Sunday, April 29, 2012

Are Binary Options Basically A Scam?

Well the short answer in no.
We've been trading binaries for awhile now so for ourselves we had no doubt but we do run across a fair amount of confusion surrounding this subject.
Thankfully (so we didn't have to do it) our friends at BOTSchool have done a fabulous job of clearing up the issue once and for all.
So find out for yourself if there really is a binary options scam!
Logical exercises and history lessons by themselves not enough to convince you that there is no binary options scam? Nothing wrong with due diligence. Let us take a good look at how these brokers actually do make their money shall we?
This choice quote from the article pretty much sums it up for me but there is also nothing wrong with a little skepticism and doing your own due diligence!



Anonymous said...

Is Bank de Binary a scam, in a word, YES. I say that from my personal experiences dealing with this organisation, but I am one of the lucky ones. I only got scammed for $100 and it was my fault because I did not do full due diligence on them. I will detail what has happened to me since I heard of this company:

First of all, I received an e-mail from one of their affiliates that looked very interesting and I decided to investigate it but all I actually did was to check on the Moneybookers site where they do have an icon saying deposit to Bank de Binary using the Moneybookers payment method. As I believed that Moneybookers would not be deliberately promoting a scam site I assumed from that point on that Bank de Binary was legitimate.

Because the affiliate promotion page said that even though the company requires a $500 start-up deposit he had arranged for new clients to start with $100 so I did. I deposited $100 on 29 March 2012 and began trading and for the first day I lost money using the system the affiliate said to use. After I had lost some money I decided to ignore the affiliate advice and to use my own knowledge to place my wagers. I started winning and promptly pushed my balance back over $100 late on March 30.

I logged off for a few hours and then came back and found out I could not log back into my account, I got an online customer service person who told me my account was suspended until I paid another $400 into it. I explained about what the affiliate had been telling us in regards the $100 deposit, I was told this information was wrong and that until I gave them another $400 I could not use their trading platform. At this time I requested they refund my $100. I was told I would have to provide a whole stack of personal information, including photocopies of my passport and drivers license, which I did less than one hour after they requested what they said was the 'required' information. Remember, this was a requested REFUND, not a cash withdrawal.

A couple of hours after I sent them the information they demanded, I received an e-mail stating that a ticket had been opened by the disputes department and they requested I give them one day to action the ticket. When I have not heard from them by 5 April I sent an e-mail requesting an update, no reply was received. On April 10 I sent another e-mail again requesting an update and got the same e-mail I'd received on March 30, stating that the disputes department had opened a ticket. The ticket had exactly the same reference as the previous ticket again with the same request to give them one day.

Today is 1 May 2012, and since they requested one day to action by refund I have received one spam e-mail from them but I have not received a refund, I guess I never will either.

There are other things that happened in my dealings with this company like being on live chat and just having the chat person I was talking to cancel the chat but I didn't take screenshots so I have no proof, and I must admit the last time I was talking to a live chat person at the point where I realised I was wasting my time, I was rude and hung up on them without warning.

I guess my biggest disappointment in this whole sorry saga is the involvement of Moneybookers. I don't deal with PayPal anymore because I don't like their business methods and ethics and was hoping that Moneybookers would restore my faith in online payment processors.

Market Madness said...

We never erase real user (non spam) feedback on brokers.
That said, you're way off base my friend. You were scammed by the affiliate and I hope bdbinary took appropriate action against that affiliate.
Your other complaint about the paperwork and withdrawal process...well you can thank our interfering big brother government for that. It has nothing to due with banc de binary it is US anti money-laundering regulations. BDBinary, headquartered in new york, must comply or be shut down.

I'm very sorry you had a poor experience but 1) it had nothing to do with bbinary choices.
2) no financially literate person should reasonably expect to profit from such piddly amounts. Also, what you tried is called bonus arbitrage and is strictly forbidden by ALL brokers of any kind.
Get serious, follow the rules, don't get suckered by fools (the affiliate in your case), and ALWAYS submit your paperwork upon DEPOSIT. Not wait until you want to withdraw. The law is the law and Banc De binary has no say in the matter.


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