One of the most prominent binary options scams ever committed in the United Kingdom, the Magnum Options Scam remains on the top of the list. It topped as a legitimate broker only to uncover as a fake binary options broker at a later investigation stage. The investigation was successful, owing to the top-class team of private investigators and attorneys. Here at First Option Recovery, we work with due diligence and professionalism to discover the scam that has been present for quite some time.
At First Option Recovery, we believe that no customer should be left behind when it comes to quality service. Our team dedicates to providing you with the best-in-class service at the best rates possible. We have a team of 128+ attorneys and legal advisors who are always there to guide you, no matter how small or big the fraud is. With over a decade of experience in this field and over $19 million recovered so far, we have a success rate of more than 90%, making us the best in the business worldwide. Owing to this very fact, we have successfully recovered money in all kinds of fraud, including crypto fraud, binary options scams, or even forex fraud.
The company tried its best to promote itself as a top broker among the masses by hiring fake PR agencies who would write top class fake reviews and promote their product. They hired bogus advertising personnel who would come up in front of the camera and say that they were pretty poor, and all of a sudden, they found out about Magnum Options, who changed their destiny forever. Many young, innocent investors were thus framed like that and lost their money.
We discovered the Magnum Options Scam after a top reveal suggested that they made their profits by asking their customers to invest in fixed-odds betting investments, which took their total tally to over £750,000 and even more. The company registered under them, Hampshire Capital Ventures Limited, was placed under provisional liquidation, subjecting them to an investigation as they were providing investment advice without a proper license.
Our firm First Option Recovery is a firm believer in the UK Insolvency Service. When the authority decided to investigate the case, we also decided to work on the issue and bring out such crimes’ fraudulent nature.
The UK Insolvency Service, who worked on these fraud cases, investigated the complaints received between February 2016 and March 2017 and found out that the scheme that Magnum Options provided was a fake one. Many investors have lost their money owing to this.
PROMISES MADE VS RETURNS DELIVERED
The Magnum Options Scam was a success because they hired a competent sales team. A team member used their aggressive sales approach to call an easy target and convert them into a potential investor to invest in the scheme to promise them over 80% returns within a brief period. Unsolicited calls to the victims were frequent until and unless those salespersons got hold of a naive investor, they kept pitching them with an offer that they couldn’t refuse.
Unfortunately, unlike First Option Recovery, every company doesn’t hold onto their promises and such was the case with Magnum Options Scam as well. Promising guaranteed returns, but one catch made all the difference. According to the terms and conditions page of Magnum Options, it stated that the investors need to trade 40 times the amount present in their account balance to make withdrawals. With an excuse that the firm doesn’t entertain small funds at all. Some of the investors, paying no heed to the warnings, ended up doing so, but unfortunately, they lost their money as no payouts were made even after repeated attempts. The firm was eventually closed after an investigation. Our findings say that the firm has duped people with over £750,000 till then.
WHAT DO YOU NEED TO DO TO SAVE YOURSELF FROM SUCH SCAMS?
At First Option Recovery, we are working extremely hard to bring out the best and verified information to you and your peers. As a result of our efforts, our team has worked diligently to bring about the red flags of how one can find out whether a binary options broker is a scammer or not.
DON’T BELIEVE IN HIGH RETURNS
As of 2020, no one has devised a trading method to guarantee over 80%. Binary options is a very lucrative field in the investment world, but it also requires patience, dedication and perseverance. It is an expensive trading option owing to commissions that you need to pay to your broker. In such a case, if any broker promises you insane returns, it is indeed a fake one.
EXTRA DEPOSITS FOR FUND WITHDRAWALS
These binary exchanges work on an algorithm formulated by these scammers where there is a zero percent chance of a loss in a trade. You always end up making profits which makes you happy. However, to withdraw your funds, you need to invest a lot more money because the firm will tell you that they don’t entertain small deposits. Since you are constantly making profits, believe in such a nuisance and, as a result, often end up depositing the amount only to realize that they don’t initiate the payments at all. Many customers have lost their life savings by investing in fraudulent schemes like this. Some who decided to contact us at First Option Recovery got their funds back within a period of 3 months.
VERIFICATION OF LICENSE NUMBER IS A MUST
A binary exchange firm cannot operate without a valid license number, and hence, one should always check for the correct license number of a binary firm. Many firms issue a fake license number and post it on their website. You can easily confirm this as all valid license numbers can be verified as they are publicly available.
WHAT TO DO IF YOU HAVE LOST YOUR MONEY IN THE MAGNUM OPTIONS SCAM?
Firstly, you need to relax and know that your money is not lost. You need to realize that many fund recovery experts can do the job for you. They have a trained group of attorneys who can help you get your money back in no time if you have been the Magnum Options Scam victim. One such fund recovery group you can rely upon is First Option Recovery. We pledge to be the best in the business and have fulfilled our promises for over ten years. With over $19 million recovered so far, we believe in eradicating financial crimes worldwide as soon as possible. We have our own fraud companies database that helps us recover your funds faster than any other recovery group can do. Do get in touch with us if you have been a victim of any financial fraud.