Is binary option trading legit a scam or gambling
The internet is Ground Zero for binary options fraud and binary options scams in the 21st century. Perhaps you were first attracted to their website by a pop-up ad, or a social media post. You clicked and found an attractive, professional -looking presentation promising you:. While legitimate, government-regulated online brokerages do exist, there many more unregulated firms — especially those offering binary options — whose business models are built on swindling unsuspecting and inexperienced investors over the internet.
The binary options platform it operates does not follow obligatory trading rules and procedures. Forex is the purchase, sale or exchange of currencies at current or determined prices.
If the difference is negative, the buyer pays to the seller. In fact, in Great Britain legitimate binary options brokers are required to have a gambling license.
The acquiring bank, in turn, alerts the PSP. The PSP informs the merchant, which in this case is the binary options firm. Platforms are set up all the time to appear legitimate, but are actually fake.
Victims who reported to Action Fraud wanted to share their experiences, one said: I declined this offer. Despite numerous phone calls to the office for someone to call with my account details, no one has returned my calls. A second victim said: The account grew and showed good returns. All the transactions were done by debit from two of my credit cards. I was given their bank details to enable me to do a wire transfer, but did not use that function. You are here Home.
When do Binary Options become fraudulent? Fraud occurs when Binary Trading Platforms: Offer a higher than average return on an investment. Refuse to credit customer accounts.
Break all contact with the customer. Manipulate software to distort prices and payouts. Victims of Binary Options Fraud share their experience: If in doubt, where you think a firm offering binary options may not be trustworthy or legitimate, do not transfer money to them or provide them with your bank details. Be mindful of any bonus structures and clauses preventing you from withdrawing funds.