Binary Options Scams, a new(ish) trend that doesn’t seem to be going away

Binary options scams is something that I first ran into around the beginning of the year. The scam was so ridiculous that I thought that there is no way there are more programs that are similar, but I soon discovered that I was very wrong in that line of thinking. The scammers pray on people that know little to nothing about the binary options market, and unfortunately the sheer number of the binary options scams that are out there just goes to show that people are still falling for them.

There are lots of people over the internet offering “trading robots” that supposedly does all the work for you. However, there is no such thing as a free lunch, and as cliche as that statement may sound to you, it is definitely the truth when it comes to making money on the internet.

This seems to be a rather new type of internet scam that has become very popular. Unfortunately, things only become trendy when they work.

By the way, for those of you that are wondering what binary options is, it is a internet trading platform. It deals with all kinds of things such as FOREX, gold and silver, oil, and even the stock market. From what I understand at least. I do not know the actual system that well.

So, how does a binary options scam operate?

Usually, a binary options scam will start with spam that you see in social media comment sections and stuff like that. We’ve all seem them before, and most people just ignore them. However, some curious people still click on their links, and a small percentage of them actually fall for it (by depositing money).

The spam link will usually bring you to a website, and that website usually will not have any content except for a video with the owner of the scam (or someone working for him/her), promising that you will become filthy rich just by setting up an account with a broker of THEIR choice, and than installing their “free” software that will supposedly make accurate trades for you.

Almost all of the scams will promise you the program (“trading robot”) for free, but usually you got to deposit money with whatever broker they are working with before they will send you any program, if they send you one at all.

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If their program is free, than how do they make money?

The owners of this type of scam make money of affiliate sales. When you deposit money into a an account with a broker, that person that referred you to that broker gets a commission.

This, of course, is very lucrative to the scammer. The commissions are usually very high, so they really go out of their way and promise everything in the world for depositing the money into the account.

There is also reports of stolen identities, credit card information, and other personal information associated with Binary Options.

Ways to avoid binary options scams

  1. Don’t invest in anything that you know nothing about. Many people get involved with Binary options, either through scams or otherwise.
  2. If anyone is offering you a program that is free, but will supposedly make you thousands of dollars while you just sit on your hands, run away fast! ANYONE promising you free money without having to do any work is trying to scam you.
  3. Look out for websites that have very little content, except for a video.
  4. The broker themselves are usually not a scam, and the affiliate program is also not a scam. You can check up on whatever broker you are considering doing business with here. 

Most of the people who fall for these scams don’t even know what binary options are, and I suspect most of their victims are people in dire financial straits, which makes the whole thing even worse. And I can just imagine why. Imagine that you are someone that just lost their job, so you go on the internet to see if you can make money, and than you see someone promising you riches by just installing their program.

These are the type of people that scams like this target. Impulsive buyers who do not research before buying a product over the internet.

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The “secret” to binary options

The most common thing that I have found in binary options scams are that they promise that they have found the “secret formula” for making successful trades. BUT their program only works with the broker that the scammer has an affiliate relationship with.

Do not fall for it. There is NO secret formula to binary options, or any type of trading platform for that matter. There are LOTS of variables in any trading market.

Conclusion

Binary Options is a legitimate way of making money, but it is very difficult, and it takes years to be anywhere close to successful at it. If you would like to get into binary options than you should find a legitimate broker instead of some scammer promising to make you money, without any effort on your part.

So what do you think? Do you think that I am right about binary options scams, or is there really a program out there that can make me rich by doing nothing at all? Have you fallen for a binary options scam before? Leave any thoughts and comments that you have below!

 

 

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8 Comments

  1. Thank you Jeff for the information. I have not yet heard of this scam but have heard of others scams that promise you riches for doing nothing at all and I have seen the pages with nothing but a video. All these scammers operate about the same way; they prey on desperation. I have fallen victim myself. I have to remind myself that if it sounds to good to be true it probably is and nothing in life is free! Tina

    • Thank you for your comment Tina! Yes, the binary options scammers (all the scammers for that matter) prey on the desperate and the impulsive buyers. I am sorry that you fell victim to a scam, I hope everything is alright for you now.

      Take care =)

      -Jeff

  2. Jeff,

    Binary scams are all over the web these days. I feel bad for anybody that falls for them. Might as well take your money to the casino and at least have a good time losing your money. Thanks for pointing this out

    • No problem man. I definitely agree that spending your money at the casino would be a better choice than participating in a binary options scam, at least you would have a slight chance at getting some money, lol.

  3. Jeff,
    Good work in exposing binary scams. I truly don’t think any of them are legit. You said it best, if anybody is promising you something for free, it must be a scam

  4. Thanks for the info Jeff. Its sad that a lot of the senior citizens get targeted for this too. some are not aware and some are just more trusting. Thank you for exposing these kinda scams!

    • No problem PY. I imagine that a few seniors fall for this type of scam, especially considering a lot more of them are on the internet these days. Thank you for the comment. =)

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