Unveiling The Dark Side Of Trading: Exposing Binary Options Scams And Ensuring A Secure Future

Published on: 23 June 2023 Last Updated on: 22 July 2023

It is quite normal to have an extra cushion in life in the form of financial freedom. When you have enough money, your life becomes more comfortable. You have the freedom to buy the things that you desire most. And it is not a crime to dream big.

Many seek an alternative source of income to supplement their income. There are several ways one can achieve this, and the stock market is one such place. Many have invested in the stock market and have made substantial profits.

Considering the current economic situation, the need for this extra cushion is ever greater. The rising food prices, the Fed’s increasing interest rates, and declining job prospects have raised concerns among many Westerners.

As more and more people explore the possibilities of making a quick buck, scammers are just around the corner, waiting for them to make a mistake and get scammed in the process.

Several scammers will impersonate stock brokers or brokerage firms; there are also some firms whose license to practice trading has expired or been revoked due to some legal issues. Thus, you, as an investor, need to be careful not to fall for such scams.

The binary options trading scam is one such financial fraud that has engulfed many victims in its path.

Binary Option Trading

Before we understand the nature of the scam, let us first understand what binary options trading is.

It is a type of contract between the broker and the client where the payouts entirely depend on the outcome, such as “yes” or “no.” The price trend of a financial asset like a stock is considered, and a wager exists between the broker and the client that in the next five minutes, the price trend of that particular stock will either increase or decline. The one who loses the wager pays the winning amount to the winner.

For example, a $100 wager between the client and broker is that the price of X stock, which is trending at $45 per share, will rise or fall. The one who loses the wager pays off the winner.

Such wagers are instantaneous, and unlike other types of options available in the financial market, there is no way the client can avoid paying the losing bet. The contract ends when the stimulated time ends, and the loser pays the winner.

Binary Option Scams

Well, if binary options trading is so simple, you have a 50% chance of winning the bet, and you might think, “What could go wrong?”

Well, for one, the trading platform that scammers offer their clients to download is rigged. The rigging is achieved in two ways: either the entire platform is rigged or there is a delay in the data that is streamed.

Generally, the trading platforms offered by brokers or brokerage firms relay real-time data on price fluctuations in the stock market.

The trading platform provided by Binary options scammers could cause a delay in the data streamed by the stock market. Thus, scammers know in advance about the price moment and can thus ensure that every bet that is placed is in favor of the scammer.

In the second way of scamming the victims, scammers provide their victims with a completely rigged trading platform. In this case, the real-time data is not streamed from the stock market; rather, it is completely controlled by scammers.

How do scammers keep their victims enticed?

Scammers are smart; they know that if they keep on winning every time, their victims will lose interest and stop playing their “rigged game.” Scammers will ensure that their victims initially win, thus promising a false sense of security that they have the “ability to win big.”

Thus, once these scammers start investing more, they start to lose. They invest more because they are afraid of losing money. The false sense that “this is the last bet, the one bet that will recover all the lost money,” makes them invest more while increasing the amount on successive bets.

A few genuine brokers and brokerage firms allow binary trading; they are regulated and certified by the regulatory authority, which ensures clients’ interests are protected.

How to spot bogus brokers or brokerage firms offering binary options services?

Among all the complaints that are being received by the SEC, or Securities Exchange Commission, there are three common categories where victims were ripped off.

1. Denying reimbursement or paying off clients

Once clients have opened trading accounts with scammers, they will deposit their money into their trading accounts. As and when the clients are falsely encouraged by the scammers to invest more to win more. Once these clients have had enough of the losses or wish to withdraw their winnings from their accounts, these scammers will not allow their clients to withdraw.

Since these Binary options scammers are based in another country, there is little that these clients can do apart from calling their customer service center, which will eventually block their contact numbers.

2. Identity Theft

Under the guise of providing binary options services, scammers will collect all the sensitive data from their victims. These scammers will collect their social security numbers, bank account numbers, credit card details, passports, driver’s licenses, and so forth.

3. Rigged trading platform

Many clients who fall victim to bogus brokers or brokerage firms finally admit that they have fallen for a scam where they suspect that the trading platform was rigged. They also stated that the time left until the expiration of the winnings may be extended arbitrarily until the trade ends in a loss.

Final thoughts

The United States has legalized binary options trading, and as mentioned earlier, there are a few genuine brokers and brokerage firms regulated by regulatory authorities that are either private or government-owned.

Since almost all brokers and brokerage firms advertise and can be contacted online, researching these firms is a must to avoid falling for binary options scams. Use caution if any broker or brokerage firm is offering binary options services at competitive prices. It’s possible that they are scammers.

Regulatory authorities offer protection against scams and fraud; they protect the interests of clients of a broker or a brokerage firm. So when a broker or brokerage firm goes rogue, these regulatory authorities ensure that the client’s interests are protected.

Always check that the online broker or brokerage firm is authorized and protected by a renowned private regulatory body or a government-owned entity.

The binary option scam has also engulfed the cryptocurrency market; thus, be cautious if a binary option is offered in the crypto market.

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Arnab

Arnab is a professional blogger, having an enormous interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, He carries out sharing sentient blogs.

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5 steps to take if your personal loan application is rejected

Ever applied for a loan, only to get rejected? Having your loan application turned down can be a discouraging experience, especially for first-time borrowers. Or, you may have taken loans in the past and wondered why your recent application wasn’t approved. The truth is that there are a variety of reasons that can affect your personal loan eligibility. Often times, it’s just one main issue, but other times, it can be a combination of reasons. If you aren’t sure why your loan application got rejected, you can use a personal loan eligibility calculator to check what was the shortcoming in your personal loan application. Read on to find out what you should do to increase your chances of approval in the future. 1. Check the lender’s eligibility criteria All banks and lenders have a basic criteria that determine whether a borrower qualifies for a loan. The main reason why most people’s loan application gets rejected is that they did not meet all the lender’s criteria. The eligibility criteria for a personal loan include age, income, location, credit score, employment, and other factors. Lenders will clearly mention this eligibility on their website or app. Generally, banks have stricter eligibility criteria and only accept applicants with a higher salary and excellent CIBIL score, whereas digital lenders have wider eligibility criteria. If you have read through the lender’s eligibility criteria but still aren’t sure whether you qualify, use a personal loan eligibility calculator. 2. Improve your CIBIL score CIBIL score is a summary of one’s creditworthiness based on their credit history. Although the minimum CIBIL requirement varies from lender to lender, one of the reasons that your application may have been rejected is because your CIBIL score is too low as per the lender’s eligibility criteria. Check your CIBIL score from the CIBIL website. If it is less than 650, you should work on improving your score by using a credit card. Spend responsibly and pay your card in full before the due date. This will help increase your credit score. 3. Make sure your outgoing expenses are low One of the reasons that lenders will reject a personal loan application is because the applicant has too many existing debts, and for such a borrower, taking on another financial burden would increase the chances of default. Take a look at your finances and see if there are any expenses you can cut back on. If you have a lot of existing debt, work on repaying them off before you apply for a new loan. 4. Provide the correct details Loan applications can get rejected if there is even a small error or a signature mismatch. Ensure that the details you provide in the form are clearly written/typed out, and most importantly, correct. Providing false details about your income, identity or credit score will certainly be detected by lenders, and this is another reason why many applications get rejected. Be honest in your application form, as some lenders are willing to accept applicants with less than perfect CIBIL scores or incomes. 5. Apply for a lower loan amount Due to your current financial capacity, you may not be able to take on the responsibility of paying back a huge loan. If you’re still in desperate need of a loan, aim for personal loans singapore as it makes the best offerings in financial capacity. Aim for around 40% or less of your net monthly income. Conclusion Don’t feel disheartened if your loan application got rejected. Follow the tips above in case your loan wasn’t approved this time, and re-apply after 90 days. If you aren’t sure whether or not you qualify for your desired loan amount from a lender, be sure to check the eligibility criteria for more information. You can also use a personal loan eligibility calculator to check for your loan eligibility. Read Also: 3 Factors That Determine Your Personal Loan Interest Rate 7 Reasons To Apply For A Loan Online 5 Questions To Ask When Deciding On An SBA Loan

9 Vital Options for When You’re Desperate for Money

Most people themselves in a financial jam from time to time, but not everyone knows what to do when it happens! The initial reaction is a sense of panic or desperation. But at some point, logic steps in and reminds those who are short on cash to take action and turn things around. If you're in need of money fast and you're not sure what action is best, don't worry. Take a deep breath and keep reading. Here are nine things you can do if you're desperate for money. 1. Pawn Something You Own: Maybe you don't have too much money in your bank account right now, but chances are you have plenty of things you can sell for quick cash. The real issue comes down to what you're willing to part ways with and how much you can get for the things you pawn. Take a moment to consider all the electronics you don't use anymore and the jewelry you never wear. See if there are any pieces of furniture around your home that are in good condition but that you wouldn't mind not having. It's not like you have to turn in every single thing of value you own. A few personal sacrifices can go a long way, though. 2. Go Through Your Closet: Instead of pawning one or two things of value, consider getting rid of a lot of things of average value--like a bag of old clothes. There are tons of consignment shops and thrift stores that are willing to purchase the old clothes you rarely ever wear. The thing is, your clothes have to be in good condition, and you shouldn't expect to get the same amount money back as what you paid. Still, one bag of clothes can become the money you need to do groceries for the week or get enough gas to get to work. 3. Do Odd Jobs: Another option you have to make quick money when you're short on cash is to do odd jobs. This can be especially profitable if you just got laid off. As weird as it may sound, just take a second to think about all the odd jobs you can do in one day. You could run errands for people who are too busy to do them themselves--like walk their dogs or pick up their dry cleaning. You could babysit, mow peoples' yards, or even take out their trash. There are plenty of things that people will pay others to do if it means not having to worry about it themselves! The trick is to get out of your comfort zone and swallow your pride a bit if you want these odd jobs to help you pay your bills. 4. Pick Up a Side Job: You could do a lot of random odd jobs or you could pick up one side job in addition to the work you already do. This will take up all of your time. It will make you tired and a bit restless, but it will also help make ends meet. It's worth it, and, it could be more fun than you think! A side job could be anything from bartending at night to being a coffee shop barista in the mornings. It could mean you become a waitress or waiter or that you wash dishes in the back of a restaurant, too. 5. Sell Unused Gift Cards: Here's an interesting thought: you may have more money available to you than you think. It just may not be in the form you need it. If you have a bunch of gift cards to clothing stores and online shops, sell them. This can give you the cash in hand you need for more important things like groceries, rent, and gas. It's a simple, stress-free way to make money in a short amount of time. 6. Get a Cash Advance: Getting a cash advance isn't the best idea on this list if your credit is already really bad. But, it could help you if you're in a financial jam for the first time and you have a plan to get out of it. Cash advances give you access to money from your credit card. Instead of using your credit card to pay for things, a cash advance gives you cash to do whatever you need to do. Keep in mind the interest on this charge may be higher than your card's regular level of interest. Most cash advances also apply an added fee to the transactions. If you're looking for a better alternative, try searching for payday loans online no credit check instant approval. These will work similar to a cash advance in the sense that you'll get the money you need in a short amount of time, but, you won't have to worry about charging even more to an already steep credit card statement. 7. Try Peer to Peer Lending: Still looking for options? Consider peer to peer lending! This is a solution most people don't even know about when they're desperate for cash. It works kind of like a personal loan from a bank, but it's more flexible. To get funds from peer to peer lending, you have to find a group lending platform and apply as a borrower. Then, a lender will decide whether or not to give you their own money for a set interest rate. You then create an agreement with this lender for the amount you're going to borrow and how you're going to pay it back. 8. Borrow Money From a Friend or Family Member: If you're considering peer to peer lending, you may as well borrow money from a friend or family member. There's no shame in doing this from time to time. Your loved ones want to see you succeed, and they're usually willing to help you get out of a jam. It's not a gesture to abuse, though. You shouldn't assume that borrowing from loved ones is a safety net that will always be there. But, it is one you can rely on when something unexpected comes up that you have to figure out how to pay for. 9. Take Advantage of All the Free Services You Can: Sometimes, the best way to make money is to save more of it. If you find yourself feeling desperate for more money, be careful about how you spend the money you do have. Take advantage of every free service you can--from food stamps to public transportation to doing laundry at your parent's house. These may change your way of life for a bit and require extra planning during your day to day routine. But, it can do wonders for your personal finances. How to Never Feel Desperate for Money Again: It's one thing to figure out how to make money fast when you're desperate for money, and another to establish such a good relationship with money that you never find yourself in such a place again. This is 100% possible if you put your mind to it. You don't have to be filthy rich to be financially secure. You just have to figure out better ways to make, save, and spend your money. You can turn a little bit into a lot if you know how to best make use of it. It takes time and effort. You'll have to change a lot of your spending habits and overcome a few fears about money, too. But, you'll come out the other end in a much better place. Here are some tools to help you figure out how to become financially secure. Read Also: Hotel Jobs In NYC – Top Reasons To Explore This Opportunity How To Save More Money?

Important Things You Need To Know Before Filing For Bankruptcy

The aftermath of the COVID-19 Pandemic saw a string of businesses file for bankruptcy. The United States saw many B2B businesses including, FTK Worldwide (Jewellers), Contact Transport (Logistics and Supply), and others opt for the bankruptcy route. Legal experts are of the opinion that no two bankruptcy cases are the same. They differ in terms of their exposure, risks, legalities, and the court judgment. Even if two companies file for bankruptcy under Chapter 7, their judgments and orders can be different. In this article, we speak to a leading bankruptcy Birmingham law firm that specializes in these issues. we ask them about some important things businesses and their owners need to keep in mind before filing for bankruptcy. List of Important Things you need to know before Filing for Bankruptcy 1. Chapters 7 and Chapter 13 are Important for Individuals and Businesses Legal experts suggest that solopreneur ventures and sole proprietorships that are individual-centric should go for filing bankruptcy under Chapter 7. This puts a stay to debt and credit obligations and allows individuals to even retain control over their property. Businesses that are well-established should opt for Chapter 11. This helps in keeping the business entity alive and allows for a payment restructuring plan that works to ensure complete repayment over a period of three to five years. 2. Hiring Legal Help is of High Importance It is important to understand that individuals or businesses looking to file for bankruptcy should always avail of expert legal help. If you are trying to use Google to do all the paperwork, you might get into serious trouble in the near future. Bankruptcy laws are incredibly complex and technical. In particular, Chapter 7 allows liquidation of debt to take care of financial obligations and absolve the individual from repayment. All collection attempts must stop. Subsequently, a bankruptcy trustee collects non-exempt valuable assets and sells them to pay off debt. The law discharges eligible debts, such as credit card loans, medical bills, and old utility bills. So, you need an experienced bankruptcy attorney to help you fend off the debtors, and work with the courts and the banking institutions. At the end of the day, you do not want criminal proceedings to be initiated by any of the parties. You can hire an expert in your area, such as a Florida Chapter 7 bankruptcy lawyer. A bankruptcy lawyer’s job is to help you overcome debt, so they’ll guide you through the process by offering advice or assisting you in filing for bankruptcy protection. 3. Bankruptcy does not mean All Debts go away If you were under the impression that bankruptcy is going to help you walk away scot-free think again. Legally, the following are some areas where bankruptcy will not be able to help you- Alimony Payments Student Loans Taxes on Luxury Items Taxes Child Support Payments All the above-mentioned areas and payments are not something that the court can give you relief from. If you miss your payments or taxes, new legal cases can be brought up against you in a court of law. The punishment and legal repercussions for the same will be different. For this reason, it’s a must to talk to an experienced attorney and a personal financial advisor who can help you determine other options for addressing these problems. Social workers and community leaders can also help. The government and private sectors offer programs for citizens needing financial and social support services. They’ll help you get through difficult times, so don’t hesitate to consult them. 4. Your Credit Score will get Affected Post-Bankruptcy According to leading legal experts, ten years is the period where your credit score will carry the blemish of your bankruptcy declaration. If you are looking to get loans or credit during the period, the same might get very difficult. You need to be prepared to address the credit score. Some lending companies may offer you a personal loan. But the interest rates are high. You can take the risk to recover gradually from poor credit standing. However, you’ll have to make sure that you pay your loan on time. Fortunately, there are some professional services that have come up in recent years that can help you improve your credit score within a short period of time. If you want to get back in the game, you can always avail of such services. 5. Bankruptcy can help you give Yourself a Fresh Start in Life and Business- It can be stated that most businesses that suffered because of the pandemic did so for no fault of their own. In such instances, legal experts suggest that bankruptcy can be a sound tactical and strategic decision that can be taken by businesses and individuals. Banks, lending institutions, and even the judges that will be hearing the case are already aware of the drastic and negative economic fallouts of the pandemic. In fact, there have been cases, where the banks have discussed with lenders and worked out a positive restructuring plan to help individuals and businesses affected by the pandemic. The Bottom Line Filing for bankruptcy can probably the single hardest decision you would have to take in your entire life. However, rather than make the decision an emotional one, it is best to exercise reason and proper judgment and take help from an experienced legal attorney to find your way. Read Also: Debunking 7 Notorious Bankruptcy Myths What are the types of debt that can be discharged in bankruptcy?

Unveiling The Dark Side Of Trading: Exposing Binary Options Scams And Ensuring A Secure Future

Binary Option Trading

Binary Option Scams

How do scammers keep their victims enticed?

How to spot bogus brokers or brokerage firms offering binary options services?

1. Denying reimbursement or paying off clients

2. Identity Theft

3. Rigged trading platform

Final thoughts

10 Reliable Free Currency APIs For Your Business

Investing In Gold And Silver Bullion

Arnab

Arnab is a professional blogger, having an enormous interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, He carries out sharing sentient blogs.

Leave a Reply

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Related

5 steps to take if your personal loan application is rejected

9 Vital Options for When You’re Desperate for Money

Important Things You Need To Know Before Filing For Bankruptcy

Unveiling The Dark Side Of Trading: Exposing Binary Options Scams And Ensuring A Secure Future

Binary Option Trading

Binary Option Scams

How do scammers keep their victims enticed?

How to spot bogus brokers or brokerage firms offering binary options services?

1. Denying reimbursement or paying off clients

2. Identity Theft

3. Rigged trading platform

Final thoughts

Share this Article

10 Reliable Free Currency APIs For Your Business

Investing In Gold And Silver Bullion

Arnab is a professional blogger, having an enormous interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, He carries out sharing sentient blogs.

Leave a Reply

Popular

Follow Us

Recent

Related