Binary option is a great way to earn fast money. However, the mushrooming brokers make it harder for investors to distinguish which of the many performs has the highest level of transparency, has a bad user interface, and excessive funding demands. Here are a few things to watch for before trading binary options:
1. Binary Options Deposit Bonus. Deposit bonuses are trader’s way of attracting customers, but this will also ensure that you use their platform and not just withdraw your deposit. Ninety-five percent of binary option’s broker offer bonuses to help traders get started but many have the wrong impression that the higher the bonus the better is their chance of getting high profits. While bonuses are great incentives, you have to start trading to get your bonus, but you could get trapped.
For example, if your deposit is $2,000, and you are offered 50 percent bonus, that’s a total of $3,000 to your account. In order to withdraw your deposit, you have to trade between 20 to 30 times the volume of the bonus in order for you to withdraw your money plus the bonus. Take note, there is no guarantee that you will win based on your predictions. If you withdraw your money without meeting the demands, a proportional amount will be deducted, or in some cases you will not be allowed to withdraw.
2. Withdrawal and Customer Support. Another danger of binary option’s trading is the lack of withdrawal, and customer service supports system. Some brokers have very few withdrawal methods and poor customer support for termination of trading accounts.
Binary Options Scams: Reviews and Feedbacks by Real Traders
Binary Options traders, reviewers and forum members on a website called Binary Options That Suck , specifically targets VipBinary Scam and labeling it “not trusted broker” and “smells like a scam.” Many comments and complaints by VIpBinary clients are screaming black on white, watch out! Here are some of these complaints, shadowing light on these scams and shady methods.
According to Margaret, “I deposited $300 three weeks ago. I traded for two days I went down to $279. I decided to withdraw, and no one answers my phone calls or emails but when I was trading they called me every day to get me to invest more money. Now I cannot get a hold of anyone I am very angry. Please do not do business with VipBinary. I wish I had read these posts first before placing my savings with these thieves.”
Mark affirmed: “The so-called account managers push you to make more deposits and ‘advise’ you to invest in one of them for which 100% the risk should be assumed by yourself. Eventually, you will lose the money. And yet they want you to deposit more for further trading. They suck me $2,000. When I place a withdrawal request, they keep cancelling and nobody gives you an explanation for the reason. At interval time, another person will call and ask for further deposit with a promise of bonus, but if you talk over your withdrawal problem, he would not help you. I advise to avoid these scams. Once you lose your money it is gone. Anybody can advise me how to get it; you are really welcome. I am wondering if the US Attorney General could intervene for the lack of best business practice.”
Some traders are apparently referred to an insurance company to help them get their money back, but they have to shell out $1000. People who claimed to earn 71 percent from this company were not able to withdraw their money after months of relentless efforts.
Maria Dimitru said: “I am one of the cheated traders of VIP Binary. I wanted to close my account with VIP Binary and withdraw my money, but it is impossible. I had sent them two e-mails, and they did not reply to any of them. I called and there was nobody answer the phone. Luckily, it is not too much that I earned from this investment. I decided to go to my Credit Card and file a dispute for $100. They can keep the $43.00. Stay away from VIP Binary.”
Dankerr, a trader from Australia, charged a few complaints on the official channels: “Hi everyone. VIPBinary sucks! They have no intentions of returning money to anyone. They have been set up to take people’s money on false pretenses and hope they (the people) fade away into the sunset. I have proof, recorded contact messages where they co- erce you into depositing more and more money. However, if you ask a particular question, like: ‘I was informed that my trading would be secured, is that the case?’ they just hung up. I have screened all transactions, and these do not reflect the actual deposits and wins/losses actuated. Do not deal with this company. I have asked my bank (card issuer) to get my money back because they have not given me the service I paid for, that service being Gold level status or secured trading status. The bank is still (I guess) communicating with these frauds. Again! Do not deal with this Fraudsters VIPBinary. I have emailed SEC, IRS, nyc.gov, ASIC, and a few others. There are solicitors who have offered to take on their case for me at huge cost but no guarantees of getting my money back. This site should be shut down and the owners, staff; personal bank accounts deleted of all monies. They need to know how it feels.”
Learn your lesson – Research to Avoid Binary Options Scams
Withdrawal and direct deposit should be accessible when requested. Real-time platform feed should be made available for traders, so they are aware of the latest data. It’s easy to be swayed with emotions when the market is moving, so have a structured plan and trading system is required to help you control your reaction. Binary option scam is a dime a dozen. Choose the best broker with years of trading experience.
Diversify your portfolio and always have a backup plan. Research customer feedback and spontaneous comments from previous traders, and analyze every broker before you submit the required initial deposit. Always take a second look at their bonus factor as well as deposit and withdrawal structure.
As the rising star in the financial markets’ trading, binary options are still the most convenient online platform with high-profit returns, but use your due diligence to help you make informed decisions before you invest your hard-earned money.