BINARY OPTION SCAM

The forex market (FX) is the world’s largest trading market, dwarfing the stock exchange in size with nearly US$5 Trillion traded daily. The market is open 24 hours a day, when trading closes in New York it starts again in Tokyo and Hong Kong. Currencies are always traded in pairs, for example, the US$ with the UK£ or the US$ with the EURO. With constant price fluctuations, this tumultuous market can make Institutions, companies and some individuals a lot of money.

Forex fraud is a growing problem. It can be found everywhere from boiler room scam artists, to some guy you met at the coffee shop the other day, even past trusted brokers and executives have been involved in forex scams. The most common victims are the ones who think it will never happen to them.

Though there is no guaranteed way to avoid forex fraud, it is still possible to trade, minimize the chance of becoming a victim of a forex scam, and prosper in the forex market providing you remain diligent and alert in every decision you make. Don’t let your hard-earned money become an easy target for some forex scammer, make sure any person you choose to do business with is duly regulated in the country they operate from.

People under 25 are falling in droves for the lavish payouts promised by rudimentary Instagram scams. Until recently, older people (those over 50 and in retirement) were considered to be most vulnerable to various scams perpetrated online. It makes perfect sense: a generation not particularly well-versed in the ways of this new online world would indeed be expected to fare poorly when faced with its challenges.

All that is apparently a thing of the past now. Those who currently make up the over-55 age-category, have grown somewhat immune to the tricks of the online scammers. The young adult category has become the preferred target of shady online operators, and yes, that means you too. These days, young people on Facebook, Instagram, YouTube, and the likes, are the most likely to fall for get-rich-quick schemes, even if these schemes are rudimentary and lack any kind of credibility, even at first glance.

The scammers start out by setting up Instagram accounts. To the expert eye, these accounts are very easy to spot and they do tend to be mostly alike. They feature pictures of attractive young people, posing in front of expensive mansions and cars while holding up wads of cash – as if saying: this could be you! Accounts featuring attractive young women tend to draw noticeably more followers for obvious reasons. There are also plenty of such scam accounts featuring the alleged profiles of attractive young men too. The scammers do not want to leave any demographic group uncovered and since they are sort of saying “this could be you”, they need characters their targeted people can identify with.

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So where does the fraud come into it? The perpetrators behind many of the binary options websites, primarily criminals located overseas, are only interested in one thing taking your money. Fraudulent binary options website operators go to great lengths to recruit investors. They advertise their platforms often on social networking sites, various trading websites, message boards, and spam e-mail with big promises of easy money, low risk, and superior customer service. Potential investors are also cold-called from boiler room operations, where high-pressure salespeople use banks of phones to make as many calls as possible to offer “once-in-a-lifetime” opportunities.

Refusal to credit customer accounts or reimburse funds to customers
These complaints typically involve customers who have deposited money into their binary options trading account and who are then encouraged by “brokers” over the telephone to deposit additional funds into the customer account. When customers later attempt to withdraw their original deposit or the return they have been promised, the trading platforms allegedly cancel customers withdrawal requests, refuse to credit their accounts, or ignore their telephone calls and emails.

Identity theft
These complaints allege that certain Internet-based binary options trading platforms may be collecting customer information (including copies of customers’ credit cards, passports, and driver’s licenses) for unspecified uses. Do not provide personal data.

Manipulation of software to generate losing trades
These complaints allege that the Internet-based binary options trading platforms manipulate the trading software to distort binary options prices and payouts. For example, when a customer’s trade is “winning,” the countdown to expiration is extended arbitrarily until the trade becomes a loss.