If you are one who has been badly defrauded by binary options scams, then you are not the only one. There are thousands like you who have badly scammed from such situations and the worst thing is that you can’t do anything at all. This is the very reason why you should be starting to think twice if you want to do a binary options trading in the very first place.
How do you find out that a binary options scam is taking place?
1) Deceptive brokers
The most common among the lot, deceptive brokers, and at the same times, they successfully endorsing an ICO being a part of quick fabrication owing to the limited rules and regulations laid out there for them as a result of the leniency of the financial authorities have recently been a significant hype for the last a couple of years crypto wallet. Copying someone else’s whitepaper and working extremely hard on Multi-Level Marketing via social media impersonations and celeb real reviews, ICO’s are the scam to buy in today’s financial world. Major people end up signing up for these ICO’s for this particular broker and soon enough, you lose all the money.
In case properly scrutinized, there are particular signs that let one know about a fake broker such as no definite roadmap and the founding directors having no trace whatsoever in the crypto market. Also, if the members belonging to the broker are inquiring about you to commit in a hurry, there is a high likelihood of it being a binary options scam.
2) Fake Wallets and Stupid exchanges
If you want to store your crypto, take the help of a wallet, be it hardware finances or an e-wallet. The majority of the investors choose an e-wallet over hardware finances, mainly because of its low fees and durability.
Sadly, a lot of crypto wallets that you see on the Play Store or App store are fake ones that seek to grab your private crypto key and grab you out of your money. It is highly suggested to do your research about the wallets and get to know about the ins and outs before adding your money into it. Also, it’s always advised to take help from some professional firm that is going to guide you in the proper direction.
The FCA has banned a lot of brokers who perform such unscrupulous activities but there are still a lot that remains.
Fake brokers, however, are still available.
3) Fraudulent Binary Deals
Remember the days where our teacher used to give us homework and we hated carrying it out. However, the change needs to be done while deciding to invest your cash in some binary options exchange. Digital foreign currency exchanges have increased in number over the past several years, giving rise to a lot of shady ones in the lot.
So as to determine whether an exchange is genuine or not, it is extremely suggested to do a complete quality check on the site. Some of them include confirming the requirements and withdrawal methods, the security status of the websites, phrases, and conditions, and proper office address and founder details.