Binary option is a form of fixed-odds betting in which the trader has to bet whether a particular asset or share will go up or not. If the investor’s bet is correct, they win and gain money, but if they are wrong, they lose their investment. Sale of binary options to the retail consumers is banned from April 2019, which means that if someone offers them to you, they are probably scamming.
Working of Binary Option Scams
Fraudsters of binary options often post advertisements on social media. The website that these ads direct to are professional looking and well-designed. Most of them claim to have settled in a prestigious city, but in reality, they are not. They manipulate software for distorting payouts and prices, suddenly close the trading accounts of their customers, and finally refuse to refund their money.
How to Stay Protected
Be wary of online adverts that promise high returns on binary options trading. It’s advisable to deal with authorized financial services only. Since sale of binary options is now banned for retail consumers, if a firm offers them to you, they are probably scam or unauthorized. Before choosing a firm, ask their contact details and Firm Reference Number, and call them back to check their authenticity. Never click on a website or email that claims to offer you fanciful returns. If a firm pressurizes you to invest quickly or if the promises they make sound too good to be true, then be way and stay alert.
What if You Have Been Scammed?
If you have been scammed, contact an expert consulting firm immediately and file a complaint. They know how binary option scams work and they can actually help you recover your hard-earned money. If you have already invested in a binary option and if you are concerned about a potential scam, then contact these consultants immediately and get every possible help before it’s too late.