Binary options trading is not as safe as it used to be sue to the fact that more and more brokers tend to rely on the general ignorance of people and their desire to make prompt gains in very little time. While this must not be generalized to all financial experts, the truth is that the existence of online trading platforms has come to represent a motif for concern for the government. As reality clearly shows it, there are numerous Internet based trading platforms that are run not by legit brokers, but by con artists. See here the legitimacy of any financial expert in order to avoid such situations. In what follows, the most frequent scams that are carried out will be detailed so that you can avoid being ripped off.
Trouble with customer accounts
Many customers have complained that as a result of the fact that they sign up for trading platforms they have experienced unpleasant scenarios. To begin with, in order to be able to trade with binary options, the website usually requires the customer to make an initial deposit and which represents the basis of the trade. What many surprisingly find out is that in the moment in which they try to withdraw money from their personal account they are prevented to do so because the order is constantly cancelled. In addition to this, many brokers actually strive to convince customers to deposit even more money so that in the end he practically loses all his earnings. What is of even more concern is the fact that the manipulation is carried out on the over the phone. In the end, the fooled customer finds it impossible to get in touch with the financial expert who magically disappears from the face of the Earth and they ignore email and phone calls.
Given the fact that you are not able to visibly see what is going on, it is very easy for scammers to manipulate the software so as to give the impression that the trades are going down. The typical scenario is the following: the trade suddenly expires out of the money right after it was set. The financial expert can get easily out of this situation by blaming the technical errors that usually occur. Equally important is to watch out for altered prices and the precipitous change of payouts.
It is a known fact that in any kind of scam involves identity theft as well. When trading with online platforms you may be frequently required to give personal details such as credit card number and other personal data which is not at all normal. The whole purpose is to gather as much information on the client as possible and this comes in handy in order to make even more money off the back of the client. You may even not be aware that your personal data is being processed when deposit or withdraw money. The best advice possible is to avoid dealing with brokers that insist to get your personal details and in order to secure the bank account it is advisable to use an online payment system.