Blacklisted Binary Options in 2022
When a fraudster exploits the guise of binary options contracts to gain money illegally, it is known as a binary options scam. Binary trading’s semi-regulated structure has created a vast gray area for criminal actors to operate in. Scam brokers frequently advertise on social media, online, or through phony accounts on messaging apps. They often use promises of high returns, photos of expensive products, and bogus expert or celebrity endorsements to draw clients to their ‘platform.’ Binary options trading scammers’ websites might look to be legitimate, making them difficult to detect.
Once an unsuspecting consumer has created an account with the phony broker, the con artist will use various methods to take their cash (and then some). Scams in binary options trading may entice investors to make a big initial investment before slapping them with exorbitant commissions, ‘taxes,’ and fees. Regrettably, it is sometimes hard to recoup lost funds.
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The SEC and CFTC have received numerous complaints of fraud associated with websites that offer an opportunity to buy or trade binary options through Internet-based trading platforms
If you are someone who’s interested in Binary Options, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!
Table of Contents
Why Are Scam Stories So Common?
When a new financial instrument or method of trading initially becomes available, a wide range of firms usually jumps on board. It’s an unavoidable truth that some of those goods suppliers will be more reliable than others. Binary options are the perfect kind of example of this. After all, it is a simple and popular way for individuals to trade the stock market.
Furthermore, binary options trading platforms, at least in their early days, tended to operate beneath the radar of authorities and from any nation through the internet, so it’s not unexpected that unscrupulous operators tried to take advantage.
It’s now a lot simpler to discern a scam from an honest broker, thanks to more robust regulation, a vibrant online trading community, and honest feedback. However, like with any international internet marketplace, there are a few dishonest firms that will leave you with less than you expected. So, what are some red indicators to keep an eye out for? Here are some points to ponder while selecting a binary broker.
Be Aware of These Blacklisted Binary Options!
In the realm of binary options, scams are regrettably all too widespread. Scams may take various shapes, from dishonest brokers and reviews to rigged robots and other automated trading systems. As a result, it is necessary to develop this blacklist and compile a comprehensive list of all known scams and deceptive practices in one location. We also go through how to spot a possible scam and how to handle the matter if you’ve already been a victim. Please let us know if you know or believe anything is a scam that isn’t on our blacklist, and we’ll check into it!
American Commodities Group Scam
The CONSOB continues to pursue unlicensed brokers and financial con artists in Italy. UP4X and the American Commodities Group, ACG, were recently placed on the regulator’s blacklist. Both are unlawfully functioning in Italy, with neither being licensed or controlled. ACG is an “investment” consultant who solicits and trades Italian individuals. UP4X is a forex broker.
At the very least, ACG has been in the limelight previously, garnering a similar blacklisting from Saskatchewan’s FCAA. To avoid additional fraud, CONSOB is taking strong measures and may restrict websites from Italian Internet servers. Spencer George, the owner of ACG, is neither registered nor regulated and is most likely a black hat marketer.
An independent and group of keen professionals that runs the website AmericanCommoditiesGroup.com is likewise aggressively exposing the public about ACG and Mr. George’s deception.
Auto Binary Signals
Autobinarysignals.com is a signal generator service provider that makes similar promises to the others. Roger Pierce has developed a TOP SECRET, innovative, next-generation trading and signal service that is entirely risk-free, crash-proof, and guaranteed to work, requiring no expertise, after years of useless trial and error.
His technique removes all of the complication and ambiguity of complex market analysis from your hands, giving you time to concentrate on what is important: generating money. Of course, there are many photographs of account balances and closed deals to whet your appetite for the financial independence he is proposing. What’s missing are instances of how the deals are made.
BinaryOptionBox.com
When looking at a free signal service provider, or any SSP for that matter, you must remain clear of the fact that free isn’t always free of cost or consequence. Even the most innocent and well-intentioned among them is still an affiliate marketer at heart. Let me explain this technique to you if you are unfamiliar with it. An affiliate is a third-party website that promotes and drives visitors to a broker in exchange for a cut of the profits.
BinaryOptionBox is a “free” SSP that claims to have a 70-80% winning rate. It offers signals on a variety of binary and forex binary options, which you can get through Skype or a dedicated trading room. To receive a free month of calls, you must register with one of their brokers and deposit it into your account. This way will earn them an affiliate fee that can range from $100 to $350 or more, depending on the broker, their affiliate structure, and the amount of money you deposit.
Each broker now has strong restrictions in place to protect it from dishonest traders and groups looking to exploit them to launder money. These guidelines include limitations such as the fact that each trader is only permitted to create one account. To get around this regulation, they recommend creating accounts with several of their brokers.
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Profits in 60 Seconds.com
This assertion is made on a lot of websites. In 60 seconds, the capacity to profit or the potential to benefit. Just a minute. For most binary options traders, this is the shortest expiry time. In my perspective, this is the riskiest and most unpredictable time window to trade. The minute-by-minute movement of the markets is akin to the ripples on the margin of a wave as it unites with another, and the tide moves.
There are just too many participants at play at that level to effectively anticipate the markets. Therefore, I’m always interested in checking out new websites touting the advantages of 60-second trading. Typically, I discover a dodgy broker attempting to entice newcomers into trading with the allure of quick riches in order to establish a new income stream. I occasionally come upon an SSP or signal service provider, like in this example.
Safe24option.com
Is Safe24Option.com a secure website? I’m not sure, but there seem to be some significant red signals that you should be aware of. Of course, as a savvy binary options trader, I’m confident you wouldn’t fall for a phony broker attempting to capitalize on a reputable broker’s reputation. If you’re not familiar with what I’m talking about, 24Options.com is a well-known and respected broker that has no affiliation with the broker in question today.
Safe24Options came to my attention when researching a possible signal service provider fraud, and I was surprised to see that it was working with the SSP. The incentive is only one of the ruses I believe this broker is attempting. The bonus may appear to be on the up and up at first sight, but I wouldn’t bank on it. Bonuses are given out on a case-by-case basis, with a trading minimum of 30 times the bonus amount.
When opposed to other bonus offers, there is no mention of the first deposit, which is a nice thing. The shady thing is that after you accept a bonus, you are unable to make any withdrawals. Typically, you may withdraw your deposit and forfeit the premium; however, this broker expressly states that you cannot forfeit the prize or make a withdrawal until the minimum amount has been fulfilled.
This broker is extremely risky. Despite the fact that it is built on a well-known platform, it does not inspire much trust in me. As a white label broker, it is little more than a poor imitation of a much superior broker. They are adding to that; the possibility of it perpetrating frauds just makes me want to stay away. The SSP’s usage to entice unsuspecting traders to lose money on 60-second options makes me dubious of their motives.
Why must they conceal the indications behind the screen of another website if the signals are excellent and genuinely intended to improve the lives and experiences of traders?
Additional Red Flags of a Binary Options Hoax
Be Wary of Shady Marketing
Binary trading con artists typically offer high returns on investments while disregarding or downplaying the hazards. It’s important to realize that no broker can promise a profit of thousands of dollars in only a few days of trading. To lure potential consumers, many shady brokers use targeted social media ads. The attraction of a luxury lifestyle is frequently used to fool consumers.
They might even include phony celebrity or economic expert endorsements. Binary options con artists often employ terms like “become rich quick” and “earn money online.” This form of promotion is not used by all binary options trading scammers; others may claim more realistic results. Many binary options scammers entice new consumers with unnecessarily large deposit incentives. If a welcome bonus appears to be too good to be true, proceed with care.
Furthermore, respectable brokers will never call potential clients on the phone without their permission. Any broker who demands quick payment is a red flag and therefore should be avoided. Several binary options agreement con artists may send you unsolicited emails stating that you’ve registered with them. Immediately hang up the phone and delete the emails in each of these circumstances.
Look at the website
On a binary options trading scam website, there are various red flags to watch for. To begin with, a site that is poorly designed or functions poorly is likely to be malicious. However, because some fraudsters are capable of creating professional-looking websites, this is not a precise test. Second, all legitimate binary options brokers will publish detailed information regarding fees, pricing, and payouts on their websites. Always read the information on a website to ensure there are no surprises.
Binary options scams frequently exaggerate investment gains, despite the fact that the payment structure is meant to leave the buyer with a net loss. The broker may not be reliable if any of the information does not match whatever is advertised. Brokers have been known to utilize sign-up incentives against traders. For example, if a trader loses money after obtaining a bonus, the broker may refuse to let them withdraw funds on the grounds that “deposit bonuses cannot be withdrawn.”
If a binary options broker says something like, “our pricing may not mirror those of the genuine market,” it’s probably a fraud. This frequently indicates that the broker is altering pricing in order to profit at the cost of the client. Finally, all reputable companies will fully communicate all hazards. Binary options trading is known as a high-risk, high-reward activity: if a broker claims to have a low failure rate, they may be a fraud.
- They promise to trade for you and claim to guarantee earnings.
- Messages to the broker go unanswered.
- Their website does not have an SSL certificate, and they promote phony ratings and awards.
- They don’t provide an address for its actual headquarters, and it’s challenging to find out how and where they operate.
- Only bitcoin or another cryptocurrency can be used to make payments.
Stay Away from These Blacklisted Companies to Ensure Safety!
Do you believe you’ve been duped by a binary options con? Continue reading to see what you can do if you’ve been duped. There are several techniques to assist in guaranteeing that you do not become a victim of a scam, but the truth is that even if you follow all of the guidelines, you may still get duped. What do you do if it happens? Do you take it in stride? Do you intend to stop trading?
No, you must take a strong stance and protect yourself. Trading is beneficial; it is fulfilling, and it may lead to a life free of the need to go to work and punch a clock. You can’t let one broker’s, signal services, robot’s, or guru’s activities deter you from following that road. This article examines what you can do if you suspect you’ve been duped. It’s probable that if a problem emerges, you won’t be able to get your gains back, but you may be able to get your initial investment returned with some effort.
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