Binary Options Scams – The real deal?
Binary Options are rather young and started to become popular in 2012. A lot happened since then and pretty much everything that happened was bad. The reason? It’s not about trading but about “making money”. Binary options would be a nice product for novice traders. Imagine everything is so simple. You just click up or down. You take a look at the chart and decide what is likely to happen. Then you get a fixed payout or your bet is lost. Simple as that.
But just offering this trading product was not enough. People started to make a real business out of it. So instead of telling them “hey, look at that how easy it is to trade and how exciting it can be!” they said “hey, look at my quick-millionaire super hyper money strategy that will make you at least $5,000/month on autopilot!”. And guess what was more exciting?
Yes, people are that naïve. They are looking for answers to their problems and when someone comes and looks like a solution they are hooked. And then they start crying “hey, I paid $100 for this ebook and it did not work!” or “hey, I’m trading with this strategy for two weeks now and lost $1000 so far!”.
So what happens is that people start to say bad things about binary options and this industry in general. They make it as simple as possible for them. Instead of asking if they have been too naïve they pass the buck to the industry. And in this case nobody wins.
This doesn’t mean that it’s the trader’s fault. It is only partly. Whose fault it is are the 1023475 schemes that only exist to exploit the weakness of people and make money with them. Nothing else.
ForexScams was focused on CFD trading from the beginning. Binary Options was not really a topic when we started. But now it is. What we are going to do is expand our website and give people a chance to report Binary Options Scams as well. We will update this eBook accordingly and send you the latest versions. Please also check ForexScams.org for scam updates on Binary Options.