary Option because it's easy to hook victims and it's not regulated in many countries.

3. Binary Option Scams works by encouraging you to put money into your account and then prevent you from taking out your money.

4. It's better to go casino than use Binary Option because in Casino, you win money you know you can take it out, but in Binary Option, you win money you may not even get it out.

5. If you want to trade, trade with a legitimate broker. If you want to gamble, play in casino. Why choose something neither here nor there and a high chance it's a scam.
Click to expand...

What do you mean by "it prevent you from taking out your money"? Does the trading platform disallow withdrawal of money?
 
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alexchia01

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FP_IFA said:
What do you mean by "it prevent you from taking out your money"? Does the trading platform disallow withdrawal of money?
Click to expand...

Yes, if u sign up with a Binary Option Scammer.

Scam Tactic 1. Opening account with them is free, but if u want support, must put in minimum account. The representative will then contact u and encourage u to put as much as u can stating minimum is not enough.

Scam Tactic 2. They'll then tell u they'll give u "Free" money when u deposit more with them. The catch is that u must make x amount of profit before u can withdraw. The problem is that the target is very high and most people cannot reach it.

Scam Tactic 3. If u manage to reach their target amount to withdraw, they'll move the target higher stating it's new company policy.

Scam Tactic 4. If u say u want to close account and withdraw. The representative will disappear and not respond to u.
 
kehyi4

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CNA: MAS warns investors on trading binary options on unregulated platforms

SINGAPORE: The Monetary Authority of Singapore (MAS) on Tuesday (Mar 14) warned investors on the risks of trading binary options with unregulated platforms, after an increase in the number of complaints from investors who suffered losses from such investments.

A binary option is a type of option contract that references an underlying instrument such as stocks, commodities, currencies and interest rates. Unregulated platform providers often use marketing catchphrases such as “trading with zero risk”, “trading amounts of as little as $1” and “profit payout of 500% per trade”, to entice investors to invest.

“Contrary to promises of low investment risks with exceptionally high returns, binary options are in fact, speculative and risky investment instruments,” the central bank said.

“There is a high chance of the investor losing his entire investment amount, whether the investor deals with a regulated or unregulated entity. Further, an investor is always exposed to investment risk, whether a product is regulated or not.”

Many of the unregulated binary options trading platforms are fraudulent and based outside Singapore, MAS said, adding that investors who trade with these platforms are unlikely to recover any money lost and will not have access to avenues for dispute resolution.

"Before making any investment decisions, investors should think carefully about the claims being made about the products offered – if the touted ease of making significant profits sounds too good to be true, it probably is," the central bank said.

Last December, Singapore police warned of a “sharp rise” in scams involving online trading in binary options, with more than 30 reports lodged by investors who had lost more than S$1 million to unregulated binary option investments.
 
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