Numerous Binary Options traders were able to thrive on the market. However please note that we are talking about the legit and reliable brokers here. Unfortunately, however, no matter how many times we can talk about the legit binary brokers, they will still be outtalked by the scammers. Scammers have been around roughly the same time as binaries have been. After the industry was created it didn’t take much time for scammers to start emerging as well
Why was Binary so easy to scam?
Binaries were very easy to scam because of their gambling nature. Honestly, when you are trying to explain Binaries to a person who has never heard about trading it awfully sounds like gambling to them and they dont’t agree to it. This is what the legit brokers were doing, they were marketing it as it was and only getting customers who had fully understood the consequences and were ready to take the risk.
Scammers usually took a more charismatic approach to gain leads and bringing in customers. They mostly worked on elaborate schemes which included many online celebrities, promoting their web pages. Some of the biggest hoaxes were created to convince people that someone actually managed to make millions off of the market an now was living the dream life. Most of the times these scammers focused on the winnings which were sometimes ridiculous, like 100% or even 1000% being promised to these people. Many fell for the scams and soon the industry itself got banned in the EU.
However the ban was not able to kill off every Binary Options scam broker, some managed to slip through the cracks and a new one was found by the Central Bank of Ireland a week ago. 365BinaryOption.com was described by the CBI (Central Bank of Ireland) as a dangerous broker and advised the population to stay as far away from it as possible. There have been many cases of financial institutions taking a hands-on strategy to battle these brokers and the CBI is the latest example of them.
How did they appear?
The company markets itself as a regulated Forex broker within the territory of Ireland. However, the CBI warns that the broker is not regulated and is unauthorized to operate within the border of the country. This was a clear warning for the population to avoid them because such offenses are considered criminal in the country. The websites are a primary source of the company’s deceitful marketing. It shows up to potential customers as a trustworthy and reliable broker, which will take care of their investments and help them trade stocks, forex, and commodities. The list of warnings about the company has been growing and growing ultimately culminating with this official CBI warning. It looks like it’s days are numbered.
Next time you decide to choose a broker, please choose someone who doesn’t take pride in fancy words, but takes pride in actual numbers, numbers of people it has made rich with its services. Emphasize on its services, because trading binaries usually don’t require any.