the great binary option scam has been around since 2007 and over the course of the years it has grown exponentially over the years. Millions running into hundreds of dollars has been lost to this market and more over the years will still be lost if people dont take the recovery option
is iq options a scam?
Yes, it is a scam, unfortunately. While you train on Demo Account, everything is fine. You win, you lose and you can see and analyze why you won or lost. However as soon as you put real money on your real account, great scam begins. So you see one type of graph or candle and you make predictions based on the type of candle on how the chart/price line will move and decide either to buy or sell option. The moment you do this, candles change. And I don’t mean the price line or new candle but candles that were before, those that were supposed to be already FIXATED. And a chart changes into completely different type of candle and you lose. So they don’t change prices but they changes candles, charts the moment after you make a move. And when you turn to customer support they make a fool out of you by pretending they don’t know what you are talking about. However, when you go to chart room or read reviews, you see that many people face this problem. And I don’t mean that I was betting like crazy or making stupid risks – I studied all types of candles and invested small amount of money and analyzed the chart movements. I was aware that losses are inevitable, and That’s fine. But when you lose not because price changes but because they change fixated candles and turn stock market into casino… That’s a scam and a FRAUD.
The great binary options scam
Much of the binary options market operates through Internet-based trading platforms that are not necessarily complying with applicable U.S. regulatory requirements and may be engaging in illegal activity.
investors should be aware of fraudulent promotion schemes involving binary options and binary options trading platforms.
Investor Complaints Relating To Fraudulent Binary Options Trading Platforms
The SEC has received numerous complaints of fraud associated with websites that offer an opportunity to buy or trade binary options through Internet-based trading platforms. The complaints fall into at least three categories:
- Refusal to credit customer accounts or reimburse funds to customers
These complaints typically involve customers who have deposited money into their binary options trading account and who are then encouraged by “brokers” over the telephone to deposit additional funds into the customer account. When customers later attempt to withdraw their original deposit or the return they have been promised, the trading platforms allegedly cancel customers’ withdrawal requests, refuse to credit their accounts, or ignore their telephone calls and emails.
- Identity theft
These complaints allege that certain Internet-based binary options trading platforms may be collecting customer information (including copies of customers’ credit cards, passports, and driver’s licenses) for unspecified uses. Do not provide personal data.
- Manipulation of software to generate losing trades
These complaints allege that the Internet-based binary options trading platforms manipulate the trading software to distort binary options prices and payouts. For example, when a customer’s trade is “winning,” the countdown to expiration is extended arbitrarily until the trade becomes a loss.
Beware of Overstated Investment Returns for Binary Options
Additionally, some binary options Internet-based trading platforms may overstate the average return on investment by advertising a higher average return on investment than a customer should expect, given the payout structure.
For example, a customer may be asked to pay $50 for a binary option contract that promises a 50% return if the stock price of XYZ company is above $5 per share when the option expires. Assuming a 50/50 chance of winning, the payout structure has been designed in such a way that the expected return on investment is actually negative, resulting in a net loss to the customer. This is because the consequence if the option expires out of the money (approximately a 100% loss) significantly outweighs the payout if the option expires in the money (approximately a 50% gain). In this example, an investor could expect — on average — to lose money.
Always Check the Background of a Firm or Financial Professional
Before investing, check out the background, including registration or license status, of any firm or financial professional you are considering dealing with through the SEC’s Investment Adviser Public Disclosure (IAPD) database, available on Investor.gov, and the National Futures Association Background Affiliation Status Information Center’s BASIC Search. If you cannot verify that they are registered, don’t trade with them, don’t give them any money, and don’t share your personal information with them.
Fraudulent binary options website operators go to great lengths to recruit investors. They advertise their platforms—often on social networking sites, various trading websites, message boards, and spam e-mail—with big promises of easy money, low risk, and superior customer service. Potential investors are also cold-called from boiler room operations, where high-pressure salespeople use banks of phones to make as many calls as possible to offer “once-in-a-lifetime” opportunities.
What’s being done to combat binary options fraud? The FBI currently has a number of ongoing binary options fraud cases, working with partners like claimpayback and the Securities and Exchange Commission (SEC) to help victims of fraud recoup their losses and investment. And this past January, the Bureau organized the 2017 Binary Options Fraud Summit held at Europol in The Hague, bringing together law enforcement and regulators from throughout North America and Europe to discuss the growing binary options fraud problem.
Special Agent Milan Kosanovich, who works out of our Criminal Investigative Division’s Complex Financial Crimes Unit, was one of the FBI’s representatives at this gathering. “The summit,” he said, “gave all of us the chance to sit down and talk about what we’ve discovered through our respective binary options fraud investigations, where the challenges are, and how we can all work together.”
One of the biggest challenges law enforcement faces, according to Kosanovich, is the fact that the scammers are sophisticated and have operations spanning multiple countries. “So the key to addressing this type of fraud,” he continued, “is national and international coordination between regulatory agencies, law enforcement, and the financial industry.”
Another important factor, said Kosanovich, is investor awareness and education. “Investors need to be aware of the significant potential for fraud on binary options websites, and they need to make sure they do their due diligence before ever placing that first trade or bet.”
What Can You Do to Avoid Being Victimized
- Make sure that the binary options trading platform you’re interested in has registered its offer and sale of its products with the SEC. (Registration provides investors with key information about the terms of the products being offered). To do this, you can use the Security Exchange Commission’s (SEC) EDGAR Company Filing website.
- Check to see if the trading platform itself is registered as an exchange at the SEC’s Exchanges website.
- Ensure that the trading platform is a designated contract market by checking the Commodity Futures Trading Commission’s (CTFC) Designated Contract Markets website. Thousands of entities promote binary options trading in the U.S., but only two are currently authorized to do so by the CFTC.
- Check out the registration status and background of any firm or financial professional you are considering dealing with. You can do this through the Financial Industry Regulatory Agency’s BrokerCheck website and the National Futures Association Background Affiliation Status Information Center.
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- Take a look at the CFTC’s RED List, which contains the names of unregistered foreign entities that CFTC has reason to believe are soliciting and accepting funds from U.S. residents at a retail level for, among other things, binary options.
- Finally, don’t invest in something you don’t understand. If you can’t explain the investment opportunity in a few words and in an understandable way, you may need to reconsider the potential investment.
