A lot of investors have been investing their life savings onto a product that promises one great returns, but instead, they are finding it difficult to digest that the investment was nothing but a hoax in the name of a binary options trading scheme. First Option Recovery has been in the fund recovery business when it comes to binary options scams recovery for over a decade and with its top-class team of 128+ attorneys and a success rate of over 90%, we consider ourselves to be one of the top contenders for the position of the Best Fund Recovery Firm in the world
Binary Options, being the hottest topic of the 21st century, has risen above the ranks of forex and stock trading only to realize that the rise of a trading mechanism is directly proportional to the number of scams it gives rise to. Insufficient financial knowledge combined with the greed of getting rich quickly has forced the investors who are beginners in the trading world, to invest money into these fraudulent practices only to lose all of it in the long run. First Option Recovery warns you about such stuff and details you through the world of binary options scams (such as where what seems legit, might actually be a honey trap for most naive investors.
What is Binary Options Trading? Are Binary Options Scam or Legit?
A binary option is a financial option in which the payoff is a fixed amount or nothing at all. Binary options can be deceptive, yet they are simple to understand, which makes them a popular choice among low skilled traders. The most commonly traded commodities here are stocks, indices, and forex. The options, having a clear expiration date, time and strike price, if the trader manages to guess the market’s direction at that very particular time, he would be paid a fixed return irrespective of the changes of the commodity after that particular time.
Being banned in a lot of developed countries, we at First Option Recovery, after proper recommendations from our team of advisors, binary options have been described as high risk and unpredictable investment options by a lot of professional traders.
Signs of Binary Options Scams
Fake Promises and Returns
The binary options scams are increasing day by day where every naive trader is losing his money owing to the fake promises and returns being promised every day. Automatic trading has taken a toll on the modern trading population with every firm claiming that they have developed bots that are going to help traders make lots of profits in the long run. Claims also include that these bots have been designed in such a way that the investor would not make any loss, whatsoever be the investment amount, a claim that seems fabricated from the first step itself. First Option Recovery has already dealt with such a nuisance on a regular basis and highly suggests you stay away from such bots as no bot can surpass the trading ability of a human mind.
Also, it is claimed that these bots are designed with the help of professional traders across the world who have worked on this together. Unfortunately, very few are able to understand that this software is nothing but a guessing game.
The software comes at a cost, and once you pay it, in spite of the scammers promising you a money-back guarantee, it is highly advised to stay away from such bots as these fraudsters are going to run away with your money.
Fake exchange and trading mechanism
The majority of the binary options exchanges are fake. The binary options scams list of fake exchanges can be found directly on our First Option Recovery official site. These scammers develop websites based on an original binary exchange, however, the trading chart that follows works according to the algorithm developed by them. What is meant by that is when you invest your money in the exchange, it will show that you have made a lot of profit in the short term.
The greed for more profits will make you invest more than necessary and still you will see that you are reaping in the profits. Now the problem arises when it’s time to withdraw your funds. Once you place your withdrawal request, you will notice that the broker is making stupid claims as to lack of workforce or bank holidays in that particular country or so, resulting in a delay of wire transfers. Even contacting customer care doesn’t bring about a proper response. Soon you realize that your money has been lost and you end up in being a dejected victim of just another binary options trading scam.
Insane Bonuses and Celebrity Endorsements
A short and quick way to find out whether a binary options trading scheme is a scam or not is whether your broker is providing you with an insane bonus even before you are investing your money. Binary options, in spite of being lucrative, is an expensive affair in the long run with brokerages, rate cuts, licenses and high hosting fees. When a new exchange suddenly offers you a lot of bonuses in the very beginning itself, there is a high chance that the broker might be a rigged one. Offering a bonus in the very beginning stages does breach the contract terms as no regulatory authority allows a broker to offer a bonus before you start winning your trades. If you open the First Option Recovery homepage, you would realize that we do not have any major celebrity asking you to buy our product. The reason behind is that a celeb never knows what he endorses. He just gets the money and gets done with it.
These fake brokers invest a lot in celebrity endorsements, just to gain the trust of the followers. Blind trust is something that one should never exercise and you should always investigate a broker before deciding to invest your money with them.
How to save yourself from binary options scams?
Being victims of binary options scams is not easy if one follow the below procedures. Firstly, you need to ensure that the broker or the bot that is helping you to trade with is of a reputable stature. Also, it is always advised to check the license of that particular broker. Major licensing authorities include Cyprus Securities and Exchange Commission (CySEC) and Commodity Futures Trading Commission (CFTC). Thorough research about the firm on important financial forums to check its reviews and authenticity is also necessary. You can take help from the binary options scams forums as well.
Another feature to look for is whether the trader is allowing you to open a demo account before you can start trading with real money. Having a demo account enables you to familiarize yourself with the trading scenario of that particular broker and it gives you a fair estimate as to whether a website is a dummy website or not.
As a beginner to the investing world, if some random salesperson calls you and offers you a “too good to be true” deal, you should always skip it, because it is 100% confirmed that it is fake. Calls like these are quite common for new investors, who will ask you to make a deposit and then eventually run away.
To err is human and in spite of all the warnings, there are certain times when we lose our money. In such a case, First Option Recovery is there to help you irrespective of the way the money is lost. We do specialize in a lot of fund recoveries (including pharmaceutical scams and online gambling scams), binary options recovery being one of them. Our expert team of advisors, attorneys and private investigators with a global presence of above 22 countries have been working towards eradicating faulty merchants and with our motto being able to provide with world-class advice and best possible options in terms of fund recovery, you can be assured of getting your money back within a record time period.