Binary Options fraud
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Binary options trading is a form of financial trading which recently gained a lot of popularity. It is a type of options trading in which there are only two outcomes- Yes/No. This is related to the price of an underlying commodity either rising above or below a specified level. Here you are just betting on the price of an asset and not really buying the asset.
Some binary options brokers are registered and traded on contract markets which are supervised by regulating authorities. But there are many binary brokers which are not regulated and the purpose of these unregulated brokers is to scam traders through different tricks. Binary Options fraud is a growing problem today and millions of dollars of binary traders have been reported to be lost till now. In Europe, the complaints of binary options fraud constitute more than one-fourth of the total complaints received from frauds.
How does binary options fraud occur?
The scammers who run scam binary options website are generally located overseas and their motive is only to steal the money of the people. They generally commit frauds through the following ways.
Not allowing customers to withdraw funds when they want– The withdrawal requests of customers are canceled by the fraud brokers so that they can’t take profits as well as the principal. When the customer calls or email, the scam broker does not respond at all.
Stealing identities– Scam company’s representatives ask customers to provide vital information like credit card details, government ids, bank details, password, etc. They use this information to steal the identity of customers in order to steal money or commit frauds.Trade Manipulation– The scammer performs manipulation in the trading software to make a winning trade to a losing one. For example- A scam broker extends the expiring time of trade until a winning trade changes to losing one.