Binary Options Trading is a popular financial trading business that allows you to earn some easy money sitting at home. Millions of people are trading on a daily basis worldwide and with the popularity of this financial trading business, many illegal activities have been on the rise too. There are many Binary Options Trading systems that come out every day and not all of them are genuine. You need to be smart enough to choose the right system so that you are not fooled by some petty online criminals that stay behind the scene to steal your money.
When Binary Options Trading was first introduced only expert traders could directly trade with brokers through online platforms. With the coming of the automated trading system, offshore brokers and criminals started conning traders by making unreliable systems for stealing people’s money.
It is here the necessity of identifying a genuine trading system arose as anyone could now make use of a white label software and trick people. In this review, I will show you how you can identify a scam system from a genuine one so that you can make trades easily without any fear of losing your money to offshore brokers.
Automated Trading System: A boon and bane for traders
Before learning how to find out the right trading system it is necessary that you have a general idea about what automated trading systems are. Automated Trading systems are trading robots that can place trades for you by analyzing the market trends. This trading platform has two trading facilities- Old Manual Trading and New Automated Trading.
This robot is a new gateway of trading for both experienced and inexperienced traders. All the operations are performed by the software which is run by the internal algorithm.
With this rising technology of automated trading software, many scammers and frauds use these systems for their own selfish purposes. What they actually do is that they design the automated trading software as per their requirement and use many greedy approaches to make them look genuine.
So, if you are a simple day trader you must be dealing with automated trading systems and it is important that you are able to distinguish the right platform before making any investment. In the following lines below I will provide you with the guidelines to save yourself from bogus scam systems that you might encounter throughout your trading career.
How to identify Scam System?
The first thing you need to do before making any investment is that you should be responsible for the investment you are going to make. It is recommended that you do a thorough research before you officially do a partnership with any broker that these systems assign you online once you make an account.
Most people don’t do that and this is one reason due to which they lose miserably. So below are some of the things you should know before identifying a scam system:
- We all know every business runs under specific rules and regulation and these rules and regulations are maintained by some authority. These authorities only have the right to give permission or license to do business. So you have to look whether the brokers that these trading sites assign you are licensed or not. International regulating bodies like IFSC, FAC and CySEC are some of the well-known names who give license to these brokers.
Some sites might use the brand logo of these licensing bodies illegally. So take some time to choose your trading system and find out whether it is the right system or not.
- The system’s website should also contain proper contact details, a reliable support team owner information etc. So, it is necessary that you look for all these minute details before indulging into any kind of activities with these systems. The scammers will also provide exaggerated payouts not possible in real life.
- Mostly all fake trading website portrays their website with great graphics and user interface and sometimes comes with real time examples. In most cases, they use a high definition video to provide all details about their software. They even provide unrealistic information, and goals, which has no connection to reality.
In the promotional video paid actors give a long speech about the algorithm. Some even claim that their software never loses a trade which is a wrong notion about binary options trading because this no-loss formula is a myth which is never possible because even the best system can fail since the world financial market is not always predictable.
- You will sometimes see that the hired spokesperson for the system literally beg for us to invest into their software. Some of them use the stereotypical ‘limited spots’ strategy to make us believe that they are in demand. Some might even use timers on their homepage just to make you invest in a hurry and some claims that their software is free for a limited period of time. Don’t become victims of these types of strategies.
- Watching the promotional video closely can help you identify scam tendencies. The common characteristics of all these fake scammers are that they hide all the credentials of the owner. They don’t provide any proofs of their existence. Another common characteristic is showing luxurious lifestyle and promising that you can have the same too. They usually use rented cars, offices and sometimes they also take help of photo editing. So if you find such type of nonsense on any site it is a sure shot scam system.
- All fake trading websites claiming that you will become a millionaire within a short period of time. They even show some fake bank statement of the owner as well as of their clients with checks. They use 8 to 10 digit American Dollar or sometimes even more. This approach is a very desperate and greedy approach used by most of the scammers.
- Sometimes some of the scammers might misinform you about the age of the system. They will brag about it and tell you that their system has been in the business for years and have been quite popular. You can make a quick domain age search in who.is to find out whether they are lying or not.
Binary Options Scams List:
Here are some of the Binary Options Scam Lists that one must avoid.
- Gold Binary Robot
- Auto money maker
- Insured Trading App
- Instant Cash Club
- Quantum Code
- TenFold Finance
- Push Money App
- Bitcoin Money Machine
- Dubai Lifestyle App
Many fake and scam systems have flooded the online financial market. You have to choose the right system to make any trade. You might sometimes find suspicious email invitations in your email there are chances that all such invitations are from scam systems. Just don’t blindly jump into making any kind of investment before making a research.
The binary options market is a highly unpredictable market which has no consistent payout and many expert traders make years of research and build strategies to become successful so you should first of all keep your expectations low and become practical and take the necessary steps.