Top 5 Binary Options Scams
Top 5 Binary Options Scams
Lets face it, there’s a new binary options scam every week. There’s only so many “bad actors” I can stomach watching on a daily basis, and it’s really starting to get out of control.
I often get asked if the entire binary options indsutry is corrupt, and the honest answer is “I really don’t know anymore”
You see, the scams are all do to with poor products, they are not technically breaking any laws, they are just sub-standard trading products that don’t really deliver the claims on their sites.
This is isn’t just limited to software, it’s happening with the following
- Signal Providers
- Automated Signal Bots
- Auto Trading Applications
- Training Services
- False Reviews
Let me just point out at this stage, that these are not the brokers at fault, but instead “affiliates” in binary options that are making the word affiliate a dirty one. But affiliation is not illegal either, just look at the flight search giant “Sky Scanner” that just sold to a Chinese tourism group called “CTrip” for a whopping £1.4bn and sky scanner was essentially an affiliate website. Crazy eh?
Anyway, this is affiliation done right, and I’ve had experience my end with this too. I’ve developed products for the binary options industry that serve a purpose, with trend indicators such as TrendXpert an OptionBot, this is an example of affiliation done right, as I didn’t claim they would do something they don’t, and as a result, I didn’t make as much money from them as the scammers out there do.
The scammers are making millions a month, and I assure you those are not exagerrated figures, there’s huge scam networks preying on the weak and financially insecure that create videos and stories to resonsate with you in to parting with money for a peice of garbage app that will either trade your money away in a heartbeat or do nothing at all.
One thing is for sure, these apps never do what they claim on the website. So lets first look at some of the ways you’re being lied to.
If someone is charging you a fixed monthly amount for signals, then you would think to yourself “hey, this must not be a scam, if it’s monthly I can just cancel if they’re bad” and lots of people fall for this. In fact, most scam sites charge $99 a month, and then they still ask you to deposit at a particular broker.
This earns the signal provider money twice, so you are paying them two times for the same thing. What is more worrying, is when you go to pay for these products, you have to give all your personal details, like your full name, telehone number and address to verify your payment.
Now from a scammers perspective, if you provide them with your name and address and phone number, then can look up the size of your house on on google earth, they can even see what car you have on your driveway.
If you have a few bob to your name, then I guarantee you’ll get a phone call quite soon to try another unrelated service that costs a lot more than $99. So be very careful here.
My advice, when it comes to a signal service, you want to use one that offers you free sample signals, and one that is open and honest about them getting a referral fee if you register with a broker through their link.
This is the ethical way to refer people in binary options and forex, and these people are not affiliates, they are actually known as IB’s or introducing brokers, this is more sky scanner level of trust if you follow.
Automated Signal Bots
We’ve all seen it, 80% success rate, 88% success rate blah blah BS blah. There’s hundreds of these signal bots that make claims on their site about the general success rate. If they really have any integrity they would publish the previous days signal strength on their website and state the true success rate of each previous day. You’re not going to get 88% every day, some days you’ll have 11% success rate or whatever so you cannot trust these headlines with fixed success rates.
Many automated signal bots do not have genuine feeds or even analysis charts integrated in to them. How can they be trusted? The reality is that they cannot be trusted, having reviewed hundreds of these in the past, I can honestly say it’s more like a lottery, some win and some lose, it’s not good enough for me.
Auto Trading Bots
Everyone knows that auto traders are generally bad news, but the really bad thing about them is that they don’t actually mirror what automated trading systems in the real world do. Real world auto traders are still set by the trader. For example, if you want to sell GBP for EUR when it hits 1.40 exchange again, there are forex tools that allow you to do this. The software will run on a server, and when the price you’re looking for is reached it will sell your GBP for EUR this is known as an “execution order” which isn’t as bleak as it sounds!
Think about it, if there was a binary trading app that did this, one where you set the bar, and it only trades if it reaches that point then you will be getting a logical auto trading service to hand.
But there isn’t one like this, and do you know why? Because they are all f**king scams thats why. They are all filled with lies and headlines saying “You will make $10k in 30 days blah blah” because they want to tug at your heart strings and get you earning them an affiliate commission.
Theres a lot of so called “experts” out there, that will tell you that their method is best, and some people even charge you for it. Be aware, that if you are not licenced to provide financial advice, you cannot charge for training people have to trade. I’d question anyone claiming that they are a trading expert before parting with any money, and certainly don’t part with large sums.
If the trading expert is genuine, they will be happy to offer free advice, and they will have cheaper options for you, like small monthly charges etc. But be careful of people charging you for “webinars” because you are paying for webinar access, not financial advice and this carries no guarantee that you will make money from your so called training. Always check your invoices, terms and conditions and make sure you’re dealing with a real company.
This is my 5th and final scam highlight, and one that I encounter regularly. You get all sorts of misinformation in this industry. You’ll never find any product that is 100% positive on the reviews, and have you ever wondered why?
It’s because people write negative reviews on genuine products to get traffic to their website that is pushing the scam product. I’ve had it happen to me many times, websites like http://thebestbinaryoptionsbrokers.net/ will publish negative reviews on any product they hear about, regardless of whether it’s good or bad, and say it’s a scam, simply because they know that people search for word “scam” in most investment scenarios, however this is just another affiliate, but he’s one of the worst types of affiliate, he’s a modern day beggar that asks for donations via bitcoins to fund his word, what a piece of work he really is.
He isn’t contributing anything to the industry, he’s just calling everything a piece of shit, so that he can get money from his broker affiliate links, no innovation, no integrity and sadly he’s not alone, there’s hundreds out there now so it’s virtually impossible to find out who to trust.
So that’s the 5 main scams in binary options today, as you can see the brokers do not even come in to it.
I’m not going to push a link or ask you for money, but if you want to learn more about ways to make money online and how to avoid scams, then head over to my youtube channel by clicking the link below