Probably one of the shrewdest scams ever committed, Binary Book Scam still remains as the scam that took away millions of dollars from investors and closed its website as soon as it was about to be exposed as a fraud broker. First Option Recovery analyzes and details you about how the scam was committed, what were the warning signs of the Binary Book Scam, and what needs to be done if you have been a victim of the scam. Nevertheless, we are seeing a constant spike in the number of fake binary cases in the financial world. Hence we suggest you to stay safe, secure and never invest a lot of money to a particular broker without actually verifying who it is.
First Option Recovery has successfully dealt with situations similar to Binary Book Scams on a daily basis. We are a fund recovery firm that has recovered the money from such firms for more than a decade now. Over $19 million has been recovered by us with the help of our 120+ best in class attorneys who work day-in-day-out to bring the best recovery solutions for your business. Owing to such expertise in the field of fund recovery, we have been associated with 2400+ clients for whom we have worked in over 3400+ cases, sometimes it being multiple cases as well for a single client.
How did the Binary Book scam unfold?
The team at First Option Recovery decided to research about the Binary Book Scam and was definitely met with some sort of disappointment, we must say. The About Us section was plagiarized and no valid data was found about the website’s security. A bit more research led to us discovering the fact that the broker started its operations in 2015 but was not regulated and that was indeed suspicious. Also, trading from the US is not allowed which caused even more suspicion.
High Deposit Amounts
The first thing about the Binary Book Scam was its high deposit amounts. The amount was equal to the lifetime savings of certain individuals. High returns were promised but such high returns when it comes to binary trading is simply not possible at all. We were indeed convinced it was a scam.
First Option Recovery found out that it offered five different types of accounts, each of which wanted a minimum investment of $1000. The worst part was that the features of the account types were not mentioned on the website, which clearly was against the rules of the trade.
No social media accounts
Binary Book scam was exposed was due to the fact there were no social media accounts associated with the account. This was a clear cut example of how the scammers wanted to extort quick money and run away with it in the very first place. In order to avoid a setback, they opened a Facebook account but it was inactive for quite some time. All reputed brokerages remain connected with traders via their social accounts but that was not the case here.
No Demo Account
The final nail in the coffin for the Binary Book Scam, as exposed by First Option Recovery, was the non-availability of the demo account. This leads to difficulty in familiarizing yourself with the trading features that the broker provided before dealing with the issue. We even visited the Learning Centre available on their website, but there was nothing available at all. The learning center was in itself a mockery which just copied some pages and videos from genuine binary broker sites.
What to do when you have lost your money in the Binary Book Scam?
The first and foremost thing that you need to do is not panic. You need to relax and leave the job up to us. First Option Recovery handles each and every case with pure professionalism which portrays its ethos when it comes to the fund recovery process. When it comes to the Binary Book Scam, we have recovered funds from a lot of clients who have been the victim of that particular scam. If you contact us regarding the above, we will assign you an advisor who is going to guide you regarding the fund recovery process. The point is that you will get your funds delivered to your bank account within a max time frame of 90 days. Do contact us if you have been a victim of the Binary Book Scam.