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Binary Options Scams
For about ten years, online binary options scams were ubiquitous.
Don’t Let Them Mislead You – It’s All Smoke and Mirrors
Challenging binary options scams can be very complex and mistakes can cost you. MyChargeBack analyzes your case and assists you throughout the entire recovery process.
In the first two decades of the 21st century the internet became Ground Zero for binary options scams and binary options fraud.
Perhaps what first drew you to their website was a pop-up ad. Or a social media post. You clicked and found an attractive, professional -looking presentation promising you:
- A quick, profitable return
- A huge immediate bonus just for joining
- An easy-to-manage online binary options platform
You signed up and soon their representatives contacted you. They introduced themselves as your “brokers.” And then you transferred funds, most likely using your Visa® or Mastercard.® Soon, you found yourself trading stocks or foreign currencies, indices and commodities. To help you out, your “broker” courteously provided personal coaching. And timely recommendations. (Real brokers cannot do that because it’s patently illegal).
While legitimate, government-regulated online brokerages do exist, their many more unregulated firms – especially those offering binary options – whose operators based their business models on swindling unsuspecting and inexperienced investors over the internet.
It’s a Video Game
You assumed the unregulated firm’s state-of-the-art internet site would allow you to trade. Actually, however, it’s nothing more than a video game. The binary options platform it features does not follow obligatory trading rules and procedures. In fact, it’s not even plugged into a true market exchange. The gains you supposedly made and the losses you supposedly suffered, are all imaginary. Nothing more than smoke and mirrors intended to convince you it’s for real. Oh, and that bonus you supposedly received? It was just as imaginary as everything else.
What Happens with Your Money?
Unregulated brokers promise you that they deposit your money in a segregated bank account. They like to think that they will prove their integrity and convince you that they guarantee your access to your funds. However, no such personal account exists. That also is a fiction. Your money went straight into their own bank account instead.
Sure, they promised that you could withdraw your money whenever you want. But you will soon find out that’s easier said than done. Some firms will ignore your requests to access your funds outright. Others will bounce you back and forth between different departments in order to exasperate you. To the point when you’ll just give up. And then there are those that will point to the small print on the Terms & Conditions page. Squint your eyes and you will see that you agreed to first reach an unattainable amount of trades. Or repay that huge bonus they gave you before you even apply to withdraw your money. Or both.
A Binary Options Scam by Any Other Name Is Still a Scam
For about ten years, online binary options scams were ubiquitous. The damage they inflicted on consumers was enormous. In response, a growing number of countries banned binary options trading by retail investors. In 2020 the European Union (EU) enacted a temporary ban as well. It renewed that ban on an ongoing basis until July 1, 2020. By then the last online binary options site registered in the EU finally shut itself down. In addition, Google and Facebook ceased accepting ads linked to binary options sites. These actions, as welcome as they were, however, merely encouraged many operators of phony binary options sites to re-brand themselves. They now claim to be online forex brokerages and even private banking firms.
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Beware. The terminology changed but the scam remains the same.
Cryptocurrency Trading and Binary Options
Cryptocurrencies have rapidly crashed, not only in the course of a person’s life but in the sphere of the financial market and investment activities. In spite of the initial skepticism regarding cryptocurrencies and Blockchain, these innovative currencies have become one of the most attractive investment opportunities to quickly turn a profit. However, many private investors don’t allow themselves to invest in this resource, first and foremost, due to the high cost of cryptocurrency. Due to this, we recommend that you consider specific trading alternatives, which enable you to earn a good profit off investments in cryptocurrencies. In particular, we will outline the simple methods for dealing with cryptocurrency rates and acquainted you, in detail, with the principle for trading cryptocurrency binary options.
How can you profit off of cryptocurrencies?
Before you begin trading on the binary market, we suggest investigating the types of approaches accessible to the average private investor speculating on cryptocurrency market? This not only enables you to select the most suitable and attractive trading method for investing, but it also allows you to gather information on the profitability of different methods for investment in the cryptocurrency market. Let’s begin with the most legal, regulated services:
At the end of 2020, American financial regulars decided to release futures and options contracts on the main trading platforms, the CME and the CBOE. However, these financial market speculatory tools are accessible only to a limited number of large system investors. Private cryptocurrency traders are enthusiastic about this fact, which is evidenced by the price of the leading cryptocurrencies. For working with this selection of trading tools, you need access to a large capital and citizenship in either an EU member state or the USA. Private investors rarely consider these resources as primary tools of investment for this very reason.
Digital wallets and exchanges are a more accessible option for investing in cryptocurrencies for private investors. Here, everything runs on the basic principle of currency trading, buy low, sell high. The investor’s profit is the difference between the asset price when bought versus the price when sold. Although the relatively simple function of the approach’s algorithm to trading, today, not all investors can take advantage of these resources. The issue is, that the activity of cryptocurrency traders lead to a dramatic increase in rate growth of electronic currencies. For example, Bitcoin hit a high of $20,000 per coin in 2020. Only a limited number of traders can afford the means necessary to invest in a cryptocurrency asset. The matter only becomes more disenchanting for the average online trader, after taking a closer look at the risks involved.
In addition to this, trades placed on the exchanges are accompanied with extremely high associated costs, such as commissions placing trades, exchange spreads, and withdrawal charges. In sum, this figure can reach up to 12% of the total investment capital. That kind of loss is a hard one to take, no?
This classic tool enables trading cryptocurrency assets online, which is undoubtedly attractive to online investors. Nonetheless, even though conducting operations on Forex is simple and relatively accessible, this approach has its own drawbacks for investors. The problem is, that here a longer holding period is necessary to earn a profit. Contracts, based on profitability figures, are dependent on the level of asset price change. In addition to that, on Forex more complicated approaching for market analysis are necessary.
As you see, today, the basic selection available of cryptocurrency investment tools is reasonably wide. We, in turn, would like to go into more detail regarding the most effective and profitable tool, binary options, which enable you to profit off a low-risk, high process liquidity, and financially accessible cryptocurrency trading regime.
How do you trade cryptocurrency binary options?
Let’s begin imminently with an explanation of binary options and how to trade them on the market, which enables you to grasp the basic essence of the trading process when using this tool.
So, binary options are a form of exchange contract, in which classical regimes for earning profit on the financial market don’t apply. With these contracts, there is no direct purchase of an asset, instead, there is a time-limited rate position on the direction of price movement held on an asset. To put it simply, the market participant doesn’t close a purchase or sale of the base asset, but uses its price rate for future directional price fluctuation:
The main task is for the trader to close the trade during the right specific market movement, in the correct binary options movement time frame.
It is worth noting this financial tool’s high level of profitability, 85% is the average (the data on tool’s liquidity was taken from the broker Binomo), which can reach as high as 90%.
If it is the right forecast for the rate, the market participant can make up to 90% returns, however, if the market is forecasted in the wrong movement direction, they can lose 100% of the total rate. With that kind of trading speed, the trader themselves regulates based on the selected duration of the binary option (expiration), which can fluctuate in a range of 60 seconds to 24 hours.
How do you trade effectively with binary options?
With this base knowledge on trading with binary options unraveled, let’s move on to the practical application. So, what can you understand from the binary options trading algorithm in action is, that this tool has a specific mathematical negative expectation profit indicator. The difference between profit and loss when trading with binary options is an average of 15% for cryptocurrency assets, with this specific indicator it can be upwards of 88%!! Therefore, excess losing positions can lead to a loss in investment. In order to change this situation and indicator statistic, it’s vital to adopt a trading strategy for forecasting. These systems have the ability to compute statistics, which produce profitable positions up to 90% of the time. It is worth noting that no strategy produces results 100% of the time!
So, trading strategies for the binary options market have varied formats and approaches. The majority of them are structured based on economic and legal regulations on market activity. However, this strategy format is not suited for inexperienced traders, because highly specialized knowledge is necessary for them, as well as for trading cryptocurrencies. The reason for this is quite simple, electronic currencies are a decentralized tool without a central issuing body. Therefore, the resource price, in this case, doesn’t subscribe to basic economic laws, instead, it’s built on simple indicators, made up of the total means invested in the asset, the popularity among traders. To put it simply, cryptocurrencies are only worth what investors are prepared to pay at any given moment!
The solution for investors out of this problem is indicator strategies, which analyze the market and produce forecasts applicable to automatic market indicator recognition programs. These systems evaluate current cryptocurrency technical indicators and provide vital trading information for opening positions on the market.
The list of indicators, available on the market, includes several hundred, therefore using them isn’t difficult. Frequently, professional traders use simple mono indicator strategies or combination systems with a short list of analysis tools. For example, the oscillator lines of the simple MACD indicate the trend movement direction growth, enabling you to achieve very accurate cryptocurrency trading indicators:
The trading statistics for this simple strategy have indicators that produce successful results 85-90% of the time. Therefore, even a small loss won’t influence the market participant’s final trading result.
The classic resistance/support trading strategy is a great example for trading cryptocurrencies. This regime more accurately reflects the mood of investors on the market for electronic currencies, that enables you to open short-term rate contracts on more attractive terms. In this case, we recommend using a trading regime in the price fluctuation channel. For that, it is enough to set up the trend levels, which become the borders of the cryptocurrency price fluctuation channel. The rate formation signals, in this case, form the moment price rebounds from the border of the channel to the opposite level:
Taking into account the peculiarities of cryptocurrency asset exchange rate formation, that approach to market analysis and forecast generation is more effective for earning a minimum and stable profit.
You can become acquainted with a wider selection of effective trading systems on the our site at the EDUCATION section
Of course, trading systems can produce results, however, without specific knowledge of the trading process, an understanding of finance, and the electronic currency market, it will be reasonably difficult to grasp the intricacies of binary trading and achieve successful, and more importantly stable, results. For that reason, it’s vital to find time to expand both your practical and theoretical skills. The educational process can pass quickly with your broker’s professional educational materials, which are available with open access.
Once you’ve gained a complete understanding of all technical and theoretical principles for working with binary options, you can maximize the profitability, result stability, and effective trading operations of the main trading market indicators.
While analyzing binary trends, it is worth noting, that trading with this tool not only differs thanks to its simple technical process but also its accessibility to private traders. To use this tool, you need a minimal $10 capital, and the cost per contract is only $1. Despite the small size of the investment required, involved in the process, it’s worth considering the fairly strong profit indicators, all thanks to the profitability of short-term contracts, up to 90%, and also the regulated market position expiration period. Therefore, the dynamic capital growth is now a bit higher in comparison with classic speculative methods for the financial market.
As you see, today, binary options are the most accessible and easy method for making a profit on the market of cryptocurrencies. Here, investors receive attractive financial terms for trading, an accurate indicator of the procedural effectiveness, a very simple regime for earning profit, and also a relatively low capital risk indicator. In situations when the market is overbought, binary trading is one of the main approaches to working with cryptocurrencies as an investing resource.
вЂњGeneral Risk Warning: Binary options trading carry a high level of risk and can result in the loss of all your funds.вЂќ
Fallen Victim To A Binary Options Scam? Follow These 3 Easy Steps To Get Your Money Back
If you’ve been unfortunate enough to have fallen to a binary options scam then thankfully you’ve landed in the right place because I am determined to help you get your money back.
Binary options scams took over the internet throughout the most part of 2020/2020 & whilst there has been a major crackdown throughout 2020 there are even still some lingering around to this very day.
The major player that seemed to lure in the most victims was the Millionaire Blueprint system and this was closely followed by another system named The Brit Method which despite the intention of being soley targeted at Brits ended up parting thousands of people globally with their hard earned cash.
But regardless as to which particular scam system or broker it was that lured you in personally you’ll be glad to know that the process of obtaining a refund is exactly the same & that the steps outlined in this blog post will work for you too, since all of these scam binary systems followed the exact same traits.
Firstly, Do You Need The Help of a Third-Party?
Since I spent a lot of time exposing these scam binary systems & brokers over the past couple of years I’ve had a lot of people who’ve been involved (and burned) by binary options systems reach out to me for help.
To this day I still get emails from people, but what I’ve noticed recently is a trend of people asking me about specific binary option chargeback companies that claim they are dedicated to helping binary options victims to get their money back.
Now these companies certainly can help, but a chargeback is actually something you can do yourself (and it’s fairly straight forward too). I’m going to show you exactly how you can do it right here in this blog post & if you feel confident you can attempt to handle the case yourself.
However if you would like somebody else to take care of the case & handle everything for you then it would wise to enlist a professional company that specializes in this sort of thing – especially if you don’t really feel too confident in tackling it yourself.
One of the best & most helpful chargeback companies I’ve come across that specialize in binary options cases is a company called MyChargeBack – many people I’ve spoken to have managed to get their funds back via them & told me that the experience was a good one.
So if you decide you would like the help of a third party chargeback company then they’d be my top pick – but if you’re feeling confident about tackling it yourself then read on because I’ll show you the exact steps that you need to take to initiate a chargeback via your card issuer to attempt to get a refund.
However, just FYI if you have lost more than a few thousand whether it be to just one specific binary option scam or several different binary options scams then my advice would be for you to potentially seek additional legal help too. So on top of the actual chargeback help it may also be wise to seek help from a legal professional who specialises in financial service disputes.
(note: this is not necessary with MyChargeBack as they have their own legal team)
I also recommend that you do not try & find legal help online! Whilst there are many genuine lawyers & solicitors online who I’m sure can help you with your situation, there are also many rogues in between them – especially when it comes to reclaiming money lost in binary options.
My advice to you if you’ve lost several thousands to binary options is to go out and find a brick & mortar lawyer/solicitors office that has a solid, reputable history.
Cutting corners when it comes to legal advice will more than likely result in you getting burned once more, so spend time choosing the right legal adviser and make absolutely certain that they have a proven history in winning cases. Also when it comes to getting legal assistance in reclaiming money from binary options scams you should not have to pay any money up front for advice, in this situation your adviser should be confident enough to offer you a no win no fee case. If they do not, look for one that does.
If however like most victims you’ve lost around around $250 (or less than $1,000 in total) then you can simply run a chargeback yourself to claim your money back & in this particular instance if you’re confident there generally won’t be a requirement for 3rd party help – unless of course you’d just like to leave it all to the professionals & have them handle it for you.
How To Get Your Money Back Through a Chargeback
If you’ve fallen victim to a binary options scam then the easiest way to get your money back is through something known as a chargeback. A chargeback is a way of claiming your money back directly via your card-issuer or bank & it’s very effective.
By issuing a chargeback you do not have to deal with the binary options company directly, instead you simply deal with your card-issuer or bank & they handle the communications with the specific company that scammed you on your behalf.
The good thing about the chargeback is that the customer is generally favoured to win the case right from the very start. As a customer issuing a chargeback your card-issuer/bank basically takes your side & then it is up to the merchant (the company that scammed you) to prove that they delivered a quality service to you.
Obviously in the case of a scam they cannot prove they delivered a quality service (because they didn’t) so generally you have a high chance of winning as they do not even waste their time bothering to pursue chargeback claims.
Here are a few quick important points about chargebacks:
- You can use a chargeback even if the company has since closed down
- Typically you must make a chargeback within 120 days of when you first noticed the problem
- Visa has an overall chargeback cut off date of 540 days from the date you initially sent the money
So basically providing that 120 days hasn’t passed since you became aware that you had been scammed then you have a very strong chance of getting a refund by issuing a chargeback, even if the companies since closed down.
Here’s how you can initiate a chargeback yourself:
1. Get The Address of Your Debit Card/Credit Card Company
To file a chargeback you must send details of it in written form to your card issuer, so the first thing you’ll need to do is obtain the address of your debit card/credit card company.
The easiest way to do this is to use Google.
Simply enter your “card provider + address” into the search bar (without quotes) and that will bring up a list of results. As you can see below I have used Barclaycard as an example:
Be sure that you are getting the information from the official website as third party websites may contain mistaken information which could mean your chargeback request goes to the wrong place & doesn’t get actioned. If you have any doubts then give your card-issuer a call using a known number & ask them directly which address you should send the request to.
2. Determine The Exact Details About The Payment
To be able to handle your chargeback claim your bank or card-issuer will need all the information about the payment(s) that you made. If you don’t provide this the first time around then you’ll be asked for more information which will increase the length of time your chargeback request takes so it’s best to provide everything in one go right from the very start.
You will need the following information:
- Details of what you thought you were purchasing.
- The date(s) of each payment that you made.
- The company that you made the payment(s) to.
- Proof of the payment(s) – such as a receipt, invoice or any emails received.
- The total amount of each payment(s) that you made.
3. Compose Your Letter & Request a Refund
Once you’ve gathered all the information about the transaction(s) that you made your next step is to compose a letter & send it directly to your bank or card-issuer.
The first important thing you need to mention is that you are claiming for a refund under the Visa Chargeback Scheme rules, and the second important thing you need to mention is how you felt that the company were in breach of their contract. When it comes to binary options scams you were more than likely promised $XX and they didn’t deliver, which is a clear breach of contract.
Here is an example of a well composed chargeback letter that you model:
Your Next Steps…
Once you’ve sent the chargeback request of to your bank or card-issuer you should hear back from them with confirmation that they are pursuing the case. If you do not hear back then be sure to follow up with them to check on the progress of your claim to make sure that it hasn’t been overlooked.
Generally the chargeback claim will be dealt with fairly promptly & you should hear a response within around 60 days with further information as to whether or not it has been successful in your favour.
More than likely in this instance the chargeback will be successful, but if for any reason it is not then I would recommend that you refer to information I mentioned earlier in this post & seek the help of a legal adviser operating on a no-win no-fee basis. If the amount lost is under $500 then it’s likely that the case will be turned down as it will not be in the advisers interests to pursue it for such a small reward, but if it is over $1,000 then they may be willing to help you retrieve the money.
At the end of the day by choosing a no-win no-fee adviser you have nothing to lose & everything to gain so at the very least it’s worth asking.
I Wish You The Best of Luck!
I do thoroughly hope that you are able to successfully retrieve any & all of the money that you lost to the hands of these crooks. Over the past couple of years I’ve heard so many stories of the devastating impacts these scams have had on peoples lives & it truly is terrible to see.
If you do decide to pursue a claim & make an attempt at getting your money back then please document the process in the comments below as I’m sure there’s many people who would appreciate to see how you’ve gone about it & the success that you’ve had. Also, if you are a victim of a binary options scam who has successfully managed to retrieve your money then please share details of exactly how you managed to do it to help other people out who are stuck in a similar situation.
Thank you for reading & I really hope that you found this information useful.
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Perfect For Beginners!
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Good Choice For Experienced Traders!