What is a binary option scam


Binary what is a binary option scam involve predicting the movements of commodity, asset or index prices over a short time. If you agree, they direct you to a website with a login, account details and the trading platform.

Once invested in the scheme, victims have reported that their money begins to disappear quickly. The scammer does everything they can to keep the victim in the program but inevitably they stop taking the victim's calls and, after a short period of time, it is common for the firms to disappear. Do your research on the offer and the company.

Don't agree to anything straight away. What is a binary option scam to Content Skip to Sitemap. Enter a search term. Home News Don't be lured into binary options scams Listen. Don't be lured into binary options scams 9 September How these scams work You receive a call out of the blue offering a secure investment with fast, high returns. The scammers have professional looking websites to help them appear legitimate, usually with a login process, personalised account details and a trading platform.

If you guess correctly, the account is credited with a small return. If you guess incorrectly, you lose the entire amount placed. The odds are stacked against you so it is very likely that you will lose over time. When you attempt to withdraw money, you find it almost impossible to do so and often lose the entire investment. Binary option scammers will also ask for personal information, claiming they need it to transfer money or that it is required for anti-money laundering purposes.

Providing this information can leave you open to identity theft. Protect yourself Consider any approach for investment offers carefully, especially if they are over the phone. Be suspicious of investment opportunities that promise a high return with little or no risk. Check ASIC's list of companies you should not deal with. If the company that called you is on the list - don't what is a binary option scam with them. However, if they do not appear on the list it doesn't mean they are legitimate.

Don't let anyone pressure you into making decisions about money or investments - get independent legal or financial advice. Carefully consider who you are giving personal information to, such as details from your passport or bank account, as what is a binary option scam could be later used for identity theft. If you are looking to invest in binary options your best bet is to just say no and look for a safer, less risky investment.

Investment schemes Investment schemes involve getting you or your business to part with money on the promise of a questionable financial opportunity. Beware high risk, no reward investment scams. Consumers warned about property investment schemes. Queensland authorities seek to speak with victims of investment fraud scheme. Protect your retirement savings from investment scammers.

TVI Express "money-making" venture.