Are binary options scams really a reality or just a hoax?
If you are one of those who has been badly scammed by binary options scams, then you are not the only one. There are thousands like you who have been seriously scammed by those situations and the worst thing is that you can’t do anything. This is why you should start to think twice if you want to take a binary options trade in the first place.
How do you find out that a binary options scam is taking place?
1) Deceptive brokers
The most common among many, deceptive brokers and at the same time successfully supporting an ICO as part of a quick manufacturing due to the limited rules and regulations set for them due to the leniency of the financial authorities recently have been a significant hype for the last few years. By copying someone else’s whitepaper and working very hard at multi-level marketing through social media impersonations and actual celebrity reviews, ICOs are the scam to buy in today’s financial world. Important people end up signing up for these ICOs for this particular broker and pretty soon you lose all the money.
In case it is properly scrutinized, there are particular signs that tell you about a bogus broker such as there is no defined roadmap and the founding directors have no trail in the crypto market. Also, if the members belonging to the broker ask you if you are in a hurry, there is a high probability that it is a binary options scam.
2) Fake wallets and stupid exchanges
If you want to store your crypto, take the help of a wallet, be it hardware finance or an electronic wallet. Most investors choose an electronic wallet over hardware finance, mainly due to its low fees and durability.
Sadly, many crypto wallets you see on the Play Store or App Store are fake, looking to get your private crypto key and out of your money. It is highly recommended to do your research on wallets and learn the ins and outs before adding your money. Also, it is always recommended to take the help of some professional firm to guide you in the right direction.
The FCA has banned many unscrupulous brokers, but there are still many.
Fake brokers, however, are still available.
3) Fraudulent binary offers
Remember the days when our teacher used to give us homework and we hated doing it. However, the change must be made when you decide to invest your cash in some binary options exchange. Digital currency exchanges have increased in number in recent years, giving rise to many shady ones in the lot.
To determine if a trade is genuine or not, it is recommended to do a full quality check on the site. Some of them include confirmation of the withdrawal requirements and methods, the security status of the websites, the phrases and conditions, and the proper office address and details of the founder.
Whether it is direct trading, a full all-in-one trading platform, or through brokers, it is extremely important to follow the above steps if you want to save your hard-earned money.
So, don’t wait and never fall for such binary options scams. Stay safe from such scams and invest your money wisely.