Binary options trading. scam?
General overview:
Making money and lots of it, we all want that don't we? We have been deluded by many, such as The 100k Club, Spot on Option, Binary Option Auto Trader, and many more. They have been advertising Binary Options. What are binary options? These Binary options allow you to trade in currencies, stocks and bonds, and you can place a trade whether you think that the current rate will go up or down, the minimum trade is up to $25 dollars and upwards. Trading in these fields can be rewarding, payout up to 60%, but are also very risky and you could lose all your money.
Who is it for?
It is designed to attract those who want to make easy money so it seems. It attracts the money hungry and that's basically all the population on this planet above 18 years of age. Cause lets face it, we all want to make money and when we come across these sites it is very tempting. I myself invested a small amount just to try it out, and believe me it was one the most stressful experience I have had. I managed to stay in that trade for one week until I lost my money.
Main features:
As you can see from the snapshot you have the option to choose what you want to trade in and you have a graph that tells you if the trend is an upward or downward trend. What you have to do is decide if you want to bid on the up trend if you believe that it will increase or bid down because you believe it will decrease by clicking either the up or down buttons. Depending on the time frame you chose, gives you a higher return, as the example above, I believe it is the 60 second time frame which pays out 85% return, however, as you can see on the graph it could drop well below in an instant and could climb rapidly also.
I would like it if you could visit this site and give me your critique thank you.
http://wealthyaffiliateandynicou1.com/binary-options-trading-scam
Recent Comments
24
Hi Andrew, I had a trial account once, lost quit a lot of money in half a day:0 luckily it was fictive money :)
Hi Andrew; I took a look at your site and tried to leave a comment, but it just did not register and the screen seemed to freeze on me, so I left the site and the comment probably did not register. I could see why you would not recommend going there with that scheme; obviously, it would not be something to go into lightly, and you would need to educate yourself thoroughly and not cave into pressure for a quick fix to make some fast money - simple Lotto ticket would be more appealing!
I just read your blog I will be quite honest so please forgive me for what I am about to say!!, I found it to be quite bias towards the negative side of Binary Options and thought there might be a balance between the Pro's and Con's of binary Options, but there wasn't. There are Now 2 binary Option brokers who are legally allowed to trade in the USA, which begs me to differ from the Video you placed in your blog and who are regulated by the US gaming commission. I also see you only choose to deposit 250 euro into your brokerage account, which from my own personal experience is not even enough to wet your toes so to speak. (To be brutally honest any less that $750 isn't worth depositing its just throwing away your money!! ) with a 60% loss rate, which is fairly common in this industry, that $250 x .60 gives you a $150 loss with even a return investment ratio of say 80% still gives to $80 return on your loss of $150. so to recoup that loss and just to break even you would need to win back 4.6 times the loss which would be $600 on top your initial deposit of $250. so that to me is a pure waste of Money in anyone's book!!!. some unethical brokers do that to YES SCAM you into opening an account so they can get you hooked, and then con you into depositing even more money into your account, which they will eventually get because for every trade that you loss that broker gets the opposite percentage of that trade.
I will agree to a point that some would say it is gambling, yet any transfer of monetary funds for the benefit of increasing your initial investment is gambling, buying a lotto ticket, putting a bet on the horses, and even placing bids on a apple stock for example is a gamble. so in that sense Binary Options are a gamble, yet If you educate yourself to minimize your investment losses then you can profit from it. so If you educate yourself so that you understand and comprehend the risks and benefits of Binary Trading is it still Gambling?, or educated investing?. again check out my website for a more educated viewpoint. I did like your site and blog though.
I have been a binary trader for about 3 years now and I am quite successful at trading, yet saying that, I learnt the hard way at the beginning it was a real!!! learning curve, my first broker took me for about $2500. until I realised I was so gullible to the extent that i decided to educate myself on binary Options. I went of course to goggle did hours & hours of research and study brought eBooks, as well using the local library and used other sources of information on the net relating to Binary trading. long story short after two and a half years, a lot of learning, a lot of money invested, having 6 brokers now with a portfolio of over (I'm not trying to brag here) $100,000 being taught by a great mentor who I still follow advice to this day, and a hard knock approach to Money Management and strategic market analysis, I now earn a good living from it, however saying that, NOT everyone has the patience for long term or short term trades and its not for the Emotional person either!!, who to be honest, is scared of losing their (hard earned) money in the short term. trading is about looking at the long term strategy and realizing you WILL lose!! up to 60% of your capital over a 12 month period, however with a good mentor Like I have, and a understanding of Financial Markets you can profit from trading binaries and learn to understand Binary Options.
Hey mundy22 just a question have you been trading long? or have you just chosen this as your niche Market?. If you want to take a look at my websites for some tips or want to leave some feedback or comments please be my guest also have a look at my Binary blogs these could give you a better understanding of what binary Options is really about and the Pros and Cons of it all. I know by personal experience that this Niche Market is a very competitive niche as well. Here are my site address for you to view. Just for your info, I also hold Number 4 on page 1 of Google "Binary Options reviews" at the moment for organic searches, had number 2 for 8 days but well cant sit on the top of the mountain forever. Again If you want any information relating to binary options Please PM me and I will endeavor to answer you questions.
http://kiwiprofitforlife.com
http://kpflbinaryoptionsreviews.blogspot.com
Obviously, unlike what they promise you, there is no quick path to riches. I nearly got drawn in, with someone ringing me (after I responded to an unsolicited online invitation which popped up in my face when I was investigating processing emails for an income) and telling me I didn't have to do a thing, they were going to do it all for me and make me a fortune - all I had to do was give them a few thousand dollars! As if!! (yes, it was even a bit tempting, he made it sound like a sure thing, but I just couldn't go there). Glad now I didn't.
Well I'm glad you did'nt people like that really do give it a BAD name there are some really unethical companies out there it tool me 2 months before I found one that was legit to my liking. I dont take Bonus deposits, and I research the brokerage from head to toe before ever contemplation signing up an account. so I applaud you for having some common sense.
Obviously, even for you doing as well as you are now, there was no easy, quick, surefire path to riches, which is what I was promised. Also, I guess the mentor is a must have. Glad to hear that your persistence and patience paid off, though.
A mentor is a must someone you can trust and someone who is willing to tell you how it is at first I thought I knew it all, however one's ego is sound deflated and reality kicks in...now I know better. You are right there is NO get rich quick even here at WA you must be able to learn, be teachable and most of all you have to forget everything you thought you knew and be open to honest, integrity, and unconditional acceptance to new experiences.
That is true; the formula is there and successful members point out that you must do all the lessons, no shortcuts, ask for help and not give up to succeed, and that success is not going to happen overnight. I am back after being inactive for a long time, and wishing I had just stuck with it initially. I am also putting my trust into this program, but happy to do so after comparing it to what is out there.
Thank you for that, am not being biased towards Binary Option I think I mentioned the fact that the they present the whole package of automation that you would make 30,000 per month on auto, that is what pissed me off. That is what makes it a SCAM and to the person who doesn't understand that can lose a lot more than 250. I suggested also to get in touch with their local broker and work through him, I understand you must be one of the lucky ones who fell into a respectable profession that has helped you over the phone well I didn't even get that. Thank you again for your input is appreciated.
Hi Andrew, thanks for this. I narrowly avoided investing a fortune (to me) some years ago, in a course teaching you the ropes. Your experience makes me even more thankful that I avoided the trap.
I went to a presentation and got drawn in by the hype and couldn't wait to give them my credit card! Fortunately, when I got home and came back to earth a bit, I took the time to do some internet research and quickly realised that I had made a serious mistake. Fortunately, they honoured the money back guarantee if you cancelled within a certain time frame, otherwise I don't know what I would have done, as they were a UK based business and I am in South Africa
Yes, you have to be very careful even in a person to person consultation with a brokerage, truly do your homework just to be on the safe side..
I've seen it advertised, but I really don't understand it. You came closer than most for me. Thanks for the explanation.
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Anything like this is a trade off between risk and gain. The higher the risk, the larger the potential gain. You just need to risk what will allow you to sleep at night and with me I have very little risk tolerance. Some people thrive on the thrill and it works for them though.