Binary Options Scams – How To Protect Yourself

Unfortunately, binary options scams do in fact exist. However, it is not in the form of some widespread scheme whereby binary options themselves are just some sort of huge hoodwink, as some folks seem to think (judging by some incoming search terms we see). There is no “binary options scam” as a whole. What there is, however, are individual binary options scams, usually run by dishonest broker affiliates. We have an especial distaste for this particular brand of human scum. And we would like to prevent as many people as possible from falling prey to these often admittedly quite clever schemes.

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We have written about two of these scams very recently: “profit in 60-seconds” and “get rich in seconds”, but unfortunately there are too many of these things out there to write and warn people about each one individually. Luckily, almost all of these scams operate in a very similar manner, because the scammers have found that it’s what works best. But their strength is also their weakness. Because they all work basically the same we can learn to easily spot them and protect ourselves just by learning a few things to look out for. And that is exactly what we are going to teach you how to do in this article, using the newest one of these binary system scams, the “Binary Matrix Pro” scam system as our example. We would also recommend a look at the previously written article linked to above for further examples.

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Binary Options Scams – How They Work

As we mentioned in the opening of this article, most binary options scams are a result of dishonest affiliate relationships with brokers. The brokers are not involved or aware, and have no real blame here beyond maybe not policing their affiliates well enough, a difficult task. Remembering this relationship though is key to spotting these scams in whatever form they may take. Using our Binary Matrix Pro review for our example, let’s look at what they have to say about getting access to their wonderful, free money generator product (sarcasm alert):

“Begin with by opening an account at our binary dealing options brokers and deposit $200 in your acc. “

Wait, what happened to free? Well folks, it turns out there just isn’t no such thing as free money, or free money generators for that matter. Imagine that huh. Every one of these scams operates in this exact same fashion. Just like this Binary Matrix Pro scam, they tempt you with amazing promises, which you can have all for free, but then once you’re hooked on the idea you discover that you must deposit $200 or more with the scam operators “preferred broker” or “trusted broker” which are all just different ways of saying business partner. A business partner who then turns around and pays the scam operator $200+ for sending them a new client. So, quite the opposite of what they want you to believe, you have actually paid $200+ to the scammer for his product before you ever even lay eyes on it. Which is good for them because the products are all frauds that will just empty your account balance as sure as the sun rises each day. Nothing anyone would ever pay for. That is exactly how the Binary Matrix Pro scam works, and how 95% of the binary software/system scams currently out there work.

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How To Spot Binary Options Scams Anywhere

  1. System/Software Promising Easy Large Returns…
  2. …Get Access For “Free” Or With “Free Trial”…
  3. …But Only If You Open New Acct. + Deposit $200 With Their “Approved” Broker or Brokers

Those three things are really the “calling card” of binary options scam operators everywhere. Other details can differ somewhat, or maybe even drastically in some cases, but the three points above will always be present if it’s a scam. Now, just because one of those things may not be present doesn’t necessarily mean that is isn’t a scam, but it does mean that it might not be. That old saying about if it sounds to good to be true seems to apply fairly well with these things too. Almost all that we’ve spotted make some pretty wild and outrageous claims of easy riches. We hope that this post can save at least some people the loss and the frustration that comes from getting ripped off. It’s a feeling we’ve all had before, and it isn’t a pleasant one. Stay safe out there!

3 Responses

  1. Gwen 05/21/2014 / 4:23 pm

    I was wondering if Xtreme Profit Copier falls in the scam category. They were promoting a webinar from Get Rich in Seconds.

    • Jason 05/21/2014 / 4:51 pm

      I wish I could tell you for sure. They appear more substantial but that means little. And we haven’t personally reviewed them or gotten reader feedback about them so nu luck there either.
      Do they want you to deposit with a broker for access to their system? (most common tactic)
      OR
      A charge a high upfront cost with lots of money-back guarantees

      If i=either of those are present you can be 90%+ certain that it is a bunk product/service. That’s about all we can say for sure without having actually trialed the specific one in question. Good luck sir!

  2. Gwen 05/26/2014 / 4:57 pm

    Thanks! In the video the guy said that he had a broker whom he recommended because the other brokers were crooked. This broker was supposed to be good. My spam blocker does not block all the business opps unfortunately! Are there any good trading systems out there that are simple enough to follow and do not require tons of time; my husband used to follow a particular system which worked somewhat, but then the currency he had to use began fluctuating too much to continue.

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