With the increased dependency on the internet for almost every task comes the increased risk of getting scammed. As mankind has started incorporating the online world into one’s own, online thefts and scams are appearing to be as common as pickpocketing. The term Binary, in lay man’s language, means two. This is what the trade binary options exactly mean, that is, only two trading options. The traders in this type of trade cannot go for other options except for a fixed amount or nothing at all. This type of trade deals with the traders predicting the price of a certain asset, commodity, or index provided over a short period. Binary options are often termed to be high risk as it puts the trader at the risk of losing all their money or gaining high profits.
Now, our readers might think why would scams exist in binary options trading as it already involves so much risk. The simple yet straightforward answer to this is – easy money. The era of binary options trading was introduced along with various scammers creating fraudulent websites and apps to dupe innocent traders into their trap and ending up losing all their life savings to these fraudsters. This results in Binary Options Trading Scams.
These scammers often use pressure as their main weapon to lure innocent traders into giving away all their money. These fraudsters lure the new traders in the name of more profit and guaranteed returns. This tactic is often used to fool new and innocent customers as they are completely unaware of all the things being done in the trading world. To coax you into putting in more money, these scammers will then put their money into your account and show you several successful trades to motivate you. Once the scammer knows that they have your trust, they will encourage you to put in higher amounts of money. This is most often followed by the scammer fleeing away with the money while the poor innocent trader is left astonished on seeing their money disappear from the account and not being able to retrieve it.
The ways through which these scams work are on similar lines to most of the scams. These scammers often obtain a huge amount of numbers that are either purchased from the dark web or stolen. They call on these numbers randomly and try to convince the customers into using binary options trading. They also ensure a well looking professional website for these scams to trick the traders into believing that this might actually be a legit website. These scammers then use various terms such as bonus and rewards to encourage the customers into putting more and more money. The poor customer might also get happy at seeing the money being transferred into their account on the website. The troubles start when the trader attempts to withdraw the money. Upon contacting the scammers, they ask for the personal details of these traders in the name of transferring the amount into their bank accounts directly. However, this leads to identity theft along with the trader losing all their money.
As many as a hundred people get scammed every day around the world. These scams can be prevented by paying extra attention while attending such calls or visiting a website that is a potential scam. Another tip is by following major organizations such as the ASIC, CySEC, or the FCA. These organizations are specifically curated by the countries to put a hold on these scammers. The readers must note that they should only trade or invest with those who have a legitimate license from these organizations.
Lastly, if you are or have been a victim of these fraudulent activities, report them immediately with us and we will get back to you with the best possible solutions through Binary Options Scam Recovery. Stay aware and keep on reading to know more about trading and scams. We have helped hundreds of traders through Binary Scam Recovery Services.