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Binary Options Scam – My Realistic Take on Binary Options
Today I’m going to take a closer look at binary options opportunity and there are two major reasons for that.
The first reason is because binary options opportunity is very popular nowadays and people are making money in this industry.
The second reason is because people are losing a lot of money in binary options and that’s why I decided to write this article and shed some light on binary options in general and binary options programs in particular.
I will explore this opportunity to find out if trading binary options is a scam or legit
Binary options and reality
Over the past few months I’ve reviewed over 20 binary trading programs and unfortunately I have to admit that an overwhelming majority of these programs are the time wasters.
They are geared towards taking your money while giving you nothing in return but big promises about wealth and abundance.
This is really amazing that although binary option websites are many and people who stand behind them are different, claims are always the same.
All these programs promise that you can join for free which is true but they promise that you can make money without spending a dime which is not true.
This is a fact that in order to start trading binary options you need to invest your own hard earned money, in most cases at least $250. Ok, that’s not a problem. The problem is that once you have invested your money, there is no refund and you part with your money forever.
Try before you buy
Some programs allow you create a virtual account and try their system with virtual money and that’s good. But the truth is that this can be very misleading and even I would say deceptive.
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You can make successful trade with virtual account, but when it comes to trading with real money things become much more complicated.
Without a proper education and understanding the currency market you can never make even a dime. This is a big misconception about making money in general and making money through binary options in particular.
For the most past binary options programs are either scams or low quality programs that don’t provide quality support or quality training. There are too many complaints about most of them and U.S. Securities and Exchange Commission doesn’t recommend to get involved in internet based binary options programs. If you’re looking for a genuine make money program, allow me to help you and recommend a program I’ve been a member of since 2020. My recommended program is FREE to try. No obligations. No credit card required.
How does binary options trading work?
Binary options are generally various options you can trade up or down. When you create your binary options account you normally choose a broker and then fund your account in order to start trading.
In order to trade you have to choose an asset which can be a commodity, oil, stocks, currency etc. Then you are given a graph and the time period within which you must complete certain actions.
The graph shows you the visual info about your chosen asset that goes up and down and YOU have to predict how the asset will go: up or down.
You have to decide how it will change before the given time period ends. If you are right in your predictions, you make some money and if you are wrong, you lose all your money which may be a hundred buck or a few thousands of dollars.
And that’s why many people, even experts in binary options trading very often associate binary options or Forex with gambling and I have to admit that this opinion is true.
Forbes.com is of the same opinion. YOU NEED TO WORK OUT A STRATEGY AND THEN STRICTLY FOLLOW IT. IF YOU DON’T DO THAT YOUR TRADING WON’T BE DIFFERENT FROM GAMBLING.
Are all binary option websites one big scam?
Of course, not all programs are scams. If you find the right one with a good mentor, quality training and helpful support then you can probably achieve some success in this field.
But your success completely depends on your expectations and if you expect to make thousands of dollars by simply clicking on the software’s buttons you then are going to fail and lose all your money in the very first day upon getting involved in this business.
As a binary option trader you must win 55% of the time in order to be profitable which is not as easy as many programs explain it.
Just as an example, my bother has been involved in Forex business for over 3 years now and been trading commodities, stocks, currency etc and to this day he hasn’t been able to earn enough money in order to quit his job, not to mention thousands or millions of dollars.
This is a real example that proves that making money through binary options or Forex is not about clicking on the buttons alone.
Truth about internet based binary options platforms
Organizations, such as U.S. Securities and Exchange Commission which is an agency of the United States federal government and Commodity Futures Trading Commission have received numerous complaints related to fraudulent binary options trading platforms.
The main reasons for getting complaints are the following:
Most Binary options internet based platforms lie about average return on investment. Instead of explaining a real state of things they promise people to make millions.
Another reason for getting complaints from the users of binary option websites is due to their being unable to withdraw their deposit or the return they have been promised by the program.
Finally, many binary options internet based platforms may be violating laws and regulations or regulatory requirements of the SEC and CFTC.
Also, many internet based binary options platforms connect you to brokers that don’t have any education in a binary options field or a license to perform activity in this industry.
For more info read this document. BTW, legit websites such as 24option.com, goptions.com, traderush.com etc provide you with all necessary trading tools and support so you can make the best decision when trading binary options.
Binary options websites
Many binary options platforms even those that are obvious scams, such as the Millionaires Maker clearly explain in their earnings disclaimer that they don’t and can’t guarantee any success because trading binary options involves a high level of risk.
And they don’t recommend to invest money if you are not ready to lose it.
Below is a list of binary options websites that I’ve reviewed recently and I’m going to explain what they all have in common.
- Binary Options Platform 1 – Smart Profits
- Binary Options Platform 2 – Self Made Millionaire System
- Binary Options Platform 3 – Profit Maximizer
- Binary Options Platform 4 – The Millionaires Maker
- Binary Options Platform 5 – Your First Million
- Binary Options Platform 6 – 30 Day Change
- Binary Options Platform 7 – Magnetic Profits
- Binary Options Platform 8 – Wealth Generator X
- Binary Options Platform 9 – Consistent Profits
- Binary Options Platform 10 – Same Day Profits
- Binary Options Platform 11 – Smart Cash System
- Binary Options Platform 12 – Push Button Millionaire
- Binary Options Platform 13 – 2020 Millionaire
- Binary Options Platform 14 – Walter Green’s Free Money System
- Binary Options Platform 15 – Easy Cash Trick
- Binary Options Platform 16 – Guaranteed Outcome
- Binary Options Platform 17 – One Click Signals
- Binary Options Platform 18 – Millionaire Money Machine
- Binary Options Platform 19 – Xtreme Profit Copier
- Binary Options Platform 20 – Larry’s Cash Machine
- Binary Options Platform 21 – Andrew Taylor Enigma Code
- Binary Options Platform 22 – Millionaire Society
- Binary Options Platform 23 – Trading Everest
- Binary Options Platform 24 – Certified Profits
- Binary Options Platform 25 – GPS Trader
What all these programs have in common:
1. They make unrealistic claims as if you could be making thousands of dollars immediately after depositing your money, or that you could be making millions of dollars and become a millionaire within 30 day or 90 days period.
2. They claim that making money through binary options is extremely easy and simple. You don’t need any experience or knowledge.
3. They claim that their amazing software will do all the work for you and you just sit and relax and watch your balance grow.
4. Most of them use fake testimonials to prove as if their members are making millions of dollars while in reality all these testimonials are ordered at Fiverr.com for $5.
5. They all claim that their software is 100% accurate while if you read their earnings disclaimer you will notice that they don’t guarantee any success and they even don’t recommend spending money you can’t afford to lose.
6. There is no money refund once you have deposited your money
7. There are many complaints of fraud reported by organizations, such as SEC and SFTC
8. They all claim that their program is free while in reality you need to fund your account with your own money
Final word on binary options scam
Binary options as the opportunity is not a scam. But if you think that making money through this way is much easier than through a traditional marketing then you are wrong.
Traditional marketing known as affiliate marketing is the safest way to make money online because you don’t need to invest a lot of money in order to make money.
In fact, I’m making money through affiliate marketing and my yearly spending is around $400. Yes, you heard that right. And this price includes everything: education, tools, websites, support, networking with successful people already making money and learning their secrets.
The only investment I’m making is my effort and my time. There is no fear that I can invest thousands of dollars and lose it.
When it comes to binary options opportunity, it’s not easy. You have to learn how to trade binary options the right way, gain some experience and yet you are not protected from losses.
You have to be in front of the computer for many hours in order to understand and feel the currency market.
If making money through binary options was easy then everyone would be clicking on the buttons and grabbing their millions.
As you can see, most of the binary options websites are scams or not recommended because of making unrealistic claims and providing zero support. They don’t even provide all necessary trading tools that a trader may need.
That’s why, you must understand that if you still want to make money through binary options which I don’t honestly recommend then go and try it, but before that ask yourself a question: Are you ready to lose your money?
If yes then it’s your choice. If you are not ready then I recommend you to try affiliate marketing for free and this is exactly what I’ve been doing over the past few years and I’m doing alright.
Is 24Option Scam? Broker review
On the web, you can find a lot about 24option. It is no surprise, because according to the statistics, 24option is the 2nd largest binary options broker in the world (Banc de Binary is 1st) However in this review, we will show you all information combined, making a big list of reasons why 24option is a scam or not.
24option is a binary options broker established in 2020 with headquarters in Limassol, Cyprus . Some may think this is s red flag, but, in fact, that is completely normal for binary options brokers. Most of them have their headquarters in Cyprus, because of regulatory purposes.
24option basic info
- Official Website: www.24option.com
- Headquarters: Limassol, Cyprus
- Trading Platform: Tech Financials
- 2nd largest binary options broker
Why is 24option scam?
I’ve read many complaints against 24option, saying that they scam people, they never let you withdraw your earned money, or even they lie about giving you free money and such. Those are all invalid reasons. Read on to see what I mean.
People complain, that they were offered free money (24option bonus) but then when it came down to paying customers out, there were problems. Yes – this situation can occur. But only if a customer has accepted a bonus AND has not completed all procedures needed for the bonus to be withdrawn. In order to withdraw money including the bonus offered by 24options, a customer is required to:
- Upload necessary documents to prove the customer is, in fact, the person they claim to be
- Complete wagering requirements (40x the value of the bonus)
If any of the above is not met, the withdrawal of the bonus funds is not possible. If you have this kind of problems, please, contact the customer support.
Another reason why clients might complain and dislike 24option is: losing their money. Trading binary options simply involves risk. Everyone should know that. It is an investment, with which your money is at risk if you do not invest (make trades) wisely. If you do not know what you are doing, please, learn something about binary options first and try trading on a demo account. You can do that either with 24option, but also with our demo account: x Binary Options Demo.
24Options are regulated by important regulatory authorities of the world including the FCA in the United Kingdom, CySEC, Financial Market Authority and more. The complete list of regulators, that have approved trading with 24options can be found below – all of these official authorities have said “24Option is NOT a scam,” and gave them regulations.
A list of regulations found at www.24option.com
Their platform (Tech Financials)
Tech Financials is a platform programmed by a third-party company that creates binary options trading platforms not only for Banc de Binary but also for other brokers. 24Option is, however, one of the few brokers that use this platform.
This means that trading program, where traders make all the trades is not programmed by the broker itself, but by a different company. In the company’s intents is to make the platform as good as possible, in order to sell it to their clients (24option). If it was any sketchy, they would not buy it.
24option’s platform had to be reviewed by all regulatory authorities.
Have you been scammed by any broker? MyChargeBack might be able to help you! Fill the form below.
More information about 24option
More about the author Step
I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author
190 Responses to “Is 24Option Scam? Broker review”
I lost a house worth of money. DO NOT GO HERE it ruined my life
The worst trading plataform, don’t trust them, they will rip you off.
The worst trading plataform, they just rip me off 300 dollars from my account with the explanation was that the account was inactive for 1 month scammers, they don’t ever let you know that there is a fee for this and before they made close all my operations, because they had to makes changes to the plataform, without any notice. Im going to redraw my money now from this scammers.
Sir, is Premium 24option a scam? Can i still get my money from them?
Hello, I don’t know anything about 24option premium, I’m sorry.
Everywhere page I open that has to do with binaryoption or forex investments all have great customer reviews but when I tried investing with binaryoption, from plus option, to binomo to IQoption, I lost a lot. I still have someone helping me with my trades but I keep losing and now they want me to invest more money. I need to speak with people who have invested and had similar situations. Please reach out to me on my username
Hello, thank you for sharing your story. Trading is really complexive and long term activity. It took some time to find the right strategy, broker and the power to influence own psychology. Be patient. We wish you good luck.
24 option is a scam organised by Israelis, do NOT trade and watch out. you will find more infos on YouTube. Good luck to all of you
HI, so Option 24 is a scam. i invested money about 3 weeks ago, now they say i must pay 10% of the total profit made. they say because the american government and the IRS tax officials have found that a lot of money is made the thought binary trading. am i scammed or what. when i asked why they did not tell me prior they are not giving clear answers. is there a way of getting back the funds i invested??
Mlu did you get any help regarding your account. I also need help.
We are on the same boat. $100 =$1000, did I get No. Now they want withdrawal fees unexplained. That is 24option.
I 100% hate 24Option with all my heart.. They are thieves… Complete liars… Scammers….
Did you get your money back? Being Approached by a guy called Franco Lunga to invest
Got approached by Annika Luan, I haven’t invested anything, am so doubtful more especially being approached on social media . And they say they are using 24 option investment
hello sirs,,do you know Tatiana Konoplina > She said she is an account manager in 24option.please help me,,Ihave jnot invested yet but receiving calls from her and emails too.
The job of the account manager is to help you make your first deposit , if you don’t your account is not completed , they don’t call you to start trading or to take your money. Because when you deposit you get assigned to the Senior Account Manager who will be basically your mentor and tell you everything about trading. After that if you don’t want to trade or you don’t like it , you just withdraw your money and close your account , no questions asked and no fees! I know many people that work there.
HI I’m new to trading, my question is how is it possible to trade with minimum $200 investment under your own account? Normal broker would put you in a pool of shares under their account and managed by them, you have the option to join or not. When you trade using 24option is it your own share as in buying actual lot, or just your small portion under their share?
Dear Mozzax11, with 24Option and any other CFD brokers, it’s only a CFD. You don’t buy the stocks directly through them. However as you can read in the comment section below, it is not recommended to use 24Option!
Mr j.pro i had a friend of mine who meet a woman in facebook in the name of EDNA PEARL he says that within 48hrs we could have our gain profit. My friend immidiately finance because he trust EDNA. After 3 days jhon have his profit , but when he tried to withraw ,the company ask him 770 USD for withdrawal charges. Yes he paid it. But until now he had not withdrawn any money. Very negative. Help him . Im planning to invest or trade. But i have doubt now. Pls help us
Dear Michael, as we tell others – never trust anyone who says they will trade on your behalf. Always manage your own money. I am sad to say it, but I think you got scammed by this EDNA. Do not pay her any more money, she will never send you money back, be carefoul.
Inside binary options – Britain’s biggest investment con
UK investors have reported losses of £50m – and the true figure could be far higher
Binary options are one of the fastest growing financial products in the world, but in most cases they’re quite simply a fraud. UK investors have reported losses of more than £50m to binary options scammers, according to the police, including £18m in the first half of 2020 alone.
The true number could be far higher – dozens of Which? members have been targeted, and the Which? Money Helpline is currently getting up to 15 calls a month from victims.
Losses are typically a few thousand pounds but, in the worst cases, we’ve spoken to victims who have lost hundreds of thousands.
Since binary options first appeared a decade ago, the industry has grown to hundreds of companies, duping victims out of billions of pounds a year globally.
And a new Which? Money investigation has exposed the unfair contracts used by dodgy firms, including clauses that let brokers rig the market against you, or treat your money as their own.
We found salespeople willing to say anything to get us to invest, and uncovered smokescreen tactics that make it hard for potential victims to see who they’re dealing with – or who they can really trust.
- The full version of this investigation appeared first in Which? Money magazine. Try Which? Money for two months for £1
How the scam works
On the face of it, binary options are a potentially lucrative but ultra-high-risk way to make money by speculating on short-term market movements.
When you trade binary options, you’re placing a bet on whether the price of a share, stock market or other asset will be above or below a set price in future.
They’re ‘binary’ because every bet has only two possible outcomes: get it right and you’ll win your stake back, plus profits of 50% to 90%. If you’re wrong, you’ll lose the lot.
Mike Tomlinson works for the Which? Money Helpline, which has fielded dozens of calls on binary options this year. He explains how the scam works.
There are some legitimate companies selling binary options, but even the genuine products should be considered gambling, not investments.
But most binary options brokers aren’t really brokers at all. When you trade with a real broker, your buy trade will effectively be paired against another trader who wants to sell, or vice versa, and you’ll be charged a modest fee for the service. If you win, you’ll trade more, and the broker will earn more commissions.
Instead, binary options companies work more like bookmakers. Customers bet directly against the house. Your losses are their gains, and vice versa. They might let you win in the early stages, but only to encourage you to bet more. They know it’s the house that will win in the end.
If companies were upfront about the way they worked, that wouldn’t necessarily be a problem. but often they aren’t.
£60,000 gone in a flash – James’ story
We spoke to one investor, who we’ll call James (he asked us not to use his real name). He had invested £60,000 with Magnum Options, making dozens of five-figure bets, each lasting a few seconds.
James must have been betting against the house – and the betting pattern suggests the game was rigged. The tips from James’s broker were lucrative at first, but when he tried to cash out he was denied and the quality of his tips slumped. He decided to bet against his broker’s recommendations – and his account balance kept rising.
Magnum Options has since been shut down by the Insolvency Service, and we had no response when trying to contact its representatives. The pattern of dubious trading data isn’t limited to this company – or the instruments that James speculated on.
A former employee of one site told us crooked sites ‘adjust the risk’ on traders’ accounts – adjusting the settings so someone is more likely to win or lose. It’s not possible to adjust the risk of the stock market.
To put it bluntly: traders are told they’re betting on an asset price, but in some cases, it appears to be more like random fluctuations that are controlled by the broker that wins when you lose.
James isn’t the only person to be burned by a binary options scam. Our chart shows just how much has been lost to this emerging fraud over the past five years.
If you’re not reading this on which.co.uk, click here to see how UK binary option scams have been rising.
High pressure tactics exposed
Dodgy market data is the clearest evidence of fraud we found, but it’s not all.
One site we registered with, 24option.com, is supposedly regulated in Cyprus. During the registration process we were asked to confirm we were ‘sophisticated investors’ – a technical term that basically means we know what we’re doing and waive our rights to regulatory protections.
One of its representatives called us during the registration process, telling us to sign the declaration, even though we told them we had no experience. The implications of doing so weren’t explained to us – and any regulated financial company found doing this in the UK could face severe repercussions.
With another site, 72option.com, a friendly broker, supposedly called David, offered to show us the ropes. He said that if we deposited £250 immediately, he’d match our initial deposit. He didn’t mention the small print that meant we wouldn’t be able to withdraw a penny until we’d gambled £12,500.
David pushed us to invest immediately, even though we said we had no knowledge of the market and watned to research first. He said it was imperative we deposited immediately so we could capitalise on ‘the buzz’ from the new Apple phone launch, which had happened a week earlier.
This was absolute rubbish – if the new Apple phone created trading opportunities they would last seconds, not weeks. David tried to tell us deposit, rather than trade if we were nervous, and wasn’t willing to offer us access to a ‘free training video’ until we’d handed over our money.
Dodgy binary option smallprint
We were concerned by the terms and conditions imposed by all of the binary options sites we looked at. Many had initial bonuses, like 72option.com, which required investors to gamble huge amounts before they had a chance of seeing their money back.
Others had clauses that meant customers could only withdraw profits, rather than their initial stake. Some charge fees for withdrawals, or limit withdrawals to levels well below the minimum deposit. If you don’t trade for a month or two, many start charging inactivity fees.
Some had clauses that meant the money in our account was technically owned by the site – and they were allowed to use it for their day-today-day business operations.
24option.com and 72option.com have not responded to our questions.
How the binary options scam spreads
The explosion in binary options brokers is largely down to a franchise model. Hundreds of brands exist, and and there’s a huge industry promoting them.
These fake reviews – along with heavily influenced search results, make it hard for people to work out when a binary broker is genuine. Reviews can’t be trusted, and search results are clogged with unfamiliar companies and ads from dodgy sites.
For mobile traders, there are still plenty of these questionable apps in the Android and Apple stores.
Google wouldn’t confirm that binary options broking is against its policy, although it did tell us how to report fraudulent apps (this can be done on the app’s page in the store) and we understand it is considering banning binary options outright. Apple didn’t respond to our questions.
The Financial Conduct Authority (FCA), Gambling Commission and City of London Police have all warned fraud is rife in the industry, but awareness among potential victims is still relatively low.
Binary options aren’t currently regulated as financial products in the UK, but this will change in January 2020 when the FCA takes control of the industry.
Consumers will be able to take complaints to the Financial Ombudsman Service, but only if the company was regulated when they dealt with them. This won’t help people who’ve already fallen victim to crooked companies, however, or those who get hit by businesses that aren’t regulated.
What you can do if you’ve been scammed
Reported UK cases are now in the thousands, but many more have yet to be unearthed. Report cases to Action Fraud, the police’s financial fraud team, as well as the FCA.
The more victims share information with the authorities, the more they will be able to do to warn others and catch the crooks. Some victims feel embarrassed, but they shouldn’t. Con artists use every trick in the book to win your trust.
The chances of recovering your losses are slim – but it’s worth trying. If the company is outside the UK it’s hard to take legal action, as it won’t be accountable to the UK authorities.
If you deposited with a credit card you may be able to make a section 75 claim – usually on grounds of fraud by misrepresentation. This won’t always work, as credit card companies sometimes treat deposits as cash withdrawals, which aren’t protected like purchases.
You can also make a chargeback request if you used a debit card, or contact your bank to block or reverse a wire transfer. Unfortunately, these often won’t work – and are at the bank’s discretion.
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