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Home » Blog » Are Binary Options a Scam?

Are Binary Options a Scam?

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Table Of Contents

Table Of Contents

What are Binary Options?

Predicting the fluctuations of commodity, asset, or index prices over a short period of time is what binary options are all about. They are speculative, high-risk items that are almost impossible to forecast, even for experienced traders.

Binary options are based on a simple ‘up’ or ‘down’ proposition: ‘Will the price goes above or below a certain price at a certain time?’

Unfortunately, nearly all binary options brokers are scams using fraudulent methods to defraud you even quicker.

High Return Claims

Most binary options brokers will entice you with high-return promises such as ‘80% guaranteed!’ In fact, binary options are constructed similarly to a coinflip bet.

Essentially, you risk losing 100% of your money if you lose and gaining 80% if you win, which is far from lucrative in the long term unless you can foresee the future.

Price Manipulation

Not only is it almost impossible to be profitable in the long term with binary options, but many brokers also engage in price manipulation. In other words, they’re using a rigged platform to ensure that you lose your money as soon as possible.

When your investment is gone, they will most likely contact you every day until you deposit new funds. These tactics would clearly not occur on a properly regulated broker but bear in mind that the majority of brokers are either unregulated or licensed by an untrustworthy offshore regulatory body. We reviewed hundreds of similar brokers such as FXUnited or PocketOption

Automated Trading Robot

Robots for binary options trading are not actual machines, but rather a software that has been pre-programmed. Such robots claim to employs complex mathematical algorithms to analyze market data before trading with high profits and minimal risk. In fact, this is another way to steal your hard-earned money.

Auto-trading bots are how they get you to participate in their fraud. The trading bot’s only purpose is to create the illusion that you can earn quick and simple money.

The bot allows the broker to alter the program, making it seem as though you earned money when you didn’t. Bot owners are in fact often affiliated with unregulated brokers and earn commission directly from them.

Scammed by a Binary Options broker?

More and more individuals are looking desperately for methods to generate money as the pandemic spreads around the planet. As a result, binary options frauds have increased.

If you have lost money with a binary options broker, don’t panic. You are not the first and you likely won’t be the last. Mistakes can happen even with the most cautious of investors and should be used as a learning opportunity. The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – is available 24/7 and has helped consumers all over the world recoup millions of dollars.

After filling out the form above, and validating your eligibility for their programs, MyChargeBack will help you build a solid case to regain your funds as soon as possible.

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