If you are one of those who have been badly defrauded by binary options scams, then you are not the only one. There are thousands like you who have been badly scammed by situations of this type and the worst thing is that you cannot do anything at all. This is the reason why you should start thinking twice about whether you want to trade binary options in the first place.
How do you find out that a binary options scam is taking place?
1) Deceptive brokers
Most common among the lot, deceptive brokers, and at the same time, they successfully endorse an ICO as part of rapid manufacturing due to the limited rules and regulations that are set for them as a result of leniency from financial authorities. It has recently been quite a stir for the past few years. By copying someone else’s whitepaper and working extremely hard at multi-level marketing via social media spoofing and actual celebrity reviews, ICOs are the scam to buy in today’s financial world. The biggest people end up signing up for these ICOs for this particular broker and you will soon lose all the money.
In case it is analyzed properly, there are particular signals that let one know about a fake broker, such as that there is no definite roadmap and that the founding directors have no trace whatsoever in the cryptocurrency market. Also, if the members who belong to the broker are asking about you to commit quickly, there is a high probability that it is a binary options scam.
2) Fake wallets and stupid exchanges
If you want to store your crypto, take the help of a wallet, be it hardware finance or an electronic wallet. Most investors choose an e-wallet over hardware finances, primarily due to its low fees and durability.
Unfortunately, many crypto wallets that you see on the Play Store or App Store are fake that seek to take your private cryptographic key and get your money. Doing some wallet research and knowing the ins and outs before adding your money is highly recommended. Also, it is always recommended to seek the help of some professional company to guide you in the right direction.
The FCA has banned many brokers from such unscrupulous activities, but there are still many left.
The fake brokers, however, are still available.
3) Fraudulent binary offers
Remember the days when our teacher used to give us homework and we hate doing it. However, the switch must be made when deciding to invest your cash on some binary options exchanges. Digital foreign currency exchanges have increased in number in recent years, leading to many shady swings on the lot.
To determine if an exchange is genuine or not, it is recommended to conduct a full quality check on the site. Some of them include confirmation of withdrawal requirements and methods, website security status, phrases and conditions, and the proper office address and details of the founder.
Whether it’s a direct trade, a complete all-in-one trading platform, or through brokers, it is extremely important to follow the steps above if you want to save your hard-earned money.
So, don’t wait and never be fooled by these types of binary options scams. Stay safe from these types of scams and invest your money wisely.