The Great Binary Options Scam Part Eight: Binary Options Brokers

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I’m finding it hard to commence part eight without coming across as overly-dismissive, or rude. But sometimes guys, you really do ask for it, don’t you? And by guys I mean the people these articles are actually intended for, the people out there throwing their money away on a form of trading that is only intended to fleece them, and nothing else.

Okay, deep breath. Now let’s start again. Right. Part eight should be called: WHY ARE YOU ACCEPTING INVESTMENT ADVICE FROM THE PEOPLE WHO PROFIT FROM YOUR LOSSES!?

Simple as that. It isn’t too hard for you to figure out for yourselves that binary options brokers are bucket shops. I.e. none of the “trades” you place are actually forwarded onto a real market or exchange. They are the counterparty; they manage their risk by paying the winners out from the capital they take from the losers, and manage this precarious balance for as long as they can without upsetting too many people. Now this being the case, why would you ever listen to the silver tongued devils who call you, get you to deposit, and then actually advise you what trades to make? Come on! It really is beyond me.

As far as I’m concerned this is one of the most disreputable areas of the industry and one that the regulators seem to have no knowledge of whatsoever. Minutes after registering with a binary broker you will be called by one of their representatives, claiming to be a head, or senior broker, who will try to get you to deposit as much money as possible with promises of ridiculous profits and priority access to their exclusive trading signals. The fact that so many people fall for this crap is a testament to just how gullible people really are and how much they desperately want to believe that they have stumbled on a legitimate investment opportunity. Sadly guys, I’m here to burst that bubble and tell you that you haven’t, these people are scam artists and will take you for everything you’ve got. One such “senior broker” is getting blasted all over the web nowadays by people he convinced to invest hundreds of thousands with his firm. The high pressure sales tactics are straight boiler-room and the operational dynamics are pure bucket shop. The way this broker and many others work, is normally by adding you to some kind of group, usually over Skype, and then providing you and the rest of the group with trading signals throughout the day. These guys actually seem good at providing signals, which causes me to wonder why they don’t choose to ply their trade in a legitimate trading industry, but then the amounts they are able to take from hapless newbies is truly staggering. Actually a buddy of mine who briefly worked as a broker in one such place informed me that the signals are provided to them by the company’s analysts.  These brokers will help you win for a while, building your confidence in them and often managing to get you to invest even more capital for the opportunity to make even larger gains. Your own greed is what they use to take you for everything you’ve got. Then at some point the word will come from on high and you will lose and lose BIG.

You can always Check out binaryoptionswire Blacklisted Brokers list and protect yourself and your money from scam brokers. Choose a trustworthy and reliable broker instead.

One thing I want you to keep in mind, the only thing I’d like you to take away from this article, is that these “brokers” who have managed to convince you that they have extensive investment experience and will help you to become rich, are nothing more than salesmen and women, when they turned up for their interview in their cheap suits they probably had as much investment experience as you do! They had a penchant for bullshit and an ability to learn the terms of the trade, that’s it. Don’t believe me? Have another more critical look at some of the piss-poor YouTube videos they make explaining the forthcoming week’s economic reports and other such nonsense. These are not investment professionals, they are bullshit peddlers who are only marginally smarter than you in that they have convinced you they know best. Damnit, I lost my train of thought again and started rambling… The point I want you to take away from part eight, is that they get paid according to how much they take from you. Their commissions are based on how much you lose! So why the hell would you take investment advice from them? Ever wondered why it’s so damn difficult to withdraw any money from these places when you call your “broker” up? Well, silly, it’s because every withdrawal you make comes directly out of his or her commissions!

So with this in mind why would you ever think you stand a fair chance with them? A bookie is a counterparty too, yes, but a bookie doesn’t control the outcome of the game as I have been arguing here. If you have been following this series from part one I hope you now have enough information to never waste a single penny of your hard earned cash on binary options trading. The hierarchy normally goes Trading- Gambling. Trading often seen as being more legitimate and less based on a random walk. The argument I have attempted to make throughout this series is that binary options are way worse than gambling. So the line goes Trading – Gambling – Binary Options, a.k.a daylight robbery.

In a number of following articles I will be building a case for alternative investments that I have looked into and at least deem to be truthful and above board as far as the accusations I have made against binary options brokers go. In the interests of full-disclosure I’d like to say that I am looking for a legitimate sponsor, probably from the Forex industry. BinaryOptionsWire is a business and I can only continue to have a voice here if I manage to bring home the bacon. I would, however, like to say that I will never promote a company that I have not traded with myself and have deemed to be a safe place to invest your capital. This whole series was started with a view to being able to get paid from an industry without lying to people and subjecting them to situations where they could lose significant sums of money, whether it’s their own greedy fault or not. I hope you’ll join me later this week where we will look at simplified trading solutions that aren’t there to hoover money out of your bank accounts.

If anybody would like to discuss any of these matter further with me please don’t hesitate to contact me directly at [email protected]

All the best,

P.

5 COMMENTS

  1. I just found this web site. Just too late. I was called by Mike Evans of Binaryuno just after visiting their web site. I ended up registering with $250. Later Ms Kate Miller advised me to add more funds in order to make their busplan for me realizable. Recently, she was instructing me on how to trade LADDER. At he end of this introductory process I had lost $5000. I’m deeply hurt but wish to warn all newbies like me in this unknown binary trading “let your money work for you” business not to register directly with the broker but preferably through a signal company. The brokers it seems are a bunch of crooks from the same school. They preach “add more fund so we can help you advance” but actually swallow your money. If you register directly with the broker you will be at their mercy – they lead you to losing because you have no trade signals and you depend on them for trading.

  2. I read your article and yes it is quite a shock. The procedures been followed by BinaryUno is as been described and luckily I did not transfer the US$ yet. So if BinaryUNO is a scam what will be the difference to go to yet another binary option (binaryoptionswire.com)? Your comments please.

  3. It is sad that the day when I started to “trade” binary options I hadn’t come across this series. In fact knowing that everything you wrote is true, as I learned a hard financial lesson, I can further add to the testimony that all these bucketshops (no quotes!””) are scammers. I lost a lot of money to the scambroker, TradeSolid, over $5000 to be exact. In fact I lost other people’s money to this scam and that is where my hard lesson came from. I was pressured during my trading to add more funds and even borrow from friends and family…and so I had to pay it all back! Sigh…yeah I was an idiot, and would deservedly be called one. However I now have the appropriate knowledge on how this industry works and in my own way I am trying to save people from binary options, much like the author of these 8 parts. If you want to trade binary options go to nadex, one of 3 recognised binary options EXCHANGES. Never ever trade with any binary brokerage!

  4. Hi Binaryoptionswire.com please add B4Binary to your list of scam brokers. They get you to continuously add money to your account and upon withdrawal they take all the profits and send or not even send you the initial investment. I was recently scammed by them. I was one of the luckiest to get back my initial investment but they closed my account thereafter and retained all the profits. They are filthy scammers and they even agreed to it after i sent them a link of some guy who spoke about how they scammed him his money. B4Binary is a SCAM!

  5. I wish I had come across this series of articles before I started betting on Binary Options. In fact, I was introduced to Binary Options in the October of 2014, a full one year after this article was published. Before that, I was not even aware of this term. I jumped into this after seeing one of those auto-profit videos. Since I had never seen anything like that before, I assumed that video was telling the truth. To cut a long story short, it is needless to say that my journey in Binary Options did not go well. I lost either because of bad trades, or when the broker cancelled my withdrawals, before disappearing into oblivion. I lost a little more than $5000 in the whole game. This is the most definitive article when it comes to exposing this scam industry, as it tells the exact mechanism by which the process operates. It is something that the Forbes articles fails to do. I wish it was more prominent in Google search results, instead of the numerous fake reviews of either the brokers or the fake trade softwares. And I am surprised that it is the middle of 2016, and Binary Options are still a thing. Given how deceptive the industry is, it should have died at least three ago. It is a pity that even today there are new brokers who are mushrooming, and new affiliate videos are being released on the net.

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