Binary options is a method of investing that used to be extremely popular a few years ago and cost billions of dollars to victims who invested in brokers offering such trading options.
This is a system where traders bet that a financial product will increase or decrease over a period of time they can choose. If they are correct, they win some returns, if they are wrong, they lose their full investment.
However, it’s almost impossible to be a long term winner in due to fees on each trade. Worse than that, a vast majority of binary options brokers are even manipulating prices in order to make you lose your money faster so you can deposit new funds.
Many fraudsters have seen the opportunity to scam people with binary options. They pretend to be a reliable binary options broker, but you won’t hear from them anymore as soon as you make your first deposit. This is why you should make sure that you are dealing with a legitimate regulated broker and not a scam.
Can you really earn money with Binary Options trading?
If you have knowledge and experience in stock trading, you can have a chance with binary options trading. However, just like any other investments, there are risks involved, and risks are even higher with binary options.
Those that are successful with trading are making a huge amount of money. The more people hear about this, the more they want to try it.
And, this is where the trouble begins.
They don’t realize that binary option is absolutely not like stock or forex trading. It is actually more related to gambling than trading. Almost every traders using binary options will eventually lose their investment on the long run. Don’t be one of them.
Why are people becoming victims of Binary options brokers?
The main reason is the of lack of experience and knowledge. They are seeing the advertisements for great results and guaranteed profit and they are falling for it.
Or, they tried binary options and got lucky just like some people can get lucky on any type of gambling at one point. Then, they are trying again, with even more funds, and they eventually lose everything after a losing streak.
Avoiding the Binary option fraud
The best thing that you can do, is to make sure that you are avoiding any binary options broker. If you trade on a regulated platform and you are not an experienced trader, then you should also be careful and only invest money you can afford to lose. Moreover, don’t let any broker so called “agent” trade on your behalf or you will probably wake up the next morning with an empty balance.
Research is key. It doesn’t matter if you have the right experience in binary options or not. You should do research about what to expect, and about the company behind the broker making sure that they are legit and regulated.
The more research you are doing, the less chance you are going to have to fall for a scam.
Scammed by a binary options broker?
You might have already been scammed by an unregulated binary options broker. People that fall for binary options frauds don’t always consider the fact that they can get assistance for the fraud. They think that people will laugh at them.
But, this doesn’t mean that you should just ignore it, and try to go on with your life. This is not something you are going to forget over night and it may affect you in a lot of ways. The good news is that with the technology that we have today, it is a lot easier to get assistance after falling for this type of scams.
Is going to the police will get your money back?
If you already are a victim of a binary options fraud, you should report them immediately to your local police. It is important that they know about these scams and tries to find the sources. However, are you going to get your money back, by reporting it to the police?
No, the chance that you are going to get your money back from the police is almost 0. They might catch the individual behind the scam, but they will not be able to recover all the money.
Is it possible to get the right assistance that will refund your money back?
This is the good news. It is actually possible for binary options victims to get their money back after they have been scammed. The secret is that you should just know where to find the right assistance for this type of scam.
Unfortunately, disputes involving authorized transactions are really hard to handle and require a lot of technical knowledge which means you will need the help of lawyers and experts in the field.
This is where MyChargeback is coming in the picture. Our long time partner is an expert in complex transaction disputes and has already recovered millions of dollars for victims. All you need to do is fill our form for a free consultation and they will build a customized chargeback case for you.
But what is a chargeback?
A chargeback is the reversal of a transaction made by credit/debit card or wire transfer.
When you have been scammed and you have paid money to them with your credit or debit card, or with a direct bank deposit, you can actually get your money back if you know how regulations and financial laws are working and you build a strong chargeback case. This is why we recommend MyChargeback’s experts to help you build such a case.
Binary options scams are unfortunately still a reality so you should be aware of it. And if you have already fallen for one of these frauds, don’t worry, we are here to help you.